I’m giving away 3 copies of Quit Like A Millionaire. Read on to see how you can get yours!
A couple of weeks ago, someone trolled me on Twitter. He had seen a video of me enjoying life in retirement including spending time with my daughters. He let the hate flow:
This is entitled bullshit.
Between working and life, I don’t have time to run with my kids!–Mr. Twitter Troll
I had three thoughts about his vitriol:
- The video didn’t show the two decades of hard work I put in to achieve FIRE. Between a demanding job and fixing up homes (live-in flips), I put in 80 hours weeks for a couple of decades. It also didn’t show some of the problems I grew up with. After only seeing the best parts, Mr. Troll had a little bit of a point. However, I wouldn’t pass severe judgment on someone after seeing 60 seconds of their life.
- When I was putting in those 80 hour weeks, I certainly didn’t have time to spew hate on Twitter. This guy should run more and tweet less.
- What about Kristy Shen (Millennial Revolution)? My life was difficult in some ways, but nothing compared to hers. Mr. Twitter Troll, you need to read Kristy’s new book, Quit Like A Millionaire.
Quit Like A Millionaire Review
Quit Like A Millionaire (QLAM) covers a lot of ground. Kristy talks about her life, investment strategies, geo-arbitrage, community, kids, health care and much more. Despite its breadth, she covers all of the points well. Kristy’s writing is efficient and clear.
But more than that, QLAM is a fun read because Kristy’s personality shines through. If you’ve met Kristy, she isn’t afraid to drop the occasional colorful metaphor (naughty word). Don’t worry, this book isn’t an Eddie Murphy-esque parade of f-bombs, but Kristy managed to write a book that covers boring territory (401(k)s, IRAs, capital gains) and make it entertaining.
Because QLAM covers so much territory, writing a review that does the book justice isn’t easy. Instead of reviewing the book cover-to-cover, I’ll mention what stuck out for me.
Upbringing (A Heavy Dose of Chi Ku)
Kristy starts by describing her childhood. She grew up in rural and very poor China. Her family lived on $.44 per day and she sourced her toys from a medical waste dump. Kristy’s dad came close to starving as a child. As an adult, he was sent to a re-education camp for a decade. Can you relate? I sure as hell can’t. This is rough stuff.
However, Kristy doesn’t have a victim mentality (take note Mr. Twitter Troll). Kristy relates her upbringing because it made her into the person she is today. Instead of complaining about what she went through, she gives thanks for her experiences because they gave her a scarcity mindset which helped her become rich.
One of the concepts I enjoyed reading about most was the Chinese concept of chi ku which translates into eat bitterness. Kristy describes it:
Eating bitterness is seen as a strength in our culture. Accepting and pushing through pain without complaining is how you build character.
It’s also how you build wealth.
While none of these ideas are nearly as bitter as Kristy’s tales, consider introducing a little discomfort into your life:
- House hacking: Young and single? Get a roommate or put an unused bedroom on Airbnb.
- Transportation: Continue to drive your old, crappy Civic with no heat and that unsightly rust spot. Would you either look rich or be rich. Or, get a bike. Wait, it’s cold where you live? Get a good jacket and knobby tires so you don’t fall on your ass in the snow.
- Hustle it up: Find a way to make some money on the side. I flipped homes.
Is that stuff bitter? Maybe. But, you’ll have extra money. Invest it and see where you are two decades from now.
Financial Information (Math That Shit Up)
Later in the book, Kristy dives into money. QLAM impresses me because it has a lot of direct, actionable information. Kristy doesn’t just mention 401(k)s and IRAs, but explains how to use them best given your income situation. She also discusses exotic strategies like capital gains harvesting and accessing tax-deferred accounts (think 401(k)s) early. QLAM is the complete investing toolkit.
One of Kristy’s gifts is how well she comes across in explaining financial concepts. Her writing is clear and lively.
Kristy also delves into other big scary issues FIREy folks frequently worry about like kids, insurance and health care. She doesn’t have kids and is Canadian, so she interviewed folks like Justin McCurry (Root of Good), Jeremy Jacobson (Go Curry Cracker), and Peter Adeney (Mr. Money Mustache).
But Wait, There’s More…
Towards the end of the book, Kristy discusses some of the other issues early retirees worry about like loss of community and identity. Again, she talks from personal experience. There’s no better person to talk about what FIRE is like than someone living it in real-time.
And this may be my favorite part of the book. While QLAM does a great job explaining money concepts, you can learn those anywhere. Money may not be easy, but it’s simple. At least compared to getting life right.
QLAM is going to inspire others to live their best life. Damnit! Stop worrying and start living!
To win a copy of Quit Like A Millionaire, just leave a comment. I’ll pick three random comments and announce the winners next week. That’s it!
Kristy: Best of luck with QLAM. You’re going to sell a ton.
Join the 10s who have signed up already!
Subscribing will improve your life in incredible ways*.
*Only if your life is pretty bad to begin with.