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Episode Info

Episode Info:

Dr Daniel Crosby is a Psychologist, he has a PhD in psychology and behavioural finance specialising in helping people and organisations understand the cross over between the mind and the financial markets. He is a co-author of a New York Times best seller "Personal Benchmark" and also authored the "Laws of Wealth". Daniel is the founder and CEO of Nocturne Capital - an investment management firm whose approach is rooted in the science of behavioral finance. Daniel has a growing family, based in Atlanta Georgia from where he runs his business which he has been running full time for the last 10 years. Check out the full show with detailed show notes and episode links: Lets talk core revenue streams Daniel shares how he started off doing speaking engagement to market his other services in his company but it has since taken off and become a major part of his revenue stream. An early take away from Daniel is not to underestimate the power of speaking as an extra revenue stream in your business! Daniel also manages money on behalf of clients, teaches online courses in behavioural finance and provides consulting services and content development. While speaking is Daniel’s number one income stream it’s not completely scalable due to the time commitment and extensive travel requirements so Daniel has a focus to grow the other income streams. Daniel has been on the speaking circuit for the last 10 years, and cautions that it is taxing for someone with a young family. Childhood inspiration Growing up Daniel was inspired by his dad who is an investment manager, after getting into college Daniel loved the study of psychology, helping and teaching people – but part way through his PhD he felt emotionally burned out as a clinical psychologist. A conversation with his dad about his next options turned him down the road of understanding the intersection between psychology and stock market investing. Why a PhD and not just a Degree Daniel says in his experience a psychology degree in the US, does not get you very far in your career as a psychologist. The PhD paid off for Daniel as clients more readily hired his consulting services as a PhD graduate even though he was only 28. While the PhD opened doors for Daniel he says he doesn’t actually use it in its direct form because he is trained to conduct therapy sessions as a clinical psychologist but he now picks stocks for a living. The skills learned however, of being non defensive, hard work, accepting feedback, critiquing and taking action - are life skills he has taken from his PhD that have helped him in his business. First paying client and a speaking career Daniel managed to secure his first client before he resigned from his job, he recommends that you find a way to get at least one good client account before stepping out on your own. He quickly moved into the world of speaking and in the beginning all his presentations were at no charge, he would look for places to speak at in his city as a way of marketing his consultancy services. After quiet a number of free events Daniel recalls an attendee asking if they could book him for a paid speaking engagement and he began a new journey where he would eventually be charging between $1,000 and $2,000 to speak. A mistake he shares is saying yes to all speaking requests and having to create a special bespoke keynote each time he got an invitation, this would wear Daniel out and he looked for a different solution. Major turning points in speaking and some key lessons After a season of providing bespoke keynotes, Daniel put together half a dozen key notes that covered a few generic topics related to his core message of behavioural finance. This helped his clients focus in on which key note they felt was best for them and this worked well for Daniel as he wasn’t building a new presentation but rather using material that had received positive feedback from previous event...

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