46: Engineering Passive Income Streams to Fund the Life You Want with Financial Samurai

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 12 November 2018

⏱️ 86 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week’s episode features Sam Dogen from Financial Samurai. After one month working for a top investment firm, Sam knew 70-hour workweeks were not the life he wanted. So Sam took action immediately. Instead of fancy cars and dinners out, Sam shared a studio apartment with a friend and socked away HUGE sums of money—50% of mediocre starting salary. He invested in real estate (shocker), stocks, and bonds—and continued his massive savings rate. Taking advantage of the economic downturn, Sam engineered his layoff and an enormous payout. Sam now lives the life he wants, having set up multiple passive income streams during his working years. He spends time with his family every day and embodies the concept of financially free. He no longer trades his time for money; his money just simply reproduces itself and does all the heavy lifting. This episode is a great look at how a little upfront discomfort can lead the your best life. Links from the Show Craigslist PayPal BiggerPockets Jobs Why Households Need To Earn $300,000 A Year To Live A Middle Class Lifestyle Today (blog) Don't Quite, Get Laid Off Instead (blog) Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to Bigger Pocket's Money Show Number 46 where we interview Sam from Financial Samurai.
0:05.4	I mean think about all the people you know 10 years from now they wake up and they wonder
0:09.5	Hey, where's all my money? Where did it all go?
0:12.8	And I think it's because they didn't forecast their measure and realize,
0:15.3	hey, 10 years later, you might love your job for the first three years.
0:19.1	But man, if you do the same thing 10 years in a row, or maybe 15, 20 years, you're probably not going to like it as much.
0:25.4	It's time for a new American dream, one that doesn't involve working in a cubicle for 40 years, barely scraping by.
0:32.0	Whether you're looking to get your financial house in order,
0:34.4	invest the money you already have, or discover new paths for wealth creation, you're in the right place.
0:40.4	This show is for anyone who has money or wants more. This is the BiggerPockets money podcast
0:45.9	How's it going everybody? I'm Scott Trish. I'm here with my co-host Miss Mindy
0:49.0	How you doing today Mindy? Scott, I am doing fantastic as always. I am so excited for today's show. I've known Sam for about six years now through the blogging conference that everybody who listens is sick of hearing, FinCon.
1:02.8	And his story just always makes me smile,
1:04.7	from being super frugal while working in a fairly prestigious job
1:09.6	to engineering his own layoff with a huge payout.
1:13.0	His story is just really fun to listen to.
1:16.1	And I want to remind everybody
1:18.6	that we're listening to a guy who is post-financial independence.
1:21.8	He no longer has a formal job.
1:24.5	He made smart money decisions his whole life.
1:27.9	And he is just sharing his experiences.
1:30.6	So I think it's fascinating. And I know that you're a big fan of Financial Samurai Scott.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.