SUMMARY
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In this episode, I speak with Mick Heyman, a Seasoned Financial Analyst and Founder of Heyman Investment Counseling. With over 40 years in wealth management, Mick brings a unique perspective that blends formal education in economics with a deep understanding of human psychology and philosophy. We dive into his book; "Mellow Your Money: How to Surf the Market and Build Wealth Without Stressing Yourself Out," and explore how emotions drive market behavior. Mick shares his insights on the importance of understanding our own emotions to avoid making poor investment decisions. He explains how his interest in literature, particularly Dostoevsky and Tolstoy, has prepared him for a career on Wall Street better than any statistics course ever could.

Throughout our conversation, Mick's warmth and genuine appreciation for the wisdom he has gained over the years shines through. We discuss the concept of "benign neglect" in investing, the importance of mindfulness and meditation in managing stress. He also shares how to differentiate between real and perceived risks. Mick's stories, from his early career lessons to his personal experiences with meditation, offers valuable takeaways for anyone looking to improve their financial well-being. Whether you're a seasoned investor or just starting out, Mick's practical advice and relatable anecdotes will leave you feeling more confident and inspired to take control of your financial future.

Join us for an engaging and enlightening discussion that promises to change the way you think about money and investing.


TAKEAWAYS
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00:02:00: The Spirituality of Investing

00:15:43: Warren Buffett's Investment Advice

00:18:21: The Role of Emotions in Investing

00:19:48: Mindfulness and Meditation in Investing

00:30:22: Determining Risk Tolerance

00:38:01: A Question About the Future


QUOTES
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"If we don't understand ourselves and don't understand the emotions that drive us, we will make mistakes at the wrong time. The rules are simple, but it's not easy to follow them when the market's going down or way up."

"For most of us, the strategy of benign neglect is what we should be doing most of the time. You don't want to sit and do nothing forever, but for the main part, having good quality companies and not doing much with your portfolio is often the best approach."

"My daily meditation practice allowed me to accept uncertainty, live without having to be sure, and be more present and appreciative in the moment. It made me a better person and a better investor."


ABOUT MINDFUL MONEY
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Do you struggle with money? You’re not alone.
Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration it becomes destructive.
The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.
Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.
If you aren’t happy with your finances, feel like money takes more time that it should, or want to place your financial decisions into the broader context of your life, this show is for you.
Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy, but do NOT improve outcomes.


GUEST RESOURCES
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Website - www.mellowyourmoney.com/
LinkedIn - www.linkedin.com/in/michael-mick-heyman-cfa-b417bb…

Book Mentioned:
Mellow Your Money: How to Surf the Market and Build Wealth Without Stressing Yourself Out - www.amazon.com/Mellow-Your-Money-Stressing-Yoursel…


MINDFUL MONEY RESOURCES
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Website - mindful.money/
Jonathan DeYoe on LinkedIn - linkedin.com/in/jonathandeyoe
Mindful Money on Twitter - twitter.com/MindfulMoney_Ed
Mindful Money on Facebook - facebook.com/MindfulMoneyPlan
Mindful Money on Instagram - instagram.com/mindfulmoneyplan
Mindful Money on YouTube - youtube.com/c/MindfulMoney

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Podcast Production by FullCast: fullcast.co/sn