Understanding the Emotional Cost of Wealth and Its Impact on Happiness with Derek Hagan

In this episode of the Healthy Love and Money Podcast, I’m honored to welcome back Derek Hagan, financial psychology expert and founder of Meaningful Money. We explore the deep emotional ties we have to money, the way wealth impacts identity, and the myths we carry about financial success. Derek shares his insights on why many people believe money will solve their problems, how financial decisions are influenced by subconscious beliefs, and why changing our money mindset is often harder than we expect.

Quotes:

“The best my life will ever be has already happened.” – Derek Hagan on a client’s struggle with financial loss and identity.

“We are always signaling something with money, whether we realize it or not.” – Derek Hagan

Key Moments:

⏳ [1:00] Derek’s realization about brain surgery and how it relates to financial psychology

⏳ [3:45] The myth of the “quick fix” in money therapy and why real change takes time

⏳ [7:30] The power of storytelling and the beliefs we carry about wealth

⏳ [12:00] A real-life client case study on spending, identity, and financial grief

⏳ [18:40] How our financial behaviors are often shaped by childhood experiences

⏳ [25:15] Why wealth doesn’t guarantee happiness and the emotional impact of sudden wealth

⏳ [32:10] The hidden ways we “signal” financial success and why it matters

⏳ [40:20] How financial stress distorts our perception of other people’s money situations

⏳ [47:05] Finding a healthy balance between external validation and intrinsic self-worth

Resources & Links:

🔗 Connect with Derek Hagan:

• Website: Meaning.blog
• LinkedIn: Derek Hagan
• Twitter: @MoneyHealthGuy

📖 Recommended Books & Resources:

• The Psychology of Money by Morgan Housel
• Hardwiring Happiness by Rick Hanson
• Strangers in Paradise by James Grubman

💡 Connect with Ed Coambs:

• Website: Healthy Love and Money
• Instagram: @HealthyLoveAndMoney
• LinkedIn: Ed Coambs

Subscribe & Share

If you enjoyed this episode, don’t forget to subscribe and leave a review! Your support helps us continue bringing thoughtful conversations on financial and relational well-being. Share this episode with a friend, family member, or partner to spark meaningful money conversations.

Podcast Disclaimer

This podcast is for educational and informational purposes only and reflects my experiences as a financial therapist and Certified Financial Planner™. It is not a substitute for professional financial, legal, or mental health advice. Every person’s situation is unique, and I encourage seeking personalized...