Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions and a leading voice in behavioral finance, shares insights from his new book, *The Soul of Wealth.* He discusses redefining wealth by integrating personal growth and meaningful living. Daniel emphasizes the importance of embracing personal accountability and the psychological aspects of financial well-being. He also explores how our environment shapes financial decisions and reflects on the deeper significance of identity and relationships in the journey towards true fulfillment.
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insights INSIGHT
The Three B's of Wealth
Wealth is defined by three B's: Believing, Belonging, and Becoming.
Living according to values, having deep relationships, and striving for growth create a wealthy life.
volunteer_activism ADVICE
Retiring From and To
Plan your retirement around what you will engage in, not just what you'll escape from.
Cultivate social connections and growth opportunities outside work to avoid post-retirement depression.
insights INSIGHT
Comparison Steals Joy
Your sense of wealth depends more on your social comparison group than your actual wealth.
Gratitude can reduce harmful comparisons and increase perceived wealth.
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This book provides an authoritative account of a century of investment returns in sixteen countries, including the U.S., U.K., Japan, France, Germany, and others. The authors present a clear and consistent analysis of total returns, including reinvested income, and address issues such as survivorship bias and the long-term equity risk premium. The book is essential reading for investment professionals, financial economists, and investors, offering insights into the broader tendencies of equity markets over the long term.
The Soul of Wealth
50 reflections on money and meaning
Daniel Crosby
In 'The Soul of Wealth', Dr. Daniel Crosby presents 50 short essays that delve into what wealth really is, emphasizing that true wealth encompasses friends, family, health, vocation, time, leisure, and other important aspects of life. The book offers practical advice on how to balance monetary wealth with soulful wealth, covering topics such as how spending reveals values, the role of money in buying happiness, creating a good financial plan, the limitations of willpower, and mastering delayed gratification. It is designed to challenge readers' thinking, rekindle forgotten truths, and empower them to adopt a new relationship with money.
I’m delighted to welcome back repeat guest, and one of the worlds leading lights in the field of behavioural finance - Dr Daniel Crosby. Daniel has a new book out, which I highly recommend, called The Soul of Wealth, and having read and enjoyed it, I asked Daniel to come and talk about it. It’s a deeply practical book - not just theory or stats - and today I’m going to chat to Daniel to walk us through just a few of the concepts he covers.