The finance industry has gone from intuitively exploiting behavioral biases, to endlessly labeling them, to discussing how to “correct” them, to (finally) start talking about how to work productively with people who are inherently… people. Messy, regular, (sometimes self-aware) people. Richard Thaler, long a lighthouse on these BeFi seas, said it beautifully in his book … Continue reading Behavioral Problems Need Behavioral Solutions
Tag: financial planning
Berry Gordy – Invest In Your People
Before there was Motown Records, there was Pop and Bertha Berry. This is a story about investing in your people. The entrepreneurial couple had grocery stores, contracting businesses, and an insurance agency on their list of accomplishments. None of them became Fortune 500 companies, but the companies were theirs. The ethos came from Booker T. … Continue reading Berry Gordy – Invest In Your People
(Life) Skew
Left tail beware, right tail aware. I’d say it’s a financial planning concept, but it’s really a general life concept. Most of life is average. You get up, make coffee, walk the dog, etc. etc. etc. Anything average can get colored with good or bad luck. Or REALLY good or REALLY bad luck. Luck has … Continue reading (Life) Skew
The 3 C’s Of Planning
I use these 3 C’s of planning doing financial planning all of the time, but they really apply to ANYTHING you (or your business, or your family, or…) is planning for. If you want to put context around any question you have with a dollar sign attached to, start by jotting down the 3 C’s: … Continue reading The 3 C’s Of Planning
Podcast Of The Week: The Education Of A Financial Planner (hey, it’s me?!)
Nothing like one day having a conversation with two friends who say, “hey, we should record this” and then they actually do it. My buddies Jack Forehand and Justin Carbonneau are partners at the (primarily) quant-investing shop Validea. They’re smart, make fantastic content on their podcast and YouTube channel (Excess Returns), and I go to … Continue reading Podcast Of The Week: The Education Of A Financial Planner (hey, it’s me?!)
The Three Faders Of Money, Time, And Effort
Money, time, and effort are all sliding scales (or faders, for my music people) that move up or down relative to one another. If you have a ton of money, you won’t have to put as much time or effort in. If you have no money, you’ll need to invest a lot of time and … Continue reading The Three Faders Of Money, Time, And Effort
11 Rules For Creative Entrepreneurs (via Treyton Devore)
Sometimes something so basic can help you get centered. Treyton Devore’s list of “My 11 Rules as a Creative Entrepreneur” is excellent. I’ll be using these with financial planning clients at my day job. Beyond the basic stuff we’ve all heard a million times (“spend less than you make”) he gets into the grittier corners … Continue reading 11 Rules For Creative Entrepreneurs (via Treyton Devore)
Lifestyle/Workstyle and Time/Money
I spend a lot of time in my professional life talking to people about “wealth.” It all boils down to healthy versus unhealthy relationships with both time and money. And then Ash Ambirge showed up with a Selfish Forever email in my inbox. Unsurprisingly, she put a few things about time vs. money, wealthy vs. … Continue reading Lifestyle/Workstyle and Time/Money