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Smart Money, Dumb Idea: Bad Bets by Financial Pros 

By Ben Steverman - 2013-10-22T17:22:03Z

Photograph by Michael DeLeon/Getty Images

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Carl Richards: Carefree Spending

A mistake that I’ve made is thinking that budgeting is for poor people. What Fortune 500 company’s chief financial officer doesn’t care about cash flow? They all do. If you care about your goals, you’re going to keep track of cash flow in and out of the household. I haven’t been keeping track of anything this year, and just yesterday I recommitted to budgeting. I have to go back and categorize my spending. I guarantee there will be something in there where I’ll say: "Holy cow, I didn’t know I spent that much money on that."

Carl Richards is the author of “The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money.”

Report: The Fight Over Financial Literacy