Podcast Ep. 9: Meditation: Why and How

Podcast Ep. 9: Meditation: Why and How

Invest In Your Life Podcast

Episode 9: Meditation: Why and How

Meditation is hot these days, especially in the entrepreneur and executive space. Why? How do you get into it if you're just starting? Finally, how can meditation keep you from making critical financial mistakes? Find out in this episode.

FULL TRANSCRIPT

00:00  Okay! Welcome to the Invest In Your Life Podcast, the show where we explore the connection between personal growth and personal finance. My name is Patrick King, and in each episode we'll talk about what you can do to live a life that's truly rich. Don't take this the wrong way, but I am not giving you advice. I only give advice to clients who have hired me to be their fiduciary financial advisor. If you're not one of those folks, then just consider this to be helpful tips and information and be sure to consult with your financial advisor, your attorney, your CPA, your witch doctor or your mom before you try this at home.

01:01  Welcome to the Invest In Your Life Podcast. This is episode nine and I'm Patrick King, your host. Meditation. Meditation is kind of hot these days and that's the topic of the day. I'm excited about this episode. If you are in the entrepreneur space and the business owner space or executive space, meditation is one of the hot topics that's coming up a lot these days if you're paying attention. So when we get into it, I want to tell you about my experience with that, how to do it, why to do it, and then what to watch out for if you're getting started into it or if you're just curious about it. But before we get into any of that mess, let's talk gratitude.

01:51  All right. So my gratitude for this week is that I got to spend some time with my family over Easter, which I was pumped about because that’s not something I’ve done a lot in the past a few years. So it was good to kind of get together with everybody in the springtime when we weren't getting ready for the holidays. So it was cool. You know in a past episode, I mentioned my dad had a pacemaker put in and you know, I’m grateful for that. It went so well and it was good to see him and he was doing well and spend time with my sister and my soon-to-be brother-in-law. And it was just really cool. I just cherish those moments. And I am grateful that I own my own business and I was able to take off on Friday and get up there and see everybody. So that's gratitude.

02:50  All right, let's jump into the topic du jour. Meditation: why, how, and what to watch out for. I am video recording this to put on YouTube for those of you that have watched me on YouTube in the past. So, I'm going to try to not screw this up, paying attention to the camera and trying to talk at the same time. (Laughing.) Meditation. Why meditation? It's something that, if you've paid attention to the entrepreneur space, it's one of those mindfulness techniques that help people gain an edge in performance, personal performance. So, you know, there are a lot of reasons to consider meditating. First of all it's certainly lowers stress and anxiety. It has been shown to improve your mental and emotional state, and it enhances your self-awareness.

03:56  It helps you get present and it helps you get into the moment. It has been shown to help deepen and improve relationships, which of course if you're an entrepreneur and you're managing people, you're managing customers and supervisors, that certainly helps. It helps fight memory loss as you age and it helps improve your sleep. So if those aren't enough reasons to get you into at least considering meditating as part of your daily routine, I got nothing for you. All of those things combined kind of really hit on the big rocks in life, so to speak. And that's of course a reference to the big rocks in the jar, and then the small rocks, then sand. And then I love the story where there's a can of beer at the end. Or at least that's how Mom told it to us the first time, which is awesome.

05:01  Little shout out to Mom there. So that's the “why”. A lot of folks get hung up on the “how”. You get hung up on, “What do I do now? I'm sitting in the chair and I'm closing my eyes and I'm trying not to have any thoughts.” Well, there's a handful of ways that I would recommend looking into getting started. First and foremost would be a downloading a guided meditation app for your smartphone. So, there are a few apps that I want to recommend. I've tried them all and they make it easy to kind of jump off. You know, the first one is called Headspace. Every once in a while they'll run some specials for the paid app. And  it's certainly not that expensive for, like, a year subscription.

05:48  It will guide you through how to get started and how to think about meditating and yeah, I highly recommend it. Another one is called Calm, C. A. L. M. That is also a great way to get started. It'll have like a guided – like the person with the super calm voice that tells you what to do and what to think of. And each of those two apps, Headspace and Calm, they have certain things that you can download. So if you're stressed, if you're trying to get better sleep, if you're trying to have better relationships, there's specific guided meditations on both of those apps for that. So, one that I find super helpful for me that is maybe not something to just start off with (or maybe it is, I don’t know it might be how you work) but there's one called Inner Balance, that's the name of the app and it's by a company called Heart Math. Now this is a little different in that it measures your heart rate variability and it tries to get you in this synchronous state where your parasympathetic nervous system, which gets your stress-free state triggered by doing these meditations. I guess “triggered” maybe wouldn't be a good word. Anyway, I think you kind of see what I'm going with. Let me get up real quick.

