Kristy Shen Quotes

Who is Kristy Shen?

Kristy Shen is an early retired author in the FIRE movement, known for her book 'Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required'.

Books by Kristy Shen


Best 31 Quotes by Kristy Shen | Page 1 of 2

“Becoming financially independent actually facilitates you towards doing what you love. If you try to rely on a job and it’s this essential part of your identity, and that job goes away, what do you do? If you become financially independent, you have what I call 'FI armor': If you lose the job, that is perfectly fine. You can freelance, work for free, volunteer doing what you love. The fact is that we can’t rely on our employers and we have to rely on ourselves: That is the new future.”

Kristy Shen

“It comes down to the 4 percent rule: You can safely withdraw 4 percent out of your accumulated money each year, if it’s invested through index funds, and have that money last for the rest of your life. To figure out your 'FI number', or how much money you need to accumulate before you can achieve financial independence, use the 4 percent rule of thumb: You take your yearly expenses then multiply by 25. My yearly expense is $40,000. That means my FI number is 40,000 x 25 = $1 million.”

Kristy Shen

“Learning to invest and get into the market, through index investing, as quickly as possible.”

Kristy Shen

“Pick the right industry. There can be a real danger to following your passion right away. My passion was creative writing, but I went into computer engineering.”

Kristy Shen

“The biggest three categories that you need to nail down are housing, transportation and food. Once those three are in a good spot, optimized and cut down as much as possible, making a splurge of regular lattes or avocado toast,... none of those things will really make any difference in terms of slowing you down towards retirement. So just drink the coffee, it’s totally going to be fine.”

Kristy Shen

“The first year my partner and I retired, our friends were like, ‘Ha-ha, that’s adorable. We’ll see you in a year'. By the third year everyone was like, ‘Can you come look at our finances?’”

Kristy Shen

“The media likes to make fun of millennials, saying we are all are entitled, complaining about not having job stability, not being able to afford a house. But in reality, all the rules our boomer parents followed, the status quo of, “Go get a job ‘till your 65, get a pension, buy a house” those rules don’t apply anymore. Houses might have cost our parents two or three times their annual salary. Now in major metropolitan areas, houses are often 10 times the average salary or even more. And there is no longer such a thing as a golden pension.”

Kristy Shen

Offer of the week

Quiet Air Purifier

“The thing is that the stock market always goes up. If every single company on the S&P 500 goes bankrupt, we’re basically in the Hunger Games. Time to buy some shotguns. The aliens have attacked, and we’re all screwed anyway.”

Kristy Shen

“The time it takes to reach FI depends on your savings rate and not your salary. If you save 50 to 60 percent of your salary, you are only 12 to 16 years from retirement. But if you save only 10 percent, you are 46 years from FI. The more you save, the faster you get to FI.”

Kristy Shen

“There aren’t that many plumbers out there, and everyone needs them. So if everyone is going off to get English degrees but no one knows how to fix a sink, then maybe it does make sense to be a plumber. Don’t be so enamored with the idea of getting a degree. Getting a degree doesn’t necessarily mean you’re going to get a prestigious job.”

Kristy Shen

“Women have a timeline, men don’t. But women who decide to have kids probably just have to take a bit longer before becoming FI. Within the FIRE community, there are people who have been able to do it with kids. You definitely have to be practical about it.”

Kristy Shen

“You shouldn’t necessarily just go for the jobs that pay well. Take a doctor, for example: Yeah, you get paid a lot, but you’re in school for 10 years and come out with so much debt.”

Kristy Shen

Quit Like a Millionaire Quotes

“According to business and economics professor Paul Harvey, a great source of frustration for people with a strong sense of entitlement is unmet expectations. 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.”

Kristy Shen
Quit Like a Millionaire

“Americans throw away eleven million tons of clothing a year.”

Kristy Shen
Quit Like a Millionaire

Products by Kristy Shen

“Chinese citizens have an average savings rate of 38 percent. That is massive compared to the American rate of 3.9 percent and the Japanese rate of just 2.8 percent.”

Kristy Shen
Quit Like a Millionaire

“If you ever want to see a banker sweat, try this: walk into your bank, ask to see a salesperson, and ask to put your savings into index funds. It’s the funniest thing ever.”

Kristy Shen
Quit Like a Millionaire

You Might Like

“A budget is telling your money where to go instead of wondering where it went.”

The Total Money Makeover


More quotes by Dave Ramsey

“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.”

Kristy Shen
Quit Like a Millionaire

“In China, Coca-Cola is called Kekou Kele, which means 'Tasty Fun'.”

Kristy Shen
Quit Like a Millionaire

“It's really very simple. Index investing beats 85 percent of actively managed mutual funds.”

Kristy Shen
Quit Like a Millionaire

“One of the biggest lies we've been sold is that following our passion is the key. Statistically, following your passion will lead to unemployment or underemployment.”

Kristy Shen
Quit Like a Millionaire

“One psychology study at Harvard and UVA found that nearly all nineteen thousand participants reported that their passions had changed significantly over the previous ten years.”

Kristy Shen
Quit Like a Millionaire

“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.”

Kristy Shen
Quit Like a Millionaire

“Poor people buy stuff. The middle class buys houses. Rich people buy investments.”

Kristy Shen
Quit Like a Millionaire

“Property is the worst, since you’re taxed every year whether your house goes up or down in value. Employment income and interest are slightly better, because they’re taxed only when you make money. Qualified dividends and capital gains are the best.”

Kristy Shen
Quit Like a Millionaire

“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).”

Kristy Shen
Quit Like a Millionaire

“Shopping is the easiest and fastest way to get a hit of dopamine, the pleasure hormone. Since this is the same chemical that’s released when we eat tasty things, have sex, do drugs, or accomplish something we’re proud of. I was hooked.”

Kristy Shen
Quit Like a Millionaire

“The idea of relying on the government is laughable. The government's job isn't to help you! Their job is to find new and creative ways of making your life immeasurably worse.”

Kristy Shen
Quit Like a Millionaire

“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.”

Kristy Shen
Quit Like a Millionaire

Products by Kristy Shen

“There are parts of every passion that, when turned into a full-time job, suck. I love writing, but that doesn’t mean I love rewriting chapters over and over again, or getting rejection letters from agents, or poring over the dense legalese of a publishing contract until my eyes bleed.”

Kristy Shen
Quit Like a Millionaire

“Whenever someone did you a favor or lent you something, you were expected to repay them, either through political favors or with money. Over time, it became ingrained in the national psyche that being in debt to someone gives them power over you.”

Kristy Shen
Quit Like a Millionaire

You Might Like

“Along with racism and sexism, our society has a form of caste system based on what you do for money. We call that jobism, and it pervades our interactions with one another on the job, in social settings and even at home. Why else would we consider housewives second-class citizens? Or teachers lower status than doctors even though their desk-side manner with struggling students is far better than many doctors’ bedside manner with the ill and dying?”

Your Money or Your Life


More quotes by Vicki Robin