Ep 0060 The Laws of Wealth – AKA Stupid, Lazy and Rich with Daniel Crosby PhD

Written by Rocky Lalvani

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Finances | Life | Mindset | Uncategorized

The Laws of Wealth – AKA Stupid, Lazy and Rich

Take away: There are certain psychological behaviors we need to understand and overcome to master control over money.

Action step: Start having money conversations in your family – and look at your self in the mirror.

Money Learnings: Daniel’s dad is a financial advisor so he learned a lot about money growing up. School didn’t teach him much about money. Debt was a 4 letter word in his house. They ate beans and rice to pay off the house by 35. Daniel’s daughter wants to be a financial advisor when she grows up. She learns by watching the actions of her parents.

Bio: Educated at Brigham Young and Emory Universities, 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 Japanese, Chinese and Vietnamese.

Highlights from this episode:

I wish I had read this years ago as the knowledge would have resulted in me increasing my wealth by 7 figures. It’s also perfect timing as we experience increased in market volatility.

We talk about why money is taboo.
How money conversations change your financial future.
Daniel plans to share his financial information with his kids.
Finding the balance between making money and enjoying life.
Stupid, Lazy and Rich and the 10 rules for financial success.
We discuss all 10 rules and the mistakes I and many others make in creating wealth.
People don’t understand these rules and under stress reactions get worse.
What factors to consider when selecting a financial advisor.
Why women are better investors.
How do we overcome ourselves.
And much more!