Want to escape a life filled with financial regrets? A hospice physician shares insights on achieving fulfillment and success.
We all strive for lives that minimize stress and regret. Regret can take a toll on our mental and emotional health, and a significant number of individuals—32%—experience financial regrets annually, according to a recent survey.
Why do these feelings arise? Often, it's due to hesitance in taking bold steps, like launching a new venture, or simply overlooking various options available.
Jordan Grumet, a hospice doctor, dedicated years to caring for terminally ill patients. In his book, “Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life,” he reflects on the regrets expressed by his patients. He highlights the aspirations they wished to achieve for themselves and their families.
What if we could muster the courage to set aside our fears and live with greater purpose? Spoiler: No one ever wished for more work hours. Here are five insights on finding purpose and living without regrets.
Regret: Not Pursuing Your True Desires
Solution: Conduct a ‘Life Review’ to Uncover Unfulfilled Dreams
Before making any financial decisions, reflect on your personal achievements and current regrets. In hospice care, a structured approach encourages patients to evaluate their lives, sharing what mattered most and discussing their victories and failures.
This life review can be intimidating, yet it's accessible to anyone. “Picture yourself on your deathbed,” Grumet suggests. “What do you wish you had the courage or time to pursue but never did?”
This question encourages profound contemplation. “It’s not a quick fix; it’s a process,” he notes. Engaging in this thought exercise helps you reconnect with your dreams and passions.
Regret: Feeling Unfulfilled in Your Career
Solution: Shift Your Mindset to Discover Your Purpose
Many individuals harbor deep-seated desires they’ve never voiced. If you lack a sense of purpose at work or in life, Grumet recommends introspection to identify what truly matters to you. From there, build a financial strategy that aligns with those values.
“Real financial independence isn't just about numbers,” he explains. “It’s about understanding what brings you joy and pursuing that—using money as a tool to support your goals.”
For some, this could mean achieving high earnings; for others, it’s about integrating purpose into their roles, allowing for a more satisfying life without the need for excessive wealth.
Consider this mindset shift: if a hospital cleaner feels unsatisfied, changing their perspective to view their role as caring for the sick can foster a deeper sense of fulfillment.
Regret: Avoiding Risks and New Experiences
Solution: Embrace Fear and Take Action
This is where you might just need to try something new.
“Start saying ‘yes’ to opportunities you usually decline,” Grumet advises. “Engage in activities that push you out of your comfort zone, meet new people, and see what resonates.”
Perfection isn’t the goal. “Many of us are either overworking or unwinding without truly investing our time in what matters,” he adds. “You can enrich your life by seeking out meaningful activities, even if they're not your ultimate path.”
Regret: Letting Money Drive Your Decisions
Solution: Prioritize Other Goals Over Wealth
When seeking a regret-free life, money shouldn’t be your primary motivator. If your aim is to save $2 million for retirement, reaching that milestone might leave you feeling unfulfilled or chasing an even greater target.
Additionally, achieving wealth can lead to anxiety about losing it. “When money is your only focus, it often results in emptiness,” Grumet explains. “While it might look appealing, wealth can be illusory—what truly matters is how it enables you to live your life.”
Regret: Not Discussing Your Estate Plan with Family
Solution: Create an Estate Plan and Hold a Family Discussion
Conversations about death are tough but necessary. Grumet frequently witnesses the chaos that ensues when individuals don’t have a clear estate plan outlining their wishes. This plan should encompass crucial legal and financial documents.
“We must confront these topics now,” he insists. “These discussions provide dignity to our families, allowing them the time to grieve rather than scrambling to sort out financial matters after our departure.”
To kickstart your planning, check out our comprehensive estate planning checklist.
