The Stacking Benjamins Show Episode: Learning to Think Like a Multi-Millionaire (with Sam Dogen) SB1681
Release Date: May 12, 2025

Introduction to Sam Dogen and Episode Theme

In this episode, hosts Joe Saul-Sehy and OG welcome Sam Dogen, renowned as the "financial samurai," to discuss strategies for cultivating a millionaire mindset. The episode delves into critical aspects of personal finance, including the importance of location, student loan management, financial milestones, real estate investments, and the entrepreneurial spirit essential for wealth accumulation.

The Significance of Location in Wealth Building

Sam Dogen emphasizes the pivotal role that location plays in achieving financial success. He argues that residing in or near major job centers and affluent cities significantly increases one’s opportunities for higher income and professional growth.

Sam Dogen [11:35]:
"If the largest company in the city or town you're living in is like a greasy spoon restaurant, you're never going to get rich. So you have to go where the big companies are, where the big jobs are, where the people are that can help you along the way."

Sam lists top cities such as San Francisco, Seattle, New York, Boston, and Arlington, highlighting their high cost of living as a reflection of the greater income and wealth opportunities they offer. He also mentions emerging markets like Fayetteville, Arkansas, suggesting these areas may offer significant long-term investment potential.

Sam Dogen [15:06]:
"So don't just think about, oh, big tech and finance and consulting and all that fancy stuff. There are plenty of big companies out there with plenty of money to go around that provide great lifestyles."

Student Loan Management and Employer Matching

A significant portion of the discussion centers around managing student loans. Sam introduces the concept of employers matching student loan payments through programs like Schwab Partners’ student loan retirement match.

Sam Dogen [20:31]:
"If you want to outperform the masses or the median or the average, you've got to do more than the median or the average person."

The hosts explore the Secure 2.0 Act, which allows employers to create provisions that match employee contributions towards student loan repayments, effectively providing a dual benefit: reducing debt while simultaneously contributing to retirement savings.

Financial Milestones and the Power of Compounding

Sam introduces the concept of setting financial milestones, particularly the $250,000 mark, as a catalyst for financial momentum. He explains how reaching this milestone allows investors to benefit from returns that exceed traditional retirement contributions.

Sam Dogen [18:35]:
"Some people when they're first starting out, they might feel that $1 million is very daunting. But in order to get to something great, you've got to go in smaller steps."

He underscores the importance of compounding interest, advocating for early and consistent saving and investing to harness exponential growth over time.

The House-to-Car Ratio and Real Estate Investments

One of Sam's unique contributions is the House-to-Car Ratio, a metric he developed to assess personal financial health. This ratio compares the value of one’s primary residence to their vehicle, advocating for a higher ratio to ensure more of one’s assets are appreciating rather than depreciating.

Sam Dogen [31:01]:
"A house is generally a neutral to appreciating asset, while a car is a 99.9% guaranteed depreciating asset. So you want a little bit more house and less car."

Sam advises maintaining a ratio above 30, significantly higher than the national average of 8-9, to enhance net worth and financial stability.

Entrepreneurship as a Path to Wealth

The conversation transitions to the role of entrepreneurship in building wealth. Sam explains how owning a business can exponentially increase one’s net worth through equity and company valuation.

Joe Saul-Sehy [26:44]:
"So as employees, we earn our salaries and we might get lucky with some stock options and RSUs. But as an entrepreneur, you get your salary plus the equity in your company."

He discusses the significant financial benefits of creating scalable business models that, upon sale, can yield substantial multiples of earnings, thereby accelerating wealth accumulation.

Changing Real Estate Commissions and Market Transparency

Sam addresses recent changes in the real estate industry, particularly the NAR lawsuit aimed at increasing transparency and empowering consumers to negotiate lower commission rates.

Sam Dogen [34:26]:
"I believe real estate commissions will go down steadily from 5%, 4 and 3/4, 4 and a half, 4%. Maybe it might settle down to 3% or 3 and a half percent in 5, 10 years."

He anticipates a shift where top-performing agents thrive while others may fade, emphasizing the importance of choosing experienced real estate professionals in a more transparent market.

Mindset, Motivation, and Overcoming Complacency

A recurring theme is the financial mindset required to achieve and maintain millionaire status. Sam stresses the importance of identifying personal "whys"—the fundamental reasons and motivations driving one’s financial goals.

Sam Dogen [22:46]:
"You have to find within to understand what is your why. What is it that you are saving and investing so hard for?"

He discusses strategies to overcome complacency, urging listeners to continuously push beyond their comfort zones to achieve greater financial heights.

Trivia and Conclusion

The episode concludes with a light-hearted trivia segment where Doug poses the question:

Doug [41:25]:
"What country has more millionaires than any other per capita?"

The answer revealed is Switzerland, boasting 16.45% millionaires per capita, surpassing the USA and Australia.

The hosts wrap up by encouraging listeners to engage with upcoming live events and promote Sam Dogen’s latest book, "Millionaire Milestones: Simple Steps to Seven Figures."

Key Takeaways

1. Location Matters: Proximity to major job centers and affluent cities significantly enhances wealth-building opportunities.
2. Manage Student Loans Strategically: Utilize employer matching programs to reduce debt while saving for retirement.
3. Set Financial Milestones: Reaching $250,000 can create significant financial momentum through compounding.
4. Optimize the House-to-Car Ratio: Aim for a higher ratio to ensure more of your assets appreciate over time.
5. Embrace Entrepreneurship: Building and owning a business can exponentially increase your net worth.
6. Stay Informed on Real Estate Trends: Transparency in real estate commissions benefits consumers and rewards top agents.
7. Cultivate a Wealthy Mindset: Identifying personal motivations and overcoming complacency are crucial for financial success.

Notable Quotes:

• Sam Dogen [11:35]:
  "If the largest company in the city or town you're living in is like a greasy spoon restaurant, you're never going to get rich."

• Sam Dogen [18:35]:
  "In order to get to something great, you've got to go in smaller steps."

• Sam Dogen [31:01]:
  "You want a little bit more house and less car."

• Sam Dogen [22:46]:
  "You have to find within to understand what is your why."

For more insights and to access Sam Dogen's book "Millionaire Milestones: Simple Steps to Seven Figures," visit stackingbenjamins.com. Join Joe and OG every Monday, Wednesday, and Friday for additional episodes covering major headlines, listener letters, trivia, and financial laughs.