Money and feelings have more to do with each other than you might expect. Carl Richards joined the podcast to help us understand why.
Why do we tend to avoid the question of “why” when it comes to our personal and financial lives?
In over 20 years of being an advisor, I have learned that financial planning is more about feelings than numbers. And no expert epitomizes this point more than Carl Richards.
For ten years, Carl was the creator of the Sketch Guy column, appearing weekly in The New York Times. Carl, a Certified Financial Planner™ as well, works with advisors such as myself to help break down complex financial concepts into easy-to-understand ideas that we can take action on.
Carl emphasizes throughout our conversation that if security exists at all, it is a feeling, not a number. The good news from Carl’s standpoint is this means we can have some control over it; the bad news, this means it’s up to us to learn how.
But how do we learn about money and these feelings around it when no one has taught us? First, Carl points out, “we largely talk around money instead of about it. When we go to talk about money, it’s suddenly very emotional. We expect it to be rational, but it quickly ends up in the realm of feelings, and we say, “I’m never going to do that again.”
As Carl suggests, we need to ask questions, clarify the conversation, and don’t calculate but listen instead.
Please enjoy my conversation with Carl Richards.