​

Financial Samurai

Slicing Through Money's Mysteries

  • About
  • Invest In Real Estate
  • Top Financial Products
    • Free Wealth Management
    • Negotiate A Severance
  • Buy This, Not That (Bestseller)

Why I Wrote A New Personal Finance Book: Buy This, Not That

Published: 05/22/2022 by Financial Samurai 56 Comments

After two years of writing and editing during the pandemic, my book, Buy This, Not That: How To Spend Your Way To Wealth And Freedom is done! It comes out on July 19, 2022, in stores everywhere.

After spending a combined 30+ years working in finance, studying finance, and writing about finance, I firmly believe Buy This, Not That (BTNT) will be one of the best personal finance books out there. It is the book I’ve always wanted to write to help readers everywhere live better lives on their terms.

During the course of my writing process, I also read over a dozen nonfiction books to understand what makes good books great and some books not so great. I then worked in my ideas with my editors at Portfolio Penguin Random House to make the book shine.

Money is too important to be left up to pontification. As a result, everything I’ve written in the book is based on firsthand experience. This way, I can share with you the good and the bad to help you make better decisions. The secret to stop saying, “If I knew then what I know now,” is to simply learn from someone who has been through what you will go through.

I’ve also set up financial frameworks to help guide you on your path to financial freedom. Think of BTNT as your financial coach who gives you the confidence to face life’s biggest dilemmas in a smart and practical manner.

Pre-order a hardcover copy of Buy This, Not That by clicking one of the retailers below to ensure delivery on the release date.

Buy This Not That_Amazon
Buy This Not That_Barnes-Noble
Buy This Not That_Books-a-million
Buy This Not That_Indiebound

Financial Independence Is Only Part Of The Journey

Once you get your money right, you can start better focusing on things that really matter to you. After all, money is only a means to an end. And for those of you who treat money as the end all be all, I hope my book will help change your philosophy.

Once you achieve a certain level of financial independence, where your passive investment income covers your living expenses, the world opens up.

The ultimate goal is to move money into the background so you can stop obsessing over it and start focusing on doing things that matter.

I show you how in the first half of my book. With actionable advice under a logical framework, I help you move forward with confidence.

Solving Dilemmas We May One Day Encounter

In the second half of my book, I talk about many of life’s dilemmas and how to approach them using my 70/30 decision-making framework.

If you believe there is a 70% probability or greater you will make the correct decision, go for it! At the same time, have the awareness of knowing you may get things wrong 30% of the time. Unless the outcome is death or financial ruin, you will be able to learn from your mistakes, recover, and make better choices over time.

My book encourages you to think in probabilities, not absolutes. If you think in absolutes, you will likely miss out on a lot of great opportunities because you’ll feel you need 100% certainty before moving forward. However, if you start thinking in probabilities, plenty of new possibilities opens up.

Here are some dilemmas the book explores:

  • Pay for private school or public school
  • Join a startup or work for an established company
  • Start a lifestyle business or go for the grand slam
  • Job hop or stay a loyal soldier
  • Live in an expensive coastal city or move to a low-cost area 
  • Invest in real estate or stocks
  • When to rent or buy
  • When to invest in tax-advantaged versus taxable accounts
  • Angel invest or don’t
  • Buy a fixer or a fully remodeled home
  • Marry or cohabitate
  • Marry for love or marry for money
  • Have children early or late
  • Return to work or be a stay-at-home-parent
  • Combine your finances or keep separate accounts
  • Get a divorce or stay married
  • Seek fame to boost your wealth or stay low key
  • Support your adult children or let them learn to swim

And so many more topics.

Again, money is just one part of the equation. It’s how we use our money to make better choices that matters most. If any of these topics interest you, Buy This, Not That will help you minimize regret and maximize satisfaction.

Why I Wrote Buy This, Not That

I wasn’t planning on writing a traditionally published book. As a tired father of two young children who also publishes three-to-four times a week on Financial Samurai, I already had my hands full. However, when Noah, an editor at Portfolio Penguin approached me on December 2, 2019, about the idea, I was intrigued.

When the pandemic hit in March 2020, I thought why not! If I was going to be stuck at home anyway for who knew how long, I might as well make the most of a suboptimal situation. Besides, such a challenge doesn’t come around too often.

Back in 2008, something similar happened. The global financial crisis was starting to deepen and I was losing a boatload of money. However, it was in the summer of 2008 that I finally decided to propose to my girlfriend of nine years. I knew that even if I lost all my money, I didn’t want to lose her.

