Dr. Daniel Crosby: The Best Thing You Can Do is Nothing

“Wealth doesn’t equal intelligence.” - Dr. Daniel Crosby Finances can be a very confusing thing for people, especially when it comes to investing. You might think you need to have a detailed game plan on where to put all of your money, and check on your stocks every 30 seconds to make sure everything keeps going up and be ready to sell the moment things start to turns. Not true. The best investors set it then forget it. In fact, a Fidelity study contacted all of their top investors to hear their secrets about their accounts. When they reached out, you know what they discovered? The top investors fell into one of two categories. Either they completely forgot about their Fidelity accounts until they received the phone call, or they were dead. Investing is the easy part. The hard part is controlling your day to day behavior. One place to start is to stop splurging or listening to social media stars who show off their garage full of sports cars without giving any real advice. You don’t know their success or how they got it. Money doesn’t equal intelligence. On this episode I bring you a very special guest who does have intelligence when it comes to investing: Dr. Daniel Crosby. Dr. Crosby is at the forefront of behavioralizing finance. Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist, behavioral finance expert and asset manager who applies his study of market psychology to everything from financial product design to security selection. His ideas have appeared in the Huffington Post, Think Advisor, and Risk Management, as well as his monthly columns for WealthManagement.com and Investment News. Daniel was named one of the “12 Thinkers to Watch” by Monster.com, a “Financial Blogger You Should be Reading” by AARP and in the “Top 40 Under 40” by Investment News. We are fortunate enough to have him on this episode to discuss the importance of investing, what makes a good investor, and how you can successfully start investing your own money. Download this episode now and learn how you can get in the market and help secure your future. “You need to be process driven, not results driven.” - Dr. Daniel Crosby The Cliff Notes: Personal finance is easy, it’s applying the knowledge that can be tough. The way you frame your finances has a big impact on how you use them. Fear is a very short term motivator. Motivate your financial decisions with love. Purpose is everything. It’s better to ride out investments as opposed to jumping in and out. Women are better investors than men. Men can be overconfident, which is why they don’t make good traders. You need a financial advisor because people are always stupid with their own money. You can get results for the wrong reasons. Be your own benchmark for success. Wealth does not equal intelligence. Be an informed consumer of social media. Do an audit of your life to evaluate what us elevating you and what isn’t. Your financial success depends on your ability to do the most boring parts. “The more people trade, the worse they do.” - Dr. Daniel Crosby