The guys have a great chat with special guest Martin Stepek exploring mindfulness. Whilst mindfulness is a bit of a buzzword right now, this episode takes a deeper dive into how it can help with our relationship towards money. Will you guess the No Shizzle Sherlock Test before David? Or do you already apply the #tightasstommo money saving tip? Come and have a listen . . .
Welcomes & Introductions
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What is todays podcast all about?
Mindfulness and our relationship towards money
The No Shizzle Sherlock Test
“the stock market is filled with individuals who know the price of anything, but the value of nothing”?
To study the stock market and understand good value is difficult and time consuming. Investing is long term, invest broadly and ride out the wobbles!
From purchasing generic medicine from the pharmacy and not the named brands to either having a cold shower or stop bathing altogether to save money
Whilst we can laugh about tight ass money saving tips, there are truly heart breaking human stories behind the cost of living crisis right now. If you can help, consider organisations in your local area such as The Trussell Trust with their Foodbanks
Interview with Martin Stepek
What is mindfulness?
Mindfulness is simply noticing:
- the good – notice and enjoy
- the bad – notice and move away
We have never been in control of our minds?
Most of what our minds do is automatic, predetermined by previous life experience and genetic tendencies
Set point theory of happiness episode
Mindfulness and long-term increase in wellbeing; the problem with long term happiness – it’s conceptual
Neuroplasticity – experiences changing our minds as we grow
3:1 negative states of mind to positive in any given day
Good bucket/bad bucket guide
When we are waiting for something, such as a bus, consider a change in attitude and call it time given
Takes time, will have to go over it again and again. To be mindful and shift attitude depending on what we notice
Happiness is a muscle and takes work, effort and practice
Meditation is a practive to help set up mindfulness
Accept the mind liked to wander and notice when it does to bring it back to where you want to be – Mindfulness is training to get better at a happier life
Linking Mindfulness back to money
Mindfulness helps manage the mind so you can think more clearly and with a less cluttered prejudiced mind.
Clear and calm mind to help you make a better more considered decision
Mindfulness and clarity over finances can lead to compassion and wanting to help others with your finances
A clear path to objectives – mindfulness helps bring clarity to the financial plan and helps keep objectives in mind
The moment is precious, small moments all build up to happiness
Conclusions from the guys
- Finding happiness
Episode 27 – Oliver Burkeman: ambition and happiness
- The 3:1 ratio of negative to positive state of mind. Trying to make it a habit to take a moment and consider negative moments and do they need to be turned into a positive?
- Financial, we feel the negative loss 3 timed more than a positive gain
Bage’s Biases – loss aversion (around 5:41)
- Mindfulness will help us to consider how we react
If you would like to explore Mindfulness further, head on over to Ten for Zen for more information from Martin Stepek
Do you have any financial wellbeing questions you would like us to answer? Or do you have a #tightasstommo money saving tip you would like to share with our listeners?
If so, let us know by going to Twitter @Finwellbeing or email – firstname.lastname@example.org
If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop