Quit Like a Millionaire

some very interesting ideas, and the best buy vs rent argument that I've heard. Tax efficiency is also something I haven't seen many other sources put as much of an emphasis on, so the details in this book were really valuable. The first half has very engaging story elements though the latter half starts to get a bit preachy. There are some arguments that just don't make sense, like 'inflation isn't real because they're local phenomena and you can just travel to cheaper places' - I get the sentiment but like..... you still will get priced out of places even if you have cheaper places to go?? Unless you can find somewhere with 0 or negative inflation to live for the rest of your life, prices do rise.

I also understand that 'communists are gonna kill my family' makes a good narrative, but as a first gen (ish, CN parents, GB -> CN -> GB) Chinese immigrant it does grate. I am tired and sick of misinformation that leeches into a negative cultural image surrounding my heritage. plsssssssssss the number of times I have people ask me about life and politics in China to then just not believe what I say because they read or watched some biased/outdated/very-much-watered-down content somewhere ((I gen love a discussion!! but why are people correcting me on my own culture and experiences 😭))

Buckle in these are my takes:

1. I appreciate that the China I grew up in is significantly different to the one that the author grew up in, given I am approx 15-20 years younger than her. However, presenting her experiences as current day fact - I know that this is probably where her impressions have still remained! - is while unintentional, harmful in many ways.

2. Given the young age at which she immigrated, her impressions are likely largely influenced by her parents experience. Since this seems mostly to refer to times like the cultural revolution (60s-70s) and the world was just a very different place back then (of course, famously, across the globe and especially in the western world, all people regardless of their background and political affiliation were treated with kindness, equality and respect). I don't think anyone looks back at those times and thinks it was a great experience at all, and criticisms and discussions happen fairly openly nowadays in China. But you would be insane to state that that's what China is now.

3. Again, given the young age she immigrated at, portions of her impressions that extend from her own personal experiences are unlikely to be the full picture. Having immigrated at the same age to her, and then later reconnecting with those regions, wow oh boy was I wrong. I thought British insurance could actually magically fix your car at the press of a button (thanks to that LV advert). I thought that African Giant Snails were really common pets (because my teacher had one). I once told someone in China with absolute certainty that 'fuck' was not a proper english word because I having lived in Britain had never heard of it. (though seriously, why do we shield swearing so much from kids, it's not that deep) I wasn't even aware of what racism was, and was later horrified to hear how my parents had been treated in workplace in Britain in the 90s and 00s, despite being highly skilled immigrants.

There is a corner of my brain that houses my seven year old impression of Britain, and it's a wonderful place filled with exclusively summer picnics, blackberries and dolls in your shoes - it's nice to visit sometimes but it is most definitely distinct from reality.

I even have to come to terms with the fact that the China in my twelve-year-old memories no longer exists - while I believe I was conscious and old enough to form a proper worldview by then(-ish), AND despite the fact that change and growth is nowhere near as explosive as it was back then, a lot has happened in ten years. Streets are safe and sparkling clean, kids these days don't get beat up in school (they'll never understand what we went through LOL), and my grandparents are no longer invincible. The entire citycenter/shopping district has also upped and moved literally right outside my door, so literally everywhere I loved to go as a kid no longer exists but at least life is horrifically convenient now.

Anyway, all I'm trying to say is contrary to what this book will have you believe about China, pensions exist, there is a state healthcare system, and fuck me it really boggles me that people believe this, but nobody wants to kill your family for no reason.

I've read several similar books and been a long term follower of MMM so was not expecting to find much new in here. But I was wrong. I'll be looking into the following having read this:
* Modern Portfolio Theory
* Capital Gains Harvesting
* Cash Cushion & Yield Shield - the authors own terms for a method to guard the 4% rule against drawdowns in a bear market.

This is far from the first book I have read on FIRE but I still found interesting takeaways, especially when it comes to the possibility of travelling and actually saving money whilst doing so. I also appreciated the author's honesty when describing the panic she felt experiencing her first market downturn. Overall a solid FIRE book that would serve as a good introduction to the subject.

2.75 stars

now i wanna retire early and travel the world at 30...