Carl Richards – Rewiring Your Financial Mindset in the Age of Comparison | #602

The Meb Faber Show - Better Investing

The Idea Farm

Management, Investing, Business

4.8 • 978 Ratings

🗓️ 17 October 2025

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s guest is Carl Richards. Carl is a Certified Financial Planner, built and sold an investment firm, and hosts the podcast 50 Fires, which is backed by Chip and Joanna Gaines. He’s also the author of The Behavior Gap and The One-Page Financial Plan and his newest book is called Your Money: Reimaging Your Wealth with 101 Simple Sketches. In today’s episode, Carl discusses the emotional aspects of money and how our perceptions of wealth can be influenced by societal norms and personal experiences. He introduces concepts like the emotional balance sheet and the overnight test for investment decisions, emphasizing the need to align financial choices with personal goals rather than external pressures. The discussion also touches on the impact of news and social media on financial behavior. (0:00) Starts (1:15) Introduction of Carl Richards (5:32) Emotional aspects of money (12:19) The overnight test (20:26) Focusing on what you can control (24:36) Fundamental investing principles (28:11) Social comparisons and social media effects (32:28) The concept of perceived wealth (37:16) Lifestyle inflation and hedonic adaptation (44:39) Diversification and performance chasing performance (48:22) The impact of news on investments and when to sell (52:13) Scarcity vs abundance mindset (54:51) Celebrating milestones, Carl's future plans, and reader responses ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Medfavor show, where the focus is on helping you grow and preserve your wealth.
0:10.9	Join us as we discuss the craft of investing and uncover new and profitable ideas, all to help you grow wealthier and wiser.
0:16.9	Better investing starts here.
0:19.5	Metfabor is the co-founder and chief investment officer at Cambria Investment Management.
0:22.6	Did it industry regulations, he will not discuss any of Cambri's funds on this podcast.
0:25.8	All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion of Cambria investment management or its affiliates.
0:31.2	For more information, visit camberia investments.com.
0:34.1	Over the past two decades, we've seen our fair share of economic volatility between inflation,
0:39.5	recession, and geopolitical upheaval risk.
0:41.8	Adjusting your portfolio can be a daunting task.
0:44.8	One asset class that historically has served as a consistent hedge against this uncertainty is farmland.
0:50.9	Investors, myself included, have been interested in farmland on account of its historically
0:55.1	stable track record in the face of rapid economic change. Between 1997 and 2022, we've lost
1:02.3	approximately 4.8 acres of cropland per minute to urbanization, while this same expanding population
1:08.9	needs the food, fuel, and fiber farms produce.
1:12.3	So why aren't more considering farmland? Access. Purchasing a farm costs millions of dollars
1:17.3	and working with local farmers takes time and agricultural expertise. Acre trader provides investors
1:22.9	passive access to farmland with investment minimums of only $15,000. Learn more about investing in farmland
1:29.6	with Acre trader. Investments in private placements are illiquid, speculative, and may result in the
1:34.7	complete loss of capital securities offered through NCPS, member of FINRA SIPC. Welcome back,
1:41.8	everybody. It's full on fall time now. I thought about it. It's discussing this with our
1:47.2	guest. I think it's my favorite season. Y'all let us know on the show notes. What's your favorite season
	...

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