EP 022
3 Keys to a Fulfilling Retirement (It’s Not Just Money) with Dr. Daniel Crosby
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INSIDE THIS EPISODE
What if everything you believed about money and happiness was completely backwards?
In this thought-provoking episode of the RichLife Retirement Show, host Beau Henderson welcomes psychologist and behavioral finance expert Dr. Daniel Crosby to explore the deeper meaning of wealth beyond spreadsheets and investment returns.
Dr. Crosby, author of “The Soul of Wealth,” shares fascinating research showing that money activates our brain more intensely than topics like sex, death, or politics — yet paradoxically, the wealthiest individuals rarely discuss money itself. Instead, they focus on relationships, impact, and personal growth.
The conversation reveals that behavioral coaching provides the greatest value in financial advising — eight times more impactful than asset allocation or product selection. Yet most clients don’t recognize this benefit, perhaps because nobody wants to feel “infantilized” or told they’re making emotional decisions.
Dr. Crosby breaks down the surprising research on happiness and wealth, noting that money significantly boosts happiness up to about $100,000 annual income, but beyond that, happiness depends largely on how you spend it.
The research is clear: experiences and connections with others create more lasting happiness than material possessions. As Crosby points out: “A G-wagon only brings happiness for about two or three weeks, but joining a G-wagon club creates lasting joy through relationships.”
The discussion then shifts to meaning and money, with Crosby sharing remarkable findings: people who name their investment accounts specifically for their goals have 15% more wealth and are 10 times less likely to panic-sell during market downturns.
Visualizing retirement in detail leads to 70% more savings, while looking at pictures of loved ones before making financial decisions results in significantly better outcomes.
Crosby distills meaningful purpose into three components: believing (values and faith), belonging (relationships), and becoming (personal growth)—suggesting that using money to support these areas creates true wealth.
In the second half of the podcast, Bruce Steinbrock joins Beau to discuss common retirement regrets, including not saving enough early (80% of workers over 45 regret this) and claiming Social Security too early (96% of Americans don’t optimize their benefits). They emphasize the importance of modeling different retirement scenarios and creating clarity around savings goals.
The show concludes with listener questions about Social Security claiming strategies and long-term care planning, with Beau stressing the importance of having intentional conversations about these critical issues rather than avoiding them.
Throughout this conversation, one theme remains constant: true wealth isn’t about accumulating more stuff — it’s about freedom, relationships, and using money as a tool to create the life you truly want.
KEY TAKEAWAYS
00:46 – The Psychology of True Wealth
Wealth isn’t just about numbers—it’s about freedom, fulfillment, and creating a life of meaning. The episode opens by challenging the spreadsheet-driven approach to retirement planning.
01:30 – What Billionaires Talk About
Beau shares a story from a mastermind trip with ultra-wealthy individuals, where the focus wasn’t on accumulating more money, but on being better partners, parents, and people of impact.
03:45 – Meet Dr. Daniel Crosby
Psychologist and behavioral finance expert Dr. Crosby joins the conversation to explore the emotional and psychological side of money and wealth-building.
04:13 – Money and the Brain
Neuroeconomic research shows that money activates the brain more than any other topic—including sex and politics—explaining its power over our emotions and behavior.
06:02 – Behavioral Coaching vs. Financial Planning
Behavioral coaching helps clients avoid emotional decisions and has a bigger impact on long-term outcomes than product selection or portfolio design.
08:24 – What Really Matters to the Wealthy
Money doesn’t guarantee happiness. Many highly successful people ultimately discover that money is just a tool—what truly matters is purpose and connection.
12:25 – Money Can Buy Happiness, to a Point
Happiness increases with income up to about $100,000/year. Beyond that, the impact of money depends on how it’s spent—especially on experiences and time freedom.
13:50 – Buy Experiences, Not Just Stuff
Purchasing experiences or using money to connect with others (e.g., joining a club) creates more lasting joy than material purchases.
15:49 – Time Is a Worthwhile Investment
Spending money to avoid tasks you dislike (like yard work) can significantly improve quality of life and satisfaction.
16:33 – Money with Meaning: Believing, Belonging, Becoming
Dr. Crosby outlines how to tie money to purpose:
Believing: Spend in ways aligned with your values.
Belonging: Use money to strengthen relationships.
Becoming: Invest in your growth and transformation.
20:14 – The #1 Takeaway from The Soul of Wealth
At the end of life, people regret broken or neglected relationships—not financial decisions. Use money to deepen your most important connections.
21:40 – Crosby’s Definition of a Rich Life
A rich life is the freedom to say yes to what you love and no to what doesn’t serve you.
24:00 – Retirement Regrets Are Common
Top regrets include not saving early, taking Social Security too soon, and retiring with debt. These regrets are avoidable with education and intentional planning.
32:00 – Social Security Timing Mistakes
Only 4% of people delay Social Security until age 70, even though delaying often leads to significantly more lifetime income—especially for surviving spouses.
34:33 – Debt Limits Retirement Freedom
Carrying debt into retirement reduces flexibility, limits options, and may delay retirement altogether. Eliminating debt ahead of time can unlock a more fulfilling retirement experience.
37:53 – Emotional Readiness for Retirement Matters
It’s not just about finances. Having a plan for how you’ll spend your time and stay connected to meaning and community is critical to post-retirement happiness.
RESOURCES FROM THE SHOW
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LINKS & RESOURCES
To get a copy of Dr. Daniel Crosby’s book “The Soul of Wealth”, text “soul” to 877-731-7424 to receive a complimentary copy of the book. Or visit Amazon to purchase the book.
To schedule a “RichLife Retirement Review”: Text “RRR” to 877-731-7424 to set up a comprehensive retirement planning review with the RichLife Advisors team.
To get a copy of Beau’s Book, “Social Security Clarity”: visit SocialSecurityClarity.com
Reach out to RichLife Advisors for long-term care planning: contact RichLife Advisors at 877-731-7424 to schedule a long-term care planning conversation.
For retirement planning questions: visit the “AskBeau.com” mailbag to submit your questions.
DISCLOSURES
Investment advisory services offered through Fiduciary Capital, Inc., a state registered investment advisor.
* Not associated with or endorsed by the Social Security Administration or any other government agency. Maximizing your Social Security Benefits assumes foreknowledge of your date of death. If, as an example, you wait to claim a higher monthly benefit amount but predecease your average life expectancy, it would have been better to claim your benefits at an earlier age with reduced benefits.
** RichLife Advisors does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstances.
Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company.