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"A brilliant guide to the ways we often trick ourselves into staying poor. Read this before you make your next financial decision."---Zac Bissonnette, author of"Debt-Free U"
Product Description
Why do we lose money? It's easy to blame the economy or the financial markets-but the real trouble lies in the decisions we make. As a financial planner, Carl Richards grew frustrated watching people he cared about make the same mistakes over and over. They were letting emotion get in the way of smart financial decisions. He named this phenomenon - the distance between what we should do and what we actually do - "the behavior gap". Using simple drawings to explain the gap, he found that once people understood it, they started doing much better. Richards's way with words and images has attracted a loyal following to his blog posts for "The New York Times", appearances on National Public Radio, and his columns and lectures. His book will teach you how to rethink all kinds of situations where your perfectly natural instincts (for safety or success) can cost you money and peace of mind. He'll help you to: avoid the tendency to buy high and sell low; avoid the pitfalls of generic financial advice; invest all of your assets-time and energy as well as savings-more wisely; quit spending money and time on things that don't matter; identify your real financial goals; start meaningful conversations about money; simplify your financial life; and, stop losing money! It's never too late to make a fresh financial start. As Richards writes: "We've all made mistakes, but now it's time to give yourself permission to review those mistakes, identify your personal behavior gaps, and make a plan to avoid them in the future. The goal isn't to make the 'perfect' decision about money every time, but to do the best we can and move forward. Most of the time, that's enough".
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Most Helpful Customer Reviews
8 of 8 people found the following review helpful
Format:Kindle Edition
I have been following Carl on Twitter for a few years, and have read several of his blog posts during that time. I run a small financial planning firm in London and what he says resonates with me. So when I heard he was writing a book I was keen to get hold of a copy. I don't disagree with his central theme, and my reading in recent years has been around behavioral finance - for me this book doesn't add anything in that respect, however I didn't expect it to. I bought this book to discover whether it was something I could give to my clients and prospective clients, to help explain what I do and the way I do it - previously I have given copies of Lee Eisenberg's The Number: What Do You Need for the Rest of Your Life, and What Will It Cost? and it been well received.
'The Behavior Gap' (I've stuck with the US spelling) is a very easy read, and has an easy style - I'm a quick reader but was surprised to have finished it in about 2 hours - and I wasn't skimming or speed reading. It left me wanting something more. Specifically I wanted more depth and a nod to the academic research that supports his argument. The vignettes of conversations with clients are entertaining, but they merely provide evidence that the 'behavior gap' exists. Yes, I am sure there will be many readers who will identify with some of the scenarios and poor decision making (I did), but so what?
Being aware of something doesn't necessarily create a strong enough desire for change. For example, people have known for decades that smoking is bad for them, but reading about it doesn't really alter their behavior. I feel the same about this book - it talks about the problem, but doesn't really help people make behavioral changes. My concern is that most people who will pick it up, will read it, identify with it, put it down, and do nothing. Yes there are lists of things that someone could do, but no compelling call to action. Bringing about changes in behavior can be a time consuming process, and require some deeper psychological insights maybe.
So who is this book aimed at? Not me for sure, and not for the type of clients I deal with either. The clue might be where Carl describes having conversations with people around the water cooler at the office. He describes colleagues talking about how they buy and sell investments, and how they're driven by the noise from the markets and news wires. A book aimed more at the DIY investor perhaps. Clients working with advisers will more likely be influenced by what their adviser says, and this book will not convince a die-hard stock picking fund selecting adviser to change - particularly those who feel they have the Midas touch. It's just too light weight for them to take any notice.
If you've read my review this far you're probably thinking I'm negative about the book - I'm not - I'm ambivalent. It says what it wants to say, and says it well, but for me I wanted more substance. There are some real gems in the book, and Carl puts them across well. Several things that you might have heard before also pop up in a new guise - and it doesn't hurt to hear a good story told in a new and refreshing way.
Core to the book are Carl's drawings - some of them are really very good. The best ones managing to get a message across in a split second, though several of them leave me scratching my head. There are some clients I work with who would shudder at the sight of a sketch with an x and y axis - even those as simple as Carl's.
In summary, this book deserves an audience. It has something valuable to say, but it is only the beginning of a journey.
'The Behavior Gap' (I've stuck with the US spelling) is a very easy read, and has an easy style - I'm a quick reader but was surprised to have finished it in about 2 hours - and I wasn't skimming or speed reading. It left me wanting something more. Specifically I wanted more depth and a nod to the academic research that supports his argument. The vignettes of conversations with clients are entertaining, but they merely provide evidence that the 'behavior gap' exists. Yes, I am sure there will be many readers who will identify with some of the scenarios and poor decision making (I did), but so what?
