Are you truly living? Following your passions, doing what you love and finding purpose in life? The balance between living for today and saving for the future can be hard. How do you fulfill both sides of the equation? Jordan Grumet, aka Doc G, is a hospice doctor who takes care of patients at the end of their life. He’s witnessed both sides of the spectrum: people who died with immense love and purpose surrounding them but very little money, and people who died with more money than they could ever need but lacked true connection and purpose in their life. Jordan is here today to help inspire you to live for today without sacrificing your needs in the future. He shares stories from his time as a physician and the lessons his patients taught him.
During our headline segment, we’re looking at risk vs. reward when it comes to your investments. One study shows that most people don’t understand the trade off between risk and reward and we dive into why. We also share how you can find bigger opportunities to save more without risk by sharing a video clip from Sarah Catherine Gutierrez about student loan forgiveness. We’ll also answer Steve’s question about 401k withdrawals in retirement and Doug will share his trivia.
Enjoy!
Our Headline
Doc G
Get a copy of Doc G’s new book, Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life.
Also check out Doc G’s site and podcast at: Earn & Invest. Join Doc G’s podcast community here: Earn & Invest Facebook Group. You can keep up with the latest from Doc G on Twitter: @earnaninvest
Doug’s Trivia
- Today we’re celebrating a national treasure who’s brought joy to millions with his vocal delights. Tony Bennett famously coupled with Lady Gaga for duets. Lady Gaga was often compared to another Bennett collaborator, which some say caused Lady Gaga to change the color of her hair to differentiate herself. Which singer was it?
Need life insurance? You could be insured in 20 minutes or less and build your family’s safety net for the future. Use StackingBenjamins.com/HavenLife to calculate how much you need and apply.
- Steve has both traditional and Roth contributions in his 401k. Before he reaches RMD age at 72, he wants to know if he should pull from the pre-tax or Roth assets.
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Written by: Brooke Miller
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The example of the man who was left financially devastated from his wife’s nursing home costs is sad. But I suspect it took place many decades ago. Medicaid qualification requirements vary by state, but legislation was passed many years ago to protect the spouse remaining in the community from financial devastation. In many states the community spouse can keep a significant portion of their cash, the primary residence, and the community spouse’s retirement accounts. The laws are complex and vary by state, but the good news is there are ways to prevent the destitution which took place for the referenced couple. It can be done without divorce. An elder lawyer helped me through the process, and if you are in this situation it’s money well spent. I’m sure the example cited was real, but it’s outdated. I worry it might scare someone unnecessarily.
Medicaid nursing home planning would be a great show topic.