Transform your financial mindset by sidestepping wealth management traps with Myrna Young and wealth management specialist Michael Sakraida. They delve into Michael's book, “Money, Balance, and Joy,” discussing how destructive emotions like fear impact investment decisions. Learn the importance of faith-based investing, balancing work and joy, and practical tips for transforming your financial and personal life. A holistic approach for a joyful and balanced life awaits. Download the podcast for insightful strategies and actionable advice on finding joy in wealth management.
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Key Takeaways
Identifying and managing destructive emotions can significantly improve investment and life decisions.
Holistic wealth management requires balancing monetary wealth, time wealth, and social wealth.
Joy and meaningful engagement in life, rather than mere financial success, are crucial for true fulfillment.
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Managing Destructive Emotions in Wealth Management
Destructive emotions play a substantial role in how individuals and financial professionals make investment decisions. Michael highlights the common pitfalls, such as buying high and selling low, which stem from emotional responses rather than logical analysis. He states, “With life coaching, so much with you is the mindset. And if they don't have the right mindset, they're going to struggle.”
One significant destructive emotion is fear, which often leads to poor investment choices. Michael explains, “People extend their risk with their investments, and then all of a sudden, the market goes down, and they go from ‘I'm the king of the world' to ‘It's the end of the world.’” This emotional rollercoaster causes investors to react hastily, locking in losses and missing out on potential gains.
Myrna adds that personal and financial crises can be valuable learning experiences. She shares, “We are here to learn life lessons. If you don't learn the lesson, the universe will keep presenting it to you.” Consequently, fostering a mindset that views financial challenges as opportunities for growth can transform one's approach to wealth management.
The Holistic Approach: Monetary, Time, and Social Wealth
A holistic view of wealth management encompasses more than just monetary assets. Michael emphasizes the importance of integrating time wealth and social wealth into our understanding of true wealth. He states, “What we're talking about here with money, balance, joy is total wealth. That's your monetary wealth, your time wealth, and your social wealth.”
Balancing these three aspects is essential for achieving a fulfilling life. Michael explains that overworking and neglecting other forms of wealth can be detrimental. “All work and no play make Jack not as successful,” he notes, referencing the book Range, which illustrates how engaging in diverse activities can enhance overall success.
Moreover, Michael advocates for investing according to one's faith or values, which can lead to better emotional stability during market fluctuations. He states, “If I invest according to my faith or my values, rather my investments become an extension of me.” This alignment helps investors stay grounded and less reactive to market changes, thereby improving long-term financial performance.
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Transforming Your Life Story Through Joy
Understanding that joy is a form of wealth is a revolutionary concept in personal and financial growth. Michael emphasizes that everyone, consciously or unconsciously, values joy and social wealth over everything else. He says, “I have yet to find somebody who didn't value joy or social wealth over everything else.”
The question, “What do you do for fun?” serves as a powerful tool to gauge one's engagement with joy. Michael shares an anecdote about his fiancée asking a friend this question, leading to a profound realization and a reevaluation of priorities. This simple inquiry can prompt individuals to rethink how they live their lives and strive for balance.
Myrna adds that both wealthy and poor individuals can benefit from this perspective shift. Joy and meaningful life engagement can prevent destructive behaviors like addiction. She states, “There is some people that cannot be happy unless they're a billionaire. They're not even happy now, being a millionaire.” Recognizing and fostering joy in everyday activities can bring about a more comprehensive and lasting happiness.
Recapitulating the Journey of Wealth Management and Joy
The journey to transforming your life story through wealth management and joy involves several critical shifts in perspective and practice. Firstly, recognizing and managing destructive emotions, such as fear, can lead to more informed and rational financial decisions. Secondly, embracing a holistic approach that balances monetary, time, and social wealth fosters a fulfilling and sustainable lifestyle. Lastly, understanding that joy is a form of wealth can significantly enhance overall well-being.
Michael Sakreda’s insights offer a refreshing approach to wealth management, emphasizing the importance of mindset, balance, and joy. By incorporating these principles, individuals can not only improve their financial success but also lead more meaningful and enriching lives. Explore these concepts in-depth by picking up a copy of Michael's book, Money, Balance, Joy, and start transforming your life story today.
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Additional Resources
Follow Michael on Instagram https://www.instagram.com/sakraidam/
