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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Quit Like a Millionaire summary
Kristy Shen
Bryce Leung
No Gimmicks, Luck, or Trust Fund Required
28 mins
Brief summary
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
Summary of 9 key ideas
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Key idea 1 of 9
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 Professional writers fall on a spectrum between the unpublished newbie who earns zilch and established pros like Stephen King who earn millions.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.
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What is Quit Like a Millionaire about?
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.
Quit Like a Millionaire Review
Quit Like a Millionaire (2019) is a book that shares the inspiring journey of Kristy Shen and Bryce Leung, who achieved financial independence by their early 30s. Here's why this book is definitely worth reading:
- It offers practical strategies and actionable advice that can help readers retire early and live life on their own terms.
- The book provides a refreshingly honest perspective on wealth-building, debunking common myths and offering unconventional ideas.
- With its engaging anecdotes and inspiring success story, it keeps readers entertained and motivated throughout.
Best quote from Quit Like a Millionaire
People who spend on experiences get way more bang for their buck.
—Kristy Shen and Bryce Leung
Who should read Quit Like a Millionaire?
- Workers tired of the nine-to-five slog
- Hustlers, self-starters and lateral thinkers
- Would-be early retirees
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Quit Like a Millionaire FAQs
What is the main message of Quit Like a Millionaire?
The main message of Quit Like a Millionaire is that financial independence is achievable and can lead to a fulfilling life.
How long does it take to read Quit Like a Millionaire?
The reading time for Quit Like a Millionaire varies depending on the reader's speed, but it typically takes several hours. However, the Blinkist summary can be read in just 15 minutes.
Is Quit Like a Millionaire a good book? Is it worth reading?
Quit Like a Millionaire provides valuable insights on achieving financial independence. It's definitely worth a read!
Who is the author of Quit Like a Millionaire?
The authors of Quit Like a Millionaire are Kristy Shen and Bryce Leung.
What to read after Quit Like a Millionaire?
If you're wondering what to read next after Quit Like a Millionaire, here are some recommendations we suggest:
- Money by Rob Moore
- Playing with FIRE (Financial Independence Retire Early) by Scott Rieckens
- Tax-Free Wealth by Tom Wheelwright
- Partnering by Jean Oelwang
- The Science of Storytelling by Will Storr
- The Unemployed Millionaire by Matt Morris
- Make Your Mark by Jocelyn K. Glei
- The 15 Commitments of Conscious Leadership by Jim Dethmer
- The Upside of Your Dark Side by Todd Kashdan and Robert Biswas-Diener
- How I Invest My Money by Edited by Joshua Brown and Brian Portnoy