In this episode of Retire With Style, Dr. Wade Pfau and Dr. Alex Murguia are joined by behavioral finance expert Dr. Daniel Crosby to explore the intersection of wealth, values, and happiness in retirement.

Together, they unpack why aligning your spending with your personal values can lead to a more fulfilling life—and how money, when used thoughtfully, can buy happiness. The conversation dives into the psychology of financial decision-making, the role of willpower, and why experiences and time often bring more joy than material possessions.

They also examine how our values evolve over time, the importance of delayed gratification, and how understanding risk more deeply can lead to better financial planning. Ultimately, this episode reframes wealth not just as a number—but as a tool for building a meaningful and purpose-driven retirement. Listen now to learn more!

Takeaways:

• Aligning spending with personal values is essential for a fulfilling and meaningful life.

• Money reflects what we value most—and using it to buy time and experiences often brings greater happiness than material goods.

• Strong relationships and shared experiences are more important to long-term happiness than income alone.

• Retirement is a transition, not just an end goal. Planning should include emotional and psychological readiness—not just finances.

• Many people are unprepared for the emotional complexity of retirement, including the challenge of redefining purpose.

• While income matters up to a point, happiness largely depends on subjective factors—and some people may remain dissatisfied regardless of wealth.

• Investing in relationships and purpose-driven goals is key to long-term well-being.

• Values may stay the same over time, but how we express them can evolve.

• Willpower is less about discipline and more about building habits and making poor choices harder to access.

• Delayed gratification is a powerful tool for achieving long-term satisfaction.

• Fear of failure can hold us back—and often becomes a self-fulfilling prophecy.

• A great advisor doesn’t just manage money—they help clients align their finances with their life goals.

• True wealth lies at the intersection of financial security and personal meaning.

Chapters

00:00 Introduction to The Soul of Wealth 01:20 Contextualizing Wealth and Values 06:22 The Psychology of Spending and Happiness 10:01 Money, Happiness, and Subjective Well-Being 14:15 Buying Time and Freedom 20:14 Retirement: Beyond Leisure and Fun 24:22 The Freedom to Choose: Beyond Escape 25:04 Aligning Spending with Values 26:06 Crafting a Meaningful Financial Plan 27:38 Elevating the Client Experience 29:27 The Dynamic Nature of Values 30:54 Willpower: The Key to Financial Discipline 33:12 Mastering Delayed Gratification 39:12 Understanding Risk in Financial Planning 45:56 Money and Meaning: A Life of Significance

Links

Visit your preferred book retailer to get your own copy of “The Soul of Wealth: 50 Reflections on Money and Meaning” by Dr. Daniel Crosby or click here to purchase from Amazon: https://retirement-researcher.ontralink.com/tl/532

Want more of this kind of insight? The Retirement Researcher Academy is where conversations like these keep going. Visit RetirementResearcher.com/Academy-RWS and use code RWS1 to get the 1st Month of your Monthly Academy subscription on us! 🔗 Join the Academy and get access to the education your future self will thank you for.

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

In this episode of Retire with Style, Wade Pfau and Alex Murguia sit down with Dr. Daniel Crosby, a leading voice in behavioral finance, to unpack the psychological side of investing in today’s volatile markets. Together, they examine how market swings and media noise shape investor behavior—and why having a thoughtful media diet and disciplined decision-making framework is more important than ever. This conversation lays the foundation for next week’s episode, where the discussion will shift toward deeper questions of wealth and meaning. Listen now to learn more!

Takeaways

• Market volatility can trigger anxiety—even among professionals.
• It’s normal to feel fear during downturns, but those emotions don’t have to drive your decisions.
• Limiting exposure to financial news may help you stay focused and make better choices.
• Recognizing the incentives behind financial media can help you consume it more critically.
• More information isn’t always better—clarity often comes from less, not more.
• Patience matters. Reminding yourself that “this too shall pass” can be grounding.
• Uncertainty often causes more stress than bad news itself.
• Taking time to reflect before acting can lead to better financial outcomes.
• We tend to give others better advice than we give ourselves—pause and consider what you’d tell a friend.
• Automation and structured plans are powerful tools to reduce emotional decision-making.

Chapters

00:00 Introduction to Behavioral Finance and Market Volatility 02:56 Understanding Market Reactions and Investor Psychology 06:01 The Impact of Media on Financial Decision Making 08:47 Navigating Uncertainty in Financial Markets 12:05 The Importance of Patience and Discipline in Investing 15:03 Frameworks for Better Financial Decision Making 17:55 Conclusion and Transition to The Soul of Wealth

Links

Click here to watch this episode on YouTube: https://youtu.be/6pMFE_-u0YM

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this episode of Retire with Style, Wade Pfau and Alex Murguia dive into the current market landscape and what it means for retirement planning. They highlight the importance of staying grounded during periods of volatility and how emotions can cloud financial judgment.

Alex introduces the RAIN model—a practical framework to recognize and manage emotional responses—to help investors approach market uncertainty with mindfulness. Together, Wade and Alex unpack how psychological biases influence decision-making and why having a flexible, well-structured plan is key to weathering financial storms.

The conversation also explores strategies for resetting your financial plan in response to market changes, including flexible spending approaches, safe withdrawal rates, and considerations around delaying Social Security. The takeaway? Long-term goals matter most—and with the right mindset and plan, you can navigate uncertainty with confidence.

Takeaways

• Markets are currently down, prompting a need for better financial decisions.
• Emotional responses to market volatility can lead to poor decision-making.
• The RAIN model helps in recognizing and managing emotions during uncertainty.
• It's important to allow feelings of anxiety without acting on them.
• Investors should investigate their thoughts and biases during market downturns.
• Non-identification with emotions can lead to better decision-making.
• Market downturns can be beneficial for savers looking to buy at a discount.
• Resetting financial strategies is crucial during times of uncertainty.
• Long-term investment strategies should be prioritized over short-term reactions.
• Understanding one's retirement income style can impact decision-making during volatility. Maintaining flexibility in retirement spending is crucial.
• Market volatility can impact retirees differently based on their strategies.
• A diversified portfolio can help withstand market fluctuations.
• It's important to adapt your retirement strategy to your personal style.
• Delaying social security can lead to better long-term financial outcomes.
• Behavioral biases can hinder effective investing decisions.
• A financial plan provides a framework for making objective decisions.
• Backcasting helps in setting realistic financial goals.
• Understanding your future self can guide current financial decisions.
• Rules-based decision-making can mitigate emotional responses during market downturns.

Chapters

00:00 Market Volatility and Its Implications 05:02 Understanding Emotional Responses to Market Changes 19:06 The RAIN Model: A Framework for Decision Making 22:54 Resetting Financial Strategies During Uncertainty 23:48 Navigating Market Volatility in Retirement 27:06 Preparing for Financial Decisions in Uncertain Times 28:30 Understanding Safe Withdrawal Rates 29:49 Addressing Behavioral Biases in Investing 32:41 The Importance of Financial Planning 39:16 Strategies for Delaying Social Security

Links

To continue today's conversation.. Join Retirement Researcher THIS Thursday 4/10/25 at 1PM ET for a timely webinar, hosted by Alex Murguia, Ph.D. called, "Making Smarter Financial Decisions in Volatile Markets". Register now at risaprofile.com/podcast

If you haven't already, visit risaprofile.com/style to discover your Retirement Income Style by taking our RISA® questionnaire for free!

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/

This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips