515: The Soul of Wealth: Bridging the Gap Between Money and Happiness with Daniel Crosby, PhD
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 556 Ratings
🗓️ 11 August 2025
⏱️ 62 minutes
🧾️ Download transcript
Summary
Today's guest is Dr. Daniel Crosby, a leading psychologist and behavioral finance expert who helps individuals and organizations understand how our thoughts, emotions, and behaviors intersect with the markets—and ultimately, our sense of purpose.
He serves as Chief Behavioral Officer at Orion Advisor Solutions and is the bestselling author of The Soul of Wealth: 50 Reflections on Money and Meaning. He's been recognized by AARP and Monster.com as a top financial thinker and is the host of the Standard Deviations podcast.
Daniel was on the podcast back in 2020, and I'm thrilled to have him back on the podcast to explore how uncertainty continues to shape investor behavior and how political biases can derail sound investment decisions. We discuss the psychological toll of financial news overload, why tuning out the noise is essential, and the critical importance of focusing on the controllable aspects of wealth-building.
In our conversation, you'll hear Daniel explain why wealth alone doesn't lead to fulfillment—and how retirees, despite having ultimate time freedom, often struggle with depression and a lack of direction. He shares the five facets of a flourishing life and offers a fresh lens on using fear as a spotlight for opportunity.
Daniel's last appearance on the pod was fantastic, and I think this conversation is even better, so you won't want to miss it!
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In this podcast interview, you'll learn:
- Why uncertainty continues to drive market volatility—and how investors respond emotionally.
- How our political views can unconsciously distort our financial decisions.
- What to do when "too much time freedom" becomes a burden in retirement.
- How to identify and rewrite harmful financial scripts passed down from past generations.
- The five essential ingredients of a purpose-filled life after retirement.
- Why your relationship with money needs to evolve once you "have enough."
Show Notes: HowardBailey.com/515
📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu
📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB
ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Transcript
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| 0:00.0 | relationships are the best predictor, good relationships are the best predictor of a fulfilling life. |
| 0:06.8 | People need to be intentional about planning for their time and not just their leisure. |
| 0:12.6 | Retirees need to be asking themselves questions like, what am I going to do to connect with people? |
| 0:17.6 | What am I going to do to stay sharp and continue to learn and grow? |
| 0:22.0 | What am I going to do that's bigger than me, that's spiritual or philanthropic or charitable or team-oriented? |
| 0:28.6 | These are the sort of questions we need to be asking, and people are way over-indexed on spending |
| 0:33.4 | their time on fun and leisure, which gets old super fast. |
| 0:45.9 | Music spending their time on fun and leisure, which gets old super fast. There's undoubtedly been a lot of uncertainty in 2025. |
| 0:50.9 | And today we're going to be discussing that uncertainty specifically, but also comparing it to some of the experiences we had not that long ago in 2025. |
| 0:58.9 | But we're also going to be focusing the bulk of this conversation on the intersection of money and meeting. |
| 1:05.0 | Today, your guest is Chief Behavioral Officer at Orion Advisor Solutions, Dr. Daniel Crosby. He's a psychologist and |
| 1:12.5 | behavioral finance expert who helps organizations understand the intersection of the mind and the markets. |
| 1:19.7 | He has been named one of the 12 thinkers to watch by Monster.com and a financial blogger. |
| 1:25.2 | You Should Be Reading by AARP is also the host of the Standard Deviations podcast |
| 1:29.7 | and is a New York Times best-selling author. |
| 1:32.9 | We'll be focusing the latter half of our discussion today |
| 1:35.7 | around his newest book, |
| 1:37.4 | The Soul of Wealth, 50 reflections on money and meaning. |
| 1:42.1 | If you don't remember, Daniel, |
| 1:43.8 | I encourage you to go back and listen to our |
| 1:46.1 | 2020 episode five years ago, episode number 117, titled Coronavirus and Your Retirement, |
| 1:53.1 | and now we're bringing them back. We're going to kick off the discussion. We're going to talk a little |
... |
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