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The Wealth You Can’t Measure: Why the Best Financial Decisions Aren’t About Money

Writer's picture: Jeff HulettJeff Hulett

Updated: Feb 3


A Conversation About Choice, Integrity, and Economics

By Jeff Hulett, President & Founder, Personal Finance Reimagined


Personal finance isn’t just about laws, taxes, or interest rates. It’s about character.

Lord Moulton’s idea of obedience to the unenforceable reminds us that the best decisions often lie beyond what’s required. They lie in what’s right.


But what is right is intensely personal—it is shaped by an individual’s values, the expectations of their community, and broader societal norms. The challenge is in getting the balance right for you—knowing when to prioritize personal convictions, when to honor collective responsibility, and when to adhere strictly to financial logic.


Next, I share a story of how Personal Finance Reimagined helps our clients navigate these complexities, ensuring their financial decisions align not only with their goals but also with their deeper sense of purpose. Because in that balance, true wealth is found.


"The measure of a man's character is what he would do if he knew he would never be found out." – Thomas B. Macaulay


As we sat across the table, sipping coffee, my client—let’s call him Mark—leaned in. He was struggling with a financial decision.


“Jeff, I know the rational choice,” he admitted. “But something about it doesn’t feel right.”

I nodded, understanding exactly what he meant. “Mark, have you ever heard of the phrase obedience to the unenforceable?”


He shook his head.


“It comes from an essay by Lord Moulton,” I explained. “It describes the space between laws and personal freedom—the realm of self-discipline, ethics, and moral obligation. In personal finance, it’s the difference between what you can do and what you should do.”


This is where economics, choice theory, and character intersect. And it’s in this realm—the unenforceable—that some of the best financial decisions are made.


Economics and the Unenforceable: The Rational vs. The Ethical Choice


Modern economics often operates under the assumption that individuals are rational decision-makers, primarily driven by the goal of financial maximization. This principle forms the foundation of classical economic theory. However, real-world behavior often deviates from this model, revealing a more complex interplay of emotions, values, and ethical considerations.


People don’t always make decisions based solely on numbers. They factor in values, relationships, and personal integrity—things that exist outside of enforceable rules.


“Let me give you an example,” I continued. “Imagine you’re a small business owner, and you realize you can cut costs by paying employees just above the legal minimum wage, even though you can afford to pay more. Legally, you’re in the clear. But is it the right choice?”

Mark sat back in his chair. “That depends.”


“Exactly. That’s the unenforceable at work. The law won’t punish you for squeezing wages, but your conscience might. You want your employees to build wealth and success. Yet lower wages make wealth-building more challenging. Your employees might feel undervalued, turnover could rise, and over time, your business might suffer. The short-term, numbers-driven choice might not be the right choice at all.”


In economics, this falls under game theory. The optimal long-term outcome often depends on cooperation, trust, and unseen factors that aren’t contractually enforceable.


Choice Theory: Why Values Matter in Decision-Making


At its core, Choice Theory—developed by psychologist William Glasser—argues that human behavior is driven by five basic needs:


  1. Survival

  2. Love and belonging

  3. Power

  4. Freedom

  5. Fun


Financial decisions are not just about maximizing wealth. They’re about meeting these psychological needs in a way that aligns with personal values. Personal values are unique to the individual. What is important to you will naturally be different from what is important to others. Also, what is important to you today will be different from what is important to you tomorrow. And this is OK! It is our diverse rationality that makes our economy so resilient. Our diverse rationality is the basis for our comparative advantages at the core of our ability to specialize and thrive in the market economy. It is how we obey the unenforceable that is like an invisible hand guiding all our decisions. These individual decisions lead to emergent market behavior such as how much something costs and how much of that something people want.


“Think about it, Mark,” I said. “Why do people stay in jobs they hate just for the money? Or buy things they can’t afford to impress people they don’t even like?”


“Because they’re chasing something deeper than money,” he said.


“Exactly. The unenforceable is what guides people toward choices that serve their higher needs, not just their bank accounts.”


Personal Finance and the Space Between Laws


“Let me tell you a story,” I continued.


I once worked with a client who received an unexpected windfall—about $500,000. He had no legal obligation to share it. No contracts required him to use it for anything other than his personal gain.


