116: Dr. Daniel Crosby — The Science of Money and Happiness with Dr. Daniel Crosby

Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into 14 languages. His third book, The Behavioral Investor, was Axiom's best investment book of 2019 and is a comprehensive look at the neurology, physiology and psychology of sound financial decision-making. His latest book, The Soul of Wealth, will be published in October of 2024. When he's not decoding market psychology, Daniel is a father of three, a fanatical follower of the St. Louis Cardinals, an explorer of the American South, and an amateur hot sauce chef. In this episode, I talk with Daniel about his fascinating journey from psychology to finance, the importance of understanding evolutionary biases in financial decision-making, and the real value that financial advisors bring beyond mere investment advice. Daniel shares insights from his books, particularly his forthcoming work, The Soul of Wealth, which focuses on finding meaning and happiness beyond monetary wealth.  In this episode: [00:00] - Intro [03:06] - Daniel's early lessons on money and entrepreneurship [08:54] - The arc of Daniel's writing and research [14:11] - Understanding evolutionary influences on decision-making [24:09] - The four meta biases [29:50] - The real value of financial advice [33:17] - Defining true wealth [35:29] - The power of generosity [39:51] - How to build greater financial success [41:56] - One thing people should stop doing [44:03] - The last thing Daniel changed his mind about Get full show notes and links at https://mindful.money.  Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney. This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy