The Perils of Excessive Saving: Finding Balance in Wealth Management

Money can't buy happiness. It sounds good as a bumper sticker platitude.

But the truth is, money can buy happiness. At least sometimes. In certain circumstances. If we view it and use it in the right ways.

Here to unpack the conditions under which money can buy happiness and facilitate our flourishing is Dr. Daniel Crosby, a psychologist and behavioral finance expert and the author of The Soul of Wealth: 50 Reflections on Money and Meaning. Today on the show, Daniel shares the minimum income level at which money buys happiness, at least in the sense of avoiding pain. We talk about how to purchase material things in a way that increases happiness, while avoiding materialism, and the value of using your money to buy health and freedom. And we discuss the importance of finding an overarching why that guides the way you allocate your money and doing a values audit to see if your purpose and spending habits are aligned.

Resources Related to the Podcast

• Daniel's previous appearances on the AoM podcast:
  • Episode #222: The Laws of Wealth
  • Episode #511: Mastering the Psychology of Investing
• AoM Podcast #659: Do You Want to Be Rich or Wealthy? (And Why the Difference Matters)
• AoM Podcast #321: How to Think About Money
• "Experiences Won’t Make You Happier Than Possessions"
• Die with Zero by Bill Perkins

Connect With Daniel Crosby

• Daniel on X
• Daniel's podcast, Standard Deviations
• Daniel on LinkedIn