What is the one thing that, if you could just get your hands on it, would make you much happier? Go ahead. Get out a piece of paper and write down the first thing that pops into your head. Got it? Read the rest of the article on The New York Times.
I fear the clever marketing in the traditional financial services industry continues to confuse many people. They see the title “financial adviser,” “financial planner” or “financial” anything and expect to receive unbiased advice. This concern makes me think of the sketch above, which I shared many years ago in a different context. Some expectations of…
My wife and I are setting up a customs screening station in our driveway. No, we’re not starting an international airport. And it’s not for solicitors, strangers or gift-bearing guests. It’s for us and our stuff. From now on, before anything new comes into the house, resident buyers will need to answer a series of…
Early Friday morning, a friend texted me. Here’s what he said: “Will you come talk to my co-workers?! They are talking about stopping their 401(k) contributions because of what’s going on! Driving me nuts!” Still not quite awake, I replied, “What?” Within seconds, he replied, “Stock market fell 500 points this morning, Carl! It’s all…
I’m getting more questions about what this election will mean for people’s personal financial situations than I’ve received in any previous election that I can remember. Financial advisers almost twice my age tell me the same thing. While I’m sure there are many reasons for these questions, I submit that the primary one is this:…
Money is an interesting actor that plays two roles in our lives. In the first, money equals money. It fits in a spreadsheet. It’s something to be calculated. In the other, money equals stories. It’s what we tell ourselves about our relationship with money. Let me share a story I’ve told myself. For six years,…
Perhaps you’ve heard the expression, “Only the paranoid survive.” Ring a bell? If so, it’s probably because that’s the title of a book by Andrew S. Grove, the former chairman and chief executive of Intel. When I read this book in late 1999, I bought into the need to always be looking for opportunities and…
A couple of weeks ago, I wrote a column about the growing tribe of people who value experiences over security in their lives. But there is something that I didn’t say then that I want to emphasize: You don’t necessarily have to trade experience and financial security off against each other. One of my main…
I want to talk to you about scary markets. For the sake of this particular subject, I want to be blunt and a little bit in your face. So for the next few minutes, please, just think of me less as your friend and more as your Scary Markets Drill Sergeant. O.K.? Great. Now, you…
In life, there are certain nonnegotiables we simply must have. Think food, water and shelter for starters. Nobody will ask, “Is it worth it to eat?” It’s just something you do to stay alive. But deciding what to eat? That’s a different question. Will I eat the bologna or prosciutto? Drink tap water or bottled?…
You’ve heard of the American dream, right? The American dream was this machine we built to get rid of uncertainty and create security. It’s the white picket fence, the job and the minivan. You watch Dan Rather and a sitcom. You go to bed, go to sleep and repeat. It may not be that exciting,…
Now that more financial professionals are going to have to act in their customer’s best interest, where can you actually find someone who will really, truly, for sure do that? It seems like a simple question, but it’s not. I’ve been around the financial planning industry for 20 years, and one of the hardest (and…
I talk to many people who have problems with spending. Sometimes it’s friends. Sometimes it’s co-workers. Sometimes it’s neighbors. And yes, sometimes I talk to myself about my own struggles. What I’ve discovered over the years is that most of our problems do not come down to income. Instead, we don’t notice enough. Spending mindlessly,…
“Carl,” my friend told me, in a heated moment of financial debate, “You need a new truck like you need a bullet in the head.” I fired something back about how off base she was, how it would be a sound purchase, and who was she to say anyway? We went back and forth. It…
I was driving with a friend recently and telling him about some projects that really excited me. I mentioned a new book I’m working on, an article I’m writing and this new hobby of adventure motorcycling in the desert. He interrupted me and said, “How do you stay so motivated and so excited about things?”…