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#75: Financial Samurai and bestselling author, Sam Dogen, joins Chris to discuss ways to maximize wealth-building and live life on your own terms. They cover Sam’s 70/30 rule for decision making, how Sam engineered his own layoff and the principles you can use to do it yourself, how real estate can be a significant source of passive income, and why we should all consider having our own online real estate, small business, or side hustle.
Sam Dogen (@financialsamura) engineered his own layoff after working for 13 years in corporate america and created Financial Samarai, one of the largest independently-owned personal finance sites in the world. His Wall Street Journal bestselling book is Buy This, Not That: How to Spend Your Way to Wealth and Freedom.
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Selected Links From The Episode
Connect with Sam Dogen: Financial Samurai | Twitter
Sam Dogen’s Books:
Full Show Notes
The point of financial optimizations: why money isn’t the end goal [1:43]
Engineering a layoff and choosing an alternate career path [3:30]
Negotiating severance pay and differentiating between the WARN Act and severance [5:53]
Sam shares the core principle he’s held since middle school [12:36]
Thinking in probabilities and not absolutes: Sam’s 70/30 rule [14:19]
How to earn passive income by having real estate as part of your portfolio [20:15]
Why it makes sense to choose an adjustable-rate mortgage [26:59]
Strategies for success when purchasing vacation properties and lessons learned about forecasting your income [33:04]
Online real estate: the importance of “planting your flag” on the internet [36:34]
Venture Capital: what is VC and how does it work? [38:27]
Personal, financial, and tax benefits of running a business [45:12]
Choosing a retirement plan and health insurance as a business owner [48:24]
Thoughts about financial independence and advice about how to manage finances when bringing a partner or spouse into your business [52:21]
Reasons to live in an area with the country’s highest income taxes [54:33]
Sam's travel recommendations [57:58]
What to see and do in Malaysia [59:35]
Chris shares his experience trying to use an ATM in Malaysia during his 8-month backpacking trip [1:01:13]
Contributing to your child’s 529 college savings plan [1:02:48]
Deciding which educational route to take: public vs. private education [1:05:05]
Where to find Sam Dogen online [1:07:43]
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Chris is a die-hard optimizer who does all the research to get the best experience in life without the expensive price tag.