Marni welcomes Mick Heyman to the Life Check Studio where they discuss sound money management. The duo delves into how to manage your finances while staying mellow. Mick is the CFA and founder of Heyman Investments and has been working in wealth investments for over 40 years. A lot of people struggle when it comes to growing and organizing their wealth which inevitably leads to stress. But what are actually the best practices? And where does one start? More importantly how do we deal with our finances while still retaining our chill?
Takeaways from this episode:
- How to stay mellow
- Don’t completely listen to the headlines
- Look back to understand
Examine Your Own Emotions [12:06]
Every single person is unique. What one person can handle; another might not be able to. So, when making certain financial decisions, look at your own emotions and assess what risks you are able to take. It’s equally important to bear in mind that regardless of how much you prepare, surprises will occur. And when they do, you need to have strong hands.
Nobody should have more stock than their sleeping level.
Pay Yourself First [22:40]
Paying yourself first means that wherever that check is coming from, it’s vital to first start by putting a little something away. And that practice eventually becomes a habit that you take with you.
Think of it as money buckets. You put money into those depending on what you want to grow and what you’re okay with risking. For example, one bucket could be for your dream house while the other could be for house maintenance and so on. A little bit of knowledge goes a long way.
Knowing what you own can really help you.
Money, Money, Money [29:02]
It’s important to be patient and to acknowledge that there will be times where you won’t necessarily be hitting your target. There are certain aspects you can control and others that you can’t. The market is one of the things, for example, that you can’t control, and that’s something you need to accept.
In the end, look at what the long-term can do for you, and you’ll relax.
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