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036: Dr. Jordan Grumet - Getting to Good: Mitigating Risk & Regret In Life & Finances

036: Dr. Jordan Grumet - Getting to Good: Mitigating Risk & Regret In Life & Finances

FromMindful Money


036: Dr. Jordan Grumet - Getting to Good: Mitigating Risk & Regret In Life & Finances

FromMindful Money

ratings:
Length:
47 minutes
Released:
Dec 2, 2022
Format:
Podcast episode

Description

Dr. Jordan Grumet, or Doc G as he is affectionately known, is a doctor of internal medicine and a hospice care medical director turned financial blogger and author. He has been a financial independence blogger for a decade and hosts the award-winning Earn and Invest Podcast. Today, Dr. Jordan talks about his roots growing up in Evanston, Illinois, what it means to live a regret-free life, and what inspired him to write his book, Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life. Jonathan and Dr. Jordan discuss side hustles, following your passion and the powerful life lessons Dr. Jordan has learned over the years from his hospice patients.? Watch on YouTubehttps://youtu.be/hxgjKuB9CVkKey Takeaways01:01 – Jonathan introduces today’s guest, Dr. Jordan Grumet, who joins the show to share his background in hospice care, financial independence lessons, and what it means to live a ‘regret-free’ life08:11 – Growing up in Evanston, Illinois09:41 – How Dr. Jordan got into blogging about financial independence and what inspired him to write his book, Taking Stock16:20 – Dr. Jordan’s approach to writing about finance19:01 – The parable of The Three Brothers21:54 – Passive income and the fallacy of retiring early25:40 – Dr. Jordan breaks down a simplified financial plan28:58 – Side hustles33:15 – Common themes Dr. Jordan hears from hospice patients on their deathbeds38:47 – The Life Review41:50 – The last thing Dr. Jordan changed his mind about and one thing he would like others to know about himTweetable Quotes“How do we have a good death? We live a good life. How do we live a good life? We start thinking about those things that are deeply important to us - those things we’ll regret when we’re on our deathbed if we don’t pursue them now. And we start to think about how to live a more purposeful life and bring those things into our day-to-day, as opposed to putting it off until some other time.” (02:40) (Dr. Jordan)“I took this phone call and it was Jim Dahle. He wrote the book The White Coat Investor and he asked me to review it for my blog. I read it and it changed my life. It defined what financial independence was for me. It gave me the vocabulary to understand my finances. Within a few hours I realized, ‘Hey, I actually have enough money and I could stop working today.’ The problem with that is the only way I’ve ever felt a sense of purpose or identity was being a doctor. And now I wanted to walk away from this thing that I felt like it was crushing me. But then who would I become and what would it mean?” (10:51) (Jordan)“We can be different brothers at different times of our lives. Sometimes we can use the techniques of each of them. The idea is not that you define yourself as one. It’s that you use these archetypes as guides to help you decide how you want to build your financial life.” (20:41) (Dr. Jordan)“I think the more evolved way is to really get rid of that ‘RE’ [Retire Early] thing and just start thinking about what’s the best way to bring purpose, identity, and connections into your life regardless of what path you take. And we’re finding that you don’t necessarily have to stop working to do that.” (24:50) (Dr. Jordan)“I think side hustles ultimately allow us to bring passion and necessity together in one place. And that’s why I think they’re very powerful.” (30:29) (Dr. Jordan)“It just drives home this point that it’s not whether you succeed or fail. It’s that you put your energy and time into doing the thing that was important to you.” (35:22) (Dr. Jordan)Guest ResourcesDr. Jordan’s Website
Released:
Dec 2, 2022
Format:
Podcast episode

Titles in the series (100)

Do you struggle with money? You’re not alone. Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration it becomes destructive.  The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort. Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life. If you aren’t happy with your finances, feel like money takes more time that it should, or want to place your financial decisions into the broader context of your life, this show is for you.  Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy, but do NOT improve outcomes. This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy