Book Review: Quit Like a Millionaire

Frugality and Smart Spending: The authors emphasize the importance of living below your means and cutting unnecessary expenses. They encourage a shift in mindset where every expense is weighed against its long-term financial impact.

Financial Literacy: The book teaches you how to take control of your finances by understanding how money works. This includes budgeting, investing, and making informed decisions about where to allocate funds.

The Math Behind Financial Independence: The authors break down the math for achieving financial independence, including understanding your “safe withdrawal rate”, calculating your financial independence number, and knowing how much you need to save to retire early.

Investing in Index Funds: They advocate for passive investing through index funds to grow wealth steadily over time. The focus is on the long-term rather than short-term gains.

Geo-Arbitrage: Kristy Shen shares her personal experience with geo-arbitrage, where you leverage lower costs of living in different cities or countries to stretch your savings while enjoying a higher quality of life.

Avoiding Lifestyle Inflation: The book warns against lifestyle inflation, where you spend more as you earn more. By keeping your expenses low, you can accelerate your path to financial independence.

Resilience and Flexibility: Shen and Leung emphasize the importance of being adaptable, especially during economic downturns or changes in your financial situation.

Overcoming Fear of Investing: For those intimidated by the stock market, the book provides a straightforward guide on how to start investing, highlighting the importance of emotional control and staying the course during market fluctuations.

Alternative Career and Life Path: The authors challenge traditional views on work, showing how a mindset shift can free you from the constraints of the 9-to-5 grind, giving you more time to pursue what truly matters to you.

Escaping the Rat Race Without a High Income: The authors show that financial independence isn’t just for high earners—it’s accessible to anyone who makes smart financial decisions, regardless of their starting point.