Money cannot purchase happiness. Yes, it simplifies the other tasks by smoothing out some of the rough spots. However, it is not the determining factor of happiness. Instead, money influences many of our choices. We are all concerned with earning, spending, and saving money, regardless of our income level or spiritual beliefs. Yet few of us comprehend the fundamental essence of money. Today’s guest, Jonathan K. DeYoe, tells us how to save, invest, pay off debt, and fund our retirement and goals by creating a lifetime income stream and how to develop a unique financial plan based on our most cherished values.
Jonathan DeYoe is a best-selling author, public speaker, financial consultant, and angel investor. Moreover, he is a Buddhist practitioner. His basic underlying message restores order and tranquility to our financial life by bringing order to the economic chaos. He highlights in his book ‘Mindful Money’ that money is a tool that can be used to sustain your lifestyle, achieve your goals, and earn the “happiness dividend” that everyone deserves. Jonathan is always bridging the gap between money and life. He believes everyone can live a vibrant and financially successful life by adopting a few essential principles and basic behaviors. Also, he teaches these attitudes and behaviors most effectively in places where love and money intersect.
In today’s conversation, Jonathan explains how Buddhism can be applied to finance. He offers four fundamental aspects of mindful money that we must comprehend: understanding our money illusions, realizing what makes us happy, creating a strategy to obtain what makes us happy, and finally, sticking to the plan. In addition, while presenting three collections, he demonstrates how to overcome the illusion generated by intense competition and relentless marketing and why they trap individuals. Also, we discuss how individuals should plan for their future in broad strokes, beginning with their existing circumstances. Moreover, Jonathan points out the significance of health and relationships in determining a person’s happiness. Finally, Jonathan concludes by emphasizing the importance of investing straightforwardly through asset allocation, diversification, and rebalancing.
[00:21] Background – Sharing what motivates him at the moment, he recalls his relationship with his younger brother.
[11:26] Buddhist Philosophy – Jonathan recounts his background and describes how he was introduced to Buddhist philosophy and mindfulness.
[15:15] Four things – Jonathan presents a high-level summary of the topics covered in his book, condensing them to four points.
[21:30] Illusions – Jonathan mentions some of the things we should be searching for, which distract us from what truly matters, and the questions we should ask ourselves to dispel our illusions.
[34:11] Cultural Impact – Jonathan talks about the relationship between investing and culture. In addition, while presenting three collations, he shows how to escape the illusion created by tremendous rivalry and incessant marketing and why they trap people.
[43:44] The Buddha, The Dhamma, and The Sangha – After describing the appearance of the Buddha of Money, Jonathan connects finance to Dhamma and Sangha.
[46:44] Dangers of Living By Default – Regarding saving and investing money, Jonathan discusses living by design instead of by default.
[53:55] Retirement Planning – Jonathan points out in broad terms how people should make a plan for their future, commencing with their present situation.
[01:13:44] Prerequisites – Jonathan outlines the initial steps in developing a financial plan.
[01:18:20] Advice – Jonathan discusses some tips he gives teenagers and individuals in their twenties for creating a savings habit.
[01:23:53] Emergency Funds – Jonathan describes emergency funds’ purpose and what they are. Also, he shares his views on psychology versus financials.
[01:30:50] Life Planning – Jonathan highlights the importance of health and relationships in determining an individual’s level of happiness.
[01:42:22] Never Overcomplicate – Jonathan emphasizes the need to keep investing simple through asset allocation, diversification, and rebalancing.
Connect with Jonathan:
Mindful Money: mindful.money/
Mindful Wealth: mindfulwealthpodcast.com/
Mentioned in the episode:
Mindful Money: Simple Practices for Reaching Your Financial Goals and Increasing Your Happiness Dividend: goodreads.com/book/show/30316215-mindful-money