Behavioral Finance – Wealth on the Move

The Soul of Wealth with Author Dr. Daniel Crosby, Ph.D. (Episode 12)

By Wealth on the Move | February 6, 2025

Summary: In this episode of Wealth on the Move, host Will Hoffman engages with Dr. Daniel Crosby, a behavioral finance expert, to discuss the deeper meanings of wealth beyond mere numbers. They explore the importance of understanding personal values, the impact of behavior on financial decisions, and the connection between health and wealth. Dr. Crosby emphasizes the need for individuals to take control of their financial futures by focusing on what they can control, such as their earning potential and budgeting practices. The conversation highlights the significance of aligning financial goals with personal values and the psychological aspects of wealth management. In this conversation, Will Hoffman and Daniel explore the intricate relationship between wealth, behavioral biases, and personal relationships. They discuss how parenting influences financial perspectives, the impact of societal comparisons on individual wealth, and the importance of choosing the right partner in financial decision-making. Daniel emphasizes that true wealth encompasses more than just money, highlighting the significance of relationships, purpose, and personal fulfillment. The discussion also touches on the need for younger generations to embrace individuality and take risks in their financial journeys, while recognizing that money is a source of stress that requires thoughtful management.

Resources:

Takeaways:

Wealth is not just about numbers; it’s about understanding personal values.
Behavior plays a crucial role in building and maintaining wealth.
Identifying your values can be revealed through your budgeting practices.
Health is an integral part of wealth; one cannot exist without the other.
People often focus on external factors instead of what they can control in their financial lives.
The ‘why’ behind wealth is more important than the ‘how’ or ‘what’.
Comparison to others can lead to dissatisfaction and poor financial decisions.
Tracking spending and calories can reveal hidden truths about our habits.
Financial success is deeply tied to personal control and decision-making.
We should focus on our own goals rather than societal expectations. As a parent, guiding children to think differently about wealth is crucial.
Behavioral biases can lead to poor financial comparisons with others.
Empathy and collaboration are key to human success and wealth building.
Choosing the right partner is one of the most important financial decisions.
Financial compatibility is essential in relationships.
True wealth is about more than just accumulating money.
Satisfaction comes from optimizing for true wealth, not just dollars.
Retirement can lead to unhappiness if not planned for properly.
Younger generations should bet on themselves and embrace their uniqueness.
Money management is a lifelong pursuit that requires ongoing reflection.

Connect with Will Hoffman:

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Podcast image showing the title "Monetary Mixtape" podcast with Will Hoffman

Understanding Behavioral Finance with Alice Heath (Ep. 18)

By Monetary-Mix-Tape | May 18, 2023

Let’s dive into the psychology of behavioral finance!

Join Will Hoffman as he speaks with Alice Heath, a national accounts manager at Horizon Investments and a BFA® (behavioral financial advisor), who shares her knowledge of how psychology and emotions impact financial decisions.

Alice explains how behavioral finance differs from classical finance, and why it’s become increasingly popular. She also talks about how bad investor behavior can negatively affect long-term performance and why taking a hands-off approach and trusting the process is important.

Listen and learn about:

The psychology behind investing and spending
How you can pass good financial behavior habits on to others
The importance of taking a hands-off approach and trusting the process
How Gen Xers can benefit from a self-reliant and results-oriented mindset
And more!

Resources:

Connect with Will Hoffman:

Connect with Alice Heath:

About Our Guest:

During her tenure in the financial services industry, Alice Heath has held several positions with varying responsibilities and titles, including associate, specialist, manager, and director. However, she takes the most pride in her unofficial titles as a friend, mentor, and leader. As a leader, Alice adopts a hands-on approach and believes that actions speak louder than words. Alice is passionate about helping and serving others, and this passion drives their performance. She finds fulfillment in meaningful relationships and achieving something greater than themselves. She enjoys working with teams and adapting their leadership style to the needs of the group to ensure overall success.

Alice Heath and Horizon Investments are not affiliated with or endorsed by LPL Financial or Hoffman Wealth Management.

About Our Host:

Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More