Blog

Given there are now more billionaires than ever, the theory of the “three-generation curse” seems particularly relevant.  But is the wealth built by a first generation (most often, an entrepreneur) destined to dissipate by a third generation?  Can one protect one’s hard-won assets from future mismanagement?  My thoughts led first to identifying causes, followed by a consideration of how to prevent the erosion of wealth.

How Wealth Erodes:

Failure to impart a work ethic.

Heirs who have ready access to family assets may feel “entitled” and lack motivation to preserve the wealth.  Independently wealthy young adults are often referred to as “trust fund babies” and recently, the buzzword “affluenza” has entered the conversation—a reference to unhealthy psychological effects that are due to affluence.

Lack of financial education

Those who inherit wealth (or experience sudden wealth) may not know how to manage it effectively, perhaps spending lavishly and making poor choices – such as imprudent investments.

Conflict within a family

Disputes over the allocation of an inheritance or discord among family members with regard to property and other tangible assets may lead to expensive legal battles.

Poor planning

Failure to create a clear, coherent plan for the distribution of assets can lead to depletion of wealth through investments that fail to produce the high returns that allow a family to build on a foundation of affluence.

Economic disruptors

Inflation and market volatility can diminish the value of an inheritance, especially the value of an investment portfolio that is not thoughtfully diversified.

Lifestyle choices.

Wealth over generations is also affected by the number of children who will be named as heirs, the high costs associated with divorce and other familial matters.

As an example, Cornelius Vanderbilt, once one of the richest men in America, built a shipping and railroad empire founded with relatively little money that Cornelius borrowed from his mother.  His heirs decimated the fortune by spending recklessly on fine art, yachts, thoroughbred horses and several grand homes in New York City and Newport, Rhode Island.   Perhaps prescient, the patriarch is quoted as saying, “Any fool can make a fortune; it takes a man of brains to hold onto it.”  Vanderbilt’s children failed to do so.¹

How Wealth Can Be Preserved

While there are no guarantees that an affluent family will remain so in ensuing decades, I found of interest an article published on Nasdaq’s Personal Finance page entitled, “Generational Wealth:  Why Do 70% of Families Lose Their Wealth in the 2^nd Generation?”  Nasdaq’s contributor points out that the failure to discuss one’s wealth with heirs is likely to result in “unnecessary taxes, costly estate fees, and possible family strife.”² As a preventative:

Open the Lines of Communication:  Prepare the next generation and take advantage of “teachable moments” so that family members can learn and become knowledgeable enough to participate in decisions that affect the family’s wealth.

Share Decision-Making: The inability to properly manage an inheritance may simply be that the wealth creator did not involve children in the thinking and practices that lead to building and managing wealth.

Consider  Professional Advisor or an Impartial Trustee: Challenges may arise that family members are not equipped to handle.  An objective individual could free discussions from the biases and emotions that can override rational decision-making.

Develop a Plan:  An informed plan provides a roadmap for how wealth should be managed and invested for future generations. 

As a financial adviser,  I am convinced that professional expertise and an understanding of the “psychology of affluence” can play a crucial role in protecting wealth.  But ultimately, perhaps it is a legacy of sound values—a sense of purpose and shared responsibility—that will preserve and even expand an affluent family’s wealth.

1. Quoted in Fortune’s Children: The Fall of the House of Vanderbilt, a family history written by cousin Arthur T. Vanderbilt II.  See:  https://www.forbes.com/sites/natalierobehmed/2014/07/14/the-vanderbilts-how-american-royalty-lost-their-crown-jewels
2. Generational Wealth:  Why Do 70% of Families Lose their Wealth in the 2^nd Generation? October 19, 2018, published 3:22 pm EDT https://www.nasdaq.com/articles/generational-wealth%3A-why-do-70-of-families-lose-their-wealth-in-the-2nd-generation-2018-10

As we know, the pandemic had a profound effect on real estate, curbing residential sales and construction in the face of economic uncertainty.  And while home values picked up as things stabilized, domestic buyers must now confront a ‘perfect storm” of rising prices, elevated mortgage rates and lack of inventory.  Still, emerging trends seem to make the picture a bit brighter—whether you are looking to buy a home for you and your family or seeking an investment opportunity.

The Luxury Residential Market

Mauricio Umansky, CEO of The Agency, recently discussed the Los Angeles luxury market on CNBC’s “Fast Money” program, noting that buyers are paying cash to purchase homes at The Agency’s average sale price of $2.4 million.  Umansky, who can boast $5B in sales to date, as well as reality TV celebrity status, says that the supply of available properties remains low, while interest rates have soared.  Thus, financed transactions are also low and it’s “people with money” who are buying million-dollar homes.

Umansky also commented on The Agency’s international business, noting the “amazing” activity in Portugal and strong investment in Caribbean resort properties, as well as Mexico.  According to Umansky, the U.S. is drawing significant interest from buyers in the United Kingdom, but in general few international buyers are coming into the United States as yet.

New-Build Housing

According to residential real estate brokerage Redfin (www.redfin.com), nearly 33.4% of single-family homes for sale in the first quarter of 2024 were newly built, a share reflecting the fact that resale inventory has shrunk as homeowners sit on their existing mortgage rate.  The low supply of has caused residential prices to skyrocket, but builders tend to price fairly and are often more flexible about pricing than homeowners.  Builders may also offer incentives like mortgage rate buy-downs, amenity upgrades, and closing cost coverage to attract buyers.

At the same time, real estate pundits at CNBC offer the following advice for those considering the purchase of a new-build home (see CNBC “Personal Finance” link below):

• Consider a smaller house (the median size of a home has grown by 150% since 1980 and has nearly doubled since 1970).
• Be open about geographic location (suburban and rural homes are usually cheaper than urban homes).
• Keep construction costs down (focus on structural elements rather than high-end finishes).
• Be mindful of future costs (e.g., property taxes, utilities, upkeep and other operating costs, especially for larger homes)

Beyond the Matter of Cost

For most, home ownership is a milestone that represents one of the larger investments people will make in a lifetime—one that requires significant financial resources to achieve and sustain it.  We know that owning a home offers an opportunity to build credit and wealth, but what other benefits are people hoping for when they buy a home?