Now, every time I think back to the global financial crisis, I immediately think about our small beach wedding, not the economic calamity during that time period. By writing Buy This, Not That during a pandemic, I’ll look back and feel good knowing I did something productive to help others.

Here are some more reasons why I wrote my latest book.

1) It Had To Be Written

Buy This Not That Book Best Seller On Amazon

One of the reasons why I started Financial Samurai in 2009 is because I noticed there weren’t any personal finance bloggers with finance backgrounds. Therefore, I thought it would be a good idea to fill this obvious hole. I thought about money a little differently and wanted to bring my expertise and perspectives to the world.

When I was approached by Portfolio Penguin Random House with the book idea, I noticed there also weren’t many nonfiction finance books that were written by people with finance backgrounds. Therefore, I figured I might as well fill the hole again!

After being able to escape corporate America in my mid-30s and live the life I want for the past 10 years, I just had to write a book that could help other people potentially do something similar. Once you see how something is done, it’s much easier to believe a similar path is possible for you.

2) The Importance Of Financial Education

There’s a whole world of consumers out there who love to read books and not blogs. Therefore, it was only logical to write Buy This, Not That to try and reach them.

Creating maximum impact in an affordable way is important. I could create $2,000+ e-courses like some in my peers do. However, I felt packing in all the information in a book that costs $27 or less was a more accessible solution.

After 13 years of writing on Financial Samurai, I’ve also gathered a wealth of different perspectives from over 90 million visitors. These perspectives have helped me make better decisions and be a more empathetic person along the way. Buy This, Not That includes many blindspots I’ve had to potentially help others see things more clearly.

The world is in need of more financial education. A personal finance course should be mandatory in high school or college, but it is curiously not. I live in this bubble where I studied economics in college, got my MBA, worked in investment banking for 13 years, and have written over 2,500 personal finance articles since 2009.

The things that seem obvious to me or others with finance backgrounds don’t seem as obvious to those without financial backgrounds. Therefore, my goal is to bring more financial education to those who seek to grow their wealth in a risk-appropriate way. It’s our duty to share what we know.

3) Narrow The Growing Inequality Gap

Since the global financial crisis in 2008-2009, the rich have gotten extraordinarily rich compared to the middle class. Meanwhile, those in the top 0.1%, have blown past the top 1% as well. I want to bring their secrets and ways of investing and thinking to the public in order to help more people build wealth.

While writing Buy This, Not That I also had an epiphany as to why so many personal finance authors write mainly only about saving money, budgeting, and index funds. I kept wondering why not also write about more interesting and potentially lucrative topics? After all, you can only save so much. But income and investment returns are unlimited.

After over a year of writing and re-writing my book, I finally understood why. Without a finance background, writing about anything else is much more difficult. Hence, I’ve tried to introduce helpful financial concepts while also making them easy to understand.

My hope is that with the knowledge you will gain from reading Buy This, Not That, you will build way more wealth in your lifetime than you thought possible. And if this happens, your standard of living will go up and the growing inequality gap will ultimately narrow.

Why I Wrote A New Personal Finance Book: Buy This, Not That - net worth levels by class

4) New Perspectives With More Representation

As an Asian person who lived in Asia for 13 years, I used to be part of the majority. Then when I came to Virginia for high school and college, I became part of a minority that made up only six percent of the U.S. population. The juxtaposition was eye-opening.

At times, it was hard to fit in. I got into fistfights, was suspended once, and felt like I was often battling to be given an equal opportunity to participate. Although some of the experiences were harsh, they also gave me tremendous motivation to try harder.

By high school, I clearly realized the world isn’t fair and never will be. Therefore, instead of complaining, I accepted the way things were and focused on what I could control. I bring this fighter’s mindset to the book to give you the motivation to push on through no matter who you are or how difficult your struggles.

We know people are biased towards people who look, think, and talk like them. It’s why podcast interviewees, award-winners, bestsellers, and families who attend elite schools tend to be quite homogenous.

Therefore, I thought it would be nice to change things up a little and provide new perspectives. Maybe there will be more love and understanding for Asian folks in America if they read a good book by an Asian person who helps them. Perhaps kids who seldom see anybody who look like them will be inspired to write their own book or do something out of the ordinary.

Including People Who Live In High Cost Areas

In addition, a large percentage of every country’s population lives in more expensive urban cities. High cost of living areas presents some unique challenges which I address in the book.

With how bifurcated America is, I’m hoping to create an understanding bridge between those who live on the expensive coasts and those who live inland. Ultimately, we all have the same goals of supporting our country and doing more of what we want.

