Mellow Your Money: How to Surf the Market and Build Wealth Without Stressing Yourself Out
Take away:
Amidst the daily noise and volatility, Mick stresses tuning out the panic and sticking to your long-term personal financial objectives. Rather than reacting to market swings, predetermined guidelines keep emotions in check. This could mean taking profits when investments hit upper targets or stop losses if prices fall too far. Having a plan and learning from mistakes builds resilience. As Mick says, "go back to your objectives" when facing uncertainty.
Money Learnings:
Mick discussed lessons he learned from his family about money, including understanding the role of emotions and the difference between making money versus keeping it.
Bio: Mick Heyman, CFA and Founder of Heyman Investment Counseling, has a 40-year career in wealth management, helping individuals and institutions of all sizes to build and preserve wealth with his stress-free method for mellowing your money.
Mick has appeared in the
Wall Street Journal as well as other financial publications and writes articles on sound money management as the path to health, wealth, and wisdom. Learn more about Mick Heyman at
mellowyourmoney.com.
Highlights from this episode:
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Talked about a legendary investor's strategy of picking companies he understands for the long haul despite market changes.
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Emphasized enjoying retirement by pursuing challenges and interests rather than just stopping work.
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Pointed out common money mistakes like selling quality assets when prices are irrationally low due to fear.
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Suggested strategies like taking some profits when investments rise and using stop losses to control downside.
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Stressed tuning out noise, sticking to personal financial plans and learning from mistakes despite economic uncertainty.
Link:
Richer Soul Life Beyond Money. You got rich, now what? Let’s talk about your journey to more a purposeful, intentional, amazing life. Where are you going to go and how are you going to get there? Let’s figure that out together. At the core is the financial well being to be able to do what you want, when you want, how you want. It’s about personal freedom!
Thanks for listening!
Some music provided by Junan from Junan Podcast
Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.