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Financial Samurai

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Living In An Expensive City Can Make You Richer, Happier, And More Diplomatic

Updated: 07/10/2022 by Financial Samurai 111 Comments

Living in an expensive city has been the main way for millions to get ahead for decades. After all, most of the high paying jobs are all in expensive cities, which is why they are expensive in the first place!

When asked about career advice, I always recommend people follow the money. Go to where the wealthiest, most powerful people live so you can take advantage of the most opportunities.

New York City has all the financial firms. San Francisco has all the tech, internet, and venture capital money. While Washington DC and the surrounding suburbs have all of our tax money to spend on massive government contracts!

I’ve lived in all three types of cities for extended periods of time. In my experience, I’ve seen massive fortunes made in multiple ways.

If you want to “get lucky,” then you might as well go where there’s the most opportunity in an expensive city. Because twiddling your thumbs in a dying town, complaining why you can’t get ahead doesn’t make sense. We live in a free country with no state border controls.



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If You Can Make It In Hawaii You Can Make It Anywhere

Updated: 01/07/2022 by Financial Samurai 92 Comments

If you can make it in Hawaii, you can make it anywhere.

My father is Hawaiian and I’ve been going back to Oahu for 44 years. I love Hawaii and plan to relocate my family back to Hawaii once both my children are over age 5. However, living in Hawaii can be hard if you don’t adopt the slower-pace, aloha lifestye.

This saying is a play on an old saying, “If you can make it in New York, you can make it anywhere.”

The idea is that with New York City being so competitive, only the strongest survive. I worked on the trading floor at one of the most hardcore investment banks around and I can unequivocally tell you that making it in NYC is brutal.

The weather beats you up for at least six months a year, the work hours are long, and your money doesn’t go very far.

Two years and 15 pounds heavier I left NYC in 2001 for an easier life out in San Francisco where I didn’t know a soul. I thoroughly admit I didn’t make it in NYC.

Perhaps I could have stayed on as a third year financial analyst, but surely Goldman would have made me go back to business school afterward rather than promote me directly to Associate. The thought of returning to school at the time and spending all that money wasn’t appealing.

By spring 2001 it was clear the economy was not in good shape one year after the NASDAQ collapsed. I decided to take matters into my own hands and jump to a competitor for that Associate promotion and raise instead.

Waiting to get let go is like waiting to die.



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Never Risk Your Life For Money: A Beijing Abduction Adventure

Updated: 11/30/2020 by Financial Samurai 40 Comments

How Stealth Wealth Failed Me: A Beijing Abduction Adventure - never risk your life for money

If there’s one recommendation I can confidently give to you all, it’s that you should never risk your life for money!

Back in 2002, something crazy happened that I will never forget. It was 10pm and I had just arrived at my hotel in Beijing. Having slept on the plane for 10 hours straight, I was more awake than a hooting owl.

My client wasn’t due to arrive until the next morning, so I dropped off my bags and went for a stroll. I had been to Beijing before as a study abroad student in 1997, but this was my first time out alone in this particular area of the city.

Does anybody sleep? I kept thinking, as the roads were jammed with side-stalls of people eating dumplings and pork-topped rice dishes. It seemed as if every other place I walked past was a dive bar inhabited by strange European tourists. Sanlitun (三里屯) was alive and kicking!

After about an hour of happy, mindless meandering through alleyways, I was struck all at once by an awful realization: I had no idea where I was. Drat! How was I supposed to get back to the hotel? What was worse: I was no longer inhaling the heady aromas of stale beer and beef broth with delight.

The air had suddenly turned sour as I noticed several shady-looking guys peeing beside a dilapidated stone wall nearby. Worse still, as soon as they were done they started heading my way, one guy barking obscenities. I looked over my shoulder–  perhaps he was yelling at some other luckless trespasser? Nope, it was me. Fudge…



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An Inside Look At Communist China: Where Capitalism Is All The Rage

Updated: 10/05/2021 by Financial Samurai 127 Comments

Chongqing, China

Communist China is really a capitalist country in overdrive. I’ve been covering China’s economy since 1999. Further, I studied abroad in Communist China in 1997 for six months.

As soon as Houston Rockets General Manager’s, Daryl Morey, tweeted “Fight for Freedom. Stand with Hong Kong,” the lucrative relationship between the NBA and China began to disintegrate.

