The economy has been on shaky ground lately, and consumers are feeling it. Persistent inflation worries, stock market drops, uncertainty with employment and return to the office policies are all creating fear and uneasiness. 

Fear can be just the thing that motivates us to create a better tomorrow for ourselves and our families. 

To help us discuss how we can get the best of fear and move toward a life of family financial independence, I’ve invited Sam Dogen back on the show today. 

Sam is one of the pioneers of the modern-day FIRE movement, starting Financial Samurai in 2009 and writing about retiring early after reaching financial independence. He is also the author of the new book Millionaire Milestones:  Simple Steps To Seven Figures, which is out now.

Listen or Watch Here

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Key Takeaways

Here are my top three takeaways from my conversation with Sam Dogen:

Use Your Fear and Take Action

We’re all feeling some fear. This shouldn’t paralyze us. This should motivate us.

Take a look at your budget. If you don’t have one, now is a smart time to create one.

Save more in your emergency fund. Get to at least 3 months of expenses.

And keep investing according to your plan. Your ability to continue buying shares consistently, will help you achieve a comfortable retirement or even an early retirement.

Increasing Saving Rate Decreases Risk

Understanding your saving rate can support your family wealth building journey. The more you can save, the lower your risk will be. 

Of course, know your limits and your spouse’s limits to ensure you’re not sacrificing too much. 

But if you desire family financial independence in the future, growing your saving rate is a huge piece of the puzzle. 

This Too Shall Pass

Times may be tough right now, but realize they won’t last forever. If you stick to your plan and hold true to your values, your personal economy will continue to flourish even if the overall economy isn’t looking so hot. 

Guest Bio – Sam Dogen

Sam Dogen worked in investing banking for 13 years before starting Financial Samurai, his personal finance website. He has been featured in major publications including The Wall Street Journal, The Sydney Herald, The Chicago Tribune and The L.A. Times. Sam’s new book “Buy This, Not That: How to Spend Your Way to Wealth and Financial Freedom” is out now.

Carpe Diem Quote:

“Our goal is more modest: we simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

Warren Buffett

What do you think of our discussion with Sam Dogen from Financial Samurai? Do you think fear is a good motivator to invest?

Please let us know in the comments below.