The Behavior Gap

The Behavior Gap

Simple Ways to Stop Doing Dumb Things With Money

Book - 2012
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It's not that we're dumb. We're wired to avoid pain and pursue pleasure and security. It feels right to sell when everyone around us is scared and buy when everyone feels great. It may feel right-but it's not rational. -From The Behavior Gap 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 re
Publisher: New York : Portfolio/Penguin, 2012.
ISBN: 9781591844648
1591844649
Characteristics: xiv, 178 p. : ill. ; 22 cm.

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Thai5357
Apr 17, 2014

This book provides a framework to start making better decisions about money. As someone who never took a finance/business class, this was new material for me. This is concise and easy to read, with good tips I can use in the future.

MaxineML Dec 06, 2013

A fabulous book on finance, finance mistakes and the reasons, meanings and psychology behind those mistakes.

Richards has used many of his signature Sharpie drawings to make his points, and excellent points they are.

This is not an investment book, but rather a behavioural economics book, written by someone who is not a behavioural economist. If you want a simple book on investing try The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between, or The Elements of Investing. This is a great little (almost, but not quite) pop psychology book on the mistakes people often make with their money, financial plans and investments.

Always make sure your financial plan is fluid and flexible enough to weather life and all the curveballs life can throw at you. Or as Richards says, financial planning is a great thing, but a financial plan never works.

This will be a re-read book for me, there were so many great ideas in it. I'll be lending this one out too! Highly recommended!

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jmarynowski
Sep 21, 2013

Very simple and actionable advice - good for people just getting involved in investing.

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paul1
Jul 26, 2016

"The financial press, personal finance bloggers. and bestselling authors are all sources of information. They may have a good ideas, which you may find useful. But they can't tell you how the information and the ideas apply to your situation. They don't know you. More to the point, they aren't you."

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Thai5357
Apr 17, 2014

“Those that can postpone the fulfillment of their desires, instead of giving in immediately, experienced greater success than those who haven't"

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