I’m convinced most conflict in this world is due to a lack of understanding of other people and their personal situations. Let’s spend more time getting to know each other and less time judging people for their choices.

5) Steady Navigation Through Bad Times

As someone who has worked in finance since 1999, I’ve gone through the euphoria and despair of the first Dotcom bubble. Then I went through the investment mania of 2007 and the devastation a few years later with a significant amount of capital.

After each collapse, I’ve learned how to strengthen my finances so that no matter what happens, I’ll most likely be OK. I want to share what I’ve learned to help more people survive downturns without too much harm. Reading Buy This, Not That will help armor your finances and provide security for your household.

For so long, it’s only been good times. And you may have read only the perspectives of people who’ve only experienced good times since 2009. This can be very dangerous. Bad times will eventually come, which is when you’ll need financial guidance the most.

It is hard to understand your true risk tolerance and how bad things can get if you don’t go through a prolonged bear market yourself. Although the March 2020 crash was violent, it was also quick to rebound.

Buy This, Not That will help you navigate through stormy waters so that no matter how wretched the economy, you will not drown but thrive. Having peace of mind during difficult times is priceless.

Thank You For Reading Buy This, Not That!

I’m thrilled for y’all to read Buy This, Not That: How To Spend Your Way To Wealth And Freedom. I actually violated my publisher’s recommendation of keeping the word count to 80,000 words. Instead, I wrote about 111,000 words so I could add as much value as possible given nonfiction finance books are all priced about the same.

It is a big book that will take longer than usual to read. But there are so many important subjects that I believe you’ll actually be left wanting for a book two.

Buy This, Not That is meant to be read and discussed with friends and loved ones. You’ll have a great time debating my reasonings and making your own cases. I truly believe discussion and listening to the perspectives of others is the best way to learn and grow.

I plan to do some in-person events in the San Francisco Bay Area, Honolulu, and perhaps NYC during the U.S. Open. Stay tuned!

Pre-order a hardcover copy of Buy This, Not That by clicking one of the retailers below. As a thank you for placing a pre-order, you’ll get access to my behind-the-scenes interview as a free bonus. Simply fill out this form with the details of your pre-order purchase.

If you order 2 or more hard cover copies, I’ll send you a free signed bookplate as well. Please fill out this form after completing your purchase to submit your purchase details and mailing address.

Buy This Not That_Amazon
Buy This Not That_Barnes-Noble
Buy This Not That_Books-a-million
Buy This Not That_Hudson-booksellers
Buy This Not That_Indiebound

To Your Financial Freedom,

Sam

P.S. If you’re interested in bulk ordering (>30) for your book club, company, or organization, please e-mail sales AT financialsamurai DOT com. I will put you in touch with Penguin for a bulk order discount. Otherwise, Amazon provides those who pre-order the lowest price guaranteed based on whatever discount they offer from now until release.

I will be doing video talks with employees at Google, Yelp, William & Mary, and several other organizations through July. If your organization would like to support my book, please shoot me an e-mail or leave a comment.

The Most Illogical Reason To Go To Business School I’ve Ever Heard

Published: 04/05/2022 by Financial Samurai 39 Comments

There are good reasons to go to business school and then there are bad reasons to go to business school. Let me share one of the worst reasons I’ve ever heard. I’ve changed some names and figures for privacy reasons.

I caught up with a friend, Peter, who is a partner at a private equity firm the other day. He was beaming about how their youngest son got into U Penn after letting him take a gap year after high school.

“Getting into college these days is like playing roulette! You really never know where you’re going to get in!” he said. “My son got rejected from everywhere, except his top choice. Go figure!”

I congratulated him because getting into an Ivy League school nowadays seems like mission impossible. He then went on to say one of his associates was leaving to go to Harvard Business School.

I asked him why and Peter said the associate wants to explore venture capital or fintech after graduation. That sounded fine to me at first, but not after my friend explained some more.



Read More…

Why More Public Schools Will Eventually Rank Higher Than Private Schools

Updated: 02/03/2022 by Financial Samurai 47 Comments

Ever since the college admissions bribery scandal in 2019, I’ve been patiently waiting for society to start viewing public schools in a higher light. I postulated that some public schools will eventually be viewed as more prestigious than many private schools since it’s harder to bribe your way in.

According to the FBI, the universities involved in the admission scandals between 2011 and 2018 were Georgetown, Stanford, UCLA, University of San Diego, USC, Wake Forest University, and Yale.

In other words, only one of the schools involved in Operation Varsity Blues was a public school, UCLA. University Of Texas El Paso men’s assistant basketball coach was also caught accepting a bribe. However, UTEP’s acceptance rate is literally 100%, so that school doesn’t count.

