What's the Baseline of Happiness?

There's a relatively low baseline for happiness. The person who makes $50,000 is enormously happier than the person who makes five. New York City versus somewhere in the middle of Iowa or Idaho is probably going to be significantly different.

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IN THIS EPISODE, YOU’LL LEARN:

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.
27:26 - 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: Buffett Indicator Says Stock Market is Overvalued w/ Lance Roberts - MI230.

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