This week on Standard Deviations with Dr. Daniel Crosby, Dr. Crosby is joined by Anthony Damtsis.
– Why do only 13% of American millionaires describe themselves as wealthy? Why don’t we recognize our abundance for what it is?
– What is wealth confidence and what are its broader implications within portfolio management?
– Wealth confidence is definitely somewhat correlated with portfolio performance, but why is net worth alone not a sufficient measure for one’s wealth confidence?
– Is there a sense in which $1,000,000 doesn’t actually get you that far with the rapidly increasing costs of living an upper-middle class lifestyle?
– When there’s a disconnect between composure and capacity should you accommodate the personality preference, the facts on the ground or somewhere in the middle?
– If we want to be content and confident with our money, what type of environment should we cultivate for ourselves from a social comparison standpoint?
– Does Anthony have any other practical takeaways from his research for those looking to increase their wealth confidence?
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.
