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Millennial Investing - The Investor’s Podcast Network
MI Rewind: The Psychology of Money & Behavioral Finance w/ Daniel Crosby
Sep 29, 2023
45:31
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Robert Leonard chats with Daniel Crosby, expert in behavioral finance and psychology of money. They discuss the impact of behavioral finance on investor success, Daniel's important money lessons, whether money can buy happiness, the debate between individual stocks and index funds, and the difficulties of stock picking for individual investors.
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Quick takeaways
- Understanding behavioral finance is crucial for investors to avoid common investment pitfalls and make better financial decisions.
- Money can play a role in happiness, but its impact is limited, and beyond a certain point, additional wealth does not significantly increase happiness.
Deep dives
Behavioral Finance and Its Impact on Investing
Behavioral finance is the study of finance that takes into account the messy and irrational aspects of human behavior. Traditional economic models assume perfect rationality, but behavioral finance recognizes that people often make decisions that are not financially optimal. Understanding behavioral finance is important for investors because it helps them avoid common investment pitfalls and make better financial decisions. It also helps them spend and save their money in ways that bring true happiness and fulfillment. Recognizing the impact of psychology on money and investing can also lead to self-exploration and personal growth.
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Discover
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