Mindful Money 036: Dr. Jordan Grumet - Getting to Good: Mitigating Risk & Regret In Life & Finances
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.
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Key Takeaways
01:01 – 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’ life
08:11 – Growing up in Evanston, Illinois
09:41 – How Dr. Jordan got into blogging about financial independence and what inspired him to write his book, Taking Stock
16:20 – Dr. Jordan’s approach to writing about finance
19:01 – The parable of The Three Brothers
21:54 – Passive income and the fallacy of retiring early
25:40 – Dr. Jordan breaks down a simplified financial plan
28:58 – Side hustles
33:15 – Common themes Dr. Jordan hears from hospice patients on their deathbeds
38:47 – The Life Review
41:50 – The last thing Dr. Jordan changed his mind about and one thing he would like others to know about him
Tweetable 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 Resources
Books Mentioned:
Mindful Money Resources
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