Aug. 31, 2022

Building Wealth, Engineering a Layoff and Living Life on Your Own Terms

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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:

Resources Mentioned: 

Podcasts Mentioned:

Travel Recommendations:

  • Malaysia
  • Angkor Wat, Cambodia
  • Southeast Asia
  • Majorca, Spain
  • Amsterdam


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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Editor’s Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.