Dr. Daniel Crosby, the Chief Behavioral Officer at Orion Advisor Solutions and author of "The Soul of Wealth," dives deep into the intricate dance between money and happiness. He explores how financial success doesn't guarantee emotional well-being and dissects the psychological impacts of social comparisons intensified by social media. Crosby also shares insights on cultivating healthy financial habits and emphasizes that true wealth is found in meaningful experiences, urging listeners to prioritize gratitude.
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insights INSIGHT
Wealth and Unhappiness Paradox
People are wealthier than ever, yet unhappier.
We've solved basic needs but created new problems like meaning and purpose.
insights INSIGHT
Money and Happiness
Money buys an absence of misery, enabling basic needs like food and shelter.
Money can buy qualitative happiness up to $500,000 annually, but it depends on how it's spent.
volunteer_activism ADVICE
Experiences Over Things
Buy experiences rather than things, as experiences improve with time through rosy retrospection.
Prioritize spending on experiences with loved ones, as they create lasting positive memories.
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In 'The Behavioral Investor', Dr. Daniel Crosby delves into the sociological, neurological, and psychological factors that impact investment decisions. The book is structured into four parts, starting with an exploration of the foundational biases and external pressures that affect investors. It then identifies four primary psychological tendencies related to ego, conservatism, attention, and emotion that drive investment behavior. The book provides practical measures to overcome these biases and introduces 'rules-based behavioral investing' (RBI) as an alternative to passive and active investing. Crosby emphasizes the importance of understanding human nature to make informed investment decisions and improve both financial and psychological wellbeing.
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50 reflections on money and meaning
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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.
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In 'The Soul of Money,' Lynne Twist delves into the psychological, spiritual, and practical aspects of money and its impact on our lives. She argues that our relationship with money is deeply intertwined with our values, sense of purpose, and overall well-being. The book provides guidance on how to reevaluate and transform this relationship to achieve greater fulfillment and alignment with one's true values.
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In *The Creative Act: A Way of Being*, Rick Rubin distills the wisdom he has gained from a lifetime of working with artists across various genres. The book is not just about music production but about the broader creative process and how it applies to everyone's life. Rubin emphasizes the importance of reconnecting with a state of innocence, being aware of the world, and tapping into what he calls 'Source'—an infinite and constant flow of ideas and inspiration. The book is structured around 78 areas of thought, providing practical wisdom, philosophical insights, and encouragement for anyone seeking to enhance their creative expression.
Today on the podcast, we welcome back Dr. Daniel Crosby. Daniel is the author of a new book called The Soul of Wealth: 50 Reflections on Money and Meaning. Daniel is the chief behavioral officer at Orion Advisor Solutions. In addition to The Soul of Money, Daniel has written several other books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and the Secret to Investor Success, and You’re Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science degree and PhD in Psychology, both from Brigham Young University.
The Long View 
