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Joe Anderson, CFP\xae & Alan Clopine, CPA answer personal investing questions in episode 70 of the YMYW podcast, then welcome New York Times and USA Today bestselling author, Dr. Daniel Crosby on the show to discuss his book, The Laws of Wealth, on behavioral finance. Original publish date October 1, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

01:07 - \u201cWill I be penalized for an excess contribution to my IRA?\u201d

02:57 - \u201cYou may or may not be able to deduct it based on your income level and if you\u2019re in another retirement plan.\u201d

08:25 - \u201cWill the 401(k) distribution tax be offset by the loss of my section 1231 property?\u201d

10:26 - \u201cThat qualifies for a special tax treatment because it\u2019s a business asset, it\u2019s under code section 1231 which simply means this \u2013 if you sell the rental property at a gain, you get that lower capital gains rate.\u201d

17:15 - \u201cOnce you get to know what some of the rules are, you can actually pay a lot less in taxes.\u201d

18:43 - \u201cShould I cash out my investments or continue to invest?\u201d

21:21 - \u201cYou can make your own dividend, which people still don\u2019t understand. A dividend is not a coupon payment.\u201d

25:16 Start of Interview with Dr. Daniel Crosby

27:36 - \u201cPeople who watch more CNBC tend to have worse results. People who are monitoring every little thing that Janet Yellen does are actually getting outperformed by people doing nothing at all, so there are a lot of ways investing runs contrary to our natural human tendencies.\u201d

30:06 - \u201cPart of the reason why I wrote the book was to try and address the delta between what the research says are the determinants of investment returns and what most people understand them to be.\u201d

30:18 - \u201cWhat do you think is the biggest bias that hurts us the most?\u201d

33:55 - \u201cMost people are overconfident and the people who aren\u2019t overconfident tend to be depressed \u2013 there isn\u2019t a lot of middle ground.\u201d