“When you think about your finances, stop predicting, start planning and stay mindful.” Jonathan DeYoe
Most people have free-floating anxiety about anything to do with money. However, embracing mindfulness in financial planning allows us to include personal experiences, emotions and thoughts when making financial decisions. This is according to Jonathan DeYoe, who notes that life can be less stressful when we stop trying to solve problems that have not happened yet, and focus on what presently have.
Jonathan DeYoe is a Lutheran Seminarian turned Buddhist academic turned financial advisor. He has been an investor for over 40 years and an advisor for almost 30. In 2021, he merged his wealth management practice into EP Wealth – a national fiduciary firm where he continues to work with his clients.
After losing his only sibling in 2021, he wanted to return to a vision that he and his brother shared. In 2006, they had cofounded a company, Worker’s Financial, to bring education, financial coaching, and tools to people who were either struggling to get started or recovering from some form of financial ruin.
Jonathan speaks and writes about personal finance, wealth & culture, and behavioral wealth for news outlets like businessinsider.com and MindBodyGreen.com. He is the author of the Amazon Bestseller Mindful Money: Simple Practices for Realizing Your Financial Goals and Increasing Your Happiness Dividend. He has been featured in the N.Y. Times and the Wall Street Journal and he speaks locally and nationally on the intersection of money and mindfulness.
Today, his company, Mindful Money, offers low-cost financial education, a DIY personal financial planning course, and group financial coaching that can enable people to put their money lives into the larger context of their total lives and build “True Wealth.” Jonathan is passionate about spreading a goal-focused and planning-driven approach to money that helps people enjoy better financial outcomes AND live happier lives.
In today’s episode, Jonathan speaks about the concept of mindfulness in financial planning and how he helps his clients contextualize their plans.
- I bring together non-judgmental awareness of the way things are, and knowledge about finance.
- The happiness factors that determine well-being, are not unique to people with the money.
- You can judge the choice of an expense, given the lack you see in other places, but you have to admit that you have no idea.
- I have this background where I meditate a lot, and I really think about the meaning of life and what makes people happy.
- I entered the financial world where I was an advisor and a broker on Wall Street and I realized that everyone was predicting things that are not predictable.
- The concept of the application of mindfulness, the non-judgmental awareness of the present moment to finance sort of became natural.
- I was scared and second guess myself but over time I became convinced and so it took me until I think 2019 to rename my firm Mindful Money.
- The reality is, you can have better financial outcomes and happiness dividends if you do this the right way, which is separating it all out and focusing on the long term.
- People are not capable of planning for a future that they can’t imagine, and so it is important to get people out of their current self and get them thinking about a lifetime.
- Commercial break
- Majority of people who come to me are looking for wisdom around the retirement plan.
- The difference between us and most advisors is we tell clients right up front that because we can’t predict the future, we have to make decisions around different timeframes.
- With regards to how or when mindfulness does come into play, we talk about ideas of mindfulness without naming mindfulness in the very beginning.
- The value an advisor can provide is just how people can contextualize issues in a life that’s complex and has lots of moving pieces.
- When you think about your finances, stop predicting, start planning and stay mindful.
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