Episode 125 – Jonathan DeYoe – Mindful Money Master

I think that there’s levers we can pull, that actually help people. I don’t think being market focused or looking at the last six months or three years’ performance are levers we can pull to help people. Planning, proper kinds of goal setting and figuring out what’s really important, and prioritizing those things actually helps people get what they want, helps them feel more secure that their future will have more of what they want.” – Jonathan DeYoe  


 
  • Connect with Jonathan DeYoe:
  • LinkedIn Website Mindful Money Facebook Instagram Twitter YouTube
  • Selected links and people mentioned in this episode:
  • Mindful Money: Simple Practices for Reaching Your Financial Goals and Increasing Your Happiness Dividend by Jonathan K. DeYoe Abundance: The Future Is Better Than You Think by Peter H. Diamandis & Steven Kotler Progress: Ten Reasons to Look Forward to the Future by Johan Norberg The Rational Optimist by Matt Ridley Mindful Money Lifestage Courses
  • Connect with REIN Canada
  • REIN Canada
  • CEO@reincanada.com
  • REIN Channel
  • Facebook
  • Instagram
  • Twitter
    • SHOW NOTES
    • [02:08] Patrick introduces his next TEDM guest Jonathan DeYoe.
    • [03:27] Jonathan and Patrick roll into their conversation with Jonathan describing who he is and what he does in the world. He goes on to share a brief story about his parents, and what was behind his own limiting beliefs that eventually transitioned into his mindful money mindset.
    • [05:46] Having purchased his first stock at the ripe old age of 9, Jonathan shares where that thought process came from, who inspired him, and what spurred him to think in this way so early on.
    • [08:40] Finance played a huge part in Jonathan’s studies right up to college, but he explains why and how that road took a curve and he began to immerse himself into a whole new way of thinking with a whole new course for his future. Needle scratch! Though he wholeheartedly embraced his studies, when it came time for Jonathan to tackle the job market, he found that his Buddhist studies program wasn’t the hot ticket. This led him back into finance with Dean Witter, a financial services and securities firm.
    • [11:51] Jonathan describes his experience with entering that world of Wall Street and the mentors he met along the way. Five years later that path led him to leave Wall Street and start his own financial services firm that was more aligned with his values.
    • [15:22] Investigating and taking inventory of what was really important to his core clientele Jonathan built his firm in a way that was less focused on the product sale, and more education-centred, while maximizing his aptitude for talking with people through the emotional dynamics of money. In the end, being of more satisfying contribution to make a better life for his clients and himself.
    • [17:38] Jonathan shares his vision and goals for the firm he was creating and what drove him to stay goal-focused and planning driven. The recession of 2007 and 2008 was the impetus for incorporating the “mindful” piece into his organization. Mindfulness and stoicism are the keys to making better decisions in the face of both boom and bust.
    • [20:54] Mindfulness. Jonathan shares a few elements of mindfulness within the context of his organization: vetting clients for alignment in values (and referring those who are not to other trusted firms), client communication pieces that focus on the fundamental principles which drive their method of investing, RAIN – realize, allow, investigate and non-identification. This idea behind this methodology is to identify the emotion that comes up i.e., anger or fear about money or the market, without identifying WITH it. Slowing down to be mindful of our reaction to stay focused on the plan.
    • [25:10] Jonathan discusses the concept of “recency bias”. One of our challenges is that we live in the soup of today, but tomorrow the issues of today will be replaced by new issues. No matter how many years we go back, there was almost always a time that the world seemed like it was falling apart. He highlights the importance of educating ourselves and learning about all the things that are going well. Remaining goal-focused and planning driven helps us smooth out the curves that are inevitable.
    • [31:58] In the face of the current global economic uncertainty Jonathan sheds a light on his truth: he doesn’t know where this will head, and neither does anyone else. What he does see, is that business is resilient and business owners will make the necessary adjustments and better ways of doing business to stay profitable. Consumer choices are constantly changing and that’s of benefit for active businesses.
    • [36:31] How does Jonathan gain his perspective on where he can make a positive difference for his clients’ portfolios? He talks about the fact that we can’t consistently identify which levers to pull for short-term performance, but there are in fact three or four levers we can pull for more consistent long-term performance. He identifies and explains what those three or four levers are.
    • [46:19] Jonathan discusses why anxiety exists around money. Primarily the lack of education leaves most people without any preparation when they enter adulthood. This reality is the driver for Jonathan to create courses and education to support people with these concepts and decisions.
    • [50:36] Given this lack of education plus the truth of so many paths, ideals, cultures etc. to consider behind that education, Patrick digs a little deeper with Jonathan to get his viewpoint on how education could look beyond putting the onus on teachers in school systems. Jonathan’s organization has provided a solution for that with 18 basic financial literacy modules to offer.
    • [54:10] Jonathan shares his definition of real wealth: the freedom to live your life, the way you want to live your life. That is why he feels financial planning is so critical and it must start with the question of “what’s important to us?” As guidance to listeners and from personal experience, Jonathan emphasizes the importance of planning for future events early, to provide us and our loved ones with more peace of mind and less anxiety so we can enjoy the things that go right in life.
    • [60:46] Patrick further advises that this type of planning is not something to learn and employ from DIY books. Hire professionals for solid guidance.
    • [61:08] Financial Illusion. Jonathan describes one of the eight biggest illusions (also found in his book) that we are told and taught which simply aren’t true. Illusion #1: volatility and risk are the same thing.
    • [65:09] Looking into the future, Jonathan shares his perspective on commodities, block chain, and his fundamental belief on bitcoin as a currency right now. Patrick and Jonathan further touch on real estate and hard assets.
    • [71:47] Patrick and Jonathan highlight the real significance of finding and working with a wealth manager that aligns with our values and principles. With a fundamental values agreement in place, it is easier to understand advice from our wealth manager, even some that we may not initially like. With the foundation of trust in our alignment with them, it is easier to make long-term decisions.
    • [74:40] Jonathan shares a bit about his book “Mindful Money” and what the fundamentals are of each section.
    • [77:11] Jonathan and Patrick share a little bit about their meditation practices as well as daily physical activity, sleep, and writing routines.
    • [80:10] A quick dip into the rapid fire! Jonathan’s favourite swear word, favourite musical group, favourite movies, message at the pearly gates.
    • [81:28] Jonathan’s gratitude.

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