Common Misconceptions about Money

This chapter explores the common misconceptions surrounding money and how people think about it, including the idea of never feeling like they have enough money and constantly moving the goalposts of financial success. It also discusses the concept of the hedonic treadmill and strategies to prevent lifestyle inflation and prioritize saving and investing.

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Robert Leonard chats with Daniel Crosby about behavioral finance, the psychology of money, Daniel’s most important money lessons after studying countless investors, common misconceptions about money, and much, much more!

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:42 - What behavioral finance is and why behavioral finance has a big impact on one’s success as an investor.

06:22 - Daniel’s most important money lessons and why investors need to get them right.

11:03 - Whether money can buy happiness or not.

23:44 - Daniel’s framework on whether you should pick individual stocks in your portfolio, or just invest in low-cost index funds.

29:37 - Why stock picking can be very difficult for individual investors.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Daniel Crosby’s podcast Standard Deviations.
Daniel Crosby’s book The Laws of Wealth.
Daniel Crosby’s book Behavioral Investor.
Daniel Crosby’s book You’re Not That Great.
Related Episode: Listen to MI230: Buffett Indicator Says Stock Market is Overvalued w/ Lance Roberts, or watch the video.

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SPONSORS

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Connect with Daniel: Website | Twitter

Connect with Robert: Website | Twitter | Instagram

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