Mastering Delayed Gratification for Financial Success

In this episode of Retire With Style, Dr. Wade Pfau and Dr. Alex Murguia are joined by behavioral finance expert Dr. Daniel Crosby to explore the intersection of wealth, values, and happiness in retirement.

Together, they unpack why aligning your spending with your personal values can lead to a more fulfilling life—and how money, when used thoughtfully, can buy happiness. The conversation dives into the psychology of financial decision-making, the role of willpower, and why experiences and time often bring more joy than material possessions.

They also examine how our values evolve over time, the importance of delayed gratification, and how understanding risk more deeply can lead to better financial planning. Ultimately, this episode reframes wealth not just as a number—but as a tool for building a meaningful and purpose-driven retirement. Listen now to learn more!

Takeaways:

• Aligning spending with personal values is essential for a fulfilling and meaningful life.

• Money reflects what we value most—and using it to buy time and experiences often brings greater happiness than material goods.

• Strong relationships and shared experiences are more important to long-term happiness than income alone.

• Retirement is a transition, not just an end goal. Planning should include emotional and psychological readiness—not just finances.

• Many people are unprepared for the emotional complexity of retirement, including the challenge of redefining purpose.

• While income matters up to a point, happiness largely depends on subjective factors—and some people may remain dissatisfied regardless of wealth.

• Investing in relationships and purpose-driven goals is key to long-term well-being.

• Values may stay the same over time, but how we express them can evolve.

• Willpower is less about discipline and more about building habits and making poor choices harder to access.

• Delayed gratification is a powerful tool for achieving long-term satisfaction.

• Fear of failure can hold us back—and often becomes a self-fulfilling prophecy.

• A great advisor doesn’t just manage money—they help clients align their finances with their life goals.

• True wealth lies at the intersection of financial security and personal meaning.

Chapters

00:00 Introduction to The Soul of Wealth
01:20 Contextualizing Wealth and Values
06:22 The Psychology of Spending and Happiness
10:01 Money, Happiness, and Subjective Well-Being
14:15 Buying Time and Freedom
20:14 Retirement: Beyond Leisure and Fun
24:22 The Freedom to Choose: Beyond Escape
25:04 Aligning Spending with Values
26:06 Crafting a Meaningful Financial Plan
27:38 Elevating the Client Experience
29:27 The Dynamic Nature of Values
30:54 Willpower: The Key to Financial Discipline
33:12 Mastering Delayed Gratification
39:12 Understanding Risk in Financial Planning
45:56 Money and Meaning: A Life of Significance

Links

Visit your preferred book retailer to get your own copy of “The Soul of Wealth: 50 Reflections on Money and Meaning”  by Dr. Daniel Crosby or click here to purchase from Amazon: https://retirement-researcher.ontralink.com/tl/532

Want more of this kind of insight? The Retirement Researcher Academy is where conversations like these keep going. Visit RetirementResearcher.com/Academy-RWS  and use code RWS1 to get the 1st Month of your Monthly Academy subscription on us! 🔗 Join the Academy and get access to the education your future self will thank you for.

Click here to watch this episode on YouTube: https://youtu.be/bEUH0FDQFBo

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips