Carl Richards – Rewiring Your Financial Mindset in the Age of Comparison | #602

Today’s guest is Carl Richards. Carl is a Certified Financial Planner, built and sold an investment firm, and hosts the podcast 50 Fires, which is backed by Chip and Joanna Gaines. He’s also the author of The Behavior Gap and The One-Page Financial Plan and his newest book is called Your Money: Reimaging Your Wealth with 101 Simple Sketches.

In today’s episode, Carl discusses the emotional aspects of money and how our perceptions of wealth can be influenced by societal norms and personal experiences. He introduces concepts like the emotional balance sheet and the overnight test for investment decisions, emphasizing the need to align financial choices with personal goals rather than external pressures. The discussion also touches on the impact of news and social media on financial behavior.

(0:00) Starts

(1:15) Introduction of Carl Richards

(5:32) Emotional aspects of money

(12:19) The overnight test

(20:26) Focusing on what you can control

(24:36) Fundamental investing principles

(28:11) Social comparisons and social media effects

(32:28) The concept of perceived wealth

(37:16) Lifestyle inflation and hedonic adaptation

(44:39) Diversification and performance chasing performance

(48:22) The impact of news on investments and when to sell

(52:13) Scarcity vs abundance mindset

(54:51) Celebrating milestones, Carl's future plans, and reader responses

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

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