What will I learn about: why treating money as your most important tool, rather than the root of all evil, is the crucial first step toward reclaiming your time and achieving financial independence?

Understand why treating money as your most important tool, rather than the root of all evil, is the crucial first step toward reclaiming your time and achieving financial independence.

What will I learn about: why calculating the mathematical return of your career choices, instead of simply following your passion, actually provides the financial foundation to pursue your true dreams later?

Discover why calculating the mathematical return of your career choices, instead of simply following your passion, actually provides the financial foundation to pursue your true dreams later.

What will I learn about: apply the 'Rule of 72' to calculate exactly how fast your investments will double, and recognize why this same math makes consumer debt a trap to be avoided at all costs?

Learn how to apply the 'Rule of 72' to calculate exactly how fast your investments will double, and recognize why this same math makes consumer debt a trap to be avoided at all costs.

What will I learn about: the strategy of eliminating debt by mercilessly cutting expenses and attacking your highest-interest loans first, rather than falling for the ego boost of paying off smaller balances?

Master the strategy of eliminating debt by mercilessly cutting expenses and attacking your highest-interest loans first, rather than falling for the ego boost of paying off smaller balances.

What will I learn about: how to strategically leverage zero-percent balance transfers to wipe out consumer debt without falling into the hidden, high-interest traps that credit card companies set for you?

Find out how to strategically leverage zero-percent balance transfers to wipe out consumer debt without falling into the hidden, high-interest traps that credit card companies set for you.

Quit Like a Millionaire

No Gimmicks, Luck, or Trust Fund Required

Kristy Shen and Bryce Leung

★ 4.4 / 5(321 ratings)

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Categories:

Money & Investments

If You're Curious About These Questions...

You should listen to this audiobook

💡Did you know that you don't need to be a high-stakes entrepreneur or a real estate mogul to retire early and live like a millionaire?
💡Have you ever wondered how a simple spreadsheet and a specific mathematical formula could be your ticket out of the nine-to-five grind forever?
💡What if the secret to escaping the corporate slog isn't about earning a massive salary, but about mastering a unique way to manage the money you already have?

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Key Takeaways from Quit Like a Millionaire

✓Understand why treating money as your most important tool, rather than the root of all evil, is the crucial first step toward reclaiming your time and achieving financial independence.
✓Discover why calculating the mathematical return of your career choices, instead of simply following your passion, actually provides the financial foundation to pursue your true dreams later.
✓Learn how to apply the 'Rule of 72' to calculate exactly how fast your investments will double, and recognize why this same math makes consumer debt a trap to be avoided at all costs.
✓Master the strategy of eliminating debt by mercilessly cutting expenses and attacking your highest-interest loans first, rather than falling for the ego boost of paying off smaller balances.
✓Find out how to strategically leverage zero-percent balance transfers to wipe out consumer debt without falling into the hidden, high-interest traps that credit card companies set for you.

Learning Tools

Reinforce what you learned from Quit Like a Millionaire

Mind Map

Quit Like a Millionaire

Philosophy of Money+

Conquering Debt+

Smart Spending+

Housing Reality Check+

Investing for Wealth+

Early Retirement (FIRE)+

Quiz — Test Your Understanding

Question 1 of 10

What is the author's primary advice regarding choosing a college major or career path?

A. Follow your passion above all else to ensure lifelong career satisfaction.
B. Choose a path based on mathematical earning potential to build a solid financial foundation.
C. Avoid higher education entirely to prevent the trap of student debt.
D. Pursue creative fields because they offer the most flexible lifestyle for early retirement.

Question 2 of 10

According to the Rule of 72, how do you calculate the number of years it takes for an investment or a debt to double?

A. Multiply your principal amount by 72.
B. Subtract your annual interest rate from 72.
C. Divide 72 by the interest rate.
D. Add 72 to your expected annual return percentage.

Question 3 of 10

When dealing with multiple sources of consumer debt, which repayment strategy does the text recommend?

A. Pay off the smallest loan first to build psychological momentum.
B. Consolidate all debt into a home equity line of credit.
C. Pay the minimum on all accounts and invest any extra cash in the stock market.
D. Pay the minimum on all accounts and put all extra money toward the debt with the highest interest rate.

