Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life

by Jordan Grumet, Vicki Robin (Foreword by)

Overview

Learn what end-of-life lessons can teach us about the secret to financial freedom and making every moment count with this life-changing personal finance book from Dr. Jordan Grumet, host of the award-winning Earn&Invest podcast, featuring a foreword by Vicki Robin, coauthor of Your Money or Your Life.

Written by a hospice doctor with a unique front-row seat to the regrets of his dying patients, this financial independence guide will inspire you to take stock of your life now—before it’s too late. The goal of FI (financial independence) is to have the economic freedom to live fully and without regret. Taking Stock is your financial roadmap to taking control of your money and investing in yourself. Inside, you'll discover:

• The three key archetypes of wealth building, and how to choose the one that fits your goals
• Time-hacking strategies to reshape your perception of time and add deeper meaning to your life
• Tips for investing in education, family, physical health, and mental well-being
• And so much more!

Don’t wait until the last moment to live your best life, start your financial independence journey today!

Product Details

ISBN-13:	9781646043767
Publisher:	Ulysses Press
Publication date:	08/02/2022
Sold by:	SIMON & SCHUSTER
Format:	eBook
Pages:	144
File size:	3 MB

About the Author

Jordan Grumet was born in Evanston, Illinois, in 1973. After graduating from the University of Michigan, Jordan received his medical degree from Northwestern University and began practicing internal medicine in Northbrook, Illinois. He is currently an associate medical director at Journeycare Hospice.

After years of blogging about financial independence and wellness, Jordan launched the Earn & Invest podcast in 2018. In 2019 he received the Plutus Award for Best New Personal Finance Podcast and was nominated in 2020 for Best Personal Finance Podcast of the year.

Table of Contents

Foreword xi

Part 1 What Financial Independence Experts Get Wrong about Life-And Death 1

Introduction 2

Chapter 1 Money Is Like Oxygen 14

Two Stories of Dying in America 14

When Enough Is Not Enough 17

Flattening Maslow's Pyramid 20

Overdrive 22

Does More Money Bring More Happiness? 23

Redefining "Enough" with Life Review 29

The Climb 30

Chapter 2 Work Doesn't Stop When You Retire 34

Redefining Work 35

Money Is an Intermediary 38

Dropping "Retire Early" 38

Slow FI 39

Coast FI 40

Money Is a Mirage 42

The Money Mind Meld 43

Purpose 45

Identity 47

Connection 49

Beware: One-More-Year Syndrome and Golden Handcuffs 51

Chapter 3 The "Art of Subtraction" 55

The Urgency of Now 56

YOLO Is a No-Go 57

The Opportunity Cost Fallacy 58

Regrets of the Dying 60

I Could've Used a Little YOLO 61

Financial Independence Is a Lever 65

Deciding What to Subtract 67

Subtraction and the Nonbudget 69

Never Despise Work 71

Part 2 Many Paths to Financial Independence 75

Chapter 4 The Parable of the Three Brothers 76

Internal versus External Motivation 77

Choice 1: The Traditional Path-Front-Load the Sacrifice 81

Choice 2: Passive Income and Side Hustles 88

Choice 3: The Passion Play 93

I Chose to Front-Load 98

You Don't Have to Decide between Money and Passion 100

Chapter 5 Putting Your Financial House in Order 104

What Scares You More? 105

Know Your Net Worth 107

Mind the Gap 109

The Perpetual Money Machine 111

The 4 Percent Rule 112

Youngest Brothers and End of Life 114

Risk Mitigation: The Best Financial Plans Have Four Legs 116

The Role of Insurance 119

Getting the Right Advice 123

Chapter 6 It's Time We Talked 128

If Not Now, Then When? 129

Approaching Difficult Conversations 130

Financial Legacy Documents 132

Medicolegal Legacy Documents 134

Kids, It's Time We Talked 136

FIRE and ICE 137

Part 3 The One Thing the Dying Wish They Had More of-Time 141

Chapter 7 Time Perception Arbitrage 142

Two Stories 142

You Can't Commoditize Time 145

Activity Hacking: The Efficient Time Frontier 146

Parkinson's Law 150

The Pareto Principle 152

Time Perception 153

Time Abundance 154

Time Stress 156

Final Thoughts on Time 158

Chapter 8 Investing Tips from a Hospice Doctor 161

Paul's Story 161

Change Is for the Living, Not the Dying 162

The Power of Reconciliation 164

The Courage to Fail 164

Living in the Moment 166

Chasing False Gods 167

The Difference between Investment and Speculation 168

Investing Tips from a Hospice Doctor 171

Irony and Life Insurance 177

Conclusion: The D Word 181

Glossary 187

Acknowledgments 190

About the Author 193

Editorial Reviews

"Money is not a goal, money is a tool. Mistaking the tool for the goal can lead to unhappiness and major regret.

As a hospice doctor, Jordan Grumet has had a front row seat to hearing deathbed regrets. He’s also helped people plan peacefully for the last few months of their lives. He brings compassion, wisdom, and hard-won experience to this insightful reflection on the relationship between money, purpose, and happiness."

