Published just a few weeks ago (at the time of this writing), I can say that I really enjoyed reading this book. 2019 has been the year where I spent a lot of time reading FI (Financial Independence) related books and so I discovered “Quit Like A Millionaire” written by Kristy Shen and Bryce Leung. This book is about a young couple reaching financial independence at the young age of 31. The book caught my interest right away, but I had to wait as it was not published yet when I heard about it.
I immediately had it pre-ordered via Amazon (please read my disclaimer about Amazon links at the end of this posting) and then indulged in reading the content the moment this book arrived.
Quit Like A Millionaire is a very interesting book to read. Kristy has a great style of writing and I really enjoyed following her story. Growing up in extremely poor conditions in China she came to Canada as a child with her parents. This move resulted in a major cultural shock for her, but her upbringings kept her well-grounded up until today.
Find the book on Amazon – click here.
Kristy and Bryce are financially independent and retired early. The book describes exactly the steps they did to become financially independent. On page #87 she describes how she discovered the “Rich Dad, poor Dad” story written by Robert Kiyosaki and how that book opened her interest in investing. I can only imagine how difficult this must have been for her – especially growing up mostly poor and then suddenly having to make decisions about how to invest her own money. Books like the “Rich Dad, Poor Dad” are definitely an eye-opening experience.
Later in the book Kristy describes tax optimization strategies and how to withdraw money from tax deferred accounts – even when not in the traditional retirement age. This mattered to her and Bryce since they retired in their 30s. To be more exact, Kristy and Bryce were millionaires by the age of 31. Reaching financial independence at that you age is extremely impressive and in a certain way makes me jealous, but I am also happy for Kristy and Bryce. They worked hard for it and are now enjoying the results of that hard work by travelling the world.
The book covers a lot of detail about how life looks like once retired at young age. Being retired so early comes with quite a few challenges. One has to be certain that the money lasts until the end of days. For one when you retire that early you cannot depend on social security to add a significant amount when you reach a traditional retirement age. After all, if you retire at age 31 you have barely paid any money into social security. But besides talking about how much money to safely withdraw from their investments (think 4 percent rule and trinity study), there are also considerations to make about health insurance – especially when traveling the world like Kristy and Bryce.
Quit like a Millionaire is an easy read with lots of great pointers to do your own research if you are interested in early retirement and financial independence. The book has about 276 pages of actual content + a significant appendix section with additional information which I found to be very helpful, too. Even if you are not interested in the FI topic, I would think you would enjoy reading the book. I finished the book in one weekend and really enjoyed it.
Books mentioned in this posting:
Amazon Link Disclaimer: Please note that I am using Amazon links that potentially help me earn a small commission from Amazon if you would buy the books mentioned from Amazon through my links. I appreciate your support that way as every penny helps to maintain this FIRE blog. So, thank you and now read the book 😉