This book was written by Kristy Chen and Bryce Leung who write on their blog Millennial Revolution about their journey to financial independence. I have talked about it in the past, but their blog was probably one of the biggest influencers for me to begin my journey towards financial independence and document it. So I’ll try my best not to fanboy out when I write this book review, but no promises.
Kristy and Bryce were able to do something that few have and retire in their early 30’s to travel the world. They didn’t win the lottery, or receive a big inheritance. They simply just made better choices than most do and were deliberate with their finances throughout the process.
Book Review
This book covers Kristy’s personal journey from poverty to millionaire, from burnt out employee to early retirement and world traveler. All while teaching you how to do it yourself. Kristy and Bryce are so transparent in their path that they make it easy for anyone to replicate and follow their lead.
Kristy and Bryce are badasses and their writing is no different. They write in such a real and to the point way that it really captivates their audience. Things aren’t sugar coated in their writing, it’s practical and real. Always.
This book can be your blueprint to success as well.
Financial Independence is for Everyone
The biggest thing that you will gain from this book is that anyone and I mean anyone can reach financial independence. It doesn’t matter where you come from, or start in life. You can reach financial freedom.
Many bloggers, me included, come from a very middle class background. I by no means have had my life given to me, but I understand the privilege and opportunity that I grew up with where others did not. I didn’t have to worry about food, clothing, or shelter. So right away, I had a leg up on the majority of people.
This makes it harder for me to relate to those who have come from less as it seems in some instances that financial independence is only for those who start off with more in life. It doesn’t mean that what I teach and write about doesn’t apply to all populations but it makes it harder for people to find it as relatable coming from me.
Kristy on the other hand is a living example that this concept of financial independence is not just for the well off. She depicts in detail growing up in China with her family living off of 44 cents per day. Her story really puts life into perspective but it also shows that these concepts of FI apply through a range of starting socioeconomic status.
This part of her story is something that no matter how hard I try, I can’t convey it to my audience the way that this book can. So if you have ever felt like FI or early retirement didn’t apply to you based on your upbringing. This may be a good starting book.
I’m Too Risk Averse to Be FI
This is another assumption that I feel that this book totally shattered. Many people feel that investing, especially investing for such an early retirement date is far too risky to attempt.
This book shows how you can still maintain this apprehension while pursuing FI just like anyone else. Kristy is the first to admit how risk averse she is with her financial background, yet through her coined “yield shield” and “cash cushion” she is able to get the best of investing while still being able to sleep at night.
Yield Shield
Their “yield shield” has definitely challenged some of my previous investment thinking as I have never been a dividend investor. However, the way they explain how and why they use this approach to investing the first few years of early retirement peaked my interest.
I’ll have to research more, but it appears that using this pairing, Kristy and Bryce are able to CYA in the first 5 years of early retirement which is when most people know whether their retirement plan will stand the test of time. Spoiler: Theirs did. And they were able to travel the world throughout the process.
“Don’t Follow Your Passion (Yet)”
Albeit controversial, this is probably my favorite chapter in the whole book. Most of us grew up being told we could be whatever we wanted in life which is true we can. But most of those aspirations don’t always set us up for true success in life nor the happiness we envision them bringing.
This book challenges this thought of following our dreams showing how easy it is to first become successful and THEN follow your dreams. It’s much easier, enjoyable, and safer to chase a dream when you have the financial security to do so.
Kristy discusses always wanting to be a writer and now look at her, she is a published author. But this occurred AFTER the point where she “needed” the money from publishing her book.
It’s much easier to take risks once we have the financial foundation to do so. It’s often why we see many of the already well off families being able to take the leap and create the next up and coming companies or businesses. It’s because they are jumping from solid financial ground.
It may not be fair that they started life with a silver spoon and a rock solid foundation but it definitely makes it easier to take these jumps. We can all make these jumps too, we just need to create our own foundation first before we do the same and this book will teach you how to.
Conclusion
This only touches the surface about what this book covers but I need to keep it short before I break down the whole book. (I warned you already about how much I enjoy these writers!). I think in time we will find this book as a staple for the financial independence community.
It’s a unique and proven blueprint for success that can help you to reach your financial goals no matter where you started out in life.
To secure your copy of Quit Like a Millionaire, you can follow my link below.
If you have any questions or any other financial books you would recommend feel free to comment below.
