117: Coronavirus and Your Retirement with Daniel Crosby
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 16 March 2020
⏱️ 65 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Today's guest is Daniel Crosby. Daniel is the Chief Behavioral Officer at Brinker Capital, where he helps organizations better understand the intersection between minds and markets. Daniel has more than 10 years of experience in the financial services industry and has published a number of bestselling books that serve as guides to building stronger advisor-client engagement with a focus on achieving better outcomes.
Daniel gets not just how markets work, but why people make decisions - both good and bad - as they invest and build financial plans.
In his book, The Behavioral Investor, he examines the sociological, neurological and psychological factors that influence our investment decisions and sets forth practical solutions for improving both returns and behavior.
All of these things make Daniel uniquely qualified to speak on today's topic: COVID-19, also known as the coronavirus. With the markets down and fear and panic in the streets, Daniel lends his unique expertise to the financial challenges of this moment. We discuss the psychology of behavioral investing, why so many people make bad decisions during a downturn, and why we always act like we've never seen anything like this before - and what you should be doing with your money to best stay on track to live the retirement you want.
Show Notes: Howardbailey.com/117
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Transcript
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| 0:00.0 | Welcome to the Retire with Purpose podcast, a show specifically designed to help pre-retirees and retirees maximize their financial confidence. |
| 0:14.4 | Casey Wheat is a certified financial planner and president of Howard Bailey Financial. |
| 0:18.4 | His newest book, Job Optional, is a Wall Street Journal bestseller |
| 0:22.2 | and is available now on Amazon and at Retirewithpurpose.com. |
| 0:26.8 | He's your host on Retire with Purpose. |
| 0:29.4 | Hey, I'm Casey, and I believe in retirement strategies that are driven by meaning and purpose. |
| 0:36.1 | Join me this week and every week as we discuss thoughts and ideas with some of today's |
| 0:41.9 | most successful retirees and experts in the field of finance. |
| 0:46.4 | These strategies can help make you better financial decisions so you can live the lifestyle |
| 0:52.5 | you've always imagined and deserved. Welcome to the show. |
| 1:02.2 | Today's guest is Dr. Daniel Crosby, psychologist, behavioral finance expert, and asset manager |
| 1:10.2 | here to help you understand the intersection |
| 1:12.4 | of your mind and the markets. He is in New York Times and a USA Today, bestselling author of |
| 1:19.3 | multiple books, and most recently, The Behavioral Investor, named the Best Investment Book |
| 1:24.8 | of 2017, as well as one of my personal favorite reads of the past year. |
| 1:30.3 | This conversation couldn't be more timely with all the chaos that we have experienced in the markets over the last week. |
| 1:37.5 | We're going to discuss with Daniel, his opinion on the coronavirus crisis, if you will, and what you should be thinking about right now. |
| 1:46.4 | In addition to the coronavirus discussion, we have a timeless but still applicable discussion |
| 1:52.1 | around financial psychology. He explains why he himself, with all of his experience and knowledge, |
| 1:59.2 | still works with a financial advisor. |
| 2:01.2 | Also, why it's not about finding the best financial strategy, but the one that you can live with. |
| 2:07.3 | And why invest in what you know is profoundly dumb advice, wrapping it up with even why |
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