Title: HerMoney with Jean Chatzky – Ep 456: Struggling To Find Your Purpose? This One’s For You
Release Date: January 1, 2025

Introduction to the Episode

In Episode 456 of HerMoney with Jean Chatzky, host Jean Chatzky explores the age-old question of finding one’s purpose. Understanding that purpose can be elusive and ever-evolving, Jean seeks to provide listeners with practical advice and insights to navigate this personal journey. To guide this exploration, she welcomes Dr. Jordan Grummet, a hospice doctor and award-winning personal finance podcaster, who brings a unique blend of medical and financial expertise to the conversation.

Defining Purpose: Big P vs. Little p

Dr. Jordan Grummet begins by clarifying common misconceptions about purpose. At [05:04], he introduces the concepts of Big P purpose and little p purpose:

• Big P Purpose:

  • Definition: Goal-oriented, often associated with grand, audacious ambitions like becoming president or curing cancer.
  • Characteristics: Linked to a scarcity mindset, highly fallible, lacks agency, and can cause significant anxiety.
  • Impact: These lofty goals are hard to achieve and can lead to disappointment and burnout when not met.

• Little p Purpose:

  • Definition: Process-oriented, focusing on daily actions that are fulfilling and enjoyable.
  • Characteristics: Linked to an abundance mindset, impossible to fail, supports incremental gains associated with longevity, health, and happiness.
  • Impact: This approach allows purpose to evolve naturally and provides continuous fulfillment regardless of reaching specific goals.

Dr. Grummet emphasizes that purpose should be built, not merely found. He encourages listeners to incorporate little p purpose into their lives, fostering a sustainable sense of fulfillment through everyday actions.

The Impact of Purpose on Well-being

Jean highlights the tangible benefits of having a sense of purpose, citing a 2023 Wiley study that found a strong purpose can significantly reduce depression and anxiety ([01:03] – [04:37]). Additionally, Dr. Grummet points out that a purposeful mindset influences positive physical choices, such as exercising more regularly, because individuals believe in their ability to follow through ([04:37]).

Work-Life Balance and Purpose

At [13:26], the conversation shifts to the challenges of work-life balance. Dr. Grummet links burnout to the pursuit of Big P purpose, where individuals strive for unattainable goals, leading to exhaustion when those goals remain out of reach ([14:06]). To counteract this, he offers strategies to decenter work and integrate purpose into other aspects of life using tools like:

• Financial Independence: Creating financial security to reduce dependence on a single, potentially unfulfilling job.
• Relationships and Personal Passions: Leveraging time, energy, and community to enhance life’s fulfillment.
• Levers for Purpose Integration:
  • Joy of Addition: Adding joyful, purposeful activities to one’s schedule.
  • Art of Subtraction: Eliminating tasks that cause stress or lack fulfillment.
  • Substitution: Replacing undesirable activities with more fulfilling ones.

Creating Purpose through Subtraction

Dr. Grummet shares his personal journey of overcoming burnout by subtracting extraneous activities and focusing on hospice work that he found deeply fulfilling ([23:19] – [26:09]). This process involved:

• Eliminating Unfulfilling Tasks: Dropping elements of his practice that led to burnout.
• Focusing on What He Loved: Continuing hospice work, which provided joy and a sense of purpose even without financial incentives.

He underscores that subtraction can help clarify what is truly meaningful, allowing individuals to concentrate on activities that truly resonate with them.

Financial Independence and Purpose

At [26:09], the discussion turns to the FIRE movement (Financial Independence, Retire Early). Dr. Grummet explains that while financial independence is a valuable tool for building a life of purpose, it is not the only pathway. He advises leveraging other tools such as:

• Time and Energy: Utilizing available time and personal energy to pursue fulfilling activities.
• Community and Relationships: Building strong interpersonal connections that enhance one's sense of purpose.

He also notes that Dr. Grummet's financial framework was influenced by practical strategies from his parents, such as saving a significant portion of income, investing in real estate, and understanding the stock market, rather than solely relying on FIRE principles.

Purpose in Retirement

Jean shares her apprehensions about finding purpose in retirement, fearing that without work, her sense of fulfillment might diminish. Dr. Grummet responds by redefining retirement:

• Retirement as Continued Purpose: Retirement doesn't signify the end of purposeful activities but rather a shift in how one engages with passion-driven work.
• Pursuing Activities You Love: Encouraging the continuation of activities that one would do even without financial incentives.
• Integrating Purpose Anchors: Identifying core interests and values that can guide post-retirement fulfillment.

He suggests that retirement can be a time to deepen engagement with little p purpose, leveraging personal interests and passions to maintain a sense of purpose.

Final Insights: Three Key Takeaways

In his concluding remarks at [31:16], Dr. Jordan Grummet offers three essential steps for living a purposeful life:

1. Purpose is Abundant:

   • There are countless opportunities to find purpose; it’s a matter of discovering what you love.

2. Create, Don’t Find, Purpose:

   • Purpose is not something that happens to you but something you build through intentional actions.

3. Money is a Tool:

   • Financial resources are important but integrating other tools like time, energy, and relationships is crucial for a well-rounded and fulfilling life.

These takeaways highlight the importance of proactive engagement in creating a purposeful life, rather than passively searching for it.

Notable Quotes

• Dr. Jordan Grummet ([05:04]):
  "Purpose is the why of doing what we do. It's about being involved in actions that we find highly fulfilling."

• Dr. Grummet ([07:07]):
  "Little P purpose is process-oriented... if we enjoy the process of doing what we're doing, the goal becomes less important."

• Dr. Grummet ([11:36]):
  "Purpose isn't going to fall on your head. You don't find purpose, you create it."

• Dr. Grummet ([31:16]):
  "Purpose is abundant. Purpose is everywhere. All we have to do is find the things we love."

Conclusion

Episode 456 of HerMoney with Jean Chatzky offers a comprehensive exploration of finding and integrating purpose into one’s life. Through insightful discussions with Dr. Jordan Grummet, listeners gain practical strategies to build a purposeful existence by embracing little p purpose, managing work-life balance, leveraging financial independence, and redefining retirement. The episode underscores the importance of intentional actions and mindset shifts in cultivating a fulfilling and purpose-driven life.

For those seeking to delve deeper, Dr. Grummet directs listeners to his website and additional resources, encouraging ongoing exploration and personal growth.

This summary captures the essence of the episode, highlighting key topics, actionable advice, and significant quotes with appropriate timestamps. It provides a clear and engaging overview for those who haven't listened to the podcast while maintaining a structured and informative format.