Sam Dogen was 28 when he became a millionaire. The writer and financial expert from San Francisco recently revealed that before working in investing banking for 13 years, Dogen used to work at McDonald’s, earning $4 (about Rs 330) per hour.
"One of my earliest jobs was working at McDonald’s for $4 an hour grilling burgers in front of a hot stove while my manager yelled at me for not being fast enough," he told CNBC Make It. The self-made millionaire added that the experience ensured that he remembered how tough service jobs are. "I want to be generous with my resources while building wealth," Dogen told the publication.
The writer of multiple books on personal 1finance said that there’s no “secret formula” to amassing wealth. "But I can tell you that the road to becoming a millionaire is much easier when you’re in your 20s: You have more energy, less dependents, and little to lose," Dogen added.
Sharing a few tips on what helped him become a millionaire, he told CNBC Make It that he used to save 20 percent of his after-tax income every year.
"I was once a poor college student, so just landing a job with any consistent salary made me feel rich. But I continued living like a student for years even after my first full-time job. It took a lot of willpower and discipline to save as much as I did," Dogen said. "Remember, if you’re not in pain from the amount of money you’re saving each month, you’re not saving enough."
He also credited hard work for his success, adding that early in his career, he would reach work at 5.30 am and leave after 7.30 pm. "Working hard takes absolutely no skill. I promise that if you’re the first person in the office and the last to leave, you’ll get ahead," he said.
Dogen also advocated leading a frugal lifestyle and taking on side hustles. "The richer you become, the more frugal and low-key you should be," he said. "There’s no shame in being young and poor. Drive a cheap car. Live in a modest home. Don’t eat out every day. Don’t buy clothes you don’t need (thanks to Mark Zuckerberg and Steve Jobs, wearing the same thing every day is cool). And then be the unassuming millionaire next door."
In 2009, Dogen had launched Financial Samurai, a personal finance website, as a side hustle. Little did he know that the site would grow so big that it would give him the confidence to negotiate a severance in 2012 and leave his full-time job for good.
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