When the market moves as fast and Donald Trump tweets, how should we think about money in the digital age? Jennifer talks with psychologist and behavioral finance expert Dr. Daniel Crosby about his life story and how he has built a career helping both individual investors and institutional clients understand themselves and the psychology of the market.
- For Daniel Crosby, the beginning of the story started with an ending. Daniel tells Jennifer the story of how he came into the world on the day of his grandfather’s passing and how that has driven him to live his life to its fullest potential.
- An important part of leading a rich and full life is to always be learning. Daniel talks about how his love for learning and how his academic education laid the groundwork for developing his interpersonal skills which were key to his success later in life.
- As the son of an investment manager and advisor, the stability and comfort of his father’s profession was an alluring one. But after serving a mission through his church in the Philippines and helping a close friend weather an eating disorder, Daniel shifted his academic path towards helping people.
- How do some people with so little manage to find joy in their lives? Jennifer gets Daniel to flex his clinical psychology skills and asks him why some people blessed with great privileges can’t seem to find the same happiness of some people living a simpler or rougher life. He also talks about his own success and his approach to being happy.
- What drove Daniel to fly straight into graduate school? Jennifer asks Daniel a bit more about his trajectory towards becoming an impactful force in people’s lives. He talks about the value of therapy and why building a strong relationship between therapist and client beats out any high-level degree or specialized school of thought.
- Misconceptions about therapy and the therapeutic process are a dime a dozen. Daniel does some mythbusting and distils some of what he’s learned as a therapist into some takeaways for listeners that they can use in their personal and professional lives.
- Whether it’s for work, in our relationships or just in our day-to-day lives, we all talk about ourselves. Jennifer and Daniel talk about why being able to talk about yourself and your feelings openly and authentically with a trusted professional is so important is our society.
- After being burnt out by individual therapy work, Daniel moved on to workplace-focused psychology work in Atlanta. While doing pre-employment assessments across the Deep South, he learned some hard truths about competence, wealth, meritocracy and the under-recognized value of general intelligence.
- You’re not that great. Daniel fills us in on one of the key moments of his journey to becoming an impact-maker: a 2011 TEDx talk in Huntsville, Alabama about 7 counter-intuitive truths for living a better and more meaningful life. This talk eventually turned into a self-published book of the same name (check out the links below).
- “Only as we accept our normality, are we able to build something that is better than normal.” Daniel talks about the central message of his book, the concept of overconfidence bias and how it keeps us back from achieving our fullest potential.
- In late 2009 – in the swell of the recession – Daniel set out on his own to get away from his rough day job. His new behaviorist economics consultancy called Nocturne Capital offers a wealth of services around the psychology of investment decision making.
- Jennifer asks the question on all of our minds: so how should we think about money? Daniel offers some of the insights he’s gathered over the years helping people understand and navigate financial markets. Daniel shares a couple tidbits with Jennifer but you can find all 10 of his investing commandments in his book The Laws of Wealth, named the best investment book of 2017.
- If you’ve been listening to this week’s episode so far, you’ll know that Dr. Crosby is a man of quick wit. Jennifer asks Daniel where he gets his funny bone from and how it finds its way into his work.
Links and Resources:
Daniel’s Podcast: Money, Mind and Meaning (iTunes)
The Laws of Wealth: Psychology and the Secret to Investing Success by Daniel Crosby
Personal Benchmark: Integrating Behavioral Finance and Investment Management by Charles Widger & Daniel Crosby
The Behavioral Investor by Daniel Crosby
Leadership and Self-Deception: Getting Out Of The Box by The Arbinger Institute
Dr. Daniel Crosby TEDx Talks
You’re Not That Great: A Motivational Speech (TEDxHuntsville
TEDxHuntsville – Daniel Crosby – You’re Not That Great: A Motivational Speech
Sex, Funds, & Rock N’ Roll – Daniel Crosby at TEDxHuntsville
Can being weird make you rich and happy? – Daniel Crosby at TEDxBYU
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