Top Money Hacks For Financial Freedom

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Want more money?

Who doesn’t, right?

Though that may not be truly what you really want.

What most of actually crave is financial freedom. To enjoy a lifestyle free from money worries and that funds our needs and wants.

Sam Dogen, famous online as the Financial Samurai, has spent the past decade educating audiences about effective wealth-building strategies that anyone can successfully pursue, regardless of current income or net worth.

Sam focuses on a mindful approach to designing the life you want and then building semi- and fully-passive income streams to fund it.

In this week’s video, he shares his favored insights on how to do exactly that. Those inspired should also check out his ranked analysis of passive investment options as well as his real estate crowdfunding learning center.

Taking control of your financial destiny is even more important given the tumultuous times in which we live – when low interest rates handicap savers, the cost of living outstrips average wage growth, and the risk of a serious market correction looms large.

Which is why Sam agrees that now, more than ever, is the time to partner with a financial advisor who understands the nature of the risks and opportunities in play, can craft an appropriate portfolio strategy for you given your needs, and apply sound risk management protection where appropriate:

[ Watch & Download This Video on Vimeo ]

Anyone interested in scheduling a free consultation and portfolio review with Mike Preston and John Llodra and their team at New Harbor Financial can do so by clicking here.

And if you’re one of the many readers brand new to Peak Prosperity over the past few months, we strongly urge you get your financial situation in order in parallel with your ongoing physical resilience preparations.

We recommend you do so in partnership with a professional financial advisor who understands the macro risks to the market that we discuss on this website. If you’ve already got one, great.

But if not, consider talking to the team at New Harbor. We’ve set up this ‘free consultation’ relationship with them to help folks exactly like you.

SCHEDULE YOUR FREE CONSULTATION

This is a companion discussion topic for the original entry at https://peakprosperity.com/top-money-hacks-for-financial-freedom/

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Make yourself rich by making your wants few

  1. This is so true, yet it seems nobody can accept it. We have a passion for cutting costs, and strangely this creates a much better life.
  2. At 7:00 he mentioned raising his spending “allowance” with each child. We have many times the children he does, yet children have not changed our spending at all. Why? Cloth diapers. Co-sleeping. Breastfeeding. And our kids eat exactly the same whole foods we do. Homeschooling for scholarships - free college is easy to come by. But the real key? Eating right, staying fit, and killing screens. Diet and lifestyle = everything for children.
  3. Agree fully on the “effort” meme. The key to success is patience and goal focus (goal being cutting spending, period).
  4. Disagree with the concern with low interest rates. We simply lack a “withdrawal rate” at all as our investments have consistently (and significantly) exceeded spending for two decades +. Passive income is extremely easy to acquire in the modern ZIRP era merely using RE and stocks for capital gains (as he points out around 21:00). Yes, both RE and stocks have been outrageously overvalued for the last 20 years (even in 2008) but it’s still simple to make money even while staying safe using stocks and RE (10% in PM doesn’t hurt, either).
  5. He lives in SF; this is true rich-style living. It’s much easier to cut spending in rural areas. We would recommend a greater focus on cutting spending than trying to invest to spend big. But agree both are possible.
    Great program, great moderation.
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I enjoyed the podcast but kept finding myself thinking that a better person to speak to finding financial independence through reducing your wants and/or needs might be Peter Adeney (aka. Mr. Money Mustache). I don’t know if you can get him for a podcast or not, but I think he would be a fabulous addition to all this information. I know he does podcasts sometimes.
I feel what might be daunting for some in this presentation were the numbers Mr. Dogen was throwing out as his passive income along with the capital it took takes to get that much. It’s quite possible to live very well on FAR less (though perhaps not in San Francisco!)
Mr. Money Mustache likes to put out his annual spending each year for the year previous to illustrate this for people. He hasn’t yet done this for 2020, but his spending for 2019 was $21,470 living as he wishes and he calculated that bare bones was $13,068. This is what he said about the bare bones figure: “My real (still luxurious) living expenses without the travel and $5000 kitchen renovation. Still includes restaurants, booze, cars, gadgets from Amazon, and living in a 3 bedroom detached house!”

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The original book from decades ago upon which the whole Mr. Mustache idea was based, was called “Your Money or Your Life” by Vicki Robin and Joe Domingues. I read it back in the 90’s and it has served me well. It’s really about bringing consciousness to money and spending which lets people define for themselves what is “enough” for them. Highly recommend!

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I agree he’d be great to have on.
Just wanted to let you know that I’ve indeed reached out to him on the program, but have yet to hear back. Will continue reaching out and hopefully eventually will land him.

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Awesome to hear Adam! I do so hope he responds at some point that he will do it! To follow up on what permiegirl noted the book “Your Money or Your Life” by Vicki Robin and Joe Dominguez was a truly life changing book for me as well. It was the prime factor getting me along the path to where I too live a “rich” life without any serious money concerns with my “bare bones” expenses generally being under $15,000 a year. Joe died many years ago, but Vicki is still around and does podcasts sometimes as well. She would be equally awesome to have on to speak about these topics. Her book may very well have been THE book that started all this.

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I’d second Mr. Money Mustache. I learned a lot from his website. Just click on complete list of posts and start in chronological order ( i think this is the best way b/c some post refer to previous ones and also some relevant economical things at the time).
Loved “Your Money, Your Life” as well. Also, “The Millionaire Next Door” Tom Stanley
I had zero financial education growing up, through college and after. I’ve learned a great deal of financial BEHAVIOR over the years from Dave Ramsey and the aforementioned. And that is exactly what it is BEHAVIOR not so much math.
my favorite saying “Money is not meant to buy shit. It’s meant to create opportunity and freedom”
 

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The best way to view money, IMO, is to use it to put yourself into a position where you no longer need it.

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I see Money as a store of Value, and as the distillation of the effort I have expended during my life as those efforts were valued by other people.

As such, it is neither good, nor evil. It is only a tool, or as I see it, a Storage Battery, so to speak, of one’s Life Energy.

How people might USE their money – well, that’s another matter.
It might very well be for Good or for Evil.

There’s nothing inherently wrong with storing one’s life effort for later use.
There are certainly wrong ways to get money, and wrong ways to use it.

I think we’d all be better off if we could see money through this lens.
But of course that’s just my opinion. I know many might disagree.

– Chuck

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Adam
I know you and chris are familiar with my dear friend Michael Dowd - who stays at Vicki’s house - she would be an optimal guest for a wide variety of reasons
happy to reconnect you

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Adam,
Another option for a guest is Jacob Lund Fisker. He is the author of Early Retirement Extreme and years ago was also very involved in the peak oil community. He inspired MMM I believe and has a very holistic, systems approach to life.
http://earlyretirementextreme.com
Chris

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Permiegirl, The original book..."Your Money or Your Life"...I read it back in the 90's and it has served me well.
I read it around the same time, and it was life-changing from me as well. I clearly remember the day when our passive income graph crossed over our expenses. One of the important things that book pointed out to me was how when people "cross-over" they rarely stop working. Rather, they just start working more productively because they now want to be there and are not working out of fear. They also rarely change their lifestyle based upon their income. They just demand more from life and work both. One caveat: YMOYL was written so long ago its investing advice is simply terrible for today. MMM is far more astute on investing/working in the modern era.  
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Your Thinking IS Right And I Agree With You. This My Finance Blog

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Well said Adam Taggart, Happy to know every detail about Money Hacks. Thank You for sharing. Read about insurance to help you more financially.

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