Wealth beyond money

In our work with clients, we frequently discuss important financial topics like investment growth, protecting your money, and future planning for your family. Naturally, these conversations often involve the stock market, saving money on taxes, and smart ways to allocate capital to achieve long-term goals. But beyond the numbers, there’s a much deeper and personal motivation behind every financial choice we make: the pursuit of a meaningful and fulfilling life.

Daniel Crosby, a psychologist and behavioural finance expert, has worked closely with ATB Wealth in the past. His latest book, The Soul of Wealth, challenges us to look past conventional definitions of "rich." Crosby argues that true wealth isn’t just about how much money you have, but more importantly, how you use that money to truly live a happy life with a sense of purpose.

Most of our clients have worked incredibly hard to build substantial net worth. For many, the question isn’t "How do I get more money?" but rather, "How does my money truly help me live a happy life and reflect what is important to me?"

What true wealth means

Real wealth is far more than just numbers in a bank account. It’s about having strong relationships, good health, enjoyable work, control over your time, engaging hobbies, and a deep sense of purpose. It might seem strange, but we live in an era of unprecedented global wealth, yet many people—even those with money—still feel unfulfilled or unhappy. This suggests we might be overlooking something important in our pursuit of wealth, however we uniquely define it.

One of Crosby’s most interesting ideas is that money is simply a tool—albeit a very powerful one—that shows us what we value. He says that every dollar we spend is like a vote for the kind of world we want to live in and the life we want to have. For those with the financial freedom to choose without worrying about basic needs, this concept becomes incredibly significant. Do our spending choices truly line up with what matters most to us—whether that’s supporting a charity, creating special memories with family, or contributing to causes and people we care about? 

The complex link between money and happiness

There’s a complex connection between money and happiness. Research shows that money can certainly help us avoid hardship by providing safety and comfort. However, when it comes to true happiness, it’s more intricate. Often, it’s not about how much money you have, but how you use it. A clear example is how the lasting joy from experiences frequently surpasses the temporary thrill of acquiring new things, which tend to lose their novelty quickly. We’ve all experienced this in some form.

The power of intentionality

This all leads us to the idea of being intentional. Whether you’re planning for retirement or making daily choices, it’s important to make thoughtful decisions that reflect your true values. For clients who have achieved financial freedom, the ability to use their money not just for growth but for meaningful impact becomes a powerful source of personal satisfaction. It encourages us to move past thoughtless spending and truly consider what brings us joy.

The Soul of Wealth is a powerful reminder that the main reason for financial success is to create a life that truly thrives. For our clients, who have the unique advantage of having met their basic financial needs and often much more, the conversation naturally shifts. It transforms from simply accumulating money to using it wisely to help build a rich, balanced life. It’s about realizing that the most important rewards are measured in the strength of relationships, the richness of experiences, and the depth of our purpose. While this may sound obvious, a gentle reminder once in a while goes a long way toward maintaining perspective and direction.

If you’re interested in reading The Soul of Wealth: 50 Reflections on Money and Meaning by Daniel Crosby yourself, we highly recommend it. You can find it wherever you normally buy books.