Business
Today Dr. Daniel Crosby joins us on the podcast. Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby recently co-authored a New York Times Best-Selling book titled, Personal Benchmark: Integrating Behavioral Finance and Investment Management. Daniel’s journey into behavioral finance began when he decided that he no longer had a passion for being a shrink and working in clinical psychology. He always had a love for business and once he learned just how much psychology was baked into the world of investing and personal finance he went all-in on behavioral finance. In this episode you’ll learn about historical stock market patterns, the difference between a correction and a recession, asset allocation, why you shouldn’t invest based off the media and why you should question your own psychology behind your finances and investments. Highlights: Human tendency – What is right now, will be forever Why the media loves turmoil in the worlds financial markets Knowing enough to act in the appropriate manner with your money but not buying into the media hype Controlling the uncontrollable Bull Markets vs. Bear Markets The economy and the stock market are related but they’re NOT the same thing Headlines are a horrible way to invest It’s almost impossible to time the peak and the bottom of the stock market A 10% decline is a correction, a 20% decline is a recession The pro’s and con’s of using Robo Advisors for your finances Asset Allocation – The mix of your investments. The percentage of your money that’s spread around into different investments Key Takeaway: Making smart investments periodically, rather then trying to time the market, will yield exponentially better returns. Paychecks & Balances Website: https://paychecksandbalances.com/ Patreon: https://www.patreon.com/paybalances Instagram: https://www.instagram.com/paybalances/ Facebook: https://www.facebook.com/paychecksandbalances Twitter: https://twitter.com/paybalances?lang=en Dr. Daniel Crosby Website: https://clients0.brinkercapital.com/ LinkedIn: https://www.linkedin.com/in/danielcrosby/ Twitter: https://twitter.com/paybalances?lang=en Books: https://twitter.com/paybalances?lang=en P&B Fam: Vote for Paychecks & Balances for the Plutus Awards! Visit paybal.co/nominate and enter paychecksandbalances.com for Personal Finance Podcast of the Year, Best Generational Content and whatever other categories you think are a good fit. My love! -Rich