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We read, write and talk a lot about better ways to build wealth, and after reading Dr. Daniel Crosby’s latest book, The Laws of Wealth, we wanted to dive deeper on his 10 rules of wealth building. Daniel does a great job of weaving relevant stories in to topics that often can be overly complicated.
In this episode, the guys walk through their favorite rules along with steps you can take to put these rules in to practice in your own life. Daniel’s examples of why so many of us are overconfident will provide a laugh along with some head-nodding. This discussion will help you take a step back and evaluate potential flaws in your current wealth building journey. Understanding why we have trouble doing this on our own could be the best Christmas gift you receive this year!
Daniel’s next book will be coming out next October called The Behavioral Investor. He also has a Continuing Education course for Advisors through the University of Georgia starting in 2018. Stay tuned to his twitter account for more info, linked below.
What You’ll Learn in This Episode
- Why God could not have created a worse investor than you or I
- Why going it alone when it comes to your money is ripe with potential landmines
- The limits of our own willpower
- The overconfidence mirage and the impact it has on long-term results
- Why there is a gap between what advisors and clients think they do
- How picking the best mutual fund performer doesn’t deliver what you think
- How you label you savings goals could dramatically increase your savings
- Why teasing out process from outcomes delivers the best long-term success
- How many sit-ups the average man thinks he is away from dating a supermodel
- Confusing good returns with skill can be a dangerous investment strategy
Links Mentioned In the Show
- The Laws of Wealth by Daniel Crosby
- Nocturne Capital – Daniel’s company
- @danielcrosby – Twitter profile
- Daniel’s interview – Stacking Benjamins podcast
- Losing Money in a Top Performing Fund
- Ep 36 – Money Can Buy Happiness?
