Masters in Business
At The Money: Our Complicated Relationship With Cash
Oct 16, 2024
Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions and author of 'The Laws of Wealth,' joins Barry Ritholtz to discuss our complex relationship with money. They tackle cognitive biases that cloud financial decisions and highlight how spending on experiences can lead to greater happiness than accumulating wealth. Crosby emphasizes the importance of delayed gratification and creating a personalized financial plan that reflects true values. The conversation also touches on the mental health aspects of mindful spending and its impact on overall life satisfaction.
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Quick takeaways
- True wealth encompasses experiences, relationships, and personal growth, highlighting that financial success is just one aspect of a fulfilling life.
- Recognizing common behavioral errors in finance, such as overconfidence and emotional decision-making, is essential for improving financial behavior and investment outcomes.
Deep dives
Understanding True Wealth
True wealth extends beyond financial metrics and encompasses various facets of life such as experiences, relationships, and personal growth. Positive psychology research highlights five core elements that contribute to a fulfilling life, including engagement, relationships, meaning, advancement, and positive experiences. This multidimensional approach challenges the conventional notion of wealth, which is often reduced to mere numbers. Emphasizing the importance of these elements suggests that a richer life includes deeper connections and personal development rather than just financial success.
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