BiggerPockets Money Podcast

The One Thing Most FIRE Chasers Get Wrong (and Later Regret in Retirement)

Jan 24, 2025

In this conversation, Jordan Grumet, a physician and author of "Taking Stock" and "The Purpose Code," dives into the often-overlooked emotional pitfalls of chasing financial independence. He reveals how many who reach their FIRE goals find themselves unfulfilled, highlighting the importance of identifying a personal purpose beyond money. Drawing from his experiences in hospice care, Jordan underscores the significance of living a meaningful life and enjoying the journey, not just the destination, to prevent regret in retirement.

46:59

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Episode guests

Jordan Grumet

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Episode notes

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Quick takeaways

Achieving financial independence doesn't guarantee happiness, as unresolved personal issues can persist even after reaching FIRE.

Introspection is vital for understanding one's purpose; relying on social media for happiness can lead to anxiety and unrealistic expectations.

Focusing on daily joys and meaningful activities, rather than just financial milestones, creates a fulfilling life and prevents burnout.

Deep dives

Understanding Purpose and Identity

The discussion emphasizes the journey of self-discovery, focusing on understanding one's identity and purpose in life. The host introduces Jordan Grumet, a physician with a unique perspective who transitioned from a traditional medical career to exploring personal finance and purpose. He highlights the significance of asking meaningful questions and understanding what it truly means to lead a fulfilling life. Grumet’s personal experiences, particularly with dying patients, shed light on the importance of prioritizing purpose, identity, and connections over mere financial success.

Intro

2min

Finding Purpose Beyond Finance

7min

The Illusion of Goals: Finding Purpose Beyond Achievement

4min

Finding Joy and Purpose

13min

Streamlining Real Estate Investment and Financial Management

5min

Balancing Ambition and Fulfillment

7min

Building Purposeful Communities for True Happiness

4min

Finding Purpose on the FIRE Journey

4min

Balancing the Grind: Finding Purpose in Financial Independence

2min

Why do so many in early retirement struggle with happiness? We know you’ve told yourself, “Once I hit FIRE, I’ll be living the dream! Every day will be like a vacation.” This is what Mindy was telling herself for years before becoming financially independent, and once she hit her goal, she realized life’s same problems still exist. If you’re FI already, this may sound familiar. So, how do you enjoy the path to early retirement so that when you reach your financial goal, the party doesn’t stop?

Jordan Grumet, AKA Doc G, practiced full-time medicine for years but wasn’t completely satisfied, even with financial success. After reflecting on his “purpose,” he found that hospice medicine brought him true fulfillment. Through conversations with patients on their deathbeds, Jordan uncovered a common thread: most regrets stemmed from not living a purposeful life, regardless of financial achievement.

In his new book, The Purpose Code, Jordan walks you through exercises that uncover your view on purpose, success, financial freedom, and what it means to truly “win” in life. His goal? Make sure you enjoy every day on the path to financial freedom so that when you get there, you know exactly how to live the life you love. If you want to reach FIRE happy, less stressed, and full of energy to live your early retirement life, we’ve got what the doctor ordered.

In This Episode We Cover

Why even the wealthiest people in the world are still so unhappy (and what they’re missing)

Why money is NOT the only tool you can use to find lifelong happiness

The four “anchors” you can use to find your life’s purpose before it’s too late

How to enjoy the path to financial freedom without burning out or pushing through unhappiness

The number one thing in life that leads to humans being happy (it’s completely free)

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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