The Soul of Wealth: 50 reflections on money and meaning

by Daniel Crosby

We find ourselves at a crossroads.

We all know that true wealth is about far more than money. Wealth is friends, family, health, a vocation, command of your time, leisure, and whatever else is important to you.

And yet, we are all guilty of acting as if money alone is wealth and an end in itself.

How do we navigate this crossroads to find the right balance between monetary wealth and true, soulful wealth?

Our guide is Daniel Crosby—author of the behavioral finance smash hits The Laws of Wealth and The Behavioral Investor.

In The Soul of Wealth, Daniel presents 50 short essays which explore what wealth really is and provides practical suggestions for how to change your thinking and your actions in small, powerful ways, for a wealthier life.

We

– How you spend your money reveals your values.
– That money can buy happiness if spent well.
– What makes a good financial plan.
– Why willpower is overrated.
– How to master delayed gratification for the ultimate wealth hack.
– Why anything worth doing carries some risk.
– And much, much more!

The Soul of Wealth is the ultimate compendium of the world’s best behavioral finance and personal finance knowledge, presented in a groundbreaking accessible format. It will challenge your thinking, rekindle forgotten truths, and empower you to embrace a new relationship with your money.

Genres: Finance, Business, Nonfiction, Philosophy, Personal Finance, Money, Psychology

288 pages, Hardcover

Published October 15, 2024

Reviews

[Ben Burkhart]

The Soul of Wealth by Daniel Crosby hits all the right notes. Every chapter weaves in a little history lesson, which kept it interesting and relatable. Crosby digs into what it actually means to be ‘wealthy’ beyond the numbers, making you think about the psychology and values behind money.

For anyone who loves money, history, and psychology like I do, this book is a gem. If you enjoyed The Psychology of Money, definitely add this to your list. 10/10 recommend!

[Daniel Milford]

Dette var skrøpelig. Andres kloke tanker gjenfortalt med langt mindre finesse. Elendige eksempler, det virker som han startet med anekdotene han ville ha med i boka, og hvis de ikke passet som eksempler til noe han tematisk skulle dekke, ga han faen i det og brukte eksemplet likevel. Ja vel, men da blir boka di annenrangs!

PS. Lydboka er irriterende. Hun snakker som om hun prater til – eller er – en seksåring. Jeg liker heller ikke måten hun uttaler «money» på. Og det ordet sies en hel del.

[Naomi W]

Dr. Crosby extrapolates the expertise showcased in his other books to build a more existential lens through which we can view our financial health. He speaks to financial wellness in an engaging way that adds philosophical pause that prompts you to reassess your relationship with money and meaning. It's an easy read, in that it tells you a story that sucks you in, but it asks hard questions, the ones worth trying to answer, as we balance material need and deeper meaning.

[Alexa Brascetta]

This is truly the best book in personal finance.

It is thoughtful, well researched, captivating and beautiful. Each of the chapters reads like a beautiful story and in each you are left with some practical advice or guidance.

This is a book you will read again and again while taking something different from it each time.

[Jessica Jang]

I loved all the anecdotes about wealth, such as Tesla's habits and not caring what others think, and the many great quotes about money. It's true that we definitely need to read books like this to help us gain true wealth in life, which doesn't always come from money. And the quote about spending money we don't have to impress people we don't like has got to be one of my favorites. I would expect nothing less from an author who is also a doctor. This is a great book for someone reflecting on whether or not more money would make them a happier person. It definitely caused me to reflect on my life goals whether in regards to money or otherwise.

Thank you to Netgalley and Doctor Daniel Crosby for this ARC for an honest review. I loved it.

[LittleRead]

After reading this book, you will look at yourself and you’re spending patterns more closely. I found this to be an excellent book and it really is thought-provoking. It will make you second guess some of your beliefs around wealth and money for sure.

[Alberto]

Otro ensayo que pretende darnos lecciones sobre cómo tener una relación sana y fructífera con el dinero. Un nuevo libro de "educación financiera" y que (como tantos otros) no hace más que darnos una serie de consejos de "sentido común", pero que en la vorágine de la vida actual muchas veces se olvidan. A través de cortas lecciones de 4 ó 5 páginas Daniel Crosby nos presenta ideas como: aprender a gastar con sabiduría; no derrochar en cosas inncesarias y sí en otras que nos aporten felicidad; construir un portfolio patrimonial diversificado y tenerlo a largo plazo; mantener una estrategia de inversión permanente ajena a las crisis y los booms económicos; saber que la gratitud y la bondad nos aportan felicidad y que la riqueza para impresionar a los demás, NO; buscar un propósito en la vida, disfrutar de las cosas pequeñas y la compañía de los amigos; cultivar el cuerpo y la mente; vivir con normalidad los altibajos de la economía y aprender de ellos, etc. etc. O sea, lecciones que todos sabemos pero que son pequeñas píldoras que no está mal que nos recuerden de vez en cuando. No obstante, es un libro que no aporta grandes novedades a un lector "financieramente maduro".

[Lily]

Daniel Cosby’s “The Soul of Wealth” highlights his unique writing style, skillfully merging case study research with applied behavioral psychology principles to wealth.

His conversational tone and sharp insights foster an open-minded exploration of various topics, making the book both enlightening and thought-provoking.

Cosby’s use of case studies throughout the essays not only strengthens his arguments but also encourages readers to engage with the content actively through self reflection and critical thinking.

“The Soul of Wealth” is a valuable resource for anyone seeking to better understand how their financial choices align with their values and lifestyle, while also becoming more mindful of their behaviors and environment. By combining case study research with relatable storytelling, Cosby inspires readers to reflect on wisdom, money, and their values. Enjoy the journey!

