Carl Richards @behaviorgap Twitter profile

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Carl Richards

@behaviorgap

2 years

Just a reminder.

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Carl Richards

@behaviorgap

5 years

The concept...the very idea...of retirement is dumb. Waiting until some arbitrary age to enjoy life PLUS stopping all meaningful work all at once...DUMB. I will never retire. I will just do more of that stuff I like, and less and less of the stuff I don't.

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Carl Richards

@behaviorgap

1 year

You know that guy on Twitter, selling you his course on passive income. Yeah, that guy! Turns out that the only income he has is from (get this!) the course he is selling you on how to have passive income. You are his passive income. Don't be someone else's passive income.

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Carl Richards

@behaviorgap

4 years

Small micro-actions, done repeatedly, over a long period of time make a massive difference.

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Carl Richards

@behaviorgap

4 years

After thinking about it for 20 years, I've distilled everything I believe about money down to this: Spend it...creating experiences...with people you love.

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Carl Richards

@behaviorgap

4 years

Remember real financial planners deserve to be paid for telling people to do nothing when nothing is the right thing to do. Confidently telling someone to do nothing is really hard work.

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Carl Richards

@behaviorgap

4 years

Days or decades...you decide?

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Carl Richards

@behaviorgap

4 years

Dear Financial Planner- Please stop lecturing me about how dumb it would be to do something with my investments right now. I know all that. But I am scared because of the news and I NEED someone to listen to me and not make me feel stupid. Thank you. --Your Client

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Carl Richards

@behaviorgap

5 years

My wife leaves for London in 2 days. She’s going to design school. At age 49. 👇

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Carl Richards

@behaviorgap

6 years

Just a reminder...

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Carl Richards

@behaviorgap

1 year

Life insurance is to replace an economic loss resulting from the death of an income earner. For almost everyone, that's the sole purpose of life insurance. It's not retirement savings, education funding, or some sort of weird bank...none of that. Cold, hard truth.

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Carl Richards

@behaviorgap

4 years

Micro-actions, done repeatedly over a very long time...compound into massive results.

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Carl Richards

@behaviorgap

4 years

Days or decade...you decide.

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Carl Richards

@behaviorgap

5 years

My wife is in London. At design school. It's been a dream of her's for over 25 years. AMAZING & super hard. Hard for her. She called today and cried. She's alone, scared. Tired. Hard for me. I miss her. But something can be HARD & RIGHT at the same time.

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Carl Richards

@behaviorgap

4 years

The most successful people I know demand advice that is clear, simple, and to the point. Remind me again why you're giving them 200 page financial plans?

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Carl Richards

@behaviorgap

4 years

Nothing else to do at this point my friends...

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Carl Richards

@behaviorgap

4 years

Focus on the things you can control and that matter...

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Carl Richards

@behaviorgap

4 years

You don't hire a real financial planner because you're dumb. You hire one because you're smart enough to know that we all have blind spots, and by definition, you can't see your own.

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Carl Richards

@behaviorgap

4 years

Just a reminder to focus on things you can control.

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Carl Richards

@behaviorgap

7 years

If you dead set on pursuing MORE this year try... -More rest -More time w/ family -More time w/ friends -More meaning -More peace

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Carl Richards

@behaviorgap

4 years

I’m scared. So what do I do about it? 1- Sit there. Do nothing. Feel it. Be aware if it. No solutions in this step. Just feeling all the feels. 2- Get clear about what I can control. 3- Do something. Take some micro-actions based on #2 . 4- Repeat. Over and over.

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Carl Richards

@behaviorgap

6 years

The way financial planning is done is broken. Planning is a process, not an event. Planning is a relationship not a product, planning is guessing, not precision.The only thing we know for sure about any plan is that it is wrong.

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Carl Richards

@behaviorgap

4 years

The entire purpose of financial planning is to align your use of capital with what‘s important to you.

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Carl Richards

@behaviorgap

5 years

If you're a 45-55 y/o male financial advisor can I make a suggestion? Ask a woman colleague what it has been like for her to be in the industry. Then listen. Don't defend. Don't try to solve. Just listen. I have done this recently and the experience has changed me.

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Carl Richards

@behaviorgap

4 years

1- There are facts. 2- Then there’s our feelings about those facts. 3- Then there’s the stories we tell yourselves about our feeling about those facts. Those are 3 very different things.

