453: Pursuing Your Passion & Knowing When to Walk Away with Annie Duke
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 12 August 2024
⏱️ 63 minutes
🧾️ Download transcript
Summary
Today, I'm thrilled to welcome Annie Duke back on the podcast. Annie is an author, speaker, and consultant. She has a PhD in Cognitive Psychology and is a special partner focused on Decision Science at First Round Capital Partners, a seed-stage venture fund.
Many of you will likely recognize Annie from her illustrious career as a professional poker player, during which she won over $4 million and a World Series of Poker bracelet before retiring from poker in 2012.
Today, we will focus on her newest book, Quit: The Power of Knowing When to Walk Away. She explores why many people continue with relationships and careers that no longer serve us and how to master the skill of quitting to pursue something else that will make you happier.
In our conversation, Annie reveals the most challenging aspect of changing careers and transitioning into retirement is often linked to the loss of identity and purpose, how the lessons that we teach our kids about quitting should be focused on overall happiness instead of failure, and simple strategies to help to make better decisions that are shrouded in uncertainty.
GET A FREE ACCESS TO ANNIE'S BOOK TITLED QUIT: THE POWER OF KNOWING WHEN TO WALK AWAY
Here's all you have to do...
- Step 1.) Subscribe to the podcast and leave an honest rating & review over on iTunes.
- Step 2.) Text the word BOOK to 866-482-9559 and we'll make sure you get signed up for free. It's that simple!
In this podcast interview, you'll learn:
- How Annie's decision to retire from poker was influenced by her happiness and loss of passion for the game.
- Why many people struggle with making good decisions when faced with uncertainty.
- Why one of the hardest aspects of quitting or retiring is the loss of identity.
- How the demise of Sears, one of the largest and most successful companies in the country, can be linked to a loss of identity.
- The similarities in the decision making process between firing an employee, quitting a job and retiring.
- A different perspective on how we teach our kids and grandkids about quitting when it comes to sports and activities.
- Annie's tips and strategies for overcoming analysis-paralysis with investing decisions during the transition to retirement.
Our Market Outlook Webinar is live! Visit https://bit.ly/4bmHkUb to register.
Show Notes: Howardbailey.com/453
Rate & Review the Podcast: RetireWithPurpose.com/review
📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu
📅 SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3z5mXIw
ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Transcript
Click on a timestamp to play from that location
| 0:00.0 | So one of the things that we know about exits is that it's very hard to make the decision in the moment. |
| 0:08.4 | That is when we are most irrational in the moment. |
| 0:12.3 | So it's pretty easy like looking back to say, oh, I should have quit that earlier. |
| 0:16.9 | I think all of us are pretty good at recognizing that we'd like a future version of |
| 0:21.7 | ourselves to be healthy, right? Because then we know that we're going to have a better quality |
| 0:25.1 | of life. We're going to live longer. All of those things are good. But none of us are particularly |
| 0:29.0 | good at avoiding the piece of cake when it's sitting right in front of us. So when someone has lost |
| 0:33.8 | the passion for their job and they're unhappy. What I encourage them to do is say, |
| 0:39.3 | how long are you okay with the situation as it stands? Okay, so you're unhappy in your work. |
| 0:45.1 | You've lost the spark. You dread going into work each day. You're going through the motions. |
| 0:51.4 | It's making you depressed, whatever, right? All the things that are making you consider it |
| 0:55.9 | in the first place. How long is this okay? |
| 1:07.1 | Hey, this is Casey Weed, and it is my mission here on the podcast to deliver clarity and purpose and elevate meaning in your life. |
| 1:14.3 | And if you're new to the show, you might be wondering, well, what exactly does that mean? |
| 1:17.9 | Well, that means we take an approach here that is both financial and non-financial, helping those that are pre-retired and retired, make some of the most important decisions of their lives. |
| 1:26.7 | And we do that through |
| 1:27.8 | conversations we have every Friday and periodically with our guests. Every Friday we get together |
| 1:32.8 | with you and we discuss a trending topic, a trending subject, a trending blog post. And you'll |
| 1:38.3 | find a lot of these topics show up in our weekend reading for retirees email series, an email |
| 1:43.2 | that hits your inbox every |
| 1:44.4 | single Friday, four articles, trending topics, summaries, takeaways for myself, and all kinds |
| 1:50.5 | of other great resources that we love to share with you at no cost. You have to get signed up |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Casey Weade, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Casey Weade and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.