Summary: In this episode of Wealth on the Move, host Will Hoffman engages with Dr. Daniel Crosby, a behavioral finance expert, to discuss the deeper meanings of wealth beyond mere numbers. They explore the importance of understanding personal values, the impact of behavior on financial decisions, and the connection between health and wealth. Dr. Crosby emphasizes the need for individuals to take control of their financial futures by focusing on what they can control, such as their earning potential and budgeting practices. The conversation highlights the significance of aligning financial goals with personal values and the psychological aspects of wealth management. In this conversation, Will Hoffman and Daniel explore the intricate relationship between wealth, behavioral biases, and personal relationships. They discuss how parenting influences financial perspectives, the impact of societal comparisons on individual wealth, and the importance of choosing the right partner in financial decision-making. Daniel emphasizes that true wealth encompasses more than just money, highlighting the significance of relationships, purpose, and personal fulfillment. The discussion also touches on the need for younger generations to embrace individuality and take risks in their financial journeys, while recognizing that money is a source of stress that requires thoughtful management.

Resources:

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• Dr. Daniel Crosby, Ph.D. LinkedIn
  
• Link to Purchase The Soul of Wealth: 50 Reflections on Money and Meaning
  

Takeaways:

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• Wealth is not just about numbers; it’s about understanding personal values.
  
• Behavior plays a crucial role in building and maintaining wealth.
  
• Identifying your values can be revealed through your budgeting practices.
  
• Health is an integral part of wealth; one cannot exist without the other.
  
• People often focus on external factors instead of what they can control in their financial lives.
  
• The ‘why’ behind wealth is more important than the ‘how’ or ‘what’.
  
• Comparison to others can lead to dissatisfaction and poor financial decisions.
  
• Tracking spending and calories can reveal hidden truths about our habits.
  
• Financial success is deeply tied to personal control and decision-making.
  
• We should focus on our own goals rather than societal expectations. As a parent, guiding children to think differently about wealth is crucial.
  
• Behavioral biases can lead to poor financial comparisons with others.
  
• Empathy and collaboration are key to human success and wealth building.
  
• Choosing the right partner is one of the most important financial decisions.
  
• Financial compatibility is essential in relationships.
  
• True wealth is about more than just accumulating money.
  
• Satisfaction comes from optimizing for true wealth, not just dollars.
  
• Retirement can lead to unhappiness if not planned for properly.
  
• Younger generations should bet on themselves and embrace their uniqueness.
  
• Money management is a lifelong pursuit that requires ongoing reflection.
  

Connect with Will Hoffman: 

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• Hoffman Wealth Management
  
• (724) 522-5411
  
• will@hoffmanwealth.com
  
• LinkedIn: Will Hoffman 
  
• Facebook: Hoffman Wealth Management 
  
• YouTube: Hoffman Wealth Management