Show Notes for this Episode:
Dr. Daniel Crosby is a behavioral psychologist and a New York Times Bestselling Author. I was thrilled to have him join me on the podcast to talk about how to become a better investor by managing your behavior.
As human beings, we tend to naturally impede ourselves when it comes to making good investment and financial decisions. The truth is, we are not wired to prevail in the face of uncertainty, risk, and taking actions today that can positively impact our future financial situation. That’s why it can be so difficult to stay invested throughout volatile markets.
We don’t behave well when it comes to our financial lives because our emotions tend to get the best of us! There is an entire field of study on behavioral investor psychology, and Dr. Daniel Crosby is at the forefront of this discipline.
Daniel and I discuss what the major behavioral tendencies are that can sabotage our financial success, why women tend to outperform men when it comes to investing, how to imagine our future selves in retirement (so that we can make good financial decisions today for the future), and much more in this episode!
Daniel also shares some fantastic insights about why finding balance between today and your future retirement years is so important.
I think you’re going to really enjoy this one!
What you will learn in this episode:
- What is behavioral investing and how does it affect you personally
- The 4 behavioral tendencies that can cause you to make poor investment and financial decisions
- Why women are better investors than men
- Which is more dangerous – selfies or shark attacks?
- How working with a financial advisor can add approx 3% per year to your investment returns
- Why ongoing work and contribution (even through retirement) is so important
- Why celebrating your wins along the way matters
Want more of Dr. Daniel Crosby?
- Grab Daniel’s awesome books on Amazon: The Laws of Wealth and The Behavioral Investor
- Check out Daniel’s Podcast “Standard Deviations“
- Follow Daniel’s insights on Twitter and LinkedIn
Be sure to check out this related podcast post: 5 Behavioral Investor Mistakes to Avoid
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