In this engaging discussion, Daniel Crosby, Chief Behavioral Officer at Orion and a renowned expert in behavioral finance, dives into the paradox of wealth and happiness. He shares insights on how material abundance often leads to dissatisfaction due to social comparison, urging listeners to shift focus towards personal growth and genuine connections. Crosby also highlights the mental benefits of giving, exploring how generosity enhances happiness while weaving in parallels between health and financial well-being from his personal experiences.
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Health Scare Ignites Book Idea
Daniel Crosby thought he was dying and realized he didn't care about money at all in that moment.
This experience sparked his desire to explore why people are unhappy despite great material wealth.
insights INSIGHT
Wealthy Yet Miserable Paradox
We're the richest and most materially abundant generation, yet people feel sadder and more disconnected.
The ability to compare ourselves on social media drives dissatisfaction despite absolute wealth.
question_answer ANECDOTE
Childhood Poverty Without Feeling Poor
Michael Batnick's father grew up poor but never felt poor due to community and simple pleasures.
This contrasts sharply with how modern people often feel poorer despite greater material wealth.
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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.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
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