Host of the Afford Anything podcast - Paula Pant

"The excellent double entendre that is Taking Stock asks us to evaluate the role that we allow money to play in our lives and in what ways it can and cannot contribute to our well-being. Leaning on lessons learned from dying patients as a hospice physician, we are reminded of the myriad non-monetary factors that contribute to a life well-lived.

While Dr. Jordan Grumet's book does outline the basics for achieving and enjoying financial independence, it also shows us, as his patients have, that our self-worth is much more than the sum of our investment accounts. We would all benefit from taking stock of what we cherish most in life and aligning our actions to best serve those priorities. This book reminds us that there is no time like the present."

Creator of physicianonfire.com - Leif Dahleen

"I'm facing some big life decisions. Ones that intertwine money, family and work. Reading Taking Stock helped give me some clarity and confidence to move forward. As a bonus, I'm updating my will and am having conversations with my parents. This book is a joy to read and will help you take action."

Host of The Everyday Courage Podcast and Author of Fire the Haters - Jillian Johnsrud

Nothing puts life and earthly worries into perspective quite like contemplating death. By viewing money through the lens of mortality, Taking Stock shows the reader how financial autonomy, prudently attained, provides a richness that goes far beyond their bank balance."

Host of the Crazy Money podcast - Paul Ollinger

"Having lost his father at a young age, Dr. Grumet knows life is precarious and time is precious. He teaches us not to squander our lives while making sure we save enough to provide for our loved ones after we die. His financial advice comes from the perspective of a hospice doctor who has learned from his patients the true meaning of life."

Co-author of Quit Like a Millionaire and co-creator of millennial-revolution.com - Kristy Shen

"As a hospice and palliative care physician, Jordan Grumet shares a one-of-a-kind perspective on personal finance. With his gift of storytelling, Dr. Grumet weaves poignant narratives into his journey to financial freedom. This book will surely resonate with anyone interested in personal finance, both inside and outside of healthcare."

Founder and editor of KevinMD.com - Kevin Pho

"Taking Stock is a wonderful departure from standard personal finance books that focus more on money than on life and its purpose. Dr. Jordan Grumet’s years as a hospice doctor, and the many lessons he’s learned from the dying, can help us all reassess our lives so we don’t look back with regret. He also challenges the many misguided ideas that have permeated the FIRE discourse, reminding us of what’s truly important, both financially and in life."

Tanja Hester of Wallet Activism and Work Optional

"Doc G is one of the wisest voices in the personal finance world and Taking Stock is his absolute best work. After reading it, you won't be magically cured from ever feeling a sense of regret. Rather, through heartwarming stories of the terminally ill and gobs of perspective, he walks you through how to live well while financially preparing for life's unpredictability."

Entrepreneur and author of Cashing Out - Julien Saunders

"To find life means sometimes looking into the void. Jordan Grumet proves in Taking Stock that hopping off the inevitable workaholic escalator to our demise and onto the path toward meaningful living isn’t just important; our lives depend on it."

Host of The Stacking Benjamins Podcast and Author of Stacked - Joe Saul-Sehy

"Taking Stock...is a prescriptive and compassionate guide to what matters most in our lives. Where many personal finance books focus only on the numbers, this book provides a poignant assessment of what all our financial planning is really for—deeper connections, meaning, and the courage to pursue our deepest fulfillment. Grumet combines lessons of the dying with useful exercises that encourage readers to get specific about crafting a well-lived life before it’s too late."

Executive producer and director Playing with FIRE: The Documentary - Travis Shakespeare

"Jordan holds nothing back in Taking Stock. His openness and vulnerability create the space for us to reflect on how to use money to create freedom and make the most of this one life. It will undoubtedly become a personal finance classic."

Grant Sabatier of the international bestseller Financial Freedom

"Jordan Grumet is a remarkable man. It is not surprising he has written this remarkable book. His hospice work and conversations with the dying have given him a very special lens into life, work and money and, critically, the balance of the three. This is a profound guide on how to live, and how to die, well."

JL Collins of the bestseller The Simple Path to Wealth

"Jordan Grumet is a remarkable man. It is not surprising he has written this remarkable book. His hospice work and conversations with the dying have given him a very special lens into life, work and money and, critically, the balance of the three. This is a profound guide on how to live, and how to die, well."

Author of the bestseller The Simple Path to Wealth - JL Collins

"Jordan holds nothing back in Taking Stock. His openness and vulnerability create the space for us to reflect on how to use money to create freedom and make the most of this one life. It will undoubtedly become a personal finance classic."

Author of the international bestseller Financial Freedom - Grant Sabatier

"Taking Stock is a wonderful departure from standard personal finance books that focus more on money than on life and its purpose. Dr. Jordan Grumet’s years as a hospice doctor, and the many lessons he’s learned from the dying, can help us all reassess our lives so we don’t look back with regret. He also challenges the many misguided ideas that have permeated the FIRE discourse, reminding us of what’s truly important, both financially and in life."

Author of Wallet Activism and Work Optional - Tanja Hester