Dr. Daniel Crosby is a psychologist, fund manager and New York Times best-selling author who applies the science of psychology to help people make better financial decisions.
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Unclaimed.org – Daniel’s small business resource
Man’s Search for Meaning – Daniel’s Top Business Book
The Laws of Wealth – A survey of investing
Nocturne Capital – Daniel’s website
Connect with Daniel on Twitter
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The Freedom Journal – Set and Accomplish your #1 goal in 100 days!
3 Value Bombs
1) Good is the greatest enemy of GREAT.
2) Time is the number one slayer of entrepreneurs.
3) The riches are in the niches—find your niche!
(click the time stamp to jump directly to that point in the episode.)
[00:58] – “I’m a failed psychologist who found his way into asset management”
[01:48] – Daniel’s expertise is in the field of behavioral finance, which is the intersection of investment decision-making and human psychology
[03:12] – 35-40% of fund managers fail to beat the market
[04:10] – Research shows that the fund that performed well for the last 3-5 years tends to do poorly for the next 3-5 years, so it would be better to buy funds that have been crummy for the last 3-5 years
[04:53] – Share something we don’t know about your area of expertise that as Entrepreneurs, we probably should: Humans are perfectly wired to suck at creating their systems and making decisions
[07:26] – “This too shall pass”
[07:56] – Worst Entrepreneurial Moment: Daniel broke out on his own after 18 months in the corporate world. He launched with an anchor client, but it made Daniel complacent in growing his business because he was doing just fine. After a year, they had a misunderstanding and the client just told Daniel that he doesn’t need him anymore. This happened just as Daniel’s wife quit her job
[09:42] – Don’t let prudence turn into complacency
[09:59] – We’re more capable of being scared than happy and rich
[10:10] – Don’t let your lifestyle get in your way
12: 45 – Entrepreneurial AH-HA Moment: Daniel was terrified when he first stepped out on his own. His business took off when he focused on a specific niche
[14:38] – “I’m an expert in the psychology of financial decision-making”
[14:51] – JLD believes in what Daniel did – finding his specific niche
[16:24] – “If you try and be everything, you’ll end up being nothing”
[16:45] – What is the one thing you are most FIRED up about today? Daniel studies natural stupidity and is now fired up about artificial intelligence combined with psychology
[20:20] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “Lack of exposure”
- What’s the best piece of advice you’ve ever received? – “None of this matters”
- What’s a personal habit that contributes to your success? – “Listening to podcasts while working out”
- Share an internet resource, like Evernote, with Fire Nation – Unclaimed.org
- If you could recommend one book to our listeners, what would it be and why? – Man’s Search for Meaning by Viktor Frankl
[22:21] – “Write a book”
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