In this episode of Behavior Gap Radio, Carl continues his exploration of what a plan actually is—and what it isn’t. A plan, he argues, is a hypothesis: a best guess worth testing, not a promise or a prediction. When we treat plans like guarantees, we invite overconfidence at the start and panic when reality inevitably changes. Instead, Carl reframes planning as an ongoing process of learning, adaptation, and course correction, where change signals insight, not failure. The real value of a plan is orientation, flexibility, and a clear way forward in uncertain terrain.

Want more from Carl? Get the shortest, most impactful weekly email on the web! Sign up for the Weekly Letter from Certified Financial Planner™ and New York Times columnist Carl Richards here: https://behaviorgap.com/