Behavior Gap Radio

Spend the Money by Carl Richards: Human Behavior, Creativity, Behavioral Finance

Let's give luck it's due. Sometimes, we're definitely lucky. But other times, feeling like luck is all we have comes down to the Impostor Syndrome. The goal is to push past that feeling and do our work anyway.

Listen time: 3:46

No matter how much we accomplish, we can still experience moments where we feel fake. I know. I've felt this way many times in my life. It doesn't matter if the moment is big or small. We just feel less capable, less worthy of notice and attention. But I've discovered there's a way to gain power over that feeling: we need to name it. Listen time: 4:00

Grab a piece of paper for this episode. I want you to get a sense of the gap between the things you want to be doing versus the things you actually end up doing. It starts with noticing that a gap exists. Listen time: 3:30

In this final episode of Reality-Based Financial Planning, you'll be shocked to learn that now it's time to repeat all the good things we've discussed up to this point. But what does that mean? What does that look like for your advisor/client relationships? Listen time: 7:20

Real financial advisors are not defenders of an outdated map. Instead, we're guides in a changing landscape. But it can be difficult to separate the idea of being "wrong" with the reality that new information may require a course correction. In this fourth step for reality-based financial planning, we need to help clients understand that needing to make a change isn't a negative thing, but an acknowledgement that we're making the best guesses we can with a commitment to course correct as we go. Listen time: 6:35

When we're operating as reality-based financial planners, we need to help people understand how to include new information into their financial plans. Even more important, we need to help people remember that making a change doesn't need to be scary. Listen time: 10:14

"Man, I wish I could give you a straight-line experience," said just about all of us in some form to our clients. But as real financial advisors, we know that's not reality. We understand that while every client needs a financial plan, we're also aware that course corrections must happen along the way. Listen time: 9:43

Have you noticed how clients tighten up when you mention the words "plan" and "goal"? In this episode, I walk you through how to reframe the conversation to reduce the tension and help people get comfortable with the ongoing process of guessing as part of the financial strategy. Listen time: 10:34

I'm starting a new series on what we really face in financial planning. To start, we need to address our false sense of precision. Listen time: 3:56