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Buddhism or BeFi?

August 4, 2023

“The root of suffering is attachment.” -Buddha

To make better financial decisions—or life decisions in general— we could all stand to benefit by incorporating the study of Buddhism. Or Behavioral Science, and how it’s used in finance (BeFi). You might be surprised by how much they have in common!

After my podcast conversation with Neil Bage, I realized that behavioral science backs what Buddhism recognized many years ago: change is constant—in our world, and within ourselves. Not only that, but:

🙏🏻 Life is messy and painful

🙏🏻 The world is in flux, the future is now the past

🙏🏻 We are ever-changing, though we fail to recognize it

You don’t have to become a Buddhist scholar or behavioral scientist anytime soon. But consider these questions:

Are you holding on too tightly—to past decisions, expected outcomes, fear? Interestingly, I have observed that people who have a healthy relationship with money also have a healthy degree of detachment from it. They don’t grip it too tightly. The ability to “loosen your grip” is essential when markets are volatile, or when you are giving generously. But a degree of detachment isn’t limited to money; it helps us deal with change in general.

How much do you think you will change in the next 10 or 20 years? Recognizing that we are ever-changing has significant ramifications for financial planning, which is largely centered around our vision for the future. As Neil points out in the podcast, we are terrible at predicting the future! Humans have the unique ability to look to the past, be in the present, and imagine the future. And while we are able to recognize how much we have changed looking back over time, we tend to underestimate how much we will change going forward. Being flexible within our plans is critical—otherwise, we may find ourselves planning for a life we no longer desire when we get there.

What can you detach from, or let go of? If the root of suffering is attachment, let’s consider what we can let go of. Do you know what you DON’T want in your life? What about in 5 or 10 or 20 years from now? A toxic job or friendship? A basement full of clutter? Unhealthy habits? An endless thirst for more? Consider anything that no longer serves. This is a powerful exercise, and I’d love to hear what you uncover.

Wishing you so much joy and peace that you are content enough to let go, of whatever that may be.

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