On Your Money, Your Wealth® podcast #210, behavioral finance expert Dr. Daniel Crosby talks about his latest book, The Behavioral Investor and cracks us up with stories of how “having to go” and other physiological, sociological, and psychological factors influence our investing choices. Plus, Joe and Big Al answer money questions about ACA / Obamacare subsidies and Roth conversions, strategies for reducing the tax burden on 1099 income to zero, and donating a required minimum distribution to multiple charities. To listen to the full podcast or read the transcript and show notes, including free downloads, visit

:49 – Dr. Daniel Crosby – The Behavioral Investor

12:45 – Dr. Daniel Crosby – The Behavioral Investor (part 2)

21:30 – Can I Convert My SEP IRA to Roth IRA? Stretch Roth IRA basics and RMDs

32:37 – Can I Split My RMD and Donate to Multiple Charities?

35:10 – ACA Subsidies and Roth Conversions

41:02 – How Can I Get My 1099 Income Tax Burden Down to Zero?

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In a recent episode of the “Your Money, Your Wealth” podcast, Dr. Daniel Crosby shared valuable insights on the importance of patience and discipline in becoming a better investor. Dr. Crosby, a renowned psychologist and behavioral finance expert, emphasized the need to “hold it” until you’re purple, meaning to exercise extreme patience and discipline in making investment decisions.

According to Dr. Crosby, many investors fall victim to impulsive and emotionally-driven decisions, which can ultimately hinder their long-term financial success. He pointed out that the fear of missing out (FOMO) and the desire for instant gratification often lead investors to make hasty decisions based on short-term market fluctuations rather than focusing on long-term goals.

Dr. Crosby stressed the importance of having a well-defined investment strategy and sticking to it, regardless of market volatility or external pressures. He explained that successful investing requires a combination of patience and discipline, as well as the ability to tune out market noise and avoid making knee-jerk reactions.

One of the key takeaways from Dr. Crosby’s insights is the importance of maintaining a long-term perspective when it comes to investing. He urged investors to resist the urge to constantly tinker with their portfolios in response to market fluctuations, as doing so often leads to lower returns and increased stress.

Furthermore, Dr. Crosby highlighted the role of behavioral biases in influencing investment decisions and emphasized the need for self-awareness and emotional regulation. By understanding and managing these biases, investors can avoid making irrational decisions driven by fear, greed, or overconfidence.

Overall, Dr. Crosby’s message of “hold it until you’re purple” serves as a valuable reminder for investors to stay the course and remain disciplined in their approach to investing. By maintaining a long-term perspective, managing behavioral biases, and exercising patience, investors can position themselves for greater financial success and achieve their long-term goals.

The insights shared by Dr. Daniel Crosby on the YMYW podcast serve as a powerful reminder of the importance of patience and discipline in becoming a better investor. As individuals seek to navigate the complexities of the financial markets, incorporating these principles can help them make sound investment decisions and achieve long-term success.