Frugal Friends Podcast: How Lack of Purpose Drives Your Impulse Spending with Jordan Grumet
Release Date: January 14, 2025
Hosted by Jen Smith & Jill Sirianni
Guest: Jordan Grumman (Author of "The Purpose Code")
Introduction
In Episode 476 of the Frugal Friends Podcast, hosts Jen Smith and Jill Sirianni delve into the intricate relationship between purpose and impulse spending with their esteemed guest, Jordan Grumman. Known affectionately as "Doc G" in certain circles, Jordan brings a unique perspective as both a hospice doctor and a personal finance advocate. His new book, "The Purpose Code," serves as a cornerstone for today's discussion, exploring how a lack of purpose can lead to unnecessary expenditures and financial disarray.
Defining Purpose: Big P vs. Little P (09:13 - 16:53)
Jill initiates the conversation by challenging the conventional understanding of purpose. She differentiates between Big P Purpose and Little P purpose, emphasizing that while society often pressures individuals to chase grand, audacious goals (Big P), true fulfillment lies in engaging with everyday purposeful activities (Little P).
Jill [09:13]: "Most people think purpose is this really big, huge thing... But I think little P purpose is very easy to grasp. What could you love doing? And let's start building a life of purpose around it."
Jordan echoes this sentiment, noting his personal struggles with the traditional concept of purpose, especially after switching careers multiple times. He appreciates Jill's breakdown, which makes purpose more attainable and less daunting.
Jordan [12:21]: "It sounds like you're breaking it down even smaller. I'm wondering if you could give some more examples of how we could understand Little P purpose better."
Finding Purpose Anchors (16:53 - 30:13)
Jill introduces the concept of purpose anchors, foundational elements that inspire and guide one's purposeful activities. She suggests several methods to identify these anchors:
- Regret Reflection: Considering what one would regret not doing can highlight potential purpose anchors.
- Childhood Joys: Revisiting activities that brought joy in childhood can uncover innate passions.
- Art of Subtraction: Focusing on the aspects of activities one loves, while disregarding the disliked parts.
- Spaghetti Method: Experimenting with various activities to see what resonates.
Jill [16:53]: "Regret is a really great way to start thinking about purpose anchors... So it's really the action specifically and not the spending."
Jordan contemplates how these anchors can be integrated into daily life without monopolizing one's time, raising concerns about balance and flexibility.
Jordan [30:13]: "Does this need to be provisionary for us then? If I think about an anchor for myself, does that mean something that I then am able to engage in pretty regularly?"
Implications for Personal Finances (30:13 - 38:46)
The discussion pivots to the financial ramifications of understanding and applying Little P purpose. Jill emphasizes that clarity in purpose leads to more intentional spending aligned with personal values, reducing impulse purchases driven by societal pressures.
Jill [38:46]: "When you're really clear on purpose in your life, you start doing these things that light you up first and foremost... You start getting really clear about what feels like purpose to you as opposed to what the world is telling us purpose should look like."
Jen shares a personal anecdote, illustrating how financial goals without internal alignment can lead to unfulfilling pursuits:
Jen [17:41]: "After we paid off debt, I thought being debt-free would solve my problems. Instead, I still felt guilt around spending, which led me to chase early retirement without addressing the underlying issues."
Cultivating Little P Purpose (38:46 - 40:55)
Jill offers actionable strategies for listeners to cultivate Little P purpose:
- Align Spending with Values: Prioritize expenditures that enhance purposeful activities.
- Use Money as a Tool: View money as a means to free up time for what truly matters.
- Continuous Evaluation: Regularly assess and adjust purpose anchors to stay aligned with evolving passions.
Jill [40:55]: "When you do spend, a lot of times your spending is more in line with your values... You start getting really clear about what feels like purpose to you."
Practical Applications and Listener Advice (38:46 - 40:55)
Addressing listeners who may be struggling with debt, impulse spending, or limited financial flexibility, Jill underscores the transformative potential of aligning spending with personal purpose:
Jill [38:46]: "We use spending often to soothe ourselves... When we start being clear on purpose, our spending aligns with our values, reducing unnecessary impulse purchases."
Jordan and the hosts reinforce the idea that purpose-driven spending fosters financial discipline and emotional well-being, encouraging listeners to identify and nurture their own purpose anchors.
Conclusion and Takeaways (54:18 - 59:31)
As the episode wraps up, Jill and Jen invite listeners to explore Jordan Grumman's insights further by visiting his website and engaging with his content. They emphasize the importance of ratings and reviews to help broaden the podcast's reach, ensuring more individuals can benefit from conversations about purposeful living and financial mindfulness.
Jen [55:44]: "If this helped you realign your perspective on purpose, we would love if you would leave a rating and review on Apple Podcasts or a rating and comment on Spotify."
Jordan expresses gratitude for the collaborative discussion, highlighting the mutual alignment in their approaches to purpose and financial independence.
Jordan [54:26]: "Thank you so much for having me. Your view is so complementary to ours and aligned."
Key Quotes
- Jill [09:13]: "Little P purpose is very easy to grasp. What could you love doing? And let's start building a life of purpose around it."
- Jordan [12:21]: "I'm wondering if you could give some more examples of how we could understand Little P purpose better."
- Jen [17:41]: "I still had too much guilt to spend money... It was not the nirvana that was promised to me."
- Jill [38:46]: "You start getting really clear about what feels like purpose to you as opposed to what the world is telling us purpose should look like."
Final Thoughts
This episode of the Frugal Friends Podcast offers a profound exploration of how purpose, both grand and everyday, influences our financial behaviors. By shifting focus from seeking a monumental purpose to embracing daily meaningful actions, listeners are empowered to make more intentional spending choices, fostering both financial health and personal fulfillment.
For more insights and to explore Jordan Grumman's "The Purpose Code," visit jordangrumet.com.
If you found this summary helpful, consider tuning into the full episode for a deeper dive into managing impulse spending through purposeful living.