36: Dr. Daniel Crosby – 10 Commandments of Investing Success

Invest Like a Boss

Sam Marks Johnny FD Derek Spartz

Business, Investing

4.8 • 518 Ratings

🗓️ 11 January 2017

⏱️ 79 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Daniel Crosby is a PHD, and Psychologist, and behavioral finance expert who helps organizations understand the intersection of mind and markets. He joins us on this episode to discuss the 10 commandments of investing success he outlines in his New York Times Best-Selling book titled “The Laws of Wealth: Psychology and The Secret to Investing Success”.

In this episode, we learn from Dan’s experience and research while drilling down on finance through the lens of psychology. We also learn about Dr. Crosby’s perspective on the financial advisory industry, where it is going in the future, and how robo-advisors are changing the marketplace.

Twitter: @danielcrosby

Daniel’s firm: www.nocturnecapital.com

Books:

Dr. Daniel Crosby: The Laws of Wealth

Robert B. Cialdini - Influence

Robo-Advisors

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Youtube Video Presentation:

The Ten Commandments:

You control what matters most.
You cannot do this alone.
Trouble is opportunity.
If you’re excited, it’s a bad idea.
You are not special.
Your life is the best benchmark.
Forecasting is for weathermen.
Excess is never permanent.
Diversification means always having to say you’re sorry.
Risk is not a squiggly line.

Show Notes:

05:20 - Apply social science to improve money management
06:40 – Financial advisor’s future
07:20 - Control what matters most (1)
09:12 – You can not do this alone (2)
14:50 – How to choose a financial advisor
18:37 – Trouble is opportunity (3)
24:30 – Being excited is a bad idea (4)
26:45 – You’re not that special (5)
28:55 – Your life is a bench mark (6)
32:00 – Ease of access to trading
34:20 – Forecasting is for weathermen (7)
38:15 - Diversification means always having to say you’re sorry (9)
39:16 – Excess is never permanent (8)
43:10 – Risk is not a squiggly line (10)
45:01 – Daniels personal portfolio
46:20 – Robo-advisor vs Financial advisor
53:20 – The best investors are the lazy ones
54:40 – Being a better goalie
58:00 – When the stock market crashes
1:03:00 – Sams big secret
1:06:20 – Facebook stock

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Transcript

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0:00.0	Welcome to the Invest Like a Boss podcast. I'm Sam Marks and I'm Johnny FD. We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss. Join us each week for exclusive interviews with our network of modern investors, business owners and multimillionaires to discover new ways to invest our hard-earned cash. Hey guys and welcome to episode 36 of the Invest like a Boss podcast. I'm Johnny FD and I'm here with Sam Marks. Hey guys and welcome to episode 36 of the Best Like a Boss podcast. I'm Johnny FD and I'm here with Sam Marks.
0:24.1	Hey guys, welcome back and Johnny. Congratulations. This is our first episode of 2017. I'm pumped to be back on the airways with you.
0:31.2	I'm definitely excited and I'm very, very excited for this week's guest, Dr. Daniel Crosby.
0:36.6	Yeah, so this kind of marks our breakthrough into the academics. I'm not sure, Dr. Daniel Crosby. Yeah, so this kind of marks our breakthrough into
0:38.8	the academics. I'm not sure if Dr. Daniel Crosby would consider himself an academic, but anytime
0:43.7	I see the PhD behind the name, I always think academics. But he's obviously a private sector guy
0:49.8	and had a lot of success. And this is a really interesting episode because I think psychology
0:56.2	in regards to investing is probably the most important thing that any of us can understand
1:01.9	with regards to investing because that's where all the losses are incurred, right?
1:06.0	Yeah, I definitely agree. And it's one of those things where even if you had all the information
1:10.2	in the world, if you didn't have the right mindset behind it's one of those things where even if you had all the information in the world,
1:16.5	if you didn't have the right mindset behind it or you panic when things go down, that is when the losses actually happen. So I think that is why it's so important to talk to guys like Dr.
1:22.4	Daniel and kind of dive in deep on how to prevent that and what it happens in the first place.
1:29.1	Yeah, and I really love these guests that have written books because they have some really
1:33.1	specific material that they've mastered that they can bring to the table to discuss.
1:38.0	So I'm really pumped.
1:39.2	And everybody out there, stay tuned to after the episode because I have a little bit of a secret
1:42.8	that I'm going to reveal.
1:44.5	Ooh, definitely excited about that. I don't even know what it is yet, so I think that'll be fun.
1:50.5	If you guys aren't familiar with Daniel Crosby's books or his videos, don't worry.
1:56.6	We'll have a link to everything in the show notes. Just go to invest like a boss.com and look for episode
2:01.3	36. And if you guys do buy his book off of Amazon, please use our link because this is how we
	...

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