Punk Rock HR Episode 135:
I’ve got a book coming out in January and there’s a chapter in there all about money. There are some key themes in it that I’ve learned from friends. These include tips like budget, pay yourself first, and, more importantly, that debt is the single biggest thing that can hold you back, both personally and professionally.
Obviously, money is messy. That’s why I have an expert on today’s show to help us sort through the basic things that we need to do to live simply and with a little bit of joy while managing our wealth. Jonathan DeYoe is a bestselling author, speaker, and the founder and CEO of Mindful Money. However, he’s really a financial literacy fanatic. Jonathan is both a money manager and Buddhist scholar and his book has really had an impact on me.
Maybe you have a great relationship with your cash. Or maybe you’re like me and spend more than you earn. Whatever the case, I know you’re going to enjoy this conversation. So, tune in to hear my discussion with Jonathan DeYoe.
In this episode you’ll hear:
- Jonathan’s origin story.
- The similarities and connections between money and religion.
- Why so many of us have a weird relationship with money.
- Who his book is for and some important lessons that are in it.
- What to do if you’re struggling to do the best you can with whatever money you have.
- How he educates people on ownership when it comes to finances.
- The three main sections of his book, Mindful Money.
WHY DO SO MANY PEOPLE IN OUR CULTURE HAVE A WEIRD RELATIONSHIP WITH MONEY?
We’re not originally built this way. If you were to go to different cultures, you would see how different it is there. In America, though, we’ve been acculturated to have a weird relationship with money. The big challenge is that there’s no formal education around it. Once we become adults, we fly by the seat of our pants. Some people might read some blogs or take a one-hour session with their company’s 401k onboarding process, but generally, unless you seek it out, there’s no education on finances at all.
I’M STRUGGLING TO DO THE BEST I CAN WITH THE MONEY I HAVE. WHAT DO I DO?
Firstly, you’ve got to spend less than you make. If you can do that one thing, then what you do with the excess becomes a decision tree. First, you build your emergency fund, then you max out your 401k. If you have something beyond that, you start saving a little bit more on the side and investing in a taxable account. The second thing to do is to become an owner. That could look like taking your money and investing in your own enterprise or investing in other enterprises. This is where getting ahead comes from. So, build assets and own equity. Those two things are the key: spend less than you make and own with what you save.
WHAT ARE THE THREE MAIN SECTIONS OF JONATHAN’S BOOK, MINDFUL MONEY?
The first section of the book is all about financial illusions. We all swim in a soup of financial commentary while 98% of it is not true. Managing your finances can really be simple but that is not what is largely taught. So, that first section breaks down all of those illusions. The second section talks about where the financial services industry has failed the public. We’ve started off plugging in goals without trying to figure out what matters to the individual first. In reality, there are so many other things that make life meaningful. Jonathan overviews these pillars of life that drive us and make us happy. He says that if we build our financial plan on the foundation of the stuff that we know will lead to our personal version of happiness, we’ll end up living more fulfilled lives and being happier at the end of them. Finally, the third section of the book is all about the simple practices of managing money.
Resources from this episode:
Mindful Money: Simple Practices for Reaching Your Financial Goals and Increasing Your Happiness Dividend