When already wealthy families are spending between $250,000 – $6 million on bribes, you’ve got to wonder how rigged the college admission system really is. The people caught are likely only the tip of the iceberg.

Meanwhile, extremely wealthy families are donating hundreds of millions through the front door. These funds aren’t legally considered bribes, but donations. However, we all know the quid pro quo assumption is that all of the children and grandchildren of those families will be admitted in the future.



Read More…

5 Money Lessons For College Students To Graduate Financially Ahead

Updated: 04/11/2022 by Samurai Sydney 18 Comments

As part of my sabbatical, I’ve convinced my wife to write more posts. Yes! My master plan is working. Here is Sydney discussing money lessons for college students. – Sam

Even though I haven’t been in school for over twenty years, I always get excited during back to school season. I think back to the days of Trapper Keepers (I hear they’re back by the way) and pencil boxes.

And, I still remember the giddiness I felt flipping through the class registration guide in college. It was like a puzzle figuring out how I could max out my credits each semester. But, I also like to reminisce about the money lessons I learned while I was a college student.

College wasn’t that fun for me in the grand scheme of things. But it was something I was determined to do. You see, neither of my parents nor any of my grandparents went to college.

My dad went to vocational school and my mom only went to a few secretarial training classes. This really limited their career options. As a result, they had money struggles their whole lives.



Read More…

Forfeit The Enrollment Deposit For A Better School? A Tricky Dilemma!

Updated: 08/05/2021 by Financial Samurai 45 Comments

Something funny happened on our long and intricate preschool admissions journey. A school we had applied to in 2017 reached out and said they have a spot for our son this fall. Now we have to decide whether to forego an enrollment deposit at another school or stay the course.

We jokingly refer to this school as the “Harvard Of Preschools.” Even one of our wealthiest friends, who regularly donates six figures a year to his children’s schools, advised us not to bother applying

“It’s impossible to get in. Save your time,” he told me years ago.

Not being one not to try, we applied anyway when our son was only three months old.

A year ago, we got word from the Harvard of Preschools that we had been waitlisted. 80 families had applied for just one non-sibling spot. Oh well. I should have listened to my friend.

The admissions director said we were at the top of the waitlist, but I suspected he was just being nice.

Then recently, the Head of School e-mailed us and said a spot opened up for us this September because a family was leaving. Guess my friend was wrong!

At some point in your child’s education journey, they too may also come off a waitlist from a “better school” after you have paid an enrollment deposit for another school. Therefore, I thought it might be useful to describe our thought process to help you decide.



Read More…

To Build A Great Business, Trust Is Paramount (A Visit To The Dentist)

Updated: 01/13/2022 by Financial Samurai 40 Comments

I cheated on my dentist and I will never do it again. This is a story about the importance of trust if you want to build a great business. It is also a story about not taking your business for granted if you’ve been at it for a while.

During regular times, I’d see the dentist every six months to get my teeth cleaned. Once a year, I’d get some x-rays and go from there. However, due to the pandemic, I skipped out on seeing the dentist for 18 months.

Getting breathed on with my mouth open in an indoor space for over an hour didn’t seem prudent. So I waited until I got fully vaccinated before going.

In the meantime, I flossed, brushed, and rinsed religiously. I even bought a metal plaque scraper and pick to help remove any buildup. In essence, I became my own dental hygienist.



Read More…

Using A 529 Plan For Generational Wealth Transfer Purposes

Updated: 02/10/2022 by Financial Samurai 87 Comments

If you’re a parent, you might consider starting a 529 plan for generational wealth transfer purposes in addition to paying for your child’s education. Even if you are not a parent yet, you should consider opening up a 529 plan. You can open the 529 plan in your name and change the beneficiary later.

There’s a decent chance the estate tax threshold will eventually come down from its current all-time high of $11.7 million per person. Further, the number of millionaires in the world is expected to continue growing.

Therefore, using a 529 plan to reduce the value of your estate by the time you pass may help you save on taxes. After all, who wants to pay a 40% death tax rate when you could help fund a loved one’s education in a tax-efficient manner?

To recap, 529 plans are funded with after-tax dollars just like a Roth IRA. The money gets to grow tax-free. All money taken out—including investment gains—is tax-free as long as it is spent on qualified education expenses such as tuition, room and board, books and supplies.

If the money is used for non-educational purposes, you must pay income taxes on the growth plus a 10% penalty. Your original capital contributions are not subject to income taxes or a 10% penalty.

Let me share our original intent for our son’s 529 plan. Then I’ll discuss how the example might evolve for tax-efficient wealth transfer purposes. I’m convinced every parent and parent-to-be should contribute to a 529 plan.



Read More…

What If You Go To Harvard And End Up A Nobody?

Updated: 04/22/2022 by Financial Samurai 227 Comments

Harvard University consistently is ranked one of the top universities in the world. But what if you go to Harvard University and still end up a nobody?

When I say nobody, I’m just talking about being an average person working an average job. Not someone still living in mom’s garage playing video games all day at age 40.

A happy life is all about managing expectations. If you matriculate at Harvard, whether for undergrad or graduate school, great things are expected of you. And if you don’t do great things, are you a disappointment? Many would say so. More importantly, you might even think so.

Education has been on my mind a lot lately after my son got into preschool. If he likes the school, it goes through the 8th grade. However, Is it worth spending tens of thousands a year in tuition for the next nine years? I’m not so sure!

In addition, I was a private high school tennis coach for three years observing how the kids went through the pressure of trying to get into a good university. I sometimes wondered whether their grind was all worth it.

Supposedly my high school is one of the best in the city, yet not every graduate goes to a university like Harvard. In fact, most attend regular schools any high schooler could have gotten into.



Read More…

How To Get Into A Great Preschool Or Private Grade School

Updated: 08/07/2021 by Financial Samurai 49 Comments

Are you a parent worried about getting your kid into a great preschool or private grade school? Ever wonder about the preschool or private grade school interview process? Or how about what type of interview questions they will ask and what type of kids get in?

After three years of navigating the preschool admissions process gauntlet, this article will address how to get into a great preschool or private grade school.

There are plenty of good preschools and private grade schools. Therefore, thankfully, you won’t have to stress out as much about the process because admissions is easier.

However, if you’re going to spend the time and application money applying, then you might as well apply to the best ones as well. After all, if your child gets in, the tuition is roughly the same.



Read More…

Should I Get A Ph.D.? Not Sure If It’s Worth It

Updated: 08/11/2021 by Financial Samurai 158 Comments

Right before negotiating my severance in 2012, I wondered whether I should get a Ph.D. After 13 years in the private sector, I thought it would be nice to switch things up. Besides, if I got my Ph.D., I could demand people call me doctor, just like how our incoming First Lady demands to be called Dr. Jill Biden!

It is absolutely fine to request people address you as doctor if you have a Ph.D. or Ed.D.. Whether people comply with your request is another matter. Only around four percent of Americans have obtained a Ph.D. Therefore, people who have gone through the rigorous process of getting a Ph.D. deserve respect.

I’d like to think that if I got a Ph.D., I would play it cool and tell people, “Just call me Sam.” After all, I’m not only a believer in stealth wealth, but stealth education as well.

For a better life, it’s better to pretend you are dumber than you really are. Otherwise, people are going to expect a lot from you. They may ask you a lot of questions and constantly challenge you as well.

Time is our most precious asset. The dumber you appear, the more time you will have to do as you wish. Trust me on this. I have all the time in the world and it still doesn’t feel like enough!

Here was my thought process about getting a Ph.D. way back when. I’ll go through the pros and cons of getting a Ph.D. From there, you can make your own decision on whether it’s worth getting this degree or not.



Read More…

  • 1
  • 2
  • 3
  • …
  • 8
  • Next Page »

Top Product Reviews

  • Fundrise review (real estate investing)
  • Credible review (student loans, mortgages, personal loans)
  • Policygenius review (life insurance)
  • Personal Capital review (free financial tools)

Financial Samurai Featured In

Categories

  • Automobiles
  • Big Government
  • Budgeting & Savings
  • Career & Employment
  • Credit Cards
  • Credit Score
  • Debt
  • Education
  • Entrepreneurship
  • Family Finances
  • Gig Economy
  • Health & Fitness
  • Insurance
  • Investments
  • Mortgages
  • Most Popular
  • Motivation
  • Podcast
  • Product Reviews
  • Real Estate
  • Relationships
  • Retirement
  • San Francisco
  • Taxes
  • Travel
Buy This Not That 728 Banner
  • Email
  • Facebook
  • RSS
  • Twitter
Copyright © 2009–2022 Financial Samurai · Read our disclosures

PRIVACY: We will never disclose or sell your email address or any of your data from this site. We do highly welcome posts and community interaction, and registering is simply part of the posting system.
DISCLAIMER: Financial Samurai exists to thought provoke and learn from the community. Your decisions are yours alone and we are in no way responsible for your actions. Stay on the righteous path and think long and hard before making any financial transaction! Disclosures