Michael Quan - A Step-by-Step Workbook to Reach Your Full Financial Potential

To my mom, who gave me the love of reading and inspiration to write a book

To my dad, who taught me the power of frugality, cash flow, and focus

To my rich uncles, who gave me the gift of possibility

To my wife, who made my life so rich long before financial independence

And to my kids, who will lead the next generation through love, courage, and kindness

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First Tiller Press paperback edition May 2021

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Senior Commissioning Editor: Eszter Karpati

Editor: Rachel Malig

Art Director: Gemma Wilson

Designer: Nikki Ellis

Design concept: Eoghan OBrien

Publisher: Samantha Warrington

Picture credits: Illustrated by Nikki Ellis, pockygallery/Shutterstock.com, Rabiulalam/Shutterstock.com, and Zavadskyi Ihor/Shutterstock.com

Library of Congress Cataloging-in-Publication Data has been applied for.

ISBN 978-1-9821-6965-7

ISBN 978-1-9821-7876-5 (ebook)

HI, MY NAME IS MICHAEL QUAN, AND WELCOME TO

THE FIRE PLANNER.

Ever since I was young, Ive been fascinated by money. I had the rare opportunity to observe two uncles who had done very well for themselves financially and always found it curious that they didnt need to go to work like my own parents or those of my friends. Instead, these uncles got to take their kids to and from school, pursue hobbies and business ventures, and vacation anytime they wished. I remember thinking, Wow. I want that when I get older! I didnt know it at the time, but they had achieved FI (financial independence), and their money was now working hard for them.

This knowledge that FI was even possible has been my unfair advantage. I reasoned that if my uncles could achieve FI, then why couldnt I? And thats exactly what I set out to do. I read over a hundred personal finance and personal development books, attended dozens of seminars, and spent tens of thousands of dollars educating myself on the best strategies I could use to get ahead.

In 2001, when I was twenty-five years old, I cofounded an IT support company with some friends. We had humble beginnings, but managed to build a very profitable service company over ten years. We expanded nationally and then sold the company to a larger service provider. This allowed me to cash out some business equity, and I then put that money back to work in real estate investments.

After selling the company, I spent another eighteen months working for the new owners, and during this process I realized quickly that a nine-to-five corporate job was not for me. After I ran some quick numbers with my wife, we realized that we had accumulated a sizable base of assets. We had been saving and investing aggressively over the past few years and were now FI (financially independent), or very close to it. Once this became apparent, I negotiated a severance package and dove headfirst into early retirement at age thirty-six.

Achieving FIRE (financial independence, retire early) has lived up to all my dreams and more. I get to be fully present with my young family on a daily basis and have the complete freedom to pursue passion projects, businesses, and even international fishing trips.

I tell you this not to impress you but to impress upon you that achieving FIRE is possible. If I can do it, then you can too. Trust me.

Remember that unfair advantage I had? Well, Im passing that along to you now. The only difference is that this book will cover everything you need to know: The FIRE Planner outlines the exact steps to achieve FIRE. Its the book I wish Id had from the beginning.

Enjoy the journey, friend!

LIFE MOVES PRETTY FAST. IF YOU DONT STOP TO LOOK AROUND ONCE IN A WHILE, YOU COULD MISS IT.

FERRIS BUELLER

Ferris Buellers Day Off

THIS INTERACTIVE PLANNER HAS BEEN DESIGNED TO EDUCATE AND GUIDE YOU EVERY STEP OF THE WAY ALONG YOUR PERSONAL JOURNEY TO FIRE (FINANCIAL INDEPENDENCE, RETIRE EARLY).

The planner is laid out in six sections:

CHAPTER 1: Introduction to FIRE

CHAPTER 2: The FIRE Mindset

CHAPTER 3: Your FIRE Numbers

CHAPTER 4: Ways to Achieve FIRE

CHAPTER 5: Designing your FIRE Plan

CHAPTER 6: Youre on FIRENow What?

There should be something of value here for students at every stage of their FIRE journey.

If youre a beginner, welcome to the wonderful world of FIRE! I invite you to take your time and explore with an open mind. The concepts are explained as simply as possible, although there may be some jargon that will seem unfamiliar. If you find yourself confused, fantastic! That means youre learning. Theres also a full glossary on in case you need a reference.

For those of you who have already started your journey to FIRE, this planner will give you some additional structure to work within. Perhaps youve missed a step or are looking for options. All you need is one good idea to change everything. Also, take the time to explore the mindset of this journey (see The Fire Mindset, )its an easy part to miss if you begin the journey alone.

With that said, many of the topics I cover are much more nuanced than Im able to go into here. There are so many fascinating tangents to explore on your path to FIRE, so I encourage you to deepen your understanding of those particular strategies or concepts by taking the time to educate yourself further.