Quit Like a Millionaire is one of my favorite financial independence books of all time. Not only does it have more specific details about the technical details of FI, it also made me laugh like a sea lion.
Kristy Shen starts by describing her experience as a poor child in China. This is an excellent and attention-grabbing foundation for the book, because anyone reading it in English surely has more resources and ability to earn and save money. If that statement seems challenging, at least agree that anyone reading this is not a little kid...? ...and then actually read the book itself. Shen also describes herself as a mediocre student, struggling with concepts and getting by on hard work rather than brilliance.
In other words, if Kristy Shen and Bryce Leung can do it, anyone can. The book is filled with charts showing the numbers for all different income and saving levels.
Shen goes over the financial principles she used to become financially independent very carefully. One of the most surprising of these is her Pay-over-Tuition score, which shows that a doctor or a lawyer may do only about as well as someone in an arts career due to the high cost of their education.
Something I particularly appreciated was the concept of “eating bitterness” and how Shen makes use of scarcity mindset. I have a bit of this myself, and have actually broken out in hives at the thought of wasting money on certain things. It definitely helps to draw on this attitude when engaging in extreme saving.
Quit Like a Millionaire explains Modern Portfolio Theory, capital gains harvesting, and geographic arbitrage, among other concepts. The section on insurance was enlightening. It can be hard to believe, but becoming financially independent actually eliminates whole categories of spending, and insurance can be one of them.
Kristy Shen and Bryce Leung retired just after they turned thirty, which is nuts, but possible. What is even crazier is that they accidentally discovered they could travel the world for the same cost as living at home. Now they’re at least three years into their retirement and it sure sounds like they’re having a lot of fun. I don’t know about you but I wouldn’t mind joining them.
Read this book and Quit Like a Millionaire today... or maybe eleven years from now, but who’s counting?
No one is coming to save you.
My boss didn’t care about my mediocre grades; he hired me because of my insane work ethic.
For them, failure was totally an option.
Since I knew that things could always get worse, the Scarcity Mind-set taught me that money was precious and if I wanted security and autonomy in life, I’d have to earn it.
“The past doesn’t matter. What do we do now?”
If you understand money, life is incredibly easy. If you don’t understand money, like the vast majority of people, life is incredibly hard.
I've been working with chronic disorganization, squalor, and hoarding for over 20 years. I'm also a marathon runner who was diagnosed with fibromyalgia and thyroid disease 17 years ago.
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