Episode•May 9, 2024•19 min

Redefining Rich: How to Truly Thrive Financially with Doc G | Ep. 322

In this fascinating episode of "Money Talk With Tiff," host Tiffany Grant chats with special guest Jordan "Doc G" Grumet from the Earn & Invest podcast. They delve into profound discussions about life, death, and finding financial independence beyond the dollar amount. Doc G shares insights from his journey from medicine to content creation and discusses key concepts from his book, "Taking Stock." About Our Guest Jordan Grumet was born in 1973 in Evanston, Illinois. After graduating from the University of Michigan, he 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. Connect with Doc G Website: https://jordangrumet.com/ Twitter (X): @earnaninvest Facebook Group: https://www.facebook.com/groups/earnandinvest Connect with Tiffany Website: https://www.moneytalkwitht.com Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Pinterest: @moneytalkwitht TikTok: @moneytalkwitht Timestamps [00:00] Offering positivity and comfort in the face of death. [05:20] New approach to financial independence and work. [08:51] Self-actualization, purpose, and identity in life. [12:24] Fear of losing money outweighs goal achievement. [14:58] Financial independence doesn't guarantee happiness, wealth concerns. [17:34] Podcast, purchase links, upcoming book on purpose. Key Points Discussed Transition from Medicine to Content Creation: Doc G explains his shift from practicing medicine to embracing his passions as a content creator and writer, focusing on the satisfying work in hospice care, which he continues part-time. Perspectives on Hospice Care: The conversation sheds light on the positive impact of hospice care, providing comfort and dignity in the final stages of life—a perspective that enlightened Tiffany while reading Doc G’s book. Philosophy on Regrets and Life Review: They explore the importance of addressing regrets and conducting life reviews, not only for the dying but as a practice we should adopt early in life to live without regrets. Financial Independence,...

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Key Takeaways

1
Money functions like oxygen: essential when scarce, but excess doesn't increase happiness
Once basic needs are met, additional wealth provides diminishing returns on well-being
Chasing higher net worth targets often leads to anxiety rather than satisfaction
Loss aversion can cause even wealthy individuals to fear losing what they have more than they valued reaching their goals
2
Financial independence should not be treated as a prerequisite for living a meaningful life
Waiting until reaching a specific net worth to pursue purpose, identity, and connections means missing out on life
If you love your work and it covers your needs, you may already be financially independent in a meaningful sense
Integrate messages from the dying about regret and purpose into daily life regardless of current net worth
3
Life review and addressing regrets should happen throughout life, not just at the end
Hospice care includes helping patients conduct life reviews to come to terms with both good and bad experiences
Young people can benefit from early life reviews to identify and resolve regrets while there's still time
The dying provide valuable information about what truly matters that we should apply proactively
4
Maslow's hierarchy should be flattened rather than treated as a strict pyramid
Self-actualization, purpose, and relationships can be pursued simultaneously with financial goals
People without financial security can still live full, loving lives
Wealth alone doesn't guarantee meaningful connections or a sense of purpose at life's end

Intro

Tiffany Grant interviews Jordan "Doc G" Grumet about redefining financial independence, learning from hospice patients, and living purposefully while building wealth.
Jordan Grumet is a physician turned content creator who practices hospice medicine part-time while running the Earn & Invest podcast. He is the author of Taking Stock and has an upcoming book called The Purpose Code.

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– Transition from Medicine to Content Creation

Doc G explains his shift from full-time internal medicine to part-time hospice work combined with content creation and writing.

I actually don't identify nearly as much as a doctor as I do a content creator and a writer.
– Doc G

– The Positive Role of Hospice Care

Hospice focuses on comfort, dignity, and goal achievement when curative treatment is no longer possible.

We can't stop you from dying, but we can certainly try to make every day look as positive as possible.
– Doc G

– Life Review and Regrets

Hospice teams help patients conduct life reviews to process regrets while there's still time.

Imagine if we did the same thing with young people when they weren't dying... we wouldn't have those same regrets.
– Doc G

– Rethinking FIRE (Financial Independence, Retire Early)

Traditional FIRE emphasized front-loading sacrifice to reach a net worth goal. Newer approaches include passive income and side hustles. Doc G suggests that loving your work can mean you're already financially independent if it covers your needs.

I don't want that to be the thing you're waiting for before you live life.
– Doc G

– Flattening Maslow's Hierarchy

Doc G argues against waiting until basic financial needs are met before pursuing self-actualization, purpose, and relationships.

We actually have to flatten that pyramid.
– Doc G

– Money as a Tool, Not a Goal

Money is compared to oxygen—necessary when lacking, but extra doesn't help once you have enough. Chasing higher numbers often leads to anxiety and loss aversion.

Money is really a tool, not a goal.
– Doc G

– Even the Wealthy Struggle with Loss Aversion

A man with 35x his annual spending saved still couldn't stop working due to fear of market downturns and loss.

Books Mentioned

Taking Stock by Jordan Grumet
The Purpose Code by Jordan Grumet

Resources

Topics

Financial IndependenceFIRE MovementHospice CareLife PurposeMoney and HappinessRegretPersonal Finance PhilosophyMaslow's HierarchyLoss AversionContent Creation