Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life offers a unique take on financial independence and understanding your relationship with money.
Jordan Grumet shares interesting perspectives that illuminate several paths to taking financial control of your life.
If you’re ready for that, you’re ready for this book. Let's take a look at lessons and advice Grumet offers in Taking Stock.
What’s Taking Stock All About?
Taking Stock goes well beyond the basics of financial independence. Although Grumet gives a solid overview of the math behind achieving FI, it’s not the focus of the book. Instead, the author provides balanced options for those pushing towards an undefined point of financial success.
At the end of each chapter, you’ll find a series of questions designed to help you work through the concepts in the context of your own life. If you commit enough time to work through these questions, you’ll get the most out of the book.
Let’s take a closer look at what each chapter covers.
Money Is Like Oxygen
The first chapter kicks off by introducing the concept of dying.
Although it can feel a bit uncomfortable at first, the stories about this unavoidable fact of life can give you a fresh perspective.
The major concept is the idea that money is like oxygen—you need a certain amount to be comfortable. But beyond that base level, you don’t need extra oxygen.
Grumet shares how most of us seek more money than we really need. He points out humans are often chasing something, whether it’s consuming more or kicking ourselves into overdrive to hit financial goals.
The data-rich chapter wraps up with thought-provoking questions to start your own process of introspection about what enough means to you.
Work Doesn’t Stop When You Retire
- Grumet carefully assesses the relationships between work and money and there is more to work than simply collecting a paycheck.
We all have deeper reasons to work, such as fulfilling passions and forging connections with our peers.
He also points out Slow FI and Coast FI as alternatives to the traditional FIRE strategy.
You’ll find a new framework for looking at work and learn more about the mirage of money. The exercise at the end of this chapter is focused on clearly defining your identity and purpose.
The ‘Art Of Subtraction’
- Grumet weighs the rewards of spontaneity with delayed gratification.
He also walks through the regrets of the dying. Plus, how you can start making changes to your life to avoid the same regrets. What tasks in your life do you want to cut out?
Everything in life comes with trade-offs. But this sets up a new framework to think through the trade-offs you are making on the journey to financial independence.
The Parable Of The Three Brothers
- The parable of the three brothers is a metaphor for the different paths to financial independence.
The reality toward working towards FI is different for everyone. Whether you front-load your effort or dive head first into your passions, there’s no wrong way to pursue FIRE.
As you walk through the different paths, you might immediately recognize yourself as one of the brothers. Or you might set out on your own combination that works best for you.
Putting Your Financial House In Order
- The basics of setting yourself on a path to financial independence are outlined in this chapter.
You’ll learn how to calculate your net worth, set monetary FI goals, and mind the gap between your income and expenses.
After a quick look at the basics, Grumet walks you through different styles of financial foundations.
With your financial house in order, you give yourself more space to live however you see fit.
It’s Time We Talked
- Grumet walks through all of the estate planning paperwork you should consider creating to protect your legacy.
Money and death are likely the least comfortable topics of conversation in our country. But it’s important to broach these conversations with loved ones before things get messy. With a little bit of planning ahead, loved ones can be spared the financial confusion that surrounds many in their final days.
It’s especially helpful Grumet considers the perspectives of both parents and children during the paperwork creation process of estate planning. Based on his experience as a hospice doctor, his stories drive home how important these documents are for the beneficiaries left behind.
Time Perception Arbitrage
- Grumet explores the Pareto Principle and Parkinson’s Law as ways to make the most out of the time we have.
It’s certainly true that time is our most valuable asset. However, it can feel like it’s flying by without our permission.
With many strategies for maximizing one's time, you’ll also find tips on striking a balance between time scarcity and time abundance mindsets.
Book Recommendation: If you want to change the way you think about money, check out our review of personal finance classic, "Rich Dad Poor Dad" by Robert Kiyosaki.
Investing Tips From A Hospice Doctor
A personal finance book isn’t complete without some investing tips! Grumet doesn’t disappoint.
The thoughtful advice outlined in this chapter makes it my favorite chapter. Instead of filling the pages with strictly financial advice, this doctor takes a more holistic look at what you should invest in while you can.
Conclusion: The D Word
The idea of dying is uncomfortable.
It’s not surprising that most of us would rather talk about almost anything else. But the sooner we face the reality of death, the better we can prepare for the inevitable. It’s still possible to set up a strong financial base for our lives and beneficiaries without losing sight of what makes life worth living along the way.
Grumet concludes with encouraging thoughts on how to build an entirely new outlook on life, death, and money.
About Jordan Grumet, MD
When Jordan Grumet’s father died unexpectedly, the loss pushed him to pursue medicine as a career. After graduating from the University of Michigan, he obtained a medical degree from Northwestern University. Throughout his career, he was drawn to help those facing hospice.
At some point, he discovered the concept of financial independence through a book. From there, the spark of a communicator lit up in the form of blogging and podcasting about financial independence and wellness.
Who Should Read Taking Stock?
If you want to uncover an entirely new perspective on money, Taking Stock is a worthwhile read. Whether you are just getting started on your journey to financial stability or have already achieved FI, Grumet offers wisdom to forge the right path for your situation.
It’s possible to undergo real mindset shifts if you take the exercises at the end of each chapter seriously. But if you aren’t ready to confront the idea of death and its impact on your choices, the book might be challenging to stick with.
Final Thoughts
Overall, the tone is thought-provoking. Before reading the 208 pages, make sure you are open to take a deep look at your relationships with money, death, and time. If you aren’t prepared for serious introspection, then it might not be the right book for you yet.
The ideas planted in this book will challenge you to look at life a bit differently. You might come out on the other side with an entirely new appreciation for the time we have on this planet.
If you are looking for a fresh perspective on finances, Taking Stock is definitely worth the read.
Taking Stock Book Review
Summary
Told from the lens of a hospice doctor, “Taking Stock” is a reminder to take control of your finances and live without regrets.
Sarah Sharkey is a personal finance writer covering banking, insurance, credit cards, mortgages and student loans. She has written for numerous finance publications, including MagnifyMoney, Business Insider and ChooseFI. Her blog, Adventurous Adulting, helps young adults get a handle on their finances.
Editor: Claire Tak