WCI #347: How To Live a Regret Free Life with Jordan Grumet
Dec 28, 2023
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Dr. Jordan Grumet, a physician who discovered financial independence, shares his journey to creating the life he wanted. He talks about finding wisdom in hospice care, leaving medicine, and starting a podcast and writing a book. The podcast explores living a regret-free life, finding true wealth beyond money, and the importance of reflecting on the past and embracing setbacks as opportunities for growth.
Identifying your purpose and aligning your actions with what truly matters can help you live a regret-free life.
Wealth extends beyond money, encompassing time, relationships, and personal fulfillment.
Finding a balance between present enjoyment and future preparation is crucial in living a regret-free life.
Deep dives
Building a Financial Framework for a Regret-Free Life
Building a financial framework begins with identifying your purpose and identity, allowing you to align your financial goals with who you want to be and what you want to do. Financial independence is a key component, providing the freedom to live life on your own terms. There are three pathways to financial independence: saving and investing, generating passive income through side hustles, or pursuing a passion that can support your financial needs. Finding a balance between living for today and saving for tomorrow is crucial, guided by the question of what scares you more: running out of money in the long run or facing regrets by not enjoying life to the fullest.
Living a Regret-Free Life: Embracing Purpose and Identity
Living a regret-free life involves finding your sense of purpose and identity, as well as aligning your actions with what truly matters to you. It's important to reflect on your past, recognizing both the mistakes and the lessons learned, and seeing yourself as a hero rather than a victim. Embracing the present moment is key, as time is finite and we should seek fulfillment in the things we enjoy doing. Going easy on yourself and realizing that regrets arise from not pursuing what's important can help you lead a purposeful life without dwelling on past decisions.
The True Meaning of Wealth: Beyond Material Possessions
Wealth extends beyond material possessions, encompassing various tools that enrich our lives. Money is just one of these tools, enabling financial freedom and providing opportunities. However, time, relationships, and personal fulfillment are equally valuable forms of wealth. Cultivating strong relationships, making time for loved ones, and pursuing passions are key aspects of building a rich and meaningful life. Recognizing the importance of these non-material forms of wealth can bring greater happiness and contentment.
Understanding Regrets at the End of Life
Regrets at the end of life often revolve around not having the energy, courage, or time to pursue what truly mattered. People regret not aligning their actions with their deepest desires or letting societal expectations overshadow their personal goals. It's crucial to reflect on what truly fulfills us and take steps towards those aspirations. By incorporating purpose and meaning into our lives, we can navigate regrets and lead a life aligned with our values. Aiming to live a good life involves both embracing the present and building a financial framework for the future.
Embracing Today and Tomorrow: Balancing Present Enjoyment and Future Preparation
Finding a balance between present enjoyment and future preparation is important. While planning for the future is necessary, it should not come at the expense of fully experiencing and enjoying the present. Memento Mori, the idea that we will all eventually die, can serve as a reminder to prioritize today's experiences and make the most of our time. Recognizing that both today and tomorrow hold significance can help in living a regret-free life and finding a harmonious balance.
Today we talk with Dr. Jordan Grumet about how to live a regret free life. Dr. Grumet first read The White Coat Investor's Guide for Doctors back in 2014 and realized that he was already financially independent. This discovery opened his eyes to the fact that he could create more of the life he wanted. He sold his practice and reduced work hours and started spending his time where he really wanted to. He loved working in hospice and found great wisdom from people at the end of their lives and ultimately ended up leaving medicine, starting a podcast and writing a book. We think you will find this episode inspiring and will hopefully help you start to create a regret free life full of more of the things you love!
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