The best thing you can do going back to that second E of environment, from a behavioral perspective, is automate everything in your financial life. Automate how much money gets taken out of your check every two weeks. Automate the way you select your securities and sort of the asset classes you choose to invest in again and again and again. We find that about 94% of the time automation beats discretion. And so I haven't read his book yet, but I'm really looking forward to diving into it.
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
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