Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required
Kristy Shen
Top 10 Best Quotes
“The more stuff people owned, the unhappier and more stressed they tended to be. Conversely, the less stuff people owned and the more they spent on experiences like travel or learning new skills, the happier and more content they were.”
“According to business and economics professor Paul Harvey, “a great source of frustration for people with a strong sense of entitlement is unmet expectations.”1 If you believe that you’re special, and all you have to do is find your singular passion and turn it into a perfect job, that’s a recipe for disaster. The reality is that the world owes you nothing. You only become “special” by developing skills that are in demand, which takes focus, grit, and long-term work.”
“you have to multiply your monthly mortgage payment by 150 percent. This is how much your house will actually cost per month, once all expenses are factored in. If that Rule of 150 monthly cost is higher than your rent, then it makes sense to rent. If it’s lower, then it makes sense to buy.”
“take my yearly living expenses, multiply by twenty-five, and get my target portfolio size. (Dividing your living expenses by 4 percent is the same as multiplying them by twenty-five. That’s why the 4 Percent Rule is also called the Rule of 25.)”
“property tax is a wealth tax that they can’t get around. That’s why rich people tend not to hold a lot of their net worth in their primary residence, whereas middle-class people often do (one reason why it’s hard to break out and become rich).”
“pleasure isn’t based on an absolute level of dopamine in the brain, but rather on the relative level versus the expected level of dopamine in the nucleus accumbens. Relative, not absolute.”
“leave your job, your earned income would drop to $0. So, if you were to withdraw from your 401(k) an amount equal to your standard deduction, that amount would be tax-free!”
“in order to be truly creative, constraints are necessary. If you’ve ever tried to write a novel, you know what I mean. Staring at a blank computer screen feels debilitating. With infinite directions to pursue, you end up paralyzed. But by imposing some constraints—like learning how to structure your paragraphs, build a story arc, and write a scene, or doing a writing exercise—you start to see a path forward.”
“if you were to stop working, your employment income would drop to $0. And if you were to structure your portfolio such that it earned money as dividends and capital gains, you could end up never paying taxes again.”
“chi ku,” which translates to “eat bitterness.” Eating bitterness is seen as strength in our culture. Accepting and pushing through pain without complaint or anger is how you build character.”
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