I found interesting a discussion on CNBC’s “Last Call” with David O’Reilly, CEO of Howard Hughes Holdings.  Reilly talks about the need to build flexible eco-systems into our communities and into new housing developments, as well as what it is that potential buyers now look for, their “needs and yearnings.”  Drawing from his own experience, Reilly says that both first-time buyers and older buyers are seeking a place to live that offers:

• access to nature
• shorter commutes and more time to spend with family
• a self-contained ecosystem, a live/work/play environment with easy access to schools, churches, retail, recreation, etc.
• affordability (for many, the most important feature)

Buying a home is expensive and that doesn’t appear to be likely to change soon.  Equally, many people still have a sense of economic uncertainty and are hesitant about making real estate moves even though inflation has gone down and wages are rising.  It will be interesting to see what happens when interest rates do go down and more inventory becomes available to aspiring homeowners.

CarMax advertising reads, “This is the way car buying should be.”  But is it?  CarMax offers a sell/trade service that promises an offer for your car in just a couple of minutes and once the offer is accepted and verified, it will “pay you on the spot.”  CarMax makes an offer for your vehicle whether or not you buy one of the tens of thousands of cars they list for sale.

Carvana spends a lot of money on TV commercials, that feature a variety of songs, characters and celebrities.  The ads promise that you can trade in or sell your car with, “No haggling. No headaches.”  Carvana will do a “…quick, on-site review of your vehicle and pay you on the spot.”   Sounds good.  But is it the best deal you can get?

According to Nate Mihalovich, CEO of The Lasso, these two e-commerce giants, even compared to other “instant cash” offer companies, will give you the best deal only 20% of the time.  In a post on X by Car Dealership Guy, he states that dealers are very good at beating those offers and that, “we rarely see them lose to CarMax or Carvana.”  Mihalovich says that if the seller gets multiple offers from a variety of sources, the dealer equipped with that information is motivated to beat those offers because it can win in another part of the transaction—selling you a new car.

It should perhaps be noted that The Lasso, founded by Mihalovich, is a consumer-driven auction created to sell cars directly to its network of dealerships.  Nonetheless, it would seem that when it comes time to trade-in your car, getting multiple offers from online companies will give dealers incentive to make a better one.  On the other hand, if you want to sell an older vehicle with minimum inconvenience, Carvana, CarMax, or other used-car retailers offer ease of use and competitive pricing.  And if you don’t mind spending time to locate and negotiate with potential buyers, most experts agree that, “you will always make more selling [the car] yourself.”¹

I am always interested in learning more about how to meet life’s inevitable challenges with resilience and resolve. So, I was intrigued by a well-known neuroscientist’s tweet about a brain region that research has shown to be associated with the trait of mental toughness or perseverance.

The anterior mid-cingulate cortex (aMCC) is an area of our human brain that is linked to higher-level functions such as attention, motivation, decision-making, and impulse control. Recently, Andrew D. Huberman, Ph.D., an Associate Professor of Neurobiology and Ophthalmology at Stanford University, referred to the aMCC on the afore-mentioned tweet and discussed this neural hub on his blog (@hubermanlab), citing empirical evidence of its involvement in one’s ability to build will-power and tenacity. Moreover, the aMCC is stimulated by “leaning into” things that we don’t enjoy; by doing things that, in fact, we don’t want to do.

Perseverance is, of course, a vital trait to cultivate. It takes perseverance to earn an MBA or a PhD, will-power to train for an Ironman, tenacity to succeed in any profession. You have to run, bike or swim those daily miles or complete that daunting data analysis even when you’d rather just sit down and play Fortnite. And, according to Huberman, when we do something that’s hard, we begin to “grow” the aMCC, enhancing its structure and connectivity. When we step outside our comfort zone, stretch ourselves on a consistent basis, we build mental toughness.

Huberman’s point seems to be backed by various studies, including the research of Josef Parvizi, MD, PhD, professor of Neurology and Neurological Sciences at Stanford University. At the same time, psychologists and other scientists suggest that the anterior mid-cingulate cortex is just one piece of a complex puzzle. An individual’s ability to draw upon physical and psychological resources in the face of obstacles or setbacks is an interplay of genetics, general health, and social/cultural factors—and further research is needed to get the whole picture.

An article published by the brainfirst institute cites both psychologists and neuroscientists on the subject of perseverance, including research by psychologist Angela Duckworth which shows that passion and persistence for long-term goals—or “grit”—are better indicators of success than IQ or talent. Duckworth is a MacArthur “genius”, the Rosa Lee and Egbert Chang Professor of Psychology at the University of Pennsylvania. Duckworth’s book, Grit: The Power of Passion and Perseverance, discusses research by Carol Dweck, which suggests that a “growth mindset” plays a crucial role in the development of perseverance.

A growth mindset—the belief that one’s abilities are not fixed but can be developed—allows individuals to see difficulty as an opportunity for intellectual or athletic development, rather than as a dead-end. This mindset plays a critical role in how we perceive obstacles or failures, which can be viewed as opportunities to turn a setback into effective problem-solving, such as seeking out a knowledgeable mentor or a supportive coach. Or, as Huberman might suggest, doing the hard thing—spending that extra hour to prepare for an exam or tough it out at the gym.

Certainly, we can take away that continuing to challenge oneself, to learn new skills, set new goals and seek out novel experiences, seems like a very good way to cultivate cognitive and physical health.

