Mindful Money 108: Mick Heyman - How Mick Heyman Stays Calm in Financial Storms
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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.
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Key Takeaways
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
Tweetable Quotes
"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."
Guest Resources
Website - https://www.mellowyourmoney.com
LinkedIn - https://www.linkedin.com/in/michael-mick-heyman-cfa-b417bb16/
Book Mentioned
Mellow Your Money: How to Surf the Market and Build Wealth Without Stressing Yourself Out - https://www.amazon.com/Mellow-Your-Money-Stressing-Yourself/dp/B0CBL6YGB6
Mindful Money Resources
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To buy Jonathan’s second book – Mindful Investing: https://www.amazon.com/Mindful-Investing-Outcome-Greater-Well-Being/dp/1608688763
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Website: https://mindful.money
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