Why you need to read Quit Like A Millionaire
Everyone I know has dreamt of winning the lotto, becoming a millionaire, quitting their job and living the life they want. Instead of dreaming about the lotto, why not make it happen for yourself? This is exactly what author, Kristy Shen did and she shares how in Quit Like A Millionaire.
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General Thoughts On Quit Like A Millionaire
The basis is Kristy Shen’s life story mixed with finance tips. A poverty stricken background, emphasis on education, good career, extreme frugality and investing wisely are all outlined.
We quite enjoyed it but I suspect that is because the background was so familiar. Most of what Mrs Aspiring Millionaire has read and applied previously was all focused on the law of attraction and manifesting. Quit Like A Millionaire is the opposite of that. For her, it was an interesting take on scarcity mindset and how far that can get you.
Mr Aspiring Millionaire found it extremely relatable because of his background.
Quit Like A Millionaire Story
Mr Aspiring Millionaire comes from Vanuatu, which was one of the least developed countries in the world at the time. Kristy Shen grew up in China in absolute poverty. For Mrs Aspiring Millionaire, hearing Kristy’s backstory, the early years, the emphasis on a good education, not wasting anything and a frugal mindset explained a lot about Mr Aspiring Millionaire and his family.
Mrs Aspiring Millionaire grew up ‘white poor’ which is a far cry from the definition of poor in which Mr Aspiring Millionaire grew up in. In fact, one of our daughters (Mr Aspiring Millionaire’s daughter from his previous marriage) is growing up this way. She lives in the Solomon Islands, without electricity, running water (they go to the river for water), many neighbours live in dirt floor shacks etc.
Hearing about Kristy’s upbringing, the things she did to make money such as hunting through the tip to make toys and the huge emphasis on education is common in island nations too. They simply do not have the resources available to most in countries such as the USA, Australia and most of Europe.
With a background of poverty, you hold onto everything and live extremely frugally. Every small item matters and you mentally calculate how much an item e.g. a toy really costs. As in, that toy could pay for education back home. Kristy describes this and my partner’s family have done similar.
Education Is Key
Get the best education you can to secure the highest pay you can. The higher the pay, the more you can invest and the sooner you can retire. In countries such as China, Vanuatu and the Solomon Islands, getting a good education gives you options. You can get a visa to live elsewhere and send money home to help the family.
Education has a huge emphasis in these cultures. Not only education but specific careers. It’s not about following your passion. Earning a high income to provide is more important. If you earn well, invest wisely and live frugally, you can live how you want for the rest of your life instead of constantly grinding on the corporate ladder.
This part hit home as Mrs Aspiring Millionaire grew up with the luxury of being able to do pretty much whatever career she wanted. And change career or jobs as she pleased. Plus the capacity and opportunity to do various side hustles. As such, she quit school due to personal issues in year 11 and has done a variety of jobs but always made a good income.
Mr Aspiring Millionaire did not have the same opportunities and worked his butt off in shipping then diving. Both careers were taxing on his body and meant he was away from his family for long periods. Now, since the family is mostly in Australia, earning good money, assisting family back in Vanuatu to get educated is important.
All finances books focus on this. Growing up in China and being an immigrant family to the USA, Kristy outlined how strict this advice was. Avoiding debt is crucial to having the life you want. Going into debt is simply stealing from tomorrow to pay for today.
Instead of having money to invest, you are stuck in a cycle of borrowing and it costs you a lot more. In the USA student loans are excruciatingly expensive. Australia has a different system. However, many students go into debt in both countries for degrees they might not use or are not clear on. Or the “follow your passion” mantra is more important than career stability.
On top of the student loan debt, is the cost of living going through university and often a car loan. By the time most students finish their degree, they are starting life with extreme amounts of debt. Higher than other generations have ever faced.
Instead of going into debt, look for ways to pay for your education, work and start your career debt free.
Make your money work for you if you ever hope to retire. It’s not enough to simply live frugally, save and hope. The cost of living continues to rise plus, who doesn’t want free money?
While I won’t be following the investment advice she outlined, I did like the fact she shared what she did so others can follow or opt to learn more.
You can get Quit Like A Millionaire here.