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Overview

Money is the most important thing in the world. It’s a startling claim, and many people would disagree with it. However, we’re told that money can’t buy happiness, so maybe they’re right?

Sure, you can’t buy happiness. But on the other hand, being poor is pretty miserable. Not only that, but money helps you improve your life as well.

If you want to spend more time with your family, you’ll need money. If you want to travel and explore new places, it will cost a lot of money as well.

That’s the philosophy of Kristy Shen, who retired at 31. In these key points, we’ll be exploring how she did it. Expect plenty of contrarian takes and novel concepts that will help you create wealth and eliminate debt.

Let’s get started. You’ll learn why property isn’t always a bonanza and how you can save for early retirement. You’ll also learn that if you want to grow your wealth, eliminate debt first.

Big Idea #1: You’re more likely to make sound decisions if you follow the math rather than your passions.

In 2005, Steve Jobs gave a commencement speech at Stanford University. He told the students to follow their hearts and do what they love. This is great advice that many people endorse because it seems like common sense.

Students often make wrong choices when it comes to their future. Kristy was one of them. She had three majors to choose from – creative writing, computer engineering and accounting. Her heart told her to go for creative writing, but she followed the advice of math and chose computer engineering. It was a good call because she is now successful in that field.

Let’s look at the math. A four-year program in Canada costs about $40,000. The average income of a writer is $17,000 and the minimum wage is $14,248 per year. This means that any degree you get would only be worth an additional $2,752 to someone who wants to become a professional writer without one.

An accounting degree is more valuable than the minimum wage. Computer engineering pays you $40,000 more every year. However, you can’t put a price on happiness and dreams. If your passion isn’t paying the bills, then it won’t be worth pursuing if money’s tight and you’re hungry for food. Passions also change over time; a 2013 study published in Science found that the dreams of nearly all of the 19,000 participants had changed significantly over the previous decade.

And that’s why it pays to be financially stable before pursuing your dreams. Just ask Kristy. She was able to pursue her dream of becoming a writer because she had a well-paying engineering job, which meant she didn’t have to worry about making rent money from writing for the time being. With enough financial stability, you can eventually achieve your dreams–that is what happened with Kristy. In the following points, we’ll see how she did it.

Big Idea #2: Kristy’s Chinese heritage taught her that debt is a trap to be avoided at all costs.

According to a recent study, Chinese citizens save 38 percent of their income. Americans and Japanese save much less (3.9 percent and 2.8 percent respectively). Why are the Chinese so good at saving money? Is it because they’re more frugal than other nations?

The corruption in China started before the communists came to power. Since there were no credit channels like bank loans, people had to rely on favors from others if they wanted to buy expensive things. To avoid owing someone else a favor, many Chinese saved up money until they could afford whatever it was that they wanted.

Kristy is Chinese, so she has a cultural history of avoiding debt. However, when you look at the numbers, it turns out that attitude is good for everyone.