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Carl Richards

@behaviorgap

3 years

Being chronically busy is something that should be fixed…not celebrated.

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Carl Richards

@behaviorgap

4 years

Beware of any financial planner that sells certainty. Certainty is easy to sell because humans want to buy it. One problem: It's a myth. FInd a planner that knows that.

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Carl Richards

@behaviorgap

4 years

The best financial plan has nothing to do with what the markets are doing,nothing to do with what your real estate agent is telling you, nothing to do with the hot stock your brother-in-law told you about. It has everything to do with what's most important to you

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Carl Richards

@behaviorgap

2 years

For 98% of people, life insurance has one purpose: Replace an economic lose. That’s it. It’s not investment. It’s not an education fund. It’s not an private bank. It’s just simply to replace the economic lose that occurs when someone dies.

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Carl Richards

@behaviorgap

1 year

Please stop! Go sell shoes instead of that weird insurance product you're selling to my mom.

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Carl Richards

@behaviorgap

3 years

How To Have An Amazing First Meeting (thread). Learning how to hold amazing first meetings with prospective clients is the single most important "sales" skill a real financial planner can learn. Here's what I've noticed is important.

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Carl Richards

@behaviorgap

4 years

Growth Experiment. 1- Make a list of the 3 most important things to you. 2- Make a list of the 3 things you spend the most time on. Compare the lists. Repeat. Don't run from this...it's too important.

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Carl Richards

@behaviorgap

4 years

I can't think of a single thing in my life that has improved based on complaining or blaming others. No more talk... Find something that you can control, and take action. It's the only way to change something.

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Carl Richards

@behaviorgap

5 years

Me: Wow...that was a hard day of work. My daughter: Come on dad. You draw on you iPad and talk with your friends on twitter...

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Carl Richards

@behaviorgap

3 years

I’ll just set this here...

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Carl Richards

@behaviorgap

2 years

Thinking about doing this as my next NFT...

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Carl Richards

@behaviorgap

4 years

Financial plans should be written in pencil...not carved in stone.

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Carl Richards

@behaviorgap

4 years

Instead of reading another personal finance book... 1- review every single transaction on your credit card. — look for fraud — look for waste — look for places you can cut spending because its crap you don’t like anyway. Repeat.

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Carl Richards

@behaviorgap

4 years

We are asking money to do things it's not designed to do. Money was not designed up to make you happy. Money was not designed to give you security. Money was designed to be a store of value and a medium of exchange...can we let it do that?

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Carl Richards

@behaviorgap

4 years

You don't hire a financial planner because your stupid, or incapable (quite the opposite)...you hire one because they are not you. We all have blind spots, and by definition, you can't see your own.

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Carl Richards

@behaviorgap

2 years

Zoom out!

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Carl Richards

@behaviorgap

5 years

Almost* all personal finance information makes the assumption that personal income is: 1- predictable 2- stable But that is not true for most people anymore. Freelancing = lumpy income Startup = huge % of "income" in equity. New world requires new thinking.

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Carl Richards

@behaviorgap

4 years

You know what's really impressive? Not the "serial entrepreneur" that works 120 hours a week and sprays about "the hustle" all over the interwebs... It's the person that builds amazing things in 20 hours a week...now that is impressive.

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Carl Richards

@behaviorgap

7 years

Real financial advisors deserve to be paid for telling people to do nothing, when nothing is the right thing to do.

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Carl Richards

@behaviorgap

4 years

Real financial planning is a process, not a product.

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Carl Richards

@behaviorgap

3 years

A client that is won based on investment performance...will be lost based on investment performance. I promise.

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Carl Richards

@behaviorgap

5 years

Fake financial advisor: what can I sell? Real financial advisor: how can I help?

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Carl Richards

@behaviorgap

3 years

I have moved back to Park City, Utah. We spent 3.5 AMAZING years in New Zealand...LOVE NZ! Then 1 year in London, the most intellectually stimulating place I have ever lived. Made a bunch of lifelong friends there! A deep thank-you to everyone in both places!

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Carl Richards

@behaviorgap

4 years

When we train physically we understand the idea of "no pain, no gain". We seek it out. "Wow...that hurt" we say after a good session at the gym. But ask a question that hurts our ego or challenges our identity...we run the other way. Growth is painful. Why are you running?

