Have you ever wondered how you’ll look back on your life when you’re at the end of it? Will you be happy with the choices you’ve made with your career, relationships, and money? Is there anything you might regret?
Those are heavy questions, we know, and it can feel impossible to know the answers. But these are the big questions we should ponder when we think about living a fulfilling life. We all want to know that we’ve left the world a little bit better than it was when we came into it … but sometimes, we feel stuck. More and more people say they are stressed or unhappy with their jobs — Gallup found that 60% of people feel emotionally detached at work, and 19% actually say they are miserable. 65% of people feel that their financial difficulties are piling up so high, they can’t overcome them, according to Discover.
If you’re feeling too overwhelmed to think about the bigger picture, you’re not alone. But what if there was a shortcut? What if you could somehow know your biggest regrets now and change your personal and financial life for the better?
Jordan Grumet, a doctor at Journeycare Hospice, has heard firsthand from people at the end of their lives about their biggest regrets. He’s taken what he’s learned from his patients about life, money, and happiness and turned it into a book: “Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life.”
Jordan shares his journey to becoming a hospice doctor, a dream he put off for years until he got burnt out from general medicine. He talks about why it was the right move for him to walk away from his successful private practice, and how the FIRE (Financial Independence Retire Early) movement made it possible for him to pursue his passion.
He tells us what his hospice patients think about the most as they come to terms with death, and why not having enough money is rarely on their minds. Listen in to hear Jordan explain why money shouldn’t be a goal, but a tool for achieving a greater sense of fulfillment. He shares tips for how we can all gain clarity about our life purpose — whether that’s seeing the world, spending more time with loved ones, or making a difference through our work — and the concrete steps we need to take to get there.
Then we dig into the nitty gritty — how do we make sure we have the money to support these goals without becoming too focused on saving rather than living? Jordan reveals one important question we should all ask ourselves to make sense of our financial priorities. He also gets real about FIRE and how we can use the movement’s principles to “enjoy today, but also protect ourselves for tomorrow.” Plus, we discuss the basics of estate planning and how you can broach the subject with your older family members.
In Mailbag, we hear from a listener whose mother needs extra help sorting through the family’s financial documents. Another listener asks for tips on finding a financial advisor who will have her best interest at heart. In Thrive, free tax tips for 2023.
You can learn more about Jordan on his website, where you can also find more info about his podcast, Earn & Invest. Jean appeared on an episode to talk about her new PBS show, Opportunity Knocks — be sure to check it out!
This podcast is proudly supported by Edelman Financial Engines. Let our modern wealth management advice raise your financial potential. Get the full story at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM1969416