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Listen "Finding the Soul of Wealth"
Episode Synopsis
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.
The Warm Glow of Giving
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.”
The Utility—and Limits—of Money
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.
The Trap of Comparison
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.
Your Money Needs a ‘Why’
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.
Turning Lessons into Action
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:
Label your savings with specific goals. Personalizing your accounts can make your financial journey more tangible and inspiring.
Give meaningfully. Whether it’s donating to a cause you care about or helping a friend in need, giving is one of the most fulfilling uses of money.
Focus on your “why.” Align your spending and saving habits with the life you want to build.
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.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
“The Soul of Wealth” by Dr. Daniel Crosby
Behavioral Finance Reading List – Curated by Daniel Crosby
“Standard Deviations” podcast, hosted by Daniel Crosby
Daniel Crosby – x.com
Daniel Crosby – LinkedIn
Connect With Jeremy Keil:
Keil Financial Partners
LinkedIn: Jeremy Keil
Facebook: Jeremy Keil
LinkedIn: Keil Financial Partners
YouTube: Retirement Revealed
Book an Intro Call with Jeremy’s Team
===
Disclosures
Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.
All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past Performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
For important disclosures visit: https://keilfp.com/disclosures/
===Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
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.
The Warm Glow of Giving
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.”
The Utility—and Limits—of Money
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.
The Trap of Comparison
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.
Your Money Needs a ‘Why’
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.
Turning Lessons into Action
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:
Label your savings with specific goals. Personalizing your accounts can make your financial journey more tangible and inspiring.
Give meaningfully. Whether it’s donating to a cause you care about or helping a friend in need, giving is one of the most fulfilling uses of money.
Focus on your “why.” Align your spending and saving habits with the life you want to build.
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.
Don’t forget to leave a rating for the “Retirement Revealed” podcast if you’ve been enjoying these episodes!
Subscribe to Retirement Revealed to get new episodes every Wednesday.
Apple Podcasts: https://podcasts.apple.com/us/podcast/retirement-revealed/id1488769337
Spotify Podcasts: https://bit.ly/RetirementRevealedSpotify
Additional Links:
“The Soul of Wealth” by Dr. Daniel Crosby
Behavioral Finance Reading List – Curated by Daniel Crosby
“Standard Deviations” podcast, hosted by Daniel Crosby
Daniel Crosby – x.com
Daniel Crosby – LinkedIn
Connect With Jeremy Keil:
Keil Financial Partners
LinkedIn: Jeremy Keil
Facebook: Jeremy Keil
LinkedIn: Keil Financial Partners
YouTube: Retirement Revealed
Book an Intro Call with Jeremy’s Team
===
Disclosures
Videos/Podcasts/Blogs (media) published prior to June 30, 2025, were recorded and approved while the advisor was affiliated with Thrivent Advisor Network. These media reflect the advisor’s views and interpretations at that time. The information and disclosures contained in those media were believed to be accurate and complete as of the date of recording, but may not reflect current market conditions or Alongside, LLC, policies.
All content is provided for educational purposes only and does not constitute personalized investment advice. Read below for current disclosures and potential conflicts of interest.
This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy.
The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past Performance is no guarantee of future results.
Legal & Tax Disclosure
Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations.
Advisor Disclosures
Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC.
Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A.
The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only.
For important disclosures visit: https://keilfp.com/disclosures/
===Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
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