07:17  Yeah, I’m back. So for those of you listening, I had to get up. I meant to have this on the desk when I recorded this, but you know, I'm not into doing outtakes. So here you go. You had to wait a second, but I've got it in my hands. So, if you're watching on YouTube, I've got this little device. It's like a little, a little puck almost, but it's a Bluetooth device. You clip it to your shirt and then on the other end it's got an infrared sensor and you clip it to your ear lobe. Sounds kind of Funky, right? So, I've got it on my ear lobe. It's not a fashion statement, but it measures your heart rate variability. You know, it's very similar to a pulse oximeter. So, if you go to the doctor and they stick the little clip on your finger and it measures your heart rate, it's a similar type of technology and it syncs with your phone.

08:04  And while you're meditating, it will tell you if your heart rate is highly variable, which is a stress induced state or has very low variability, which is that low stress, parasympathetic nervous system state. So a sounds kind of complicated, but it's my favorite way to meditate. So those are the three apps I wanted to tell you about. The second way is you can go and watch some guided meditations on YouTube. There are ton of great resources out there for free. So check those out. I'm one person that I really enjoy is a guy named Bob Baker. He's got some very – he's like got a nice soothing voice of course, but he's got some great meditations about positivity and gratitude and abundance. The thing about the YouTube meditations is they tend not to be mindfulness meditations. And the difference would be, mindfulness meditation is when you sit there and you're not trying to not have any thoughts.

09:12  You're trying to become aware of the thoughts that are popping into your head, where you're like, “Oh, I'm thinking about that presentation that I have to give.” Or, “I'm thinking about the stress I'm having with my partner”, or “I'm thinking about, oh my gosh, making ends meet at the end of the month.” Whatever it ends up being, noticing what those thoughts are and then letting go of them and seeing what pops up again and getting curious about that. So, the YouTube meditations tend to be a little bit less of that mindfulness meditation, but something I would absolutely recommend, especially if you're getting started. And of course there's no app at all. You can just sit down in a comfortable position. You don't have to cross your legs or any of that kind of stuff, but sit down in a chair, put your feet on the floor, have a good posture.

10:00  And then just sit there and see what comes up. Note it and let it go and see what comes up next, note it and let it go. Of course, if you want to learn more about that, you can Google how to meditate. There’s plenty of resources out there for that. That’s “what” and “how” – or wasn't it the “how” and “why”? Yes. Now, “what to watch out for”. And you know, this is something that certainly I've had come up for me. My experience is that, when you're doing this, don't do it for somebody else. I'm in a couple of mastermind groups and meditation has become a big thing for us. And there have been times where I've gotten up in the morning and say, “Oh man, if I don't meditate, the guys in my group are going to like get pissed or whatever”, which is a not true.

10:55  And that’s the wrong way to think about it. Totally. So instead of doing it for someone else or doing it because you feel like you have to because it's the cool thing or it gives you a competitive edge, the way I think about it is the person inside me, the version of Patrick that looks out for Patrick, is carving off this time to mentally hit the reset button on my brain. So that's one thing to look out for. You know, I mentioned a minute ago it's not about having no thoughts. It's about noticing which thoughts you have. So, a lot of folks get frustrated and they're like, “Man, I can't get into this thing. I keep having thoughts.” Well, of course you're going to have thoughts, you know. The brain's running all the time.

11:40  It's about noticing what they are. And then finally, it'll get weird. At times it'll get uncomfortable. There have been times I have just like, two minutes and be like, “I'm out. I'm done. I'm done with this meditation thing.” If you get there, you know, that's cool. Just roll with it, man. Let it get weird sometimes because there are times also where it'll be like really, really peaceful. So don't miss out on the good times because you're frustrated one day or whatever. All right. That's it. Oh, one more thing. How the heck does this tie back to finances? Oh, man, this is, this is funny. How will this help your finances as well? Meditation is a very, very powerful tool that can help you combat behavioral finance mistakes. So what do I mean by behavioral finance mistakes?

12:34  I'll go into this, probably one topic at a time in the future, but a lot of behavioral finances revolve around mistakes people make with their money regarding the way that they deceive themselves. Whether they over simplify things by creating a heuristic or a story around the way things work, by emotional or psychological errors – and there's a big laundry list of those involved in investing – and in herding behavior, queuing off of the behavior of others. Meditating and having a meditation practice is very, very powerful in combating these finance mistakes, behavioral finance mistakes that I see people run into all the time. And also, I wouldn't want to sit here and tell you to do all this woo-woo stuff if it didn't actually make a difference. All right folks, that's the topic du jour today.

