Personal Finance for Long-Term Investors Fight, Flight, and Friction: Being Smart in Your Volatile Portfolio | Carl Richards - E83
Jesse starts this episode with a confession: money still stresses him out. The four ways that Jesse reduces this stress are remembering what's going right financially, prioritizing spending, working hard, and remembering that others have walked this path.
Then, with another call back to his blog, Jesse invokes Marshall McLuhan's quote "the medium is the message" when sharing from his post, "The Friction is the Message".
Today's guest is Carl Richards, the creator of the Behavior Gap, author of The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money, and host of Behavior Gap Radio. Not only has Carl been featured on Oprah.com and Forbes.com, he's the creator of the Sketch Guy column which ran weekly for a decade in The New York Times. In this episode, Carl gives us some great insight into how we can refocus ourselves and our finances on what really matters to us.
If you're interested in not only financial planning, but time, energy, and attention planning, too, then this is the episode for you!
Key Takeaways:
• 4 ways Jesse reduces his financial stress.
• Friction as a bad thing, and friction as a good thing.
• Why you should invite imposter syndrome in.
• What is the Behavior Gap?
• How to choose your financial advisor.
• How to manage your money, time, energy, and attention.
Key Timestamps:
(02:10) Jesse's Monologue: Money Still Stresses Me Out
(07:24) Managing Financial Stress: Four Key Reminders
(13:42) The Friction is the Message
(22:14) Carl Richards Joins the Conversation
(28:48) Why Carl Shares
(30:41) Overcoming Fear, Anxiety, and Imposter Syndrome
(39:02) The Behavior Gap in Investing
(44:48) The Value of Real Financial Planning with a Real Advisor
(52:28) Conclusion and Resources
Key Topics Discussed:
The Best Interest, Jesse Cramer, Rochester New York financial planning, financial stress, human capital, personal energy, mental attention, financial advisor, imposter syndrome, financial anxiety, the Behavior Gap, the Friction is the Message
Mentions:
Website: https://behaviorgap.com/
LinkedIn: https://www.linkedin.com/in/thinkingcarl/
Mentions:
https://bestinterest.blog/money-still-stresses-me-out/
https://bestinterest.blog/the-friction-is-the-message/
https://bestinterest.blog/selling-and-surviving/
https://behaviorgap.com/radio/
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.