In The Trenches
Dr. Daniel Crosby: How our Psychology Impacts our Spending, Investing and Risk Taking Decisions
Jan 16, 2025
Dr. Daniel Crosby, a behavioral finance expert and New York Times best-selling author, dives into the psychological factors that shape our financial decisions. He discusses how fear and uncertainty influence spending and risk-taking, often leading us away from simple solutions. Crosby emphasizes the importance of purpose over material wealth, highlighting that true happiness comes from experiences and meaningful connections. He also explores the balance between persistence and knowing when to let go, urging us to spend wisely to buy back time and maximize joy.
57:31
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Quick takeaways
- True wealth is not just financial abundance but also the fulfillment and purpose derived from utilizing those resources for human flourishing.
- Understanding the balance between fear of the unknown and informed decision-making is crucial for effective financial planning and investment strategies.
Deep dives
The Meaning of Wealth
Wealth is often perceived as merely a numerical value, but a deeper understanding reveals it to be more about purpose and fulfillment. True wealth encompasses not just financial abundance, but how those resources contribute to human flourishing and enduring satisfaction. This distinction mirrors the difference between happiness, which can be fleeting and materialistic, and a meaningful life that integrates deeper values. Understanding this relationship assists individuals in redefining their financial goals in a way that aligns with holistic wellbeing.
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