How to Figure Out How Much is ENOUGH with Jordan Grumet
Dec 4, 2023
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Jordan Grumet discusses the concept of 'enough' in personal finance, beyond just money. Topics include the fallacy of retirement, balancing work and enjoyment, teaching kids financial literacy, understanding purpose in wealth building, and upcoming book releases.
Determining your 'enough number' for financial independence involves aligning savings with personal fulfillment.
Teaching children about money through modeling behavior and experiential learning fosters financial literacy.
Intentional use of money aligned with personal values enables a balanced pursuit of financial goals and enjoyment of life.
Deep dives
The Importance of Life Insurance and Investing in Real Estate
The podcast episode discusses the significance of buying life insurance, specifically term life insurance, especially for those who have dependents. It emphasizes buying from Policy Genius due to its affordability and ease of setup. Additionally, the episode explores the benefits of investing in real estate and the potential for passive income. It mentions Fundrise as a platform that makes real estate investing accessible and highlights the current market conditions as an opportunity for investment. Overall, the episode highlights the importance of financial decisions and planning for the present and future.
Uncovering the 'Enough Number' and Designing a Fulfilling Life
The podcast episode features an interview with Jordan Grumet, author of the book 'Taking Stock.' Grumet discusses the concept of finding one's 'enough number,' which represents the amount of money needed to achieve financial independence and design a fulfilling life. He emphasizes the importance of understanding one's purpose, identity, and connections when determining what 'enough' means. Grumet provides insights on creating a lifestyle design review to determine the required savings and how to align financial goals with personal goals. The episode also delves into other topics, including passing down generational wealth and practical advice for younger individuals.
Teaching Children About Money and Balancing Work and Family
In this episode, the speaker discusses the importance of teaching children about money. Instead of giving them money, the speaker emphasizes modeling good financial behavior and providing experiential learning opportunities for children to understand the value of money. The episode explores strategies such as giving children a yearly allowance and letting them manage their finances throughout the year. The speaker also shares insights on balancing work and family life, stressing the significance of being present for children during important moments. Lastly, the speaker mentions the benefits of pursuing financial independence to have more time for family and enjoyable activities.
Overcoming Financial Worries and Building Wealth
Jordan Grumet shares personal reflections on managing financial worries and building wealth. He discusses how his father's death influenced his interest in money and sparked his pursuit of financial freedom. Grumet emphasizes the importance of realizing that money is a tool to be used intentionally and in alignment with personal values. He shares insights on finding the balance between working towards financial goals and enjoying life in the present. Grumet also discusses his investment strategy, including a focus on index funds and a gradual shift towards a more conservative portfolio as he approaches retirement.
Discovering Purpose, Identity, and Connections in Financial Independence
The podcast episode explores the concept of purpose, identity, and connections in the context of financial independence. It emphasizes the need to understand one's purpose in life before building a financial framework around it. The episode highlights the value of aligning financial goals with personal values and pursuing a path that brings fulfillment and joy. It encourages listeners to reflect on what truly brings them happiness and how they can design their lives accordingly. The episode also touches on different pathways to financial independence and how individuals can adapt their journey based on their own circumstances and desires.
Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast.
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Visit MasterClass.com/PERSONALFINANCE and get one free annual membership when you give one annual membership this holiday season.