Carl Richards is a Certified Financial Planner and a columnist for the New York Times, Morningstar magazine and Yahoo Finance. He is author of 2 books, The Behavior Gap & The One-Page Financial Plan. Carl lives with his family in Park City, Utah. You can find his work and sign up for his newsletter (which has an international audience) at www.behaviorgap.com/
My wife and I are setting up a customs screening station in our driveway. No, we’re not starting an international airport. And it’s not for solicitors, strangers or gift-bearing guests. It’s for us and our stuff. From now on, before anything new comes into the house, resident buyers will need to answer a series of…
I like buying high-quality things. And for the longest time, I’ve had this sneaking suspicion that buying high-quality stuff, which perhaps initially was more expensive, actually saved me money in the long run. It wasn’t until very recently, though, that I noticed a strong argument in support of my hunch. The other day, I was…
Many of life’s choices fall into two categories: ■ Option A: Exciting and complex and quick, but the action rarely works. ■ Option B: Boring and simple and slow, but it works nearly all the time. I have been thinking a lot lately about why we are so intrigued by Option A. The list is…
Finding time is hard. I often think about all the things I would do if I could just find the time. But really, what a crazy thing that is to say. Find the time? Where should I look? Did I hide it in the bushes outside the White House? Can I find it on Aisle…
You’re fired. No, seriously. Pack up your stuff, and get out. But let me be clear: The job you’re fired from is one you should never have had in the first place — being a critic of your own work. Done, finished, not your job anymore. When you finish creating something and you start to…
Can you imagine a time when time didn’t matter? For most of us, we rule our lives with time. The clock that hangs on the wall or comes up on our phone reminds us that the seconds are ticking by. What do we plan to do with our time? The best and the brightest have…
Most of us make the same mistake with our money over and over again: We buy high out of greed and sell low out of fear, despite knowing on an intellectual level that it is a very bad idea. The easiest way to see this behaviour in action is to watch money flow in and…
Recently I shared how scared and worried I felt at the thought of losing my wife after her accident. As frightening as that experience was, it also helped me reflect and decide that I didn’t want any more regrets. I thought you might feel the same way, so I asked for your deathbed wish list….
I ski the back-country a lot, so I pay close attention to reports of avalanches. In particular, I pay attention when a skier is caught and killed by one. This year alone there have been 20 avalanche fatalities in the United States. In January, there were nine fatalities in nine days. Very few avalanche accidents…
Back in 2008, a friend of mine left for a two-week trek in Nepal. While he was gone, the entire financial world exploded. Merrill Lynch was sold to Bank of America. Lehman Brothers filed for bankruptcy protection. A.I.G. received an $85 billion loan from the Federal Reserve to avoid bankruptcy. But here’s the interesting part:…
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