How often do you think about breathing?  Human beings breathe about 22,000 times a day, but we don’t give it much attention unless we’re ill or just sprinted up a steep hill.  We leave breathing up to the medulla oblongata, located at the bottom of our brain stem.  Of course, if you practice yoga or meditation, a focus on breath is integral to your practice.  And those of us who train to climb mountains also learn to regulate our breathing.   Still, Tobi Emonts-Holley’s tweet about “box breathing” sparked my interest, along with his reference to studies by Northwestern Medicine scientists that confirm the links between breath, brain function and behavior.

Box breathing is quite simple, but the effects seem to be powerful.  That’s why it’s employed by the U.S. Navy SEALS and others in high-stress professions like ER doctors or athletes with pre-game anxiety, who use the technique to become and remain calm.  In yoga, this conscious breathing technique is known as sama vritti pranayama, designed to connect and balance body and mind, allowing you to both relax and focus.

To begin “box breathing,” find a comfortable, upright seat exhale slowly, evenly and fully.  Next, start your breath cycle by breathing in slowly and gently through the nose to the count of four, hold your breath to the count of four, then exhale slowly to the count of four, and again, hold your breath for four counts.  Repeat for about four rounds.

If you’re new to box breathing (also known as four-square breathing), it may take a little time to get the hang of it. You may feel lightheaded after a few rounds.  If so, simply return to a normal, relaxed breathing pattern.  As you practice, however, you’ll be able to do more rounds without any dizziness.

Why does this practice work?  Retaining your breath allows CO2 to build up in the blood.  Increased blood CO2 enhances the cardio-inhibitory response of the vagus nerve when you exhale and stimulates your parasympathetic nervous system (PNS), which produces a feeling of calm.  In moments of stress or danger, the other part of the autonomic nervous system (ANS)—your sympathetic nervous system—drives the fight-or-flight response.  Box breathing can help move one out of that state of high alert by stimulating the PNS.

You may have noticed that intense anxiety results in quick and shallow breaths—hyperventilating—which raises blood pressure, causes the heart to pound and builds even more tension.  As a result, one’s physical or mental performance is likely to suffer as the ability to regulate emotion and focus the mind disintegrates.  Box breathing can be an effective tool to aid in maintaining a calm, clear mind.

If the subject is of interest, I’ve included some links below, including one to Stanford Medicine magazine which addresses other breathing techniques such as bellows breathing and cyclic sighing.

The Mental Game in Basketball and Life

I’ve written before about mental conditioning as an essential part of athletic training or preparing for competition.  And I believe it’s a tool that applies more broadly to one’s professional life whatever one’s challenges or goals.  With that in mind, I was struck by UCLA coach Cori Close’s Twitter post:  “The edge is where your talent runs out and you develop the discipline and skill to reach your potential.”  Close has stressed her belief in “discipline over default,” the daily practice of building mental toughness and resilience to enhance your game.

As UCLA women’s basketball coach since 2011, Cori Close has elevated the school’s program and guided her team to a successful 2024 season (24-5, 13-5 in the PAC-12).  In addition, Close earned a prestigious honor, being named as recipient of the 2024 WBCA Carol Eckman Integrity in Coaching Award.  A video course, “Coaching the Mental Game of Basketball,” details Close’s methods for building a mentality for success for herself that she further translates to her athletes.  You can find a 54-second YouTube video entitled “Chasing Edges,” featuring Coach Close talking to her players about how to learn to talk to yourself, to overcome doubt, when you’re at your edge.

As part of the mental conditioning process, Close has talked about the value of a growth mindset, the importance of discipline even in the off-season and the power of an environment in which joy and struggle both exist.  As if echoing the words of Cori Close, star player for the University of Iowa, Caitlin Clark says, “The biggest thing is coming in every day and being intentional about every single thing we do….  You have to win practice every single day if you want to win on game day.”

While leasing a car has long been a popular option for drivers looking to lower monthly payments, journalists with an eye on the automotive industry have noted that leasing hit a road bump during the pandemic years.  Today, however, thanks to shifting market dynamics, drivers are once again opting to lease in order to avoid the costs of buying currently imposed by high interest rates.

A recent tweet by Car Dealership Guy, entrepreneur Yossi Levi, predicts that, “…vehicle lease penetration will reach all-time highs in the coming years.”  Why?  Per Levi’s tweet, “…saving 10-25% on a vehicle’s monthly payment by leasing instead of buying outright is no longer a ‘want’—it’s a ‘need’ for most people.”  Car prices are approaching all-time highs and buying is a painful stretch for many people who deal with adjustable rate mortgages or high and rising rents, along with the inflated cost of gas and groceries.

Yossi, who hosts a popular podcast, notes that car manufacturers have focused on big cars equipped with lots of high-tech features that, along with higher interest rates and low product supply, are nudging buying costs up and up.  Still, owning a car does have its rewards.  You are free to customize your vehicle and there’s no limit on your annual mileage.  On the other hand, although you have equity in your vehicle, even a high-end new car doesn’t hold its value—particularly in the short term.  So, if you know you will want another new car in a few years, you are likely to lose money when go to sell or trade the car in.

With many car manufacturers offering advantageous lease deals, leasing may be a smart move as a way to avoid some of the effects of high interest rates.  As a plus, you can return your vehicle at the end of three years in exchange for a brand-new car with all the latest bells and whistles.  You also have the option to buy your leased vehicle at the end of lease term (the buyout price is stated in the original lease agreement.).  It’s a matter of finances, lifestyle and personal preference.

Excellence.  Greatness.  Peak Performance.  How does an athlete, a businessperson, or a professional in any field achieve those goals?  Recently, I watched a video on X (@BambarkarPrasad) that featured Olympic Gold Medalist Michael Phelps and Hall of Fame coach Bob Bowman.  On the video, Bowman’s voice-over speaks to the focus Phelps achieved during competition, which athlete and coach alike attribute to a consistent practice of visualization.

