"It's not that we're dumb. We're wired to avoid pain and pursue pleasure and security. It feels right to sell when everyone around us is scared, and buy when everyone feels great. It may feel right - but it's not rational." (The Behavior Gap)
Why do we lose money? It's easy to blame the economy or the financial markets - but the real trouble lies in the decisions we make. As a financial planner, Carl Richards grew frustrated watching people he cared about make the same mistakes over and over. They were letting emotion get in the way of smart financial decisions. He named this phenomenon - the distance between what we should do and what we actually do - "the behavior gap". He found that once people understood it, they started doing much better.
Richards's way with words and images has attracted a loyal following to his blog posts for The New York Times, appearances on National Public Radio, and his columns and lectures. His audiobook will teach you how to rethink all kinds of situations where your perfectly natural instincts (for safety or success) can cost you money and peace of mind.
He'll help you to:
Avoid the tendency to buy high and sell low;
Avoid the pitfalls of generic financial advice;
Invest all of your assets - time and energy as well as savings - more wisely;
Quit spending money and time on things that don't matter;
Identify your real financial goals;
Start meaningful conversations about money;
Simplify your financial life; and
Stop losing money!
It's never too late to make a fresh financial start. As Richards writes: "We've all made mistakes, but now it's time to give yourself permission to review those mistakes, identify your personal behavior gaps, and make a plan to avoid them in the future. The goal isn't to make the 'perfect' decision about money every time, but to do the best we can and move forward. Most of the time, that's enough."
"A brilliant guide to the ways we often trick ourselves into staying poor. Listen to this before you make your next financial decision." (Zac Bissonnette, author of Debt-Free U)
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Excellent. Sound advice, charismatic narrator/author.
- Hannah Lincoln
Another simple yet true reminder from this author!
Just the reminder it gave to keep common sense in perspective when it comes to finances. Sure, I know this, I have been told this, but doing it needs frequent nudges.
His other book, the one page financial plan, which I read first and appreciated the simple style of for wrapping our minds around these ideas - focusing on the simple, important actions rather than the minute complicated peripheral traps of financial savvy.
He was relatable.
Just how simple and true of a reminder it was to just make big strides in the right general direction and not get all psyched out about details.
Great little reminder primer for financial common sense.