A Conversation With Carl Richards

The One-Page Financial PlanYou may know Carl Richards from his growing library of sketches.

Or perhaps you know him from his weekly New York Times “Sketch Guy” column.

Maybe you’ve read his first book, The Behavior Gap.

Or his latest book, The One-Page Financial Plan.

I’ve had the pleasure of knowing Carl for many years and seeing his work and much-deserved recognition grow.

Carl and I first spoke in 2005. At the time, I was still an advisor with Merrill Lynch, and somehow I found Carl and was interested in picking his brain. You see, Carl was also an advisor with Merrill Lynch, but had already left to start his own independent firm.

In 2005, I was considering doing the same thing and was interested to speak with someone who had already “been there and done that.”

Just as he is now, Carl was gracious and helpful and we struck up a friendship that continues today.

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Best Laid Plans

Best Laid PlansFor those of us in the US, April 15th is no ordinary Wednesday this year . . .

Happy Tax Day!

Or unhappy Tax Day, depending on your perspective.

Let’s forget about taxes for a moment and talk about best laid plans. For context, read this very short blog post from Seth Godin.

Upon reading Seth’s article, I immediately thought of several things . . .

Chief among them is financial planning. (I’m sure this surprises you, right?)

Like Seth, I’ll keep this brief.

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Creating A Paycheck In Retirement

Creating A Paycheck In RetirementRegardless of your age or occupation, many of you plan to retire at some point in the future.

So let’s assume you’ve arrived at that point in your future.

You’re retired.

Now what?

Whether you’ve just retired from a tenured teaching position or are hanging it up after years on the road as a commission-earning sales person, your income – whether it was consistent or not – is going away.

Hopefully you’ve done a good job planning and saving for this day and the years that follow, but it’s still an uncomfortable feeling.

You’re walking away from a stream of income, and even though you had to work in exchange for that income, now that the income is going away, how will you make your finances and your life work?

I have some good news for you.

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Articles, Resources And A Lesson Learned

Articles, Resource & MoreI have readers in 16 different time zones around the world.

Where ever you’re reading from this morning, I hope you have a great Wednesday.

Today is April 1st, and in the U.S. that means it’s April Fools’ Day. However, you can relax, I have no pranks in store for you below.

Instead, I wanted to share a couple of recent articles and resources you might find interesting.

I was recently quoted in this US News & World Report article on making the most of your Social Security spousal benefits.

In fact, one of my readers (thanks, Joe) challenged me on the calculation of spousal benefits after seeing me mentioned in the article above.

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Compensated Risk

Risk Versus ???The word “risk” gets tossed around a lot when it comes to financial decision making. And especially when it comes to investing.

You’ve heard of “risk versus reward,” right?

But as I’ve written before – inspired largely by this paper written by the founder of my firm – there’s more to risk than just investment returns.

Or there should be if you ask me.

Today I’d like to introduce the concept of “compensated risk.”

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