With 23 Gold Medals, Phelp’s competitive record is legendary.  Bowman is one of the most successful coaches in sports history.  You can find the duo on X and YouTube, where they talk about the importance of daily dedication and discipline—and Phelps’ practice of visualizing all possible scenarios of a competition, the good and the bad.  Bowman says that Phelps has a plan in place to deal with any obstacles that might arise and distract him from the ultimate goal—to win.

For Phelps, the initial target is to produce the best possible performance at each practice session–and the practice after that and the one the day after that.  It’s critical to focus on the process, pursuing one’s personal best each day while reminding yourself continually of the ultimate vision.

Bowman notes that before a race, Michael Phelps would use techniques to get into a calm, relaxed state and mentally rehearse for hours each day in the pool.  He would see himself swimming and winning, creating vivid details—the sensations created by the feel of the water, the sounds and scents.  Phelps visualized being in the pool and also seeing himself from the outside as if he were a spectator in the stands.  He rehearsed strategies for overcoming potential obstacles.  And when Phelps’ goggles unexpectedly filled with water during the 200-meter butterfly final at the 2008 Olympics, he was able to maintain focus, rely “on my strokes”—and win!

According to Bowman as reported by Carmine Gallo for Forbes, mental rehearsal is a well-established technique to achieve peak performance. “The brain cannot distinguish between something that’s vividly imagined and something that’s real.”  He adds that, “If you can form a strong mental picture and visualize yourself doing it, your brain will immediately find ways to get you there.”

Like Phelps, Tiger Woods has also described visualization as crucial preparation.  He visualizes each shot, sees the ball in flight and where it will land.  He also uses visualization to prepare for scenarios such as dealing with windy conditions.  Clearly, visualization is not about wishful thinking or expecting the universe to deliver whatever you want with no effort.  It is about discipline, determination and a consistent mental practice that allows you to both dream and execute.

Readers may wish to check out Bob Bowman’s book, “The Golden Rules,” Finding World Class Excellence in Your Life and Work.

Given my abiding interest in fitness and health, I was intrigued by the recently published “Outlive” from physician Peter Attia—a book rich in information about the diseases most likely to assail us as we age.  Attia refers to those chronic disorders as the Four Horsemen:  cancer, heart disease, neurodegenerative disease (e.g., Alzheimer’s), and type 2 diabetes.  His discussion of type 2 diabetes—prevention and intervention—caught my attention in particular, as 1 in 10 Americans suffer from this disease, along with some of my friends.

Attia received his M.D. at Stanford University, followed by training at Johns Hopkins Hospital and a fellowship with the National Institutes of Health at the National Cancer Institute.  Attia’s approach to “healthspan” and lifespan is grounded in science, offering evidence that exercise is a potent preventative “drug” for both cognitive and physical decline.  To maintain metabolic health, it is essential.

Metabolic health means that you are able to properly use and dispose of the glucose in the blood for energy and for storage in the cells.  Unfortunately, a diet of “abundance” and sedentary lifestyles, often lead to impaired metabolic function, a continuum of insulin resistance, pre-diabetes, and type 2 diabetes at the extreme.  Insulin resistance, resulting in elevated levels of glucose in the blood, precedes type 2 diabetes and is also linked to greater risk of heart attack, stroke, nonalcoholic fatty liver disease (NFLD), some cancers, and dementia.

While there is no argument that physical activity helps to control diabetes, there has been some controversy as to whether aerobic or anaerobic exercise is best.  As Attia notes, there are three primary differences between aerobic and anaerobic activity as it relates to blood glucose management and type 2 diabetes:

1. The amount of oxygen required to perform the activity
2. The intensity and duration of the activity
3. Where the body draws fuel for the activity (muscle or liver)

As we know, the word “aerobic,” meaning “requiring oxygen,” refers to activities like walking, cycling, or swimming that can be performed for an extended period with the body maintaining heart and breathing rates at elevated but steady levels.  Such extended aerobic activity improves the body’s ability to utilize blood glucose, which lowers blood sugar levels and, over time, increases insulin sensitivity—an advantage in managing diabetes.

The word anaerobic is used to define vigorous, short-term activities like weight training and high-intensity interval training. During anaerobic activity the heart rate is too elevated to use blood sugar as fuel. Instead, the body burns glycogen (the storage form of glucose) stored in your muscles and liver.  Anaerobic activity can actually increase blood sugar levels for an hour or so as glycogen stores are replenished, but this elevation is temporary.  Ultimately, vigorous activity improves proper metabolic function.

The physiology is complex,* but in brief, involves the liver, which plays an essential role in converting stored glycogen to glucose and releasing it to maintain glucose homeostasis.  Additionally, the pancreas secretes insulin, which shuttles the glucose to where it’s needed.  In a sedentary person, who is not using blood sugar or stored glycogen, excess energy largely ends up as triglycerides within fat cells, driving conditions like type 2 diabetes.

Attia asserts that both aerobic and anaerobic exercise are essential to proper metabolic function.  Beyond increasing cellular insulin sensitivity, aerobic training improves cardio-respiratory efficiency, measured in terms of VO2 max—another powerful marker for healthy aging.  Anaerobic activity builds muscular mass and strength, which expands the storage capacity for blood sugar in the muscle preventing the build-up of blood sugar and again, improving insulin sensitivity.  Any activity “north of zero” is good according to Attia, and all will create the strength, stability, and endurance we need for everything we do in life.

While there is much more to be gleaned from Attia’s detailed discussion, the importance he places on the need to “get our metabolic house in order” was new to me, as was the knowledge that 34 million people in the U.S. suffer from type 2 diabetes.  The good news, per Attia, is that “we have tremendous agency over” our own path and attention to exercise, a healthy diet, and sufficient sleep “can completely turn the tables in our favor.”  Good news, indeed.

