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

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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