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Zusammenfassung von Quit Like a Millionaire

Name: Quit Like a Millionaire
Rating: 4.4 (292 reviews)
Author: Kristy Shen and Bryce Leung

Kristy Shen and Bryce Leung

No Gimmicks, Luck, or Trust Fund Required

4.4 (292 Bewertungen)

28 Min.

Kurz zusammengefasst

Quit Like a Millionaire by Kristy Shen and Bryce Leung is a personal finance guide offering unconventional yet proven methods to retire early and build wealth quickly by adopting a frugal lifestyle, investing in real estate, and diversifying income streams.

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Quit Like a Millionaire
in 9 Kernaussagen verstehen

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Kernaussage 1 von 9

What’s in it for me? A declaration of financial independence.

“Money is the most important thing in the world.” It’s a startling and borderline heretical claim. After all, we’re told time and again that you can’t buy happiness.

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.

If you want to look out for the people you love, you’ll need money – the more, the better. Want to spend more time with your kids? Ditto. How about creating time for leisure, reading, going to the theatre and discovering new cultures and countries through travel? You’ll have guessed the answer by now: money.

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.

Ready? Let’s get started. Along the way, you’ll learn

why property isn’t always the bonanza you’ve been told it is;
how to save for early retirement and make your money go further; and
why you should eliminate debt before attempting to grow your wealth.

You’re more likely to make sound decisions if you follow the math rather than your passions.

In 2005, Steve Jobs gave a commencement speech at Stanford University. His advice to the students? “Follow your heart.” That feel-good mantra rippled around the world. Endorsed by the great and good, it soon came to feel commonsensical – why on Earth wouldn’t you follow your passions and do something you love?

Here’s one reason: it’s often the wrong choice.

Take the often life-defining decision students make every year about what they’re going to study. That was just what the author, Kristy, was mulling over back in 2000. She had a shortlist of three possible majors – creative writing, accounting and computer engineering. Her heart told her to go with writing; math told her to go for engineering. Kristy followed the latter’s advice. It was a good call.

Let’s look at that math. A four-year program in Canada costs about $40,000. Professional writers fall on a spectrum between the unpublished newbie who earns zilch and established pros like Stephen King who earn millions. The average income, however, is $17,000. In 2000, the minimum wage was $6.85 an hour or $14,248 a year. That’s what anyone without a degree could expect to earn, so subtracting that sum from $17,000 told Kristy how much a writing degree was worth: a measly $2,752.

An accounting degree, by contrast, was worth around $24,000 more than the minimum wage. Computer engineering meanwhile netted you a whopping $40,000 more every year.

But hold up. You can’t put a price on happiness – surely dreams are worth pursuing whatever the bottom line says, right? Well, not necessarily. After all, if you don’t know where your next meal is coming from, you’re unlikely to wake up excited about your work, especially if it calls for creativity. Passions also change over time; a 2013 study published in Science found that the dreams of nearly all of the 19,000 participants had changed significantly over the previous decade.

And that’s why it pays to follow the math. Just ask Kristy. Today, she’s a professional writer. The reason she got there is simple: her well-paying engineering job meant she wasn’t reliant on writing to make the rent. Money, in other words, provided her with the foundation which eventually allowed her to pursue her true dream.

In the following blinks, we’ll see how she did it.

Kristy’s Chinese heritage taught her that debt is a trap to be avoided at all costs.

Did you know that on average Chinese citizens save 38 percent of their income? Americans, by contrast, squirrel away 3.9 percent of what they earn while the Japanese keep just 2.8 percent for a rainy day. So what’s going on – are the Chinese just inherently frugal?

Not really. Even before the communists came to power in 1949, corruption was endemic in China. Combine that with the absence of official credit channels like bank loans and you had the makings of a culture which ran on favors. When folks wanted to buy something big, they had a simple choice: take on an onerous personal debt and put themselves in someone else’s power, or save up until they had enough cash to buy it outright. That’s why, historically, debt in China is understood not so much as an “IOU” but an “I own you.”

Consumer debt is a financial crisis which needs to be addressed immediately.

Debt is a blood-sucking vampire. It bleeds you dry. Worse, it leaves you terrified of the sunlight, trapping you indoors in an endless cycle of work and repayment. If you want financial independence, you’ll have to put a stake through this bad boy’s heart.

