Episode 85 – Mindfulness with Martin Stepek

The Financial Wellbeing Podcast

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

• Click here to purchase a copy of The Financial Wellbeing Book
• If you would like to have a chat with Ovation about wellbeing, click here to visit the website email [e-mail] or call on 0117 942 4333
• Click here for more information about the IFW

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”

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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!

#tightasstommo

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

Negativity bias;
3:1 negative states of mind to positive in any given day

Good bucket/bad bucket guide

Monks Guide to Happiness by Gelong Thubten

When we are waiting for something, such as a bus, consider a change in attitude and call it time given

Gratitude shift
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

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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 – [e-mail]

If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop