Finance Got It WRONG About Human Behavior with Prof. Meir Statman

What if wealth isn't just about maximizing returns — but about maximizing well-being?

In this episode of Resilient Riches, Yair Klyman sits down with Meir Statman, one of the founding voices of behavioral finance, to explore how money, emotion, values, and life satisfaction are deeply intertwined.

Dr. Statman has spent over 50 years teaching and researching finance, holding academic positions at institutions including Columbia University, the Hebrew University of Jerusalem, and Santa Clara University. He is the author of A Wealth of Well-Being: A Holistic Approach to Behavioral Finance, a groundbreaking book that challenges the traditional idea that people are purely rational wealth-maximizers.

In this conversation, Yair and Dr. Statman move beyond spreadsheets and returns to discuss how people actually experience money — and why so many financially successful individuals still feel anxious, constrained, or afraid to spend what they've earned.

They explore real-world questions clients wrestle with every day:

Why do people fear running out of money even when the numbers clearly say they won't?

Why is spending from savings emotionally painful for so many people?

How do values, family dynamics, and culture shape financial decisions?

What role should money play in supporting family, community, and legacy?

How can advisors help clients live better lives — not just grow portfolios?

Dr. Statman shares powerful stories from his research and life, including insights on generational wealth, charitable giving, endowments, retirement spending, and why "dying with the most money" is not a meaningful goal. He reframes financial planning as a form of well-being management, comparing life to a diversified portfolio that includes family, health, purpose, community, and meaning — not just assets.

Yair also brings the discussion into a practical, client-focused lens, drawing from his work with families, business owners, and members of the Jewish community navigating high costs of living, tuition, legacy planning, and multigenerational responsibility.