The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money (2012) (edit title/settings)

Ridiculously Simplified Synopsis edit

Write a ridiculously simplified synopsis.

Characters/People edit see section history

• Peter Lynch: the legendary manager of Fidelity's Magellan Fund from 1977 to 1990
• Bernie Madoff: for over 20 years, ran the largest Ponzi scheme in history, defrauding thousands of investors of billions of dollars
• David Brooks: NY Times columnist
• Warren Buffett: Add a description of this character.
• Nouriel Roubini
• Carl
• Dr. Rachel Naomi Remem: a pioneer of the mind-body holistic health movement

Quotes edit see section history

• “Annuities are in fact a terrible deal for most people, thanks in part to their high fees.”

• “First, imagine you are financially secure. How would you live your life? What would you change?Next, imagine a doctor tells you that you have only five to ten years to live--but you won't feel sick. What will you do in the time remaining?Finally, this time the doctor says you have twenty-four hours. What feelings arise? What did you miss? ...Whatever answers you come up with, consider them when you make financial decisions. Chances are you'll make choices that better reflect your values.”

• “Ask yourself what you would do if someone came in and sold all of your investments overnight. The next morning you wake up and you're left with 100 percent cash in your account. Here's the test: you can repurchase the same investments at no cost. Would you build the same portfoolio? If not, what changes would you make? Why aren't you making them now?”

• “... getting back to even is never a good reason to hold on to an investment.”

• “... what we think about can actually change the structure of our brain, so that patterns of thought become habitual. ... We need to spend less time watching and worrying about our money--less time giving in to our anxiety, our need to control things. If we can do that, we'll soon realize that it's not important to know what happened on Wall Street this week. What matters is what we did or didn't do in order to move closer to our goals.”

• “... if we free our minds from clutter, we'll get back in touch with our real goals and what we can do to meet them. ... Here's an idea: try going on a media fast. ... When thoughts about the market arise, let them go. Go for a bike ride.”

• “You plan, God laughs.”

• “Financial decisions almost always are life decisions. Before you decide on your financial goals, you need to choose your life goals.”

• “Any economy which saves and invests and works hard always wins out in the future over countries which consume, borrow, and spend.”

  Jim Rogers

• “My rule is simple: limit your attention to things that meet two criteria--they matter to you and you can influence them.”

• “When someone says, "It's only money," they're usually wrong.”

Setting & Locations edit see section history

• Wall Street

First Sentence edit see section history

Table of Contents edit see section history

Authors & Contributors edit see section history

1. Carl Richards (Author)

First Edition edit see section history

Classification edit see section history

• Library of Congress: Add the Library of Congress Classification.
• Dewey: 332

Subjects edit see section history

• Books › Business & Investing › Personal Finance