For the near future, we’ll be delving into the archives of STANDARD DEVIATIONS, back to the days when Dr. Daniel Crosby first launched his podcast series, and did each week on his own without guests!
This week’s topioc: Why do we hate to talk about money??
Episode Description: We love to fantasize about winning the lottery or buying a yacht, but have difficulty having sensible conversations about money with those we love. Dr. Crosby examines some of the religious, social and behavioral impediments to having conversations about money and issues a challenge to do better.
From a 2016 post on Linkedin, Dr. Crosby describes this in more detail and in the podcast below……
“If you’re ever having trouble sleeping, spend some time researching financial goal setting online and you’re sure to be snoozing in no time. It’s not that advice you’ll find is bad per se, it’s just that it is fundamentally disconnected from an understanding of how people behave. Most resources will give you some great meat and potatoes stuff about setting specific, attainable and timely goals. You will nod your head, go home, and forget all about it, doing what you’ve always done before. But saying that talking about financial goals is “boring” fails to account for some of the deeper reasons why we may be averse to personalizing the investment and financial planning process. There are at least three significant reasons why we are loathe to talk about our personal financial goals: it can be stress-inducing, we dislike numbers, and it is socially taboo…”
Source: LinkedIn Post
Click below to hear more of his thoughts on the above in this podcast……
ABOUT STANDARD DEVIATIONS PODCAST:
Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby, the personality behind STANDARD DEVIATIONS podcast, 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, Vietnamese and German. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology all impact investment decision-making.