Building Wealth, Engineering a Layoff and Living Life on Your Own Terms with the Financial Samurai

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 31 August 2022

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

#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. Full show notes at: https://allthehacks.com/financial-samurai-sam-dogen Partner Deals Trade Coffee: $30 off the best coffees that you can brew at home LinkedIn: Post your job for free and find the candidates your want faster Pacaso: Free early access to listings and $2,500+ in closing credits Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth Selected Links From The Episode Connect with Sam Dogen: Financial Samurai | Twitter Sam Dogen’s Books: Buy This, Not That: How to Spend Your Way to Wealth and Freedom How To Engineer Your Layoff Resources Mentioned: Pacaso Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts Podcasts Mentioned: All the Hacks #19: Becoming a Better Investor with Andy Rachleff Travel Recommendations: Malaysia Kuala Lumpur National Palace Batu Caves Pulaus Penang Redang Island The Taaras Beach & Spa Resort 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) Connect with All the Hacks All the Hacks: Newsletter | Website | Facebook | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn

Transcript

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1:02.4	Money.
1:06.1	Hello and welcome to another episode of All the Hacks, a show about upgrading your life,
1:10.4	money, and travel.
1:11.5	I'm your host Chris Hutchins, and each week I sit down with the world's best experts
1:15.5	to learn the strategies, tactics, and frameworks that shape their success.
	...

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