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The Intrinsic Value Podcast - The Investor’s Podcast Network

MI116: 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

🗓️ 27 October 2021

⏱️ 50 minutes

🧾️ Download transcript

Summary

IN THIS EPISODE, YOU’LL LEARN: 2:42 - What behavioral finance is and why it has a big impact on one’s success as an investor. 6:22 - Daniel’s most important money lessons and why investors need to get them right. 11:03 - Whether money can buy happiness or not. 22:24 - Daniel’s framework on whether you should pick individual stocks in your portfolio, or just invest in low-cost index funds. 30:57 - How to get out of the FOMO mindset and stick to one’s investing principles. 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. Get more FREE content from Robert. Get a FREE audiobook from Audible. Read the 9 Key Steps to Effective Personal Financial Management. Check out our Investing Starter Packs about business and finance. Learn about our Investing Starter Packs on real estate. 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. Victor Frankl’s book Man’s Search for Meaning. All of Robert’s favorite books. Related Episode: Overcoming Your Worst Financial Enemy -Yourself w/ Daniel Crosby. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Read this episode’s transcript and full show notes on our website. 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 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. And you end up never living, right? So I think we are just not wired

0:07.4

for adequacy. I mean, we're wired for striving. We're wired to keep putting one foot in front of the

0:14.6

other. And so the idea that you have sort of enough money is contrary to that and it's hard for people to grasp.

0:23.3

And, you know, one of the reasons why is this idea in psychology called the hedonic treadmill.

0:28.9

You know, if you think of the word hedonism, that's right, the pursuit of pleasure.

0:36.1

On today's show, I chat with Daniel Crosby about behavioral finance, the psychology of money,

0:42.1

Daniel's most important money lessons after studying countless investors, common misconceptions about money,

0:48.6

Daniel's framework when selecting individual stocks, and much, much more.

0:53.8

Daniel Crosby earned his PhD in psychology,

0:56.4

is currently the chief behavioral officer at Orion Advisor Solutions, and is a USA Today and New York

1:02.3

Times best-selling author. He is a psychologist and behavioral finance expert who helps

1:07.2

organizations understand the intersection of the mind and markets.

1:11.6

This is Daniel's second time back on the show.

1:14.7

If you want to check out his first episode, that was episode number 14.

1:19.1

I really enjoyed chatting with Daniel this time, just like I did last time,

1:23.3

and I hope you guys enjoy this one just as much.

1:26.1

Let's dive in.

1:28.4

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

1:32.4

where your hosts, Robert Leonard and Clay Fink,

1:35.6

interview successful entrepreneurs, business leaders and investors

1:39.1

to help educate and inspire the millennial generation.

1:49.8

Hey everyone.

...

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