364-The Laws of Wealth: Psychology and the Secret to Investing Success: Interview with Author Daniel Crosby
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 9 August 2016
⏱️ 71 minutes
🧾️ Download transcript
Summary
My guest today is Daniel Crosby. Daniel is a behavioral economist and he has applied his expertise to the question of investing.
One of the greatest challenges investors face is managing their own behavior. Daniel has studied this problem extensively and has formulated specific recommendations to help investors manage their psychology and manage their behavior.
Enjoy!
Joshua
Transcript
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| 0:00.0 | Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge, |
| 0:05.4 | skills, insight, and encouragement you need to live a rich and meaningful life now while |
| 0:10.8 | building a plan for financial freedom in 10 years or less. |
| 0:13.6 | My guest on today's show is Dr. Daniel Crosby, author of the recent book, The Laws of Wealth, Psychology |
| 0:19.9 | and The Secret to investing success. |
| 0:22.5 | Now Daniel, I got a bone to pick with you. |
| 0:25.1 | Did your publisher make you put the word secret in the title |
| 0:27.9 | saying that a financial book will not sell unless you put the word secret to success in the title somehow. |
| 0:35.0 | I got to be honest, my publisher totally came up with the title to the book because I |
| 0:40.8 | think my original title was Lazy Stupid and Rich and they hated it. They hated it so I can't take any credit or blame for the title. |
| 0:51.0 | It's just so funny to me because if you go down to the the money |
| 0:55.7 | section of a bookstore you just look through titles I don't know I'm making up |
| 0:59.7 | numbers off the top of my head but it seems like 30% of them have the word |
| 1:03.4 | secret to success or secret secret secret in the title it seems to be the |
| 1:07.6 | formula to sell a book about money in some way so yeah so now you to expose the secret and then it's not secret anymore. |
| 1:15.4 | The more I study finance, the more I realize there is no secret. And the search for |
| 1:20.7 | secrecy is one of the most elusive and destructive habits in the life of |
| 1:25.8 | an investor. |
| 1:26.8 | Yeah, I think, you know, my original title, I think, again, I can't remember the exact, |
| 1:31.9 | but it's sort of stupid, stupid lazy and rich speaks to the fact |
| 1:34.5 | that there is no secret that by actually doing less you do more and all these sorts of things that I think |
| 1:41.0 | you're alluding to. |
... |
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