Attia hosts a weekly podcast, “The Drive.” Videos on various subjects are available on YouTube and on his web site https://peterattiamd.com/

A critical deadline is looming, your Uber is stalled in traffic (again!), or your child’s soccer team has a last-minute chance to win the league championship. Your heart pounds and your palms turn clammy: the visceral effects of stress that occur as your adrenal glands produce a surge of adrenalin and, more slowly, cortisol. Following the highly-charged event, cortisol levels should fall. However, for those experiencing chronic stress, the body’s balance can be derailed, significantly impairing physical and mental health.

So, what is cortisol? Without too deep a dive into the complexities of the endocrine system, cortisol is a glucocorticoid hormone (a steroid hormone) released by the adrenal glands to suppress inflammation and regulate metabolism, along with your blood pressure and blood sugar. The adrenal glands sit on top of each of your kidneys, and as part of the endocrine system, regulate the body’s response to stressors, monitoring cortisol levels to maintain homeostasis.

Cortisol changes cell metabolism and alters the activity of DNA. In the brain, cortisol binds to neurons, impacting normal thought processes – including how a stressful event is stored. This may explain why emotional or anxiety-inducing events are so vivid in memory—and why the effects of stress may linger.

In the short term, cortisol can be helpful. But exposure to cortisol for a long period of time can contribute to high blood pressure, an impaired immune system, and a higher chance of diabetes and heart disease, as well as depression and anxiety. On the upside, sleep, exercise, and healthy eating habits have a profound effect on cortisol.

The foods promoted on what we know as the Mediterranean or anti-inflammatory diets, are essentially the same foods to eat when feeling stressed—whole grains, healthy fats, a colorful assortment of fruits and leafy greens, and high-quality protein. While you can supplement some nutrients (Vitamin B-12 for example, if you are vegan or vegetarian), you’re almost always better off eating whole foods that are nutritionally dense – in part, because gut health depends on fiber from vegetables, nuts, beans, and other plant-based foods.

The dietary choices most often recommended for balancing cortisol levels are those that are rich in essential fatty acids (Omega-3 and Omega-6):

Sardines
Salmon
Tuna
Oysters
Mackerel
Herring
Avocados
Flax seeds
Chia seeds
Pumpkin seeds
Walnuts
Olive oil
Dark chocolate

In addition to the above, it’s important to eat foods that supply protein and B12, plus high-fiber fruits and vegetables like berries, bananas, broccoli and spinach, and fermented foods like yogurt, kimchi, kefir or sauerkraut. Dietitians recommend
eating lots of different types of plants to provide plenty of vitamins and minerals (especially magnesium) and to help keep the healthy bacteria happy in your gut.

What does this diet look like on your dinner plate? How about grilled salmon with toasted almonds, a salad of leafy greens and avocado dressed with olive oil, yogurt with raspberries for dessert and a cup of green tea or chamomile tea for a nightcap. And it’s good to remember that a stress-free life is neither possible nor wholly desirable. Like exercise it can help build our strength and resilience. But rising to the challenge requires the right fuel.

While we’re all familiar with the concept of our “body clock,” recent studies indicate that daily and annual biological clocks influence physical and emotional health more than previously believed.  In fact, our cells are strongly influenced by genes under circadian regulation and our behavior, including athletic performance, may be driven more by these “clock” genes than by external signals.

I’m certainly aware of jet lag as a circadian rhythm disorder, but I also discovered new information from a recent article in the New York Times:  “The Quest by Circadian Medicine to Make the Most of Our Body Clocks.”¹ by Kim Tingley, published July 6 of this year.  As one who is committed to physical fitness, I was happy to learn that higher levels of conditioning allow me to adjust more quickly to changes in the sleep/wake cycle.  At the same time, studies show that even professional athletes experience a hit to performance when their natural sleep/wake cycle is disrupted.

A few pertinent notes from the Times:

• “Professional athletes and their trainers…know that physical performance peaks in the late afternoon or early evening.  (Most world records are broken in the evening.)”
• Studies by physiologists suggest that physical activity is…”ideally undertaken at certain times depending on the outcomes you prioritize (weight loss, blood-sugar control, strength).”
• For elite athletes…”the slightest advantage can make the difference between a loss and a victory” and cross-country or international travel induces “tremendous circadian disruption,” which takes a toll on sports teams’ performance.

Charles Czeisler, sleep consultant for the Boston Celtics and other pros, addressed travel fatigue by persuading players to maintain consistent sleep-wake times…”practicing in the afternoon, going to bed at 3 a.m. and sleeping until 11 a.m.  When they traveled to the West Coast, he advised them to shift their schedule by three hours to keep their bodies on East Coast time.”  While Czeisler did not quantify the effect of his adjustments, a study published in the Proceedings of the National Academy of Science (PNAS) did analyze 20 years of MLB statistics, citing evidence that circadian disruptions caused being “on the road” decrease a team’s winning percentages—especially eastward travel.²

So, to better your tennis game, reduce your 10K time or make it to the top of Mount Everest, it seems that sustaining healthy circadian rhythms can help.  And that requires consistent habits like sleeping in a cool dark room, turning off the lap top an hour before sleep, and waking up and going to bed at the same time every day—all those sleep hygiene guidelines do make a difference.

And what of travel?  Are there specific strategies for athletes flying to Europe or Asia to climb a mountain or compete in the Tour de France?  In spite of recent research, it continues to be difficult to apply new knowledge to travel due to factors such as individual differences and the challenge of measuring physiological responses in the field, using markers like core body temperature (CBT) and levels of melatonin.  However, according to an article published online by the Center for Sports Knowledge and Innovation,” in Barcelona, some guidelines pertain:⁴

Researchers distinguish between travel fatigue and jet lag.  Travel fatigue, which is associated with short trips, requires relatively simple interventions that promote sleep and allow for a recovery and rest period prior to competition.  Additionally, athletes should be well hydrated, avoid caffeine and alcohol, and shift postures as frequently as possible during travel.

