The Soul of Wealth

Successful investing is more about mindset than methodology. More about habits than intuition. More about wisdom than intelligence. And more about consistent behavior than fleeting emotion.

This insight is at the heart of behavioral finance, a field that has grown in prominence over the past few decades. While the mainstream adoption of BeFi may feel recent, the foundational work began long ago. I still remember taking a behavioral finance course in Boston back in the 1990s, taught by a seasoned money manager named Arnie Wood. Around that same time, I was also professionally studying the contrarian investment philosophy of the late David Dreman. But the true pioneers—Daniel Kahneman and Amos Tversky—laid the groundwork in the late 1970s and early 1980s. Kahneman’s Nobel Prize in 2002 helped propel the field into the spotlight, and since then, behavioral finance has become deeply embedded in investment management, financial planning, and even the design of new investment solutions.

In recent years, a wave of compelling books has brought behavioral finance to an even broader audience. One standout is The Psychology of Money by Morgan Housel, which became an instant classic when it was released in 2020. This year, another book has arrived that I believe stands shoulder to shoulder with Housel’s: The Soul of Wealth: 50 Reflections on Money and Meaning by Dr. Daniel Crosby.

Crosby sits at the unique intersection of psychology and investing. He’s a trained psychologist, a leading finance podcaster, and a prolific voice in the world of behavioral finance. The Soul of Wealth reflects his rich experience and deep insights, offering readers a powerful blend of practical advice and philosophical reflection.

What makes this book so compelling—and so valuable—is its clarity and accessibility. Each of the 50 reflections is short, insightful, and immediately useful. The focus on values and meaning provides a foundation for financial decision-making that is too often overlooked. Crosby reminds us that willpower and intuition are often unreliable, while structure and automated habits can be our greatest allies in staying disciplined, diversified, and long-term focused.

Though the book can be read on a single airplane flight, my recommendation is to take your time with it. Let the messages sink in. A chapter a day is a good pace—and one that will provide ample rewards. 

In the end, successful investing isn’t about mastering trivia, timing markets, or discovering a secret formula. It’s about aligning our money with our mission, and staying committed to that mission—through cycles, through setbacks, and through time.