The One Thing Most FIRE Chasers Get Wrong (and Later Regret in Retirement)
01/24/25 • 46 min
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
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine
Find an Investor-Friendly Agent in Your Area
The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G
(00:00) Intro
(04:39) The Comparison Trap
(06:38) You're Getting "Purpose" Wrong
(10:16) How to Start Enjoying Life
(14:07) The Reason So Many Aren't Happy
(23:30) The Huge Impact of "Little" Purpose
(29:10) Purpose Exercises
(30:52) Finding Your Community
(33:54) Connect with Jordan!
(34:27) Find Purpose BEFORE FI!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-601
Interested in learning more about today’s sponsors or becoming a...
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
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine
Find an Investor-Friendly Agent in Your Area
The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G
(00:00) Intro
(04:39) The Comparison Trap
(06:38) You're Getting "Purpose" Wrong
(10:16) How to Start Enjoying Life
(14:07) The Reason So Many Aren't Happy
(23:30) The Huge Impact of "Little" Purpose
(29:10) Purpose Exercises
(30:52) Finding Your Community
(33:54) Connect with Jordan!
(34:27) Find Purpose BEFORE FI!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-601
Interested in learning more about today’s sponsors or becoming a...
Previous Episode
7 Maxed Out Credit Cards to Money Expert by Making a BIG Mental Shift
Are you building wealth but feel like you can never enjoy it? Do you struggle with money, fearing you carry the same poor financial habits as your parents? Whether you’ve got a lot of money or a little, many of us face the same mental financial challenges—anxiety, shame, and stress—but it doesn’t have to stay this way.
Today’s guest is living proof that change is possible. After completely turning his financial life around, from maxed-out credit cards, a rock-bottom credit score, repossessions, and empty bank accounts, to achieving financial success, he now teaches others how to do the same.
Steven Hughes, a money therapist, focuses on uncovering the financial beliefs shaped during childhood. Steven recognized that the negative money mindset affecting him in his youth also impacted countless others. To address this, he founded the non-profit “Know Money” to help people cultivate a stress-free, anxiety-free, and guilt-free perspective on money, empowering them to achieve true wealth—both mentally and financially.
Do you feel like, even though you’ve got money, you’re constantly worrying or unable to keep a cent in your bank account? Steven provides practical tools to help you finally break free from an unhealthy money mindset.
In This Episode We Cover
How to find the “root” of your money fears and address it once identified
Why some people with extraordinary incomes struggle to save money
Healthy vs. unhealthy financial emotions and ways to stop feeling guilty about success
Tools to manage your emotions around money so you can truly enjoy your wealth
The “family fund” that empowers you to give generously without being taken advantage of
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine
Grab Your Copy of “The Richest Man in Babylon (BiggerPockets Edition)"
Find an Investor-Friendly Agent in Your Area
How to Use Your Financial Fears to Build Wealth Better
(00:00) Intro
(01:13) 7 Maxed Out Credit Cards?!
(05:56) Teaching Others to Avoid His Mistakes
(07:34) Identifying Your Money "Root"
(10:08) Getting Out of Debt
(11:55) Financial Therapy
(16:28) Mental Money Challenges
(18:53) Healthy vs. Unhealthy Money Emotions
(22:24) What to Do AFTER FIRE
(25:46) Tools to Manage Money Emotions
(32:34) Family Asking for Money?
(38:34) Connect with Steven!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-600
Interested in learning more about today’s...
Next Episode
The Middle-Class Trap That Could Keep You from FIRE (How to Escape It)
Buying a house, maxing out your 401(k), and leveraging real estate can help you achieve financial independence. But suppose your goal is to retire early. Could relying too heavily on these principles actually delay early retirement? Today, we’re going to show you how to break free from the “middle-class trap” that stops so many from retiring early!
Welcome back to the BiggerPockets Money podcast! Is most of your net worth “stuck” in home equity and retirement accounts? This is a widespread issue in the FIRE community. On one hand, you could sell your home or refinance your mortgage to tap into your equity, but interest rates are too high! Meanwhile, you can’t withdraw money from your 401(k)—not without incurring severe penalties. In theory, you could already be a millionaire but have little to no cash flow to fuel your retirement. So, what should you do?
In this episode, you’re going to learn all about the middle-class trap, how to avoid it, and, if you’re in it, how to get out! Mindy and Scott will share the “ideal” portfolio for an early retiree and the bridge accounts you need to retire today. Finally, is the FIRE community wrong about the 100% index fund portfolio? Stay tuned to find out!
In This Episode We Cover
The middle-class trap explained and how to avoid (or escape) it
The “ideal” investment portfolio for the early retiree
Tweaking your asset allocation to achieve financial freedom
The power of owning a paid-off rental property in retirement
Bridge accounts and investments that will allow you to retire today
Why a 100% index fund portfolio could come back to bite you
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine
Achieve FIRE with Scott’s Book “Set for Life”
Find Investor-Friendly Lenders
BiggerPockets Money 554 - Should I Pay Off My Mortgage or Invest? (We Did the Math)
(00:00) Intro
(00:42) What Is the Middle-Class Trap?
(03:42) The “Ideal” Retirement Portfolio
(10:31) Scott’s Path to Financial Freedom
(16:13) Mindy’s Early Retirement Roadmap
(24:12) The Power of Paid-Off Property
(29:18) Middle-Class Trap “Timeline”
(33:55) Share YOUR Portfolio!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-602
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