Jet lag results from trips that cross multiple time zones, causing “an asynchrony between “peripheral” clocks”³ like sunlight and the body clock.  It is recommended by some experts to adjust the timing of sleep and light exposure progressively before starting a trip, perhaps also ingesting melatonin or, if clinically indicated, a hypnotic medication to induce sleep.  Interventions aimed at promoting sleep (e.g., using an eye mask and noise-cancelling head-phones during flight) have been shown to improve quality of rest both during and in the days after travelling—thus reducing the adverse effects of jet lag on physical performance.  These strategies should be combined with proper hydration, avoiding heavy, high-calorie foods, and stretching during the trip.  Training should coincide with exposure to light.

The graphs below offer specific strategies:

1. “The Quest by Circadian Medicine to Make the Most of Our Body Clocks,” Kim Tingley, New York Times, July 6, 2022
2. “How Jet Lag Impairs Major League Baseball Performance,” Alex Song, Thomas Severini, Ravi Allada, PNAS, January 2017, https://www.pnas.org/doi/10.1073/pnas.1608847114
3. Managing Travel Fatigue and Jet Lag in Athletes: A Review and Consensus Statement, July 14, 2021, Abstract accessed via the National Library of Medicine (NIH), originally published in Sports Medicine, Janse vanRensburg, et al., 2021,
   https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8279034/
4. “Strategies to Reduce the Negative Side Effects of Travelling on Athletes,” Barca Innovation Hub, The Center for Sports Knowledge and Innovation, Pedro L Valenzuela, accessed July 19, 2022, https://barcainnovationhub.com/strategies-to-reduce-the-negative-side-effects-of-travelling-on-athletes

Watching Eugenie Bouchard rule the court or Lindsey Vonn race down a mountainside, one cannot help but admire such athletic prowess.  But even an elite athlete has good days and better days.  Thanks to an article in The Economist, I learned of recent attention given to the effects of the menstrual cycle on women athletes’ performance, which can fluctuate with phases of the cycle.  In fact, world-class performers like Chinese Olympic medalist Fu Yuanhui are now speaking frankly about this matter.  When her team came in fourth in Beijing, Fu said, “…my period came yesterday, so I felt particularly tired – but this isn’t an excuse, I still didn’t swim well enough…” ¹

Virtually all top male and female athletes are aided by a nutritionist, sports psychologist, and trainer—and lately, some female athletes are working with menstrual-cycle coaches to address the fluctuations in hormones that occur each month.  Transitions between the phases of menstruation, pre-ovulation (follicular phase) and the luteal phase (post-ovulation) are very likely to have psycho-physiological effects that athletes and coaches need to understand in order to counter negative symptoms that intervene in training and performance.

As example, during the first phase the menstrual cycle (prior to and during ovulation), a higher level of estrogen and testosterone have a positive effect on mood and motivation, as well as allowing the body to access stored carbohydrates and maximize high-intensity training.  Post-ovulation (the luteal phase), a higher level of progesterone impacts nerve activity, metabolism, and protein synthesis, making the body less resilient and thus, increasing fatigue in response to stress.  Angela Naeth, a partner at United Endurance Sports Coaching Academy suggests that rather than build muscle in this phase, it is better to focus on “steady-state aerobic activity.”²

While individual women have different sensitivities to hormonal shifts, strength and conditioning coach Cody Roberts writes in Science for Sport, that “…the best thing that any coach can do (male or female) is to create a safe space for the athlete to be honest…about their mental and physical state.  The menstrual cycle is not everything, but it is a component that at times, regardless of sleep, nutrition or recovery, is going to interfere with performance.”³

As a climber, I found it interesting that Maddy Cope, a British professional climber and coach, emphasizes the need to balance scientific research and what athletes report about their individual experience. Cope notes in The Economist…”that most research does not translate well to her own discipline [climbing].”⁴

The Economist article continues, “Climbing is a supremely technical matter, and the tests used in research compare poorly with the actual demands of the sport….[omitted sentence]  Most good training plans for climbers include exercises of a range of intensities and incorporate a “de-load” week, to allow the body to recover. Menstrual-cycle-informed training in this case might be as simple as arranging for the de-load week to coincide with the stress-sensitive luteal phase.”

Food and drink affect fitness and performance at all times and top athletes are almost always intentional about favoring nutrient dense foods.  Equally, women can address hormonal fluctuations by emphasizing certain foods and avoiding others, especially during the luteal phase the week prior to menstruation.  “The luteal phase is often the time when cravings hit for carbs, sugar, fatty foods, etc.”⁵  It is suggested that women eat foods rich in B Vitamins, as well as magnesium rich foods like avocados, nuts and legumes, and dark leafy greens that support mood and energy levels.  Ideally, one should also avoid alcohol, animal fats and added salt during this phase.

Menstrual-cycle sports science looks like a promising field of research, one that will allow women to achieve their full potential in sport, whether one has the ambition to compete at a high level or simply to experience a personal best.

1. “Chinese Swimmer Fu Yunahui Praised for Breaking Periods Taboo,” Tom Phillips, The Guardian, 15 August 2016.
   https://www.theguardian.com/sport/2016/aug/16/chinese-swimmer-fu-yuanhui-praised-for-breaking-periods-taboo
2. “The Menstrual Cycle and Female Athletes,” Angela Naeth, UESCA, accessed July 26, 2022.
3. “How Can Coaches Best Understand and Approach the Entire Menstrual Cycle?” Cody Roberts, Science for Sport, 31 May 2022.
   https://www.scienceforsport.com/understanding-and-approaching-the-entire-menstrual-cycle-a-guide-for-coaches/
4. “How Menstruation Affects Athletic Prowess is Poorly Understood,” The Economist, Science & Technology, 20 July 2022.
   https://www.economist.com/science-and-technology/2022/07/20/how-menstruation-affects-athletic-prowess-is-poorly-understood
5. “Menstrual Cycle Nutrition,” Ivy Eliff, OnPoint Nutrition, accessed 27 July 2022. https://www.onpoint-nutrition.com/blog/menstrual-cycle-nutrition

A young athlete with a promising pro career, often plans to buy a house, along with a new car and a few luxuries as soon as the contract is signed. But is that the wisest move? While there’s no doubt that a comfortable home can offer pride in ownership, it also comes with costs and risks if finances are unstable. And the fact is, players often spend at a level that only makes sense during peak earnings. When those earnings end, a house payment, along with attendant expenses like property tax and maintenance continue.