Being aware of something doesn't necessarily create a strong enough desire for change. For example, people have known for decades that smoking is bad for them, but reading about it doesn't really alter their behavior. I feel the same about this book - it talks about the problem, but doesn't really help people make behavioral changes. My concern is that most people who will pick it up, will read it, identify with it, put it down, and do nothing. Yes there are lists of things that someone could do, but no compelling call to action. Bringing about changes in behavior can be a time consuming process, and require some deeper psychological insights maybe.
So who is this book aimed at? Not me for sure, and not for the type of clients I deal with either. The clue might be where Carl describes having conversations with people around the water cooler at the office. He describes colleagues talking about how they buy and sell investments, and how they're driven by the noise from the markets and news wires. A book aimed more at the DIY investor perhaps. Clients working with advisers will more likely be influenced by what their adviser says, and this book will not convince a die-hard stock picking fund selecting adviser to change - particularly those who feel they have the Midas touch. It's just too light weight for them to take any notice.
If you've read my review this far you're probably thinking I'm negative about the book - I'm not - I'm ambivalent. It says what it wants to say, and says it well, but for me I wanted more substance. There are some real gems in the book, and Carl puts them across well. Several things that you might have heard before also pop up in a new guise - and it doesn't hurt to hear a good story told in a new and refreshing way.
Core to the book are Carl's drawings - some of them are really very good. The best ones managing to get a message across in a split second, though several of them leave me scratching my head. There are some clients I work with who would shudder at the sight of a sketch with an x and y axis - even those as simple as Carl's.
In summary, this book deserves an audience. It has something valuable to say, but it is only the beginning of a journey.
1 of 1 people found the following review helpful
Format:Kindle Edition
I must say I found this book very easy to read. It is not a step by step guide how to invest. But I am very glad that I took the time to read and take all the information in. As of writing this I have never invested in stocks or shares . If I had, I may have got into the buy high and sell low mistakes which Carl talks about in his book. After reading this book I will hopefully not make that mistake which many seem to do. There is some good advice on page 31 about paying off your credit card dept.
Chapter 3 has some great information on who you take investment advice from. Would you spend your life savings on articles from a blog, books, magazines, family, market gurus etc GURUS ARE RIGHT....UNTIL THEY'RE WRONG!!!! There is a great line at the end of chapter 3..".You're not warren Buffett. you're not even the next Warren Buffett. Fortunately, you don't have to be. You can be you" So we all have to be careful.
Chapter 9 of the books talks about our feeling with money. Do you feel guilty about spending money. Do you avoid talking about money. If you have money or not, this is a great chapter to read. You may learn a lot about yourself.
Carl's book made sense to me. I can see myself making correct decisions about money and investments. I think every one who has invested or like me is thinking about investing should read this book. Carl's insight and information may help you save and make some money. And that is what we all want!!
Chapter 3 has some great information on who you take investment advice from. Would you spend your life savings on articles from a blog, books, magazines, family, market gurus etc GURUS ARE RIGHT....UNTIL THEY'RE WRONG!!!! There is a great line at the end of chapter 3..".You're not warren Buffett. you're not even the next Warren Buffett. Fortunately, you don't have to be. You can be you" So we all have to be careful.
Chapter 9 of the books talks about our feeling with money. Do you feel guilty about spending money. Do you avoid talking about money. If you have money or not, this is a great chapter to read. You may learn a lot about yourself.
Carl's book made sense to me. I can see myself making correct decisions about money and investments. I think every one who has invested or like me is thinking about investing should read this book. Carl's insight and information may help you save and make some money. And that is what we all want!!
Format:Hardcover
Common sense is not as common as we would like it to be, so Carl Richard's book is refreshing because it is full of that rare stuff.
I enjoyed the book - to paraphrase the author it is simple but not easy. One can read it quite quickly, but if you do I suggest that you then read it again and think carefully about the points that are being made.
The book makes sensible suggestions in a way that is accesible to readers who are not financial professionals. Of course there are pithier tomes out there - but many of them are are nowhere near as engaging as this. I recommend this to anyone who is investing, or thinking about investing; it could save you a lot of money and heartache.
I enjoyed the book - to paraphrase the author it is simple but not easy. One can read it quite quickly, but if you do I suggest that you then read it again and think carefully about the points that are being made.
The book makes sensible suggestions in a way that is accesible to readers who are not financial professionals. Of course there are pithier tomes out there - but many of them are are nowhere near as engaging as this. I recommend this to anyone who is investing, or thinking about investing; it could save you a lot of money and heartache.
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