Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required

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Now, I know I don’t get emotional often on this blog (because EW feelings), but I have to admit, giving birth to this book baby has teared me up more than once. Why? Because this book isn’t just a finance book—it’s a labour of love for some of our favourite people in the world…*drum roll*…you guys!

That gave me a 3-act structure (a crucial element used in storytelling): UfofVincent [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons Seriously, every word, every sentence, every number has been inspired by this community and here’s my proof: We are probably some of the most pessimistic people you’ll ever meet,” says Leung, by way of explanation. “And we’re only doing this because we’ve created all these safety nets that will catch us.” PDF / EPUB File Name: Quit_Like_a_Millionaire_-_Kristy_Shen_and_Bryce_Leung.pdf, Quit_Like_a_Millionaire_-_Kristy_Shen_and_Bryce_Leung.epub

The way to reduce that time is to up how much you’re saving. This does two things. Firstly, it cuts your living expenses, which in turn cuts the size of your target portfolio – the amount of cash you’ll need to retire. Secondly, it pumps more money into that portfolio. Think of it as a race: you’re moving the finish closer while also running faster. Even relatively small changes have a big impact. Boosting your savings rate from ten to 15 percent, for example, shaves 5 years off your working life! That’s a whopping 98 percent of the sale price. And remember, we started by assuming that the value of the Smiths’ house would grow by 6 percent every year. That’s well above the actual inflation rate in the US, which is about 2 percent. In the real world, the Smiths would have lost money! Use the “Rule of 150” to decide whether to buy a house or use your money for something else. Book Genre: Biography, Business, Currency, Economics, Finance, Money, Nonfiction, Personal Development, Personal Finance, Self Help That’s the philosophy of Kristy Shen, a self-made millionaire who retired at 31. In these blinks, we’ll be exploring how she did it. Expect plenty of unashamedly contrarian takes, left-field strategies and novel concepts. More to the point, expect to find a roadmap to wealth creation, debt eradication and financial independence. Another bizarre thing I noticed about the book is that there just aren't that many examples of other women on FIRE, even in the chapter on parenting. I follow a lot of FIRE blogs and even some podcasts, so I know that if she really wanted to, Shen absolutely could have included more women in her book. She never says this directly, but the way she reveres so many White men and ignores all of these other issues says a lot in itself. Also, if you are under the impression that women are not very involved in FIRE, you are absolutely wrong, though I can see how people may be led to believe this idea after reading Shen's book. Here's just one counter argument, but there are many:

Or retiring from my job at 31 to travel the world, shedding the “computer engineer” identity I’d built up for the past 14 years. For your FIRE number take your average annual spending and multiply by 25. Unless you want to work part time during retirement, then halve your average annual spending (assuming you'll make half what you normally do working part time) and multiply that by 25. See also: sideFIRE or Barista FIRE. I have a feeling that Kristy Shen does not care too much about recognizing and uplifting people who are underrepresented at higher socioeconomic levels. That's her choice, but what good is being rich if we can't make the world better with that wealth? I just question the getting rich to do whatever you want story, because there's no accountability to society or to one's community. I get especially suspicious when Shen starts saying we should steal ideas from the rich. I would rather die a pauper than be seen as being even remotely similar to Andrew Carnegie and those other prosperity gospel assholes. That’s why we invested the last two years of our lives writing Quit Like a Millionaire to teach people how to become FI so they can live a better, stress-free, self-driven life.That’s it. As always, thank you for your support and helping us keep the Millennial Revolution going! But before we get to that, let’s talk about the brain. When something good happens, the “pleasure chemical” dopamine surges through your mesolimbic pathway, essentially your brain’s main highway, to the nucleus accumbens – a kind of dopamine processing plant. A substance like cocaine triggers this surge – but so does splurging on a Gucci handbag. In both cases, the reward is a massive neural high. This book continues in the same spirit of providing succor in a time of need. After the authors have blazed a trail of financial success, they turned around to extend a helping hand to those still slogging through the morass of financial misinformation out there. Whether you're struggling to make ends meet or well on the road to Financial Independence, "Quit Like a Millionaire" will help light your path and provide much needed encouragement.

I knew we were going to teach FI and investing concepts through the story of how I became a millionaire by the lessons learned during the 3 stages of the socioeconomic ladder— poverty, middle-class, rich. To begin with, their friends and families were skeptical, expecting them to return penniless after a year. But travelling cost them less than spending a year at home in Toronto, and their investment portfolio has grown since they left their old lives behind, so they now have more money than they started with. Some people, says Shen, see what they’re doing as “invalidating” because it challenges the status quo. “It really makes people question their lives and they don’t like that because it’s scary.”If you want to be happy, stop buying stuff and going into debt and spend your money on experiences. I especially like how she stresses certain concepts and approaches, but always reinforces the appreciation that people are different and that things can be tailored to your own context. In the following book summary, we’ll see how she did it. Kristy’s Chinese heritage taught her that debt is a trap to be avoided at all costs. Quit Like A Millionaireis about so much more than making money, traveling the world, and retiring early (although it teaches you how to do all three insanely well!).It’s a new roadmap to living an awesome life! You don’t need to settle for status quo. Life’s too short for that. So don’t. This book will both inspire and entertain you, while actually giving you the steps and mindset to become a millionaire. Retiring early isn’t easy, but it’s never been easier in history to make it happen. There’s no fluff here. This is the real deal .”

One of the most important lessons I learned from fiction is to vet a detailed outline before writing the book. This will save you MONTHS— yes MONTHS of work—because it only takes minutes to change an outline but months to re-write entire chapters.

Kickass Foreward

This is when it’s a good idea to remind myself of the hundreds of steps we took to get here, take a deep breath, and tell myself it’s going to be okay. Well, sure – you can’t spend your way to Earthly bliss. But here’s the flipside: poverty is pretty sure to make you miserable. Far from being the root of all evil, money is the most important tool we have to improve our quality of life. When your money and priorities are in sync, you find financial peace; I’ve taught that principle for years. Kristy’s personal story showed me how one does the scary work required to discover those real priorities. This book is a testament to the power of knowing what you want your money to do for you with absolute clarity, and then going after it unapologetically.” It’s pain, hard work, humiliation, and the longest slog of your life…but also, elation, pride, and an incredible sense of accomplishment. Kind of like having a baby (or so I’ve been told).