Consider this: the average playing career for an athlete in the NFL is 3.3 years; for an NBA player, it’s 4.5 years; and in the MLB, one in five players will have only a single year career although the average is 5.6 years. Career volatility and the propensity for injury varies with position in football and baseball, but across the board, most players enjoy only a handful of years of active play. What happens after?

Professional athletes must also think about how long they will be based in one city. Players get traded from one franchise to another, moving from city to city and across the country. Accepting a trade may be required by the player’s contract—and life changes in an instant. Given the possibility of a trade or simply being cut, means renting can be a better option. Moving out too soon can result in tax penalties. If you don’t live in a home for 2 years, you will probably pay capital gains on any profit made in selling the house. As the seller, you also pay a realtor’s commission that ranges from 4% to 6% of the selling price. And property doesn’t appreciate quickly enough to turn a profit if you have to relocate in a year or even two.

Additional costs of ownership can occur if an athlete buys houses in different states—especially if one or more of the houses is an investment property. Loans for an investment property are often at a higher rate than an owner-occupied property. Estate and tax issues can also arise if you own multiple homes in multiple states, as well as legal complications should a dispute arise about the properties. You’ll need a good attorney in that case.

Home ownership also entails a time commitment. Again, consider how often a professional athlete travels during the playing season. While absent from the home, someone has to deal with maintenance or any damage that may occur due to fire, flood or earthquake. Renters can expect a landlord to take care of repairs and other chores, but a homeowner cannot. Do you want to take time to find a plumber when you’re on the road? Or, do yard work when you return?

While owning a home offers benefits like equity and certain tax breaks, renting offers greater flexibility. After all, real estate is an “illiquid” asset, meaning a property can take a long time to sell and you may not get the price you want. So, there are several considerations to take into account to make sure it’s the right time to buy, and the right place to buy—remembering that no one can foresee the trajectory of a playing career or guarantee a comparable income in the next phase of life Sudden reversals are just the nature of the business.

Home ownership is the American dream, but at a minimum, you must have:

• Enough cash for a 3%-20% down payment (while first-time homebuyers can get a loan for as little as 3% you will have to pay PMI)
• No debt – student loans or consumer debt
• Financial reserves to cover all expenses for at least 6 months should your income be disrupted in any way
• Beyond the down payment, and mortgage, you’ve factored in expenses like homeowners’ insurance, PMI, HOA fees, utility bills, property taxes, upkeep, etc.

Interviewed in Chicago magazine, professional basketball player Nazr Mohammed described how he learned the hard way about buying a home, renovating and losing money when he had to relocate from Detroit to Chicago. “I tell everyone, not just the rookies: rent. Because as an athlete, the only person making money when you’re coming and going [to new cities] is the real estate agent.”

Often, we think about pressure as existing in moments of high intensity—the pressure to save a life in the ER, to pass the bar exam, or to score the decisive point in the last seconds of a game.

Pressure, however, can exist over an extended period time as months of grueling athletic training or the protracted effort required to build a business.

How can we handle sustained pressure without losing focus, nearing exhaustion or succumbing to a sense of futility about one’s goals?

While I’ve encountered various prescriptions for avoiding burn-out, or making stress work for you, I found Dane Jensen’s perspective on the “problem” of pressure intriguing.

Jensen proposes idea that pressure is potentially a “solution;” actually, a form of energy or fuel, and that one’s mind-set is what matters most.

Under “long haul” pressure, we need to get in touch with the “why,” the “purpose-driven stuff.” We need to ask, what’s truly at stake?

In an article that contains an excerpt from Jensen’s book “The Power of Pressure,” he states that it is “…possible to not just endure these periods but actually become committed to navigating them as meaningful challenges we can rise to….[and] deep down we can feel a sense of pride in our resilience, confident that we can handle whatever life throws at us….”

The long haul, with its multiple professional and personal pressures, may not be as comfortable as we would like, but it can be a meaningful experience, a source of self-respect and confidence.

We need to be in touch with our passion, our over-arching intention, as well as the will to persevere and the capacity to know when we are low on fuel and need a moment to breathe.

I’m always looking for new insights into mental tools that help us to be more constructive in our approach to work and life.

While reading an article about self-confidence, I was struck by the idea of reframing one’s “less successful” experiences, not judging such events as “failures,” but rather as steps on the way to success.

The writer, West Point psychology professor Carmine Gallo, points out that the secret to improving performance is to “release” our feelings of disappointment or harsh self-judgement.

After all, we all make mistakes or fail to “match our expectations” whether our client presentation fails to impress, or our golf ball lands in the rough.

We need to learn from our mistakes, make note of what worked and what did not, and keep driving ahead towards the ultimate goal.

The “disaster” is just a bump in the road if you see it as incitement to practice (and practice more), as an experiment or as part of an active process in discovering what helps you relax, focus, and feel empowered.

If you’ve studied productivity, you’ll recognize the axiom above as Parkinson’s Law, the proposition of British naval historian Cyril Northcote Parkinson. The statement first appeared in a 1955 article in The Economist and later, as the basis of one of Parkinson’s books, The Pursuit of Progress.

To illustrate this principle, Parkinson used the example of an elderly lady who sets about writing a postcard to a niece. Since nothing else requires her attention, the simple task takes all day. She fills the time searching for stamps, looking up the niece’s address, worrying about whether the post office will be open, making a cup of tea, and discarding the original note to tinker with the language of the missive.

