Fight, Flight, and Friction: Being Smart in Your Volatile Portfolio | Carl Richards - E83

Fight, Flight, and Friction: Being Smart in Your Volatile Portfolio | Carl Richards - E83

Author: Jesse Cramer June 19, 2024 Duration: 55:07

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/ 

https://www.50fires.com/ 

 

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.


Navigating the world of money can feel overwhelming, with a constant stream of conflicting tips and trendy, quick-fix schemes. Personal Finance for Long-Term Investors-The Best Interest cuts through that noise. Host Jesse Cramer brings a unique perspective to the conversation, transitioning from his background as an aerospace engineer to his work as a fiduciary financial advisor. This podcast is built on the principle that genuine wealth isn't built overnight through speculation, but through consistent, well-reasoned decisions made over decades. Each episode delves into the mechanics and mindset required for that journey, exploring topics like retirement planning, intelligent investing, and the behavioral aspects of managing money. You'll find discussions that go beyond surface-level advice, examining the "why" behind proven strategies and how to apply them to your own life. The tone is conversational and grounded, avoiding financial jargon in favor of clear explanations. It’s a resource for anyone tired of the hype and seeking a sustainable path forward. By focusing on evidence-based ideas and patient execution, this podcast aims to provide listeners with the tools and confidence to build a secure financial future on their own terms. Tune in for a thoughtful, long-term approach to personal finance that prioritizes your best interest.
Author: Language: English Episodes: 100

Personal Finance for Long-Term Investors
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