Carl Richards

Carl Richards is a CERTIFIED FINANCIAL PLANNER™ and the director of investor education for the BAM ALLIANCE, a community of over 130 independent wealth management firms throughout the United States. He is the creator of the weekly Sketch Guy column in the  The New York Times, and is a columnist for Morningstar Advisor. Carl has also been featured on Marketplace Money, The Leonard Lopate Show, Oprah.com and [...]


Joe Anderson
ABOUT Joseph

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the firm opening. When Joe began working with Pure Financial in 2008, they had almost no clients, negative revenue and no [...]

Alan Clopine

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently leads Pure Financial Advisors along with Michael Fenison and Joe Anderson. Alan joined the firm about one year after it was established. At that time the company had less than 100 clients and approximately $50 million of assets under management. As of [...]

Published On
April 4, 2015

Special guest and author of The One-Page Financial Plan, Carl Richards joins the show to give expert advice on how to handle your financial plan.  Contrary to the traditional financial plan consisting of hundreds of pages of overwhelming information, Richards emphasizes a much more simplified plan that will eliminate any frustration and instead motivate you to work towards the financial future you have always imagined.  Topics further discussed in this first hour of the podcast include stretch IRAs and how to achieve financial independence.

one-page financial plan


2:51 “What you should be talking about, what you should be focused on is your financial independence; that’s the Holy Grail”

5:42 “A lot of Baby Boomers are finding that they are actually working part time in retirement”

10:47 Start of Interview with Carl Richards

12:40 “It’s not about the plan, it’s about the process, this ongoing process of planning”

21:25 “59 ½ you can take the money out of your retirement accounts with no penalty but you do pay taxes; 70 ½ you have to take it out

21:56 “The IRS basically wants you to pull out that IRA money while you’re living so you’ll pay taxes on it”

25:33 “A Roth IRA is still a retirement account, but the assets grow tax free. In other words, all future income growth, even principal, you never pay tax on again; when your kids and grandkids inherit it they never pay taxes on it either”

30:55 “A stretch IRA can really parlay significant wealth to the next generation, if you have saved a lot of money inside your retirement accounts”

32:34 “You could beat the IRS at their own game, if you do a little bit of planning”

37:12 “When are you the most vulnerable? It’s when you’re retired”