Jordan Grumet, hospice doc and author, shares insights from conversations with dying patients, finding meaning in career and relationships, regrets of the dying, version 1.0 of FIRE movement, YOLO money, real estate as a millionaire route, and leading a better life through habits and advice.
Purposeful activities can create connections and community, which are ultimately more important than financial wealth.
Identifying your purpose can lead to a more fulfilled and purpose-driven life.
The FIRE movement has evolved to emphasize a more balanced and intentional approach to life.
Money should be seen as a support system for a good life, rather than the end goal itself.
Deep dives
The Importance of Prioritizing Deeper Goals
Many people get caught up in the pursuit of money and forget that it is meant to be a tool to realize their deeper goals. The dying, on the other hand, focus on their deeper goals and reflect on whether they have accomplished them and spent their time appropriately to reach those goals.
The Value of Living a Purposeful Life
Living a purposeful life is about more than just making money. It is about finding activities and pursuits that bring joy and fulfillment. Taking the time to pursue passions, even if they don't immediately generate income, can be a valuable investment of time and energy. Purposeful activities can create connections and community, which are ultimately more important than financial wealth.
The Importance of Identifying and Pursuing Purpose
Identifying your purpose can be a transformative process. Reflecting on childhood interests, finding the aspects of your job that you enjoy, and exploring nighttime thoughts and passions can help reveal your true purpose. Pursuing activities that align with your purpose, even in small amounts of time, can lead to a more fulfilled and purpose-driven life.
The Evolution of the Financial Independence Movement
The earlier iteration of the Financial Independence Retire Early (FIRE) movement focused primarily on achieving financial independence and early retirement. However, the movement has evolved to emphasize a more balanced and intentional approach to life. Instead of delaying fulfillment and living a frugal lifestyle for the sake of retirement, the new focus is on designing a lifestyle that incorporates passions and purpose while still maintaining financial stability.
Importance of Pursuing Passion and Finding Purpose
It is important to pursue a job or career that gives you purpose and allows you to do meaningful work. Financial independence does not necessarily lead to retirement, as individuals who have achieved financial independence often continue working because they are passionate about what they do. The key is to find work that aligns with your passions and allows you to live a life of purpose, identity, and meaningful connections. Money should be seen as a support system for a good life, rather than the end goal itself.
Balancing Present Enjoyment and Future Security
Finding the balance between living in the present and planning for the future is crucial. Instead of being all or nothing, it is important to consider your personal fears and desires. By analyzing what scares you the most - the fear of dying young and wealthy or living a long life and running out of money - you can make informed decisions about how to allocate your resources. This involves understanding your financial priorities and determining how much to spend today versus saving for the future.
Legacy through Modeling Behavior and Pursuing Purpose
Legacy is not limited to achieving monumental feats, but rather can be found in the impact we have on others through our actions and pursuits. Model behavior that inspires and supports others, and be open to helping those around you. By pursuing your passions and living a purposeful life, you pass down the values of passion, joy, and fulfillment to future generations. This concept of 'genetic growth' can bring positive change and create a ripple effect that extends beyond our own lifetime.
Jordan "Doc G" Grumet is a hospice doctor, blogger, podcaster and author who has dedicated his life to pursuing deep conversations about money and life.
In this episode, Jordan shares what he's learned from his conversations with dying patients as they look back on their lives; why he found it so difficulty to shed his "doctor" identity and embrace his true passion; and his thoughts on the FIRE movement, happiness, and how to find meaning in your career and relationships.
Jordan also talks about:
- How his father's death led him to a career in medicine, and what pushed him away from that field
- The various ways his patients handle the prospect of dying
- The biggest regrets of the dying
- The problem with the idea that once you save a certain sum of money, you'll be happy
- How to determine how much "YOLO money" to set aside
- Why version 1.0 of the FIRE movement is "too austere"
- Why you might not need as much money as you think in order to start living the life you were meant to live
- Why real estate is the fastest, most secure route to millionaire status
- The best piece of advice he's gotten and why he thinks about it every time he's doing something hard
- The habits, books and advice that have helped Jordan lead a better life
Jordan's charitable cause:
Give a Mile, a nonprofit that collects airline reward mile donations and offers flights to connect people in palliative or critical care with their loved ones