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Carl Richards

@behaviorgap

5 years

What expenses can you re-frame as investments? Coaching is a huge one for me. For the average $1 I spend on coaching I get back at least 5. I want to spend as much as possible on coaching if that return holds up. It is an INVESTMENT not an expense.

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Carl Richards

@behaviorgap

2 years

Getting a crazy number of speaking requests right now...so I thought I'd share my slide deck for the current keynote I'm giving. Real Financial Planning.

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Carl Richards

@behaviorgap

3 years

You would never plant an oak tree…only to dig it up once a quarter to see how the roots are doing. If it compounds…let it compound.

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Carl Richards

@behaviorgap

2 years

Why would you waste one minute being publicly critical of competitors instead of demonstrating your own value?

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Carl Richards

@behaviorgap

4 years

Nothing else to do at this point my friends...

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Carl Richards

@behaviorgap

4 years

A REAL financial planner is a GUIDE in a changing landscape...not the defender of an outdated map.

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Carl Richards

@behaviorgap

4 years

The system is fragile. Better make yourself resilient.

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Carl Richards

@behaviorgap

4 years

I've spent that last 10 years playing the guy who visualizes stuff each week in The newspaper... ...and I can say that after a few collaborative projects with @jackbutcher over that last year, NO ONE is better at visualizing what's in my head than Jack.

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@visualizevalue

4 years

"Reduce options. Increase focus. Multiply results." — @behaviorgap

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Carl Richards

@behaviorgap

3 years

Financial planning is NOT about being precisely right today… … It’s about being less wrong tomorrow.

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Carl Richards

@behaviorgap

4 years

Humans and their money...don't fit into an algorithm.

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Carl Richards

@behaviorgap

5 years

REAL financial advisors don’t say things at conferences that would make my mom mad.

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Carl Richards

@behaviorgap

1 year

If at the end of my life, I have a great relationship with my wife and kids, I could fail at almost everything else and feel ok about it.

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Carl Richards

@behaviorgap

6 years

Worried?

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Carl Richards

@behaviorgap

2 years

Financial professionals deserve to be paid for telling people to do nothing… when nothing is the right thing to do.

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Carl Richards

@behaviorgap

4 years

Flossing your teeth is simple and absolutely works and yet...no one flosses. Knowing how to floss is easy. Turns out...that consistent flossing is hard. Know is easy. Doing is hard. (this tweet is not about flossing)

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Carl Richards

@behaviorgap

2 years

My opinion about what YOU should do…is worthless. Here’s a little story about the title of @morganhousel ’s book to prove it.

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Carl Richards

@behaviorgap

2 years

🤫

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Carl Richards

@behaviorgap

4 years

Flossing is your teeth is simple and absolutely works, and yet...no one flosses. Knowing how to floss is easy. Turns out...actually flossing is hard. Know is easy. Doing is hard. (this tweet is not about flossing)

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Carl Richards

@behaviorgap

4 years

Paying down debt leads to: -> Greater levels of happiness -> Less marital conflict -> Less stress/better health What other investment offers that?

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Carl Richards

@behaviorgap

3 years

Fake financial advisor: what can I sell? Real financial advisor: how can I help?

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Carl Richards

@behaviorgap

4 years

I've been to mortgage payoff parties, I've never been to a party celebrating the design of an efficient, evidence-based portfolio.

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Carl Richards

@behaviorgap

4 years

Challange: 1- Design a 45-90 minutes presentation deck with under 50 words. 2- Share it with me Here's mine:

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Carl Richards

@behaviorgap

5 years

Being chronically busy is something that should be fixed not celebrated.

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Carl Richards

@behaviorgap

4 years

Financial advisors should stop using twitter to fight with other financial advisors. 1- It's a complete waste of time. 2- It looks unprofessional. 3- Focus on solving peoples for the people you desire to serve.

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Carl Richards

@behaviorgap

4 years

The best way to change someone...is to stop trying.

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Carl Richards

@behaviorgap

5 years

I am constantly asked out how we ended up in New Zealand and what are doing next. Here is that story. 👇

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Carl Richards

@behaviorgap

4 years

Before you send that next tweet ask yourself: Are you adding to the calm or the panic? Choose carefully please.

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Carl Richards

@behaviorgap

3 years

How many time management books do we need to read before we realize that a 3x5 card with the 3 most important things on it for the day will do.

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Carl Richards

@behaviorgap

4 years

Keep breathing. And remember...things change. It is almost impossible for me to focus on the long-term right now, but every time I'm able to adjust my focus, even if it just for a second...it helps.

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Carl Richards

@behaviorgap

5 years

If you give advice for a living and find yourself spending a lot of time overcoming objections...don't get better at overcoming objections, get better at listening.

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Carl Richards

@behaviorgap

2 years

I finally have the perfect financial advisor elevator pitch: Q: What do you do for a living? A: I answer financial questions.

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Carl Richards

@behaviorgap

2 years

Invest in family. Dollar cost average into experiences. Build intergenerational wealth by spending time with your kids. Build your marital balance sheet. Have a positive balance of trust with your friends.

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Carl Richards

@behaviorgap

5 years

If you're scared about the markets, call your financial advisor. If your financial advisors makes you feel dumb for being scared...find a new one. Real financial advisors understand that being scared is human, they just won't let you act on it.

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Carl Richards

@behaviorgap

1 year

Prediction: In the next 3 years financial planners will be running media business and not RIA firms.

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Carl Richards

@behaviorgap

3 years

Real Financial Planning is the process of aligning someone's use of capital with what is important to them. That is it. Everything else is a distraction.

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Carl Richards

@behaviorgap

4 years

One of the things we love to do as humans is take the recent past and project it indefinitely into the future. We do this in good times and in bad times. Turns out, there’s a name for that. It’s called recency bias. 1/2

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Carl Richards

@behaviorgap

5 years

NEWS: I will be spending a major part of 2020 living in London with my wife (who got into design school) and my youngest daughter. Looking for fun ways to make in impact while there. DM me if you have an idea.

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Carl Richards

@behaviorgap

2 years

So many people waking up at age 45...and wondering what happened. Asking questions like: Is this was life was supposed to be like? Is this all there is? What happened to the people I love? Where did everyone go? Why do I feel so alone? ...

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Carl Richards

@behaviorgap

4 years

It doesn't matter how your neighbor is investing her money. It doesn't matter how your brother-in-law is investing his money. The lady at the club or the billionaire hedge fund manager that wrote a book...doesn't matter. What matters is how you're investing your money.

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Carl Richards

@behaviorgap

5 years

My favorite simple investment process for the equity allocation of a portfolio: Find a low cost index fund for each of the following: 1- US small cap 2- emerging markets 3- REITs Systematically invest each month into the one with lowest 1 year return. Repeat forever.

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Carl Richards

@behaviorgap

4 years

Lifetime investing success is not about skill...it's about behavior.

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Carl Richards

@behaviorgap

3 years

Being nice is an investment. Being mean is an expense.

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Carl Richards

@behaviorgap

7 years

Please believe me...being a financial advisor IS NOT about spreadsheets and calculators. It is about emotional intelligence...

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Carl Richards

@behaviorgap

4 years

Clients don't want advice. They want to be heard.

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Carl Richards

@behaviorgap

3 years

I've been thinking about this a lot today...

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Carl Richards

@behaviorgap

1 year

I'll just set this here...

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Carl Richards

@behaviorgap

3 years

"Investing is not the study of finance. It's the study of how people behave with money." – @MorganHousel

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Carl Richards

@behaviorgap

4 years

You don’t have to agree with someone to respect their thinking and consider their opinion.

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Carl Richards

@behaviorgap

1 year

I am a better dad to adult kids than I was to young kids. The idea of magic years is toxic and unnecessarily guilt inducing. I found parenting adults to be just as magical, maybe more so, as parenting little kids. It’s never too late.

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Carl Richards

@behaviorgap

3 years

My wife and I are making a massive financial decision right now. It’s scary and uncertain, as they always are. Steps: 1- talk with our financial planner 2- run the numbers 3- get our planner’s opinion 4- time outside 5- prayer 6- feel 7- decide

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Carl Richards

@behaviorgap

2 years

Seeing too many men my age with plenty of money…but…no friends. Pretty sure that is not the goal.

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