Breaking Financial Behavioral Biases with Daniel Crosby

This week I sat down with psychologist and behavioral finance
expert, Dr. Daniel Crosby to discuss the behavioral side of
investing.


Educated at Brigham Young and Emory Universities, Dr. Crosby
helps organizations understand the intersection of mind and
markets. Dr. Crosby's first book, Personal Benchmark: Integrating
Behavioral Finance and Investment Management, was a New York
Times bestseller. His second book, The Laws of Wealth, was named
the best investment book of 2017 by the Axiom Business Book
Awards and has been translated into 5 languages.


His latest work, The Behavioral Investor, is a comprehensive look
at the neurology, physiology and psychology of sound financial
decision-making. When he is not consulting around market
psychology, Daniel enjoys exploring the American South,
fanatically following St. Louis Cardinals baseball, and spending
time with his wife and three children.


HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:


Why there’s such a resistance to the psychological side of
money

How our choices are affected by externalities

How to identify and break the “herd mentality” in your
investing

What the best investment portfolio looks like for you

Psychological tendencies that impact investment behavior

The importance of diversifying out of what you are
comfortable with

Overcoming emotional connections to some of your investments

The balance between educating and empathizing

Questions to ask yourself about investments with emotional
ties

How to take a “pre-mortem” look at your portfolio

The way your ego can derail your financial goals

The view you should take with long-term investing

How to prevent your emotional self from getting in the way of
your investing self

The psychological benefit of the “set it and forget it”
mentality

The lie many people tell themselves why they don’t need a
financial planner



LINKS WE MENTIONED ON THE SHOW:


The Behavioral Investor by Dr. Daniel Crosby

Yuval Harari

The Laws of Wealth by Dr. Daniel Crosby

Work Your Wealth Podcast Episode 13 with Daniel Crosby

The Standard Deviations podcast



GET SOCIAL WITH DANIEL AND LET HIM KNOW YOU HEARD ABOUT
HIM HERE


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