Things I didn't know when I was a salaried worker
 |
Description
Book Introduction
When studying the world through books,
When teaching economics in a university lecture hall,
When I was living on a regular salary every month, I didn't realize it.
A Little Insight About Wealth, Capitalism, and Myself
In 2014, I read a book on Bitcoin and bought 20 Bitcoins for 10 million won. → In 2015, I read hundreds of stock investment books and invested in foreign stocks, including US stocks. → In 2018, I reached 2 billion won. → In 2021, I reached 5 billion won! → I boldly quit my professorship and made a life-changing transition by becoming a FIRE member. → Two years later, I summarized the things I realized after becoming a FIRE member.
When teaching economics in a university lecture hall,
When I was living on a regular salary every month, I didn't realize it.
A Little Insight About Wealth, Capitalism, and Myself
In 2014, I read a book on Bitcoin and bought 20 Bitcoins for 10 million won. → In 2015, I read hundreds of stock investment books and invested in foreign stocks, including US stocks. → In 2018, I reached 2 billion won. → In 2021, I reached 5 billion won! → I boldly quit my professorship and made a life-changing transition by becoming a FIRE member. → Two years later, I summarized the things I realized after becoming a FIRE member.
- You can preview some of the book's contents.
Preview
index
Introduction: After living as a FIRE tribe member for two years
Chapter 1 | A Professor Leaves His University Job to Become a FIRE Tribe
The thought of quitting my job begins.
But do I really have to quit being a professor?
5 billion won, is this enough?
Why "Living on Rent" Was Not an Eligible Consideration
Retirement, finally decided after much deliberation
Tell people around you
Until retirement, the work life I really hated
Chapter 2 | Little Things I Learned After Becoming a Fire Tribe
What I learned after receiving my 160 million won retirement pay
Another face of national pension and health insurance that you didn't know about
Problems with Korean financial institutions revealed through overdraft accounts and credit cards.
Professor? Director? Doctor? The issue of titles was more complicated than I thought.
Contact is lost, time is running out
The Fire Tribe was just a group of retired people.
Chapter 3 | The Benefits of Becoming a Fire Tribe
Don't do things you hate
Discovering What I Really Love 1
Discovering What I Really Love 2
Finally Realizing What Capitalism Is 1 - The Importance of Investors
Realizing What Capitalism Is, Part 2: The Difference Between Salaried Workers, Self-Employed Workers, and Capitalists
Control over your daily life - spend your time the way you want
Get to know what kind of people the rich are
Chapter 4 | The Bad Things About Becoming a Fire Tribe
Being alone
All problems are my choice, my responsibility
Things you didn't do before, but now have to do
"Aren't you just approaching me for money?" - Side effects in human relationships
It's perfect for ruining your personality
Achievement! Achievement! Achievement! - What am I doing now?
Chapter 5 | Common Questions I've Heard Since Becoming a FIRE Tribe
“What are you going to do after quitting your job as a professor?”
“Becoming a member of the Fire Tribe? Your dream has come true.”
“Are you happy after becoming a member of the Fire Tribe?”
“Where should I invest?”
Chapter 6 | Even if you become a Fire Tribe member, you can't escape: "Money, Money, Money."
Spend more than your expected spending goal
Investing to make money, investing to protect money
Demolish the barn and use it for living expenses
Gambling industry, I was in this field.
People who ask to borrow money, people who ask to invest
The money problem continues!
Chapter 7 | Living Day by Day as a Fire Tribe
My day, a day without any plans
The time of Chronos, the time of Kairos
Would you recommend becoming a FIRE Tribe member to someone else?
People who are in trouble if they become a Fire tribe, and people who are okay with becoming a Fire tribe
How can I become a Fire Tribe member?
We're all FIRE Tribes! - Preparing for FIRE Tribes
The Outgoing Fire Tribe: The Joy of Life's Slow Train
Chapter 1 | A Professor Leaves His University Job to Become a FIRE Tribe
The thought of quitting my job begins.
But do I really have to quit being a professor?
5 billion won, is this enough?
Why "Living on Rent" Was Not an Eligible Consideration
Retirement, finally decided after much deliberation
Tell people around you
Until retirement, the work life I really hated
Chapter 2 | Little Things I Learned After Becoming a Fire Tribe
What I learned after receiving my 160 million won retirement pay
Another face of national pension and health insurance that you didn't know about
Problems with Korean financial institutions revealed through overdraft accounts and credit cards.
Professor? Director? Doctor? The issue of titles was more complicated than I thought.
Contact is lost, time is running out
The Fire Tribe was just a group of retired people.
Chapter 3 | The Benefits of Becoming a Fire Tribe
Don't do things you hate
Discovering What I Really Love 1
Discovering What I Really Love 2
Finally Realizing What Capitalism Is 1 - The Importance of Investors
Realizing What Capitalism Is, Part 2: The Difference Between Salaried Workers, Self-Employed Workers, and Capitalists
Control over your daily life - spend your time the way you want
Get to know what kind of people the rich are
Chapter 4 | The Bad Things About Becoming a Fire Tribe
Being alone
All problems are my choice, my responsibility
Things you didn't do before, but now have to do
"Aren't you just approaching me for money?" - Side effects in human relationships
It's perfect for ruining your personality
Achievement! Achievement! Achievement! - What am I doing now?
Chapter 5 | Common Questions I've Heard Since Becoming a FIRE Tribe
“What are you going to do after quitting your job as a professor?”
“Becoming a member of the Fire Tribe? Your dream has come true.”
“Are you happy after becoming a member of the Fire Tribe?”
“Where should I invest?”
Chapter 6 | Even if you become a Fire Tribe member, you can't escape: "Money, Money, Money."
Spend more than your expected spending goal
Investing to make money, investing to protect money
Demolish the barn and use it for living expenses
Gambling industry, I was in this field.
People who ask to borrow money, people who ask to invest
The money problem continues!
Chapter 7 | Living Day by Day as a Fire Tribe
My day, a day without any plans
The time of Chronos, the time of Kairos
Would you recommend becoming a FIRE Tribe member to someone else?
People who are in trouble if they become a Fire tribe, and people who are okay with becoming a Fire tribe
How can I become a Fire Tribe member?
We're all FIRE Tribes! - Preparing for FIRE Tribes
The Outgoing Fire Tribe: The Joy of Life's Slow Train
Into the book
When people say financial independence, they usually mean living on their own without receiving money from their parents.
If you work and receive a salary, you consider that financial independence.
But that wasn't my standard for financial independence.
If you can only live by receiving a salary from the company, then you are dependent on the company.
Independence from parents, but not independence from the