13:38  Okay, time for the “ordering off the menu” section today, I just want to give props to my sister and my soon to be brother-in-law, Kelby. They're getting married here on June 1st, which I'm super-pumped about. And they are really doing their own thing for their wedding. They're not trying to, you know, jump through a bunch of hoops to prove something to someone else. They have an awesome ceremony at a great place, but they're like, hey, we just want this to be about a celebration. Their big thing was the band, which I think is awesome. They've got this band called Finesse out of Columbia, South Carolina, and these folks will evidently burn the house down. So, I'm super pumped about that and I'm so proud of them that they're doing their thing and doing what's important to them. And it's less about, “Hey, this is important, so people perceive me in a different way.” They're like, “Yes, we're just going to have a good time.” And I'm super pumped. They have me doing a reading, which I think is hilarious because you know, here's the divorced guy going to do a reading, right?. And, uh, of course I'll won't riff, but I totally want to, I want to just kind of go off the script a little bit, but I won't.

15:02  But I'm super proud of them and I'm excited. Kelby’s awesome. And so, yeah, that's coming up. That's “ordering off the menu”. Okay. Q & A. Send in your questions. I don't have any questions that I really want to put on here quite yet. So, hit me up if you've got stuff that you want to talk about. Email me at patrick@transformative-financial.com or excuse me that's the official work one. You can email me there or at patrick@investinyourlifepodcast.com or hit me up at www.investinyourlifepodcast.com. I've got a place where you can send me questions there as well.

15:55  All right, let's wrap it up with the Pura Vida, the pure life. I want to tell you a story I mentioned in the past that – you know, the race car, the sports car is kind of getting a little extreme for me in my quote unquote on old age. So, I bought a used X5, and it was, it was kind of crazy. I knew exactly what I wanted as far as like the color combos and the options and all that stuff and the price I wanted to pay. And a found one that I really liked and it was kind of like pulling teeth a little bit to meet up with the folks, you know. They had that ad on AutoTrader and all that. And I'm like, all right, when can we meet?

16:42  Is it for sale? Are you, is the car still for sale, you know, back and forth a few times. And finally I'm sitting here and like, “Oh, do they really even want to sell this car?” And then finally they agreed to meet, at which point they weren't ready in the morning when I got over there because I was going to take the car to get it inspected. You know, I'm just not going to buy it without inspecting it. Long story short, I get the car finally when they woke up, took it over, had it inspected and everything, checked out. It's a great car. I really enjoy it, having purchased it obviously. So, I go to the bank. We agree on a price to go to the bank at the cashier's check and I come back.

17:30  The lady who – it’s her car, her daily driver, it's the title's in her name. She took me into their house and showed me a big poster that they had of their son who had passed away. And, um, it sounded like there are a lot of memories that maybe she had associated with him and in the car. So, there was a bit of an emotional attachment there and it sounded like he was a very, very amazing young man. His name was Hunter Nixon and he wrote a booklet, a book, before he passed away about his journey. He had this journey of spiritual and emotional awakening and wrote a book about it and it was awesome. He sounded like an amazing young man and she asked me if I would keep a copy of that book and the little pocket behind the passenger seat now just to make sure, I guess part of him was still connected with the car.

18:29  So here we are, we're sitting in their living room. Of course I said yes. And I took a copy of the book, read the book and it's still in the pocket behind the passenger seat. So, just goes to show, I was a little frustrated with them at first because, you know, I mean it was a great car at a great price and um, and it didn't seem like they were ready to sell it. But then I learned the story and what's going on. So yeah. I guess that's Pura Vida for me because there was a genuine connection there and it was a reminder to me that you never really know what's going on in somebody's life. So, it was a good reminder to have empathy and, and we're all just doing the best we can, right? So, yeah, that's Pura Vida today. Okay folks, that’s the episode today. Thank you. If you're actually listening to this, thank you for making it. You made it to the end! I didn't bore your socks off, so thank you for being here. If you've got questions, if you need help, hit me up, patrick@investinyourlifepodcast.com. It's a bunch of stuff, right? Bunch of letters, but all the short URLs are already taken. Or check out www.investinyourlifepodcast.com and until next time, peace, I'll talk to you soon.

20:15  Thank you for joining me today. To find out more and get access to my free financial resources visit www.investinyourlifepodcast.com.

20:26  The thoughts and opinions expressed here are my own and are for general information only. They are not intended to be recommendations or specific advice for anybody. I'm not a doctor or a licensed therapist, so please consult with your healthcare provider if you have any issues regarding your physical or mental health. Any investment performance that's referenced here is historical and of course has no guarantee of future results. Last but not least, the Easter Bunny isn’t real.

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