It’s easy to see how this example translates to emails, memos, and written reports in our workplaces. The impulse to give tasks more time than they require may be our desire for a bit of leeway, insecurity about one’s abilities or, it may relate to the idea that by taking longer, we will do a better job—although most people are limited in how long they can engage in purposeful activity without fatigue. Should we then impose strict time constraints on our work? Or that of those we supervise?

A relevant post on BBC WORKLIFE, addresses those questions and discusses Parkinson’s Law in more depth than I can do here. The article also quotes Princeton behavioral scientist Eldar Shafir on attentional fatigue: “Because our attentional capacity is limited, we divide it sporadically any way we can as we run through everyday life,” he says. Yet, now and then, we have to buckle down.

In his book “Scarcity,” Shafir and co-author Sendhil Mullainathan discuss the potential costs of laser-like focus: “When you have a deadline it’s like a storm ahead of you or having a truck around the corner. It’s menacing and it’s approaching, so you focus heavily on the task.” And while you may whip off a brilliant piece of work, problems can arise when all else is pushed to the periphery of one’s attention.

Plus, there’s a chance that pushing too hard, going too fast, can make us prone to errors in our work—just as it can lead to injury in athletic endeavors. “If your deadline is too short and you’re panicking…you might work inefficiently, and things might go badly anyway,” [Shafir] says. Ideally, we can find an effective way to complete our various tasks while managing both time and quality.

My recent post quoting mental training coach Colleen Hacker inspired me to watch a handful of YouTube videos featuring Dr. Hacker (professor of kinesiology Pacific Lutheran University). I found her words inspiring and useful not only for those who train for a sport as an amateur or a pro, but also for anyone pursuing a profession.

In one interview, Dr. Hacker emphasizes the power of the imagination – not just visualization – as a poly-sensory technique to improve performance in any competitive culture. One imagines vividly, specifically, in detail, and using all of one’s senses to achieve measurable results.

On another track, Dr. Hacker identifies the “4 pillars, plus one” of every sport—and perhaps any demanding endeavor. Those pillars are: Technique (whether the craft of cookery, surgery or sport); Tactical (adroit planning and prioritizing), Physiological (good health that supports one’s energy and endurance); Psychological (mental skills). The Plus One? How do I make my team better? How can I help others on my team, can I help my fellow players (or my family members, my colleagues) look good and succeed as well as myself?

Dr. Hacker is a great source of pithy quotes that might serve as useful mottos: “Do Now well.” “Go loose.” “Do simple better.” And importantly, “Mistakes are a part of living…a part of sport. Mistakes are a part of every role that we find ourselves in…a part of the fuel that fires us to improve.” When, inevitably, we miss a putt or drop the ball at work, recognize the error, own it and move on – let it go!

For top athletes, mental skills training is essential to dealing with the pressure of competition. Can the strategies Olympians use improve performance in any field?

An August article in the New York Times features a handful of top “psychological consultants” who work with world class athletes, counseling them on “…how to avoid choking under pressure, how to tune out media chatter and how to quell stomach butterflies.” Pressures arise in any profession on those days when it’s imperative to perform and keep cool, even if the spotlight is not quite as intense as it is during the Olympic Games. What do mental coaches have to say that we can apply to our own life?

1. Use Your Imagination

When Colleen Hacker worked with the 2018 women’s Olympic ice hockey team, she asked them to imagine the moves they would perform in competition. In many cases, the repeated use of such sensory-based imagery improves performance as much as a similar amount of actual practice. Try it on your tennis backhand.

2. Stress Out – With Intention

Find ways to boost your stress level as you prepare for a presentation or difficult conversation. How? Role-play with friends or practice in front of colleagues who might toss out provocative remarks as you learn to stay calm and collected.

3. Loose Up, Laugh It Off

Crack a joke, watch an SNL sketch, or dance around the office supply room. Laughter or horsing around with others can break the loop of negative thoughts and escalating tension.

We can take a tip from Julie Foudy, Olympic gold medalist, who says. “It’s like, OK, come on, laugh about it. And then let’s go win.”

I’ve written previously about developing “mental armor” to handle the pressures and demands of life and work.  The subject came up once again when I saw a Twitter post featuring Gordon Parker, AO (Officer of the Order in Australia), a prominent psychiatrist, who speaks briefly about burnout—what it is and how to prevent it.  Scientia Professor at the University of South Wales, Parker’s research into the symptoms of burnout leads him to promote physical exercise and meditation as two helpful ways to prevent or remedy the physical, mental and emotional exhaustion we know as burnout.

Doing a little further “research,” I learned that while burnout is not recognized as a distinct clinical diagnosis like major depression, the World Health Organization has recognized burnout as an “occupational phenomenon.”  In this context, when stress is excessive and/or chronic, one’s resources become depleted, affecting one’s performance at work—even if, or perhaps intensified by—working from home.

Professor Parker and a colleague, Gabriela Tavella, recently authored an article on burnout published on the ABC News web site, discussing burnout in a broader context than that of work alone.  The authors point out that an event like the pandemic created stress in virtually every context and that while escaping stressors isn’t always possible, there are “…some de-stressing strategies to help curb your burnout symptoms. Things like exercise, meditation and practicing mindfulness are consistently nominated…as most helpful.”

For my own part, I find that challenging physical activities—like climbing mountains—along with meditation, are good preventative medicine and invaluable in maintaining mental clarity and emotional balance.

#ICYMI: As the pandemic, the stresses, and the WFH/school life continues for many, a different kind of fatigue has set in – burnout. @blackdoginst's Prof. Gordon Parker says there are four things people can do, if they're feeling burned out and want to change it. #TheDrum pic.twitter.com/HqmaLwZMwL

— ABC The Drum (@ABCthedrum) September 17, 2021