But he felt a pull toward something bigger.


Instead of spending it all on himself, he chose to allocate part of it toward helping his aging parents pay off their mortgage. He invested another portion in a scholarship fund for his local community.


There was no law enforcing these choices. No tax breaks, no financial incentives. Just a moral obligation—a sense of stewardship and love for his community.


“This, Mark, is obedience to the unenforceable in action. It’s the space between obligation and freedom where character takes the wheel.”


The Unseen Consequences of Financial Choices


Not every decision is so grand. Sometimes, the unenforceable shows up in the small moments:


  • Choosing not to max out a credit card just because the bank allows it. Why? Because living within your means gives you more financial capacity to help others.

  • Paying off debt early, even though minimum payments are all that’s required. Why? Because creating financial resilience makes you better able to handle market downturns.

  • Helping a friend in need, even when there’s no expectation of return. Why? Because paying it forward for others will increase the likelihood that someone will pay it forward for you or someone you care about.


The beauty of these decisions? They compound.


Just like compound interest builds wealth over time, ethical financial choices build trust, reputation, and resilience. And while short-term logic might not always justify them, long-term economics often rewards them.


Applying the Principle to Your Life


“Mark,” I said, “when making financial decisions, ask yourself three questions.”


  1. What’s the rational choice? – This is its financial implications. What do the numbers say?

  2. What’s the enforceable choice? – This is the legal aspect. What are your obligations?

  3. What’s the right choice? – This is the space in between. What aligns with your values and long-term vision?


“When you align all three, you make choices that don’t just build wealth—they build life.”

Mark smiled. “I think I know what to do now.”


And with that, he picked up his coffee, ready to make the best financial decision—not just for his wallet, but for his future.


Conclusion: The Wealth Beyond Money


Personal finance isn’t just about laws, taxes, or interest rates. It’s about character.

Lord Moulton’s idea of obedience to the unenforceable reminds us that the best decisions often lie beyond what’s required. They lie in what’s right.


But what is right is intensely personal—it is shaped by an individual’s values, the expectations of their community, and broader societal norms. The challenge is in getting the balance right for you—knowing when to prioritize personal convictions, when to honor collective responsibility, and when to adhere strictly to financial logic.


At Personal Finance Reimagined, we help our clients navigate these complexities, ensuring their financial decisions align not only with their goals but also with their deeper sense of purpose. Because in that balance, true wealth is found.


Resources for the Curious


For those interested in exploring the intersection of economics, choice theory, and ethical decision-making in personal finance, here are valuable resources:


Jeff Hulett’s Articles

  1. Hulett, Jeff. Challenging Our Beliefs: Expressing Our Free Will and How to Be Bayesian in Our Day-to-Day Life. The Curiosity Vine, 2023.

  2. Hulett, Jeff. The Hidden Wealth of Time: Turning Challenges into Opportunity. Personal Finance Reimagined, 2025.

  3. Hulett, Jeff. Luck Is Where Preparation and Opportunity Meet. The Curiosity Vine, 2023.


Classic and Contemporary Thought on Ethical Decision-Making & Economics

  1. Moulton, Lord. Law and Manners. The Atlantic, July 1942.

  2. Glasser, William. Choice Theory: A New Psychology of Personal Freedom. HarperCollins, 1998.

  3. Kahneman, Daniel. Thinking, Fast and Slow. Farrar, Straus and Giroux, 2011.

  4. Smith, Adam. The Theory of Moral Sentiments. 1759.

  5. Thaler, Richard H., and Cass R. Sunstein. Nudge: Improving Decisions About Health, Wealth, and Happiness. Yale University Press, 2008.

  6. Schwartz, Barry. The Paradox of Choice: Why More Is Less. Harper Perennial, 2004.

  7. Hülsmann, Jörg Guido. The Ethics of Money Production. Ludwig von Mises Institute, 2008.


Podcast Discussion on Obedience to the Unenforceable

  1. Roberts, Russell, host. Michael Munger on Obedience to the Unenforceable. EconTalk, Liberty Fund Network, 19 June 2023.

These resources provide a strong foundation for making financial decisions that align with both economic logic and personal integrity.

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Feb 02
Rated 5 out of 5 stars.

Love this - Lord Byron's quote is an amazing example of how to approach personal finance.

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