Building Wealth, Engineering a Layoff and Living Life on Your Own Terms with the Financial Samurai
All the Hacks with Chris Hutchins
Understanding Severance Packages and the Importance of Effort
This chapter explores the differences between mandated WARN Act pay and optional severance packages during layoffs. It emphasizes the importance of effort and determination regardless of the circumstances faced.
#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
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Resources Mentioned
Connect with Sam Dogen: Financial Samurai | Twitter
Sam Dogen’s Books:
Resources Mentioned:
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
(1:43) The Point of Financial Optimizations: Why Money Isn't the End Goal
(3:30) Engineering a Layoff and Choosing an Alternate Career Path
(5:53) Negotiating Severance Pay and Differentiating Between the WARN Act and Severance
(12:36) Sam Shares the Core Principle He’s Held Since Middle School
(14:19) Thinking in Probabilities and Not Absolutes: Sam’s 70/30 Rule
(20:15) Earning Passive Income with Real Estate in Your Portfolio
(26:59) Choosing an Adjustable-Rate Mortgage for Sensible Reasons
(33:04) Strategies for Successful Vacation Property Purchases and Lessons in Income Forecasting
(36:34) Establishing Your Presence Online in Real Estate
(38:27) Venture Capital Demystified: Understanding VC and How It Works
(45:12) Personal, Financial, and Tax Benefits of Running a Business
(48:24) Selecting a Retirement Plan and Health Insurance as a Business Owner
(52:21) Navigating Finances When Including a Partner in Your Business
(54:33) Reasons for Residing in High-Income Tax Areas
(57:58) Sam's Travel Recommendations
(59:35) Exploring Malaysia: What to See and Do
(1:01:13) Chris's ATM Misadventure During His Backpacking Trip in Malaysia
(1:02:48) Contributing to Your Child’s 529 College Savings Plan
(1:05:05) Choosing Between Public and Private Education Routes
(1:07:43) Where to Find Sam Dogen Online
Connect with All the Hacks
All the Hacks: Newsletter | Website | Membership | Email
Chris Hutchins: Twitter | Instagram | Website | LinkedIn
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