Consumer debt has the highest interest rates, so that’s where you should start. The first thing you’ll need to do is cut your expenses to the bone. It’s painful but essential. As we’ve seen, the Rule of 72 means your debts grow at an ungodly rate. If you’re saddled with a 10 or 20 percent interest rate, there’s no point trying to save or invest your hard-earned cash – there’s no getting in front of debt. Do whatever it takes, whether it’s finding a side hustle, renting out a spare room, or saying “no” to dinners out.

If you want to buy happiness, spend your cash on experiences rather than stuff.

What does cocaine have to do with shopping? Surprisingly, quite a lot. Understanding that connection holds the key to getting the most out of the money you decide to spend on luxuries.

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.

Buying property isn’t the failsafe investment it’s made out to be.

Lots of folks are cautious about borrowing money, but they usually make one big exception: a mortgage. Conventional wisdom says buying a house isn’t just a rite of passage into adulthood but a wise investment in the future. After all, you can always sell at a profit, right?

Well, no. In reality, property comes with all sorts of hidden costs. Let’s talk numbers.

Use the “Rule of 150” to decide whether to buy a house or use your money for something else.

In the last blink, we crunched the numbers and saw that the cost of buying, owning and selling a house outweighed the returns in the case of a fictional American family. The moral of the story, however, isn’t that you should never buy a house – it’s that you need to work out if that’s a good call in your situation.

Ask a realtor and they’ll swear it’s all very simple. If the monthly mortgage payment equals the rent on a similar house or apartment, you’re better off buying rather than giving your money to a landlord. Look more closely, however, and you’ll find it’s a little more complicated.

Index investing is less risky than betting on individual companies.

The American business guru Robert Kiyosaki once remarked that poor people buy stuff, the middle class buys houses and rich people buy investments. What he meant is that rich people put their money into things that make them more money. But you don’t have to be a multi-millionaire to follow their lead.

Broadly speaking, there are two ways of investing. The first is to do what Wall Street whizzes do – spend a ton of cash on research and fancy algorithms to pick the best companies. The second variant is cheaper, simpler and, most importantly, less risky.

Early retirement doesn’t depend on how much you make – it’s all about how much you save.

Chances are you’ve idly daydreamed about early retirement. Most folks quickly shelve that idea when they take a look at their bank balance, though. If you’re not raking it in, you just can’t afford to stop working before your mid-sixties, right?

Wrong. Your time to retirement doesn’t depend on how much you earn but how much you save. If you’re making and spending a million bucks a year, you’re entirely dependent on your job and won’t ever be able to retire. If you make $40,000 a year and spend $30,000, on the other hand, you already have a healthy savings rate of 25 percent.

Reducing the size of your target portfolio makes early retirement more manageable.

How much do you need to save to retire early? That’s exactly what researchers asked in a landmark study published in the investment journal AAII in 1998.

They used stock market data to simulate what would happen to a group of fictional retirees who withdrew different percentages of their portfolios every year after retirement. Would “Alan,” for example, make it over the line or run out of cash if he withdrew 10 percent of his $500,000 nest egg every year?

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Worum geht es in Quit Like a Millionaire?

Quit Like a Millionaire (2019) is a bold no-nonsense guide to managing your money and growing your wealth. Drawing on Kristy Shen’s mathematically proven approach to saving, investing and spending, these blinks won’t just liberate you from debt – they’ll put you on the road to financial independence. The best news? You don’t need to become an entrepreneur or a real estate baron to get there. All it takes is a spreadsheet and some careful planning.

Bestes Zitat aus Quit Like a Millionaire

People who spend on experiences get way more bang for their buck.

—Kristy Shen and Bryce Leung

Wer Quit Like a Millionaire lesen sollte

Workers tired of the nine-to-five slog
Hustlers, self-starters and lateral thinkers
Would-be early retirees

Über den Autor

Kristy Shen and Bryce Leung both trained as engineers in Canada before deciding to quit the rat race and retire early. Today, they are millionaires and spend their time traveling the world, giving talks and writing articles for their self-help platform, Millennial Revolution. Their inspiring true-life story has been featured in media outlets around the world, including the New York Times, the British Independent, Germany’s Handelsblatt and Women’s Health Magazine in Australia.

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