Learn how to tap into the soul of wealth to build a life that breeds happiness and purpose with Dr. Daniel Crosby.

When we think about money, the first thoughts that come to mind often revolve around numbers: savings accounts, investments, and expenses. But as I recently discussed with Dr. Daniel Crosby on the Retirement Revealed podcast, money is about so much more than just numbers. Dr. Crosby’s new book, The Soul of Wealth, explores the deeper meaning behind our financial decisions and how our relationship with money can lead to greater fulfillment.

One of the most fascinating studies Dr. Crosby cited in his book revealed that people derive more joy from giving away $5 than spending $20 on themselves. Why? Because giving fulfills a deep human need for connection and altruism.

Interestingly, the study found that giving is most rewarding when it “costs” something—when it requires a sacrifice. This aligns with the idea that generosity isn’t about convenience; it’s about meaningful impact. As Dr. Crosby said, “Maybe we need to give until we have to think twice about it.”

One of my favorite analogies from Dr. Crosby’s book is: “A hammer is useless when painting a room.” Money, like a tool, is incredibly powerful when used for the right purpose, but it’s not a cure-all.

Dr. Crosby explained that money is excellent for solving material problems—paying bills, securing shelter, and covering basic needs—but it can’t buy intangible things like love, purpose, or fulfillment. Instead, money is best used to create opportunities for growth and connection.

For example, spending money to save time—like hiring someone to do tasks you dislike—can increase happiness. Similarly, using money to foster relationships, such as planning a family vacation or joining a community group, leads to lasting joy.

One of the most insightful parts of our conversation was about the dangers of comparison. Dr. Crosby shared a poignant story about Vincent van Gogh, who struggled with feelings of inadequacy compared to fellow artist Paul Gauguin. Despite his artistic genius, van Gogh’s obsession with comparison contributed to his mental anguish.

In the financial realm, comparison can be just as damaging. Studies show that financial contentment depends not only on how much money you have but also on whom you compare yourself to. By choosing environments and social circles that align with your values—rather than those that encourage constant upward comparison—you can cultivate greater peace and satisfaction.

Perhaps the most powerful takeaway from The Soul of Wealth is the importance of aligning your money with your values. Dr. Crosby referenced Viktor Frankl’s famous quote: “He who has a why to live can bear with almost any how.” This idea applies to money, too. When your financial goals are tied to a deeper purpose, you’re more likely to stick with them—even during tough times.

For example, labeling your accounts with specific goals—like “Dream Retirement Fund” instead of “Savings Account”—can increase motivation and improve decision-making. Dr. Crosby highlighted studies showing that people with purpose-driven accounts save more, spend less impulsively, and stay committed to their plans.

As I wrapped up my conversation with Dr. Crosby, one thing became abundantly clear: meaning transforms money. By aligning our financial decisions with our values and focusing on connection, purpose, and generosity, we can unlock the true potential of our wealth.

If you’re wondering where to start, try these steps:

As Dr. Crosby beautifully put it, “If you add meaning to your money, you’ll make better financial decisions.” And if you learn more about your money, you’ll feel better about it, too.

Here’s to finding the soul of your wealth.

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