Finding your purpose for everyday living

Carl Landau is a serial entrepreneur with a sense of humor. He retired in 2019 in his early 60s when he sold his live events and trade show business. Retirement didn't suit him. He quickly started the podcast "I Used to be Somebody," co-authored "Pickleball for Dummies" and created the Pickleball Media company. He reflected in a blog post last year on what he had learned during his three years of unretirement. One lesson stood out to him (and me).

"The one universal thread that rings true [and I know it might sound obvious] is we all need purpose when we wake up in the morning to get out of bed," he wrote. "It doesn't matter what that purpose is — whether it's spending time with a grandchild, starting a new company, volunteering for a cause you are passionate about or playing a sport like pickleball. You've got to have that drive. And for extra credit, if you create a diverse set of passions, all the better!"

Finding purpose in whatever we chose to do at any stage of life is a "universal thread that rings true." For example, although many motivations fed into the "Big Quit" by workers during the pandemic years, a major factor expressed in many interviews was the desire to find greater meaning (and pay) in jobs, careers, or to land on a better mix of work, family and outside activities.

The dawn of a New Year is a good time to think about purpose — the reason or reasons to get up in the morning. Now, if you don't like the idea of resolutions, call it instead a goal or an ambition for the coming year.

Richard Leider has thought deeply about purpose, and his books (several co-authored) on the topic are inspiring and practical. The Greater Good Science Center at the University of California, Berkely, has tools aimed at uncovering purpose. A powerful avenue to pursue is your intergenerational network.

To turn your thoughts quest into practical reality usually requires developing a financial plan that supports any career or lifestyle change. The fundamentals of personal finance are especially important during major transitions. Transitions usually take longer than we hope or expect, but smart financial planning hikes the odds of a successful and more purposeful next chapter at any stage of adult life.

Chris Farrell is a senior economics contributor for "Marketplace" and a commentator for Minnesota Public Radio.