Given the Communist China market is worth roughly $1 billion a year to the NBA (versus $0 for FS), it was fascinating to see some owners, coaches, players, and the commissioner either say nothing, throw Daryl under the bus, or grovel for forgiveness.

If you care about your reputation and want money, sending one-liners on social media about a controversial topic is probably not the best idea. Wait until you are truly free. There is always two sides to every conflict.

Of course everybody is going to be pro freedom. But to think the Chinese people are tyrants and don’t want freedom and prosperity themselves would be naive. Please differentiate between a country’s citizens and its government.



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How Europeans See Money Differently From Americans

Updated: 02/18/2022 by Financial Samurai 111 Comments

Europeans see money differently from Americans. Where Americans are obsessed with money, Europeans seem to have a lighter approach about money. In other words, Europeans work to live while Americans live to work.

Stonehenge Sideways View - How Europeans See Money Differently From Americans

After almost finishing my loop around Stonehenge, I stumbled across a French woman who was lying on the ground sideways. She adjusted herself a little bit to get more comfortable, but paid no attention to fellow tourists wondering what she was doing.

She made me want to lie down sideways as well to see what she was seeing. I didn’t because I felt a little silly copying her in broad daylight. So instead, I took this picture and tilted my phone. Perhaps you are now bending your head sideways or lifting your laptop sideways to see what she sees.

What do you see?



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How Much To Spend On A Hotel While Traveling Abroad – Calculate Your Adjusted NHER©

Updated: 08/08/2021 by Financial Samurai 76 Comments

Gyeongbokgung Palace, Seoul, Korea
Gyeongbokgung Palace in Seoul

When the pandemic is finally over, you might be wondering how much to spend on a hotel. I’ve traveled to over 60 countries in my lifetime and have stayed at hundreds of hotels.

Let me provide a framework on how much to spend on a hotel to get the best bang for the buck.

How Much To Spend On A Hotel In Asia

Before leaving for Asia I told myself I’d live it up by staying at only the finest 5-star hotels. Compared to America, Asia ex-Japan is relatively cheap. I had just finished paying down $100,000 in mortgage debt seven months earlier than expected and felt like I deserved to be rewarded.

Billing 60 hours a week for three months in a row as a consultant in order to expedite my mortgage payoff was also the antithesis of being an “early retiree.” 

All excited to start booking my hotels, I clicked the 5-star only search option online for Seoul and Kuala Lumpur. But instead of booking four nights at the Shilla Hotel in Seoul for $350 a night, I decided to book the Centermark Hotel in Insadong for only $120 a night after taxes and fees.

The Centermark Hotel was rated four stars and had free wifi. It was walking distance to all the major palaces and the Buchchon village. A $1,320 savings could easily pay for all food, transportation, and attraction tickets while in South Korea!

Then it was Kuala Lumpur’s turn to book a hotel. Originally I was going to stay at Villa Samadhi, a 5-star resort in the heart of Ampang where I used to live as a kid. The hotel looks like an oasis, perfect for a honeymoon retreat. At $250 a night for a suite with a private pool, breakfast, and wifi, it’s pretty good value compared to the prices you’d find for a similar suite in San Francisco.

But here’s the thing. My personal finance brain took over. The GDP per capita in Malaysia is only about $24,500 vs. $35,400 for South Korea and $78,000 for San Francisco! What business do I have spending $250 a night for a 5-star hotel in Malaysia as that would be equivalent to spending around $850 a night in San Francisco, something I’d never do! Instead of booking Villa Samadhi for $250 a night, I decided to book the four-star Impiana Hotel in KLCC for $120 a night. It just felt right.



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What’s The Most Amount Of Travel Miles And Credit Card Rewards Points You’ve Accumulated A Year?

Updated: 08/09/2021 by Financial Samurai 53 Comments

Beautiful Santorini, Greece

When I was a young buck, I used to travel like a maniac for work. I racked up travel miles fast because I was earning them non stop. I was based in Manhattan and had to cover clients in Florida, Bahamas, Iowa, Texas, Colorado, and California.