[Ruth Middleton]

There were a few gems in this book but overall I found it to be very jumbled and meandering. Even though each chapter is short and should have a concise, clear point the author would jump around so much in every paragraph that I’d forget what we were talking about at the beginning. The chapter intro stories often did not connect to the point of the chapter in a clear way for me so it left my brain disjointed and grasping for coherence. My mind just does not work the way his does and this writing felt chaotic and very hard to follow. There’s also a lot of repetition. This book could have been reduced to 10 chapters and nothing would have been lost. I will end by saying it also greatly frustrated me that he didn’t number the chapters - this made it unnecessarily hard to use in a book club.

[Daniel Costigan]

Dr. Crosby has always had a strong pulse on how to use our financial assets to live fully and without regret. Money is a complicated topic both intellectually and emotionally. Dr. Crosby hits on a few timeless truths about building wealth in the money sense but his ability to challenge the reader to think more deeply about wealth in all facets of one's life is unparalleled. This isn't touchy/feely content. Dr. Crosby will challenge the reader to assess where they are in life. Are you giving yourself fully to your career? to your family and friends? to your community? to your hobbies & passions? This is what true wealth is all about.

[Cristie Ham]

The Soul of Wealth is a collection of short essays about wealth. I found the book somewhat interesting but not enjoyable for me to read because every 4-5 pages there was an entirely new concept or idea about wealth that after the first 20 or so seemed to repeat thoughts but not in any organized way. It was like my brain had to reset every few minutes. I tend to read for a period of time in one sitting- I think this book would be more suited for someone who would pick it up every few days for a few minutes at a time. There were definitely some valuable nuggets of information and insight - but overall not a favorite for me.

[Dr Ranjan]

It’s an awesome book. Everyone must read it.

You might be solving the wrong problems. (7th Ch.)
‘What’ is Easy, the ‘How’ is hard (9th),
17. Show me your budget & I’ll show your values
Explain F. Attribution Error
18. Make Good Easy, make bad hard
19. Delayed Gratification is the ultimate life hack
The Most powerful words in Investing - ‘I don’t know’
#metaknowledge knowledge about knowledge
Become aware of cognitive bias
are best chapters of this book.

[Joseph]

This is a great guide to living a meaningful life. I thought it would be about making good personal finance decisions, and it’s about so much more than that. I agree with everything in this book; there are a lot of great ideas.

I recently read The Psychology of Money by Morgan Housel. I was constantly comparing the two books. There a lot of overlap. I think The Soul of Wealth is a bit more detailed and covers a wider range of topics.

[Carol Cho]

The Soul of Wealth is a wonderful book! What really struck me was how humble and grounded his writing is. It's full of deep wisdom but doesn't feel preachy or overcomplicated. So many books on money focus on "get rich quick" strategies and endless DOING, but his book is about BEING...about looking inward and exploring your mindset, purpose and values.

It's an easy read too. You don't have to go chapter, by chapter. This is a book I will come back to again and again.

[Nicola de Petra]

This book is great for someone without much experience in the world of personal finance. As someone who reads a lot of personal finance content, the material in this book was a bit repetitive. I enjoyed the historical anecdotes the author incorporated to illustrate each lesson. Not all of them were exactly relevant to the message of the chapter, but I found them all interesting.

[Michael]

Very disappointing as recommended by Someone I respect. Another book that could have been a blog post. Each chapter is made up of a random Antidote, quote/stats from a random study to suit the point and a blurb about the chapter heading…really the chapter heading is all you need. I would not buy again. Retirement manifesto is 10x better.

[Alexander]

Whilst there is a good deal of repetition in these reflections, it serves to reinforce the wisdom underpinning them. A very worthy adjunct to your financial plan that prompts you to consider the 'why' as well as the 'how'.

[Navdeep Pundhir]

I’m yet to figure out why reasonable financial writers succumb to the fantasy of sermonising moral values to their readers as if they’re ordained by divinity on this path! A terrible moral science book masquerading as a personal finance one

[Adam A]

Pithy, mildly interesting essays on personal finance.
May be more helpful for those who are spendthrift, struggle with finances or are beginning their journey towards financial literacy but was not what I was looking for.

[Avel Deleon]

A truly fantastic book!

[Nopadol Rompho]

Wealth is not just about the money; it is much boarder than that. This book is easy to read and give you another angle of wealth.

[Jeff]

Really liked this. blends a bunch of my interests and very well written. enjoyed reading the short chapter blurbs a few at a time after doing cardio out in nature

[Phuvadol]

Good blend of history, behavioral psychology, and money matters!

[Marie-Louise Accardo]

“Money is best spent in ways that deepens our humanity and connectedness to others.”

[Tom Mathar]

Daniel Crosby has done it again

In The Soul of Wealth, Daniel Crosby delivers yet another masterpiece, combining his deep understanding of behavioral finance with powerful insights into the emotional aspects of wealth. Crosby artfully breaks down complex financial principles and weaves them into a narrative that speaks to both the head and the heart. His thoughtful exploration of how our values shape financial decisions is eye-opening and transformative. Whether you’re a seasoned professional or just beginning your financial journey, this book will leave you inspired and better equipped to navigate the human side of wealth. A must-read!

[Rosie Baker]

soul of wealth

Puts money and investing in respective. Funny, practical, great research examples kept me interested the whole way through.

Great read for young and old, wealth or not.

[Amanda]

This was the first financial book I have ever read. I thoroughly enjoyed the psychological aspects and historical contexts woven in as it helped me understand the overall topic each chapter presented.

[Tom Ludwig]

interesting

A good book to read, but don’t just read it - think about it and digest it. A lot of it you may have heard before, but it is a good review.

[Lis]

Buono per dei neofiti in materia, altrimenti non aggiunge nulla di nuovo.