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The Intrinsic Value Podcast - The Investor’s Podcast Network

MI Rewind: The Psychology of Money & Behavioral Finance w/ Daniel Crosby

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Business, Education, Investing

4.6592 Ratings

🗓️ 29 September 2023

⏱️ 49 minutes

🧾️ Download transcript

Summary

Robert Leonard chats with Daniel Crosby about behavioral finance, the psychology of money, Daniel’s most important money lessons after studying countless investors, common misconceptions about money, and much, much more! IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 02:42 - What behavioral finance is and why behavioral finance has a big impact on one’s success as an investor. 06:22 - Daniel’s most important money lessons and why investors need to get them right. 11:03 - Whether money can buy happiness or not. 23:44 - Daniel’s framework on whether you should pick individual stocks in your portfolio, or just invest in low-cost index funds. 29:37 - Why stock picking can be very difficult for individual investors. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Daniel Crosby’s podcast Standard Deviations. Daniel Crosby’s book The Laws of Wealth. Daniel Crosby’s book Behavioral Investor. Daniel Crosby’s book You’re Not That Great. Related Episode: Listen to MI230: Buffett Indicator Says Stock Market is Overvalued w/ Lance Roberts, or watch the video. NEW TO THE SHOW? Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle’s favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Daniel: Website | Twitter Connect with Robert: Website | Twitter | Instagram HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!  Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0

You're listening to TIP. On today's show, we're resharing some of the older episodes that are my

0:06.0

favorites for a few reasons. One, we get a bunch of new listeners each week, so new listeners may not

0:11.1

have heard this episode before. Two, even if you've been listening for a while, you may have missed

0:15.8

this episode when it originally came out. Or three, even if you've heard it before, it could be a

0:20.7

great episode to learn from again. If you've already heard this episode or you're not interested in hearing it, feel free to just skip it. There's no harm in that. And you can pick up with our new episodes next week. That's all I had for you for this new intro. Everything going forward is going to be from the original episode. I hope you guys enjoy it.

0:42.3

You're listening to Millennial Investing by the Investors Podcast Network,

0:45.1

where your hosts, Robert Leonard and Clay Fink,

0:48.9

interview successful entrepreneurs, business leaders and investors to help educate and inspire the millennial generation.

0:59.6

Hey everyone.

1:02.0

Welcome back to the millennial investing podcast.

1:04.3

As always, I'm your host, Robert Leonard.

1:06.8

With me today, I bring back Daniel Krausby.

1:08.5

Daniel, welcome to the show.

1:09.5

Thank you.

1:10.3

It's great to be back. Our last episode together was episode 14 for anyone that's interested in going back and checking that out.

1:17.6

But for those who are just hearing you for the first time today, tell us a bit about yourself and your background.

1:22.6

It's great to be back. I'm Dr. Daniel Crosby. I'm the Chief Behavioral Officer at Orion

1:28.3

Advisor Solutions. In my work there, I really study money, mind, and meaning. I study how people

1:35.6

make decisions with money. I study consumer psychology and all of the ways that we sort of

1:42.1

get sideways with money and how investors can make poor decisions

1:45.6

and how we can design technology and even products to help them make better decisions.

1:51.9

The quantitative side of finance has intrigued me for years and years, but lately I've been

...

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