Then, there were the necessary quarterly or semi-annual pilgrimages to Hong Kong to kiss the ring. When you’ve got a corporate card with unlimited credit, you feel a little better about taking red-eyes to your 8am meetings.

But after a while, the novelty wears off and all you want to do is take the Chairman’s Flight (fly in the middle of the work day).

Travel miles and credit card rewards points were my combination of choice because not only would I gain more points flying more miles, I would then gain rewards points for every dollar I spent on the ticket, hotels, food, and entertainment.

For example, I’d earn 16,100 points for flying to Hong Kong from New York City roundtrip + 5,000 points for the cost of the business class ticket + 2,500 points for seven nights in a hotel + 1,000 points for food + 500 points for entertainment. The total rewards points accumulated would therefore equal ~25,000 for a one week business trip to Asia.

Related: How To Book A Flight For Someone Else Using Your Miles Or Points



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How Much Should I Tip In Europe? Proper Gratuity Etiquette

Updated: 08/08/2021 by Financial Samurai 60 Comments

Tipping suggestions while vacationing in Europe

Figuring out how much to tip is one of the most awkward things to tackle because tipping is not mandatory. But if you live in America like I do, it’s part of our culture. Not tipping for service feels weird, so we tend to do it anyway even if it’s not a part of another country’s culture.

Although each country in Europe has a slightly different tipping culture, I’d like to provide a rough guideline of how much to tip any waiter or hotel staff while traveling in any country in Europe.

The tipping amounts have been researched through my own travel experiences and speaking with numerous travel industry veterans. And if you’re ever in doubt, you can always tip more!

Tipping Guide In Europe

Some of you might have an anti-tip mentality because you don’t feel people who provide you a service should get anything extra since they are already getting paid to do their job.

Perhaps you don’t like to tip because you’re trying to keep vacation costs low. One of the biggest problems with being frugal your whole life is that it may stunt your generosity to others. Whatever your reason for not liking to tip, I get it.



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Guilt-Free Travel Hacking: Finally Living Large On A Modest Budget

Updated: 05/09/2022 by Financial Samurai 79 Comments

Guilt-Free Travel Hacking
La Reserve Hotel

Travel hacking is one way to save money on travel. This post is part of a travel hack rarely discussed. It sets up the stage and provides some insights into more extravagant spending. We’ll also explore whether more luxurious living is really worth the price.

When I got to the 4th floor of my hotel there was Ryan Seacrest, hanging outside of my room with his dad. They were waiting for their wives and heading out for dinner. Choosing to be chill rather than starstruck, I just said, “How’s it going guys?” as I passed. They were staying on the same floor of our boutique hotel and responded with a friendly, “not too much.”

Ryan shot to fame as the host of American Idol and is one of the most successful media personalities on the planet with an estimated $300M fortune.

How was he able to create so much wealth by being just a reality show personality? By creating his own company, Ryan Seacrest Media and producing hit shows like “Keeping Up With The Kardashians.”



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Spending Money On Vacation Is Easy: Vacation Money Is Crazy Money

Updated: 08/04/2021 by Financial Samurai 84 Comments

Spending money on vacation is easy to do. It’s one of the weirdest money phenomenons I’ve noticed. People spend way outside their normal limits while on vacation. It’s as if we enter a casino where money has no value because everything is clay chips.

Vacation money is crazy money. With millions of people itching to travel after the pandemic is over, revenge spending is all the rage! But you can stay financially disciplined while still having a great time.

During the first week of our two week European business trip, we stayed at reasonably priced 4-star hotels. We figured, let’s focus on hotels in the best locations since we’d only be visiting each country for 2-3 days.

Financial Samurai visiting Arc De Triomphe in Paris 2016

For dinner, we budgeted 50 € ($60) or less for two. This amount was reasonable as boiled beef and potatoes didn’t cost too much, nor did pizza, pastas, and salads. A buffet breakfast was always included in our hotel stay so we never spent very much on lunch if anything at all.

Like with everything, we spent well within our means because we’re frugal that way. After all, it’s very hard to achieve FIRE without aggressively controlling your spending. 

When we arrived at our hotel in Paris from Budapest it was about 7:15pm. We were given a tour of all the facilities. This is where our money discipline began to unravel. Spending money on vacation within a budget can be challenging even for the most frugal of us. The thrill of new experiences abounds.



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