Question 4 of 10

Why does the author argue that spending money on experiences brings more happiness than buying material possessions?

A. Experiences are generally less expensive than luxury goods.
B. The brain's dopamine expectations constantly ratchet up for material goods, but the pleasure of experiences doesn't fade as quickly.
C. Material possessions require expensive upkeep, insurance, and storage.
D. Experiences can be written off as tax deductions, while physical goods cannot.

Question 5 of 10

What is the 'Rule of 150' used for in the context of the book?

A. To determine how many index funds you should hold in a diversified portfolio.
B. To calculate the true monthly cost of homeownership by multiplying the mortgage payment by 150 percent.
C. To estimate the maximum number of months it should take to pay off a standard credit card balance.
D. To find the maximum allowable square footage for a minimalist home.

Question 6 of 10

Why does the author recommend index investing over picking individual stocks?

A. It guarantees that you will beat the average market return every single year.
B. It relies on hands-on fund managers who can react quickly to daily market news.
C. It minimizes risk by betting on the overall market and charges significantly lower fees.
D. It provides a fixed 6 percent return regardless of broader economic conditions.

Question 7 of 10

According to the book, what is the most critical factor in determining how quickly you can achieve early retirement?

A. Your absolute annual income.
B. The specific industry you work in.
C. Maximizing your employer's 401(k) match.
D. Your savings rate (how much you save relative to what you earn).

Question 8 of 10

If your estimated annual living expenses in retirement are $40,000, what is the target portfolio size needed to safely sustain this using the safe withdrawal rate mentioned in the book?

A. $400,000
B. $1,000,000
C. $1,600,000
D. $2,500,000

Question 9 of 10

What does the concept of 'geographic arbitrage' involve?

A. Buying real estate in multiple countries to geographically diversify your assets.
B. Earning income in a strong currency and retiring in a country with a lower cost of living.
C. Trading foreign currencies on the stock market to generate passive income.
D. Relocating to a high-tax jurisdiction that offers better free social services.

Question 10 of 10

What actionable trick does the author suggest to make 'invisible waste' visible in your wardrobe?

A. Keep all clothing receipts in a visible glass jar on your dresser.
B. Track every clothing purchase in a spreadsheet for exactly 30 days.
C. Place an empty hanger with masking tape in the middle of your closet to track which clothes you actually wear.
D. Force yourself to donate one item of clothing every time you buy a new one.

Quit Like a Millionaire — Full Chapter Overview

1Recommendation
2You’re more likely to make good decisions when you follow the math, not your passions.
3Kristy’s Chinese background taught her that debt is a trap to avoid at all costs.
4Consumer debt is a financial emergency that must be addressed immediately.
5To buy happiness, spend your money on experiences rather than things.
6Buying property isn’t the foolproof investment it’s made out to be.
7Use the “Rule of 150” to decide whether to buy a home or put your money elsewhere.
8Index investing is less risky than betting on individual companies.
9Early retirement isn’t about how much you make – it’s about how much you save.
10Reducing your target portfolio makes early retirement more manageable.
11Final summary

Quit Like a Millionaire Summary & Overview

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.

Who Should Listen to Quit Like a Millionaire?

Workers tired of the nine-to-five slog
Hustlers, self-starters and lateral thinkers
Would-be early retirees

About the Author: Kristy Shen and Bryce Leung

Kristy Shen and Bryce Leung both trained as engineers in Canada before deciding to quit the rat race and retire early. Today, they are millionaires and spend their time traveling the world, giving talks and writing articles for their self-help platform, Millennial Revolution. Their inspiring true-life story has been featured in media outlets around the world, including the New York Times, the British Independent, Germany’s Handelsblatt and Women’s Health Magazine in Australia.

Quit Like a Millionaire

If You're Curious About These Questions...

Listen to Quit Like a Millionaire — Free Audiobook

Key Takeaways from Quit Like a Millionaire

Learning Tools

Mind Map

Quiz — Test Your Understanding

Quit Like a Millionaire — Full Chapter Overview

Quit Like a Millionaire Summary & Overview

Who Should Listen to Quit Like a Millionaire?

About the Author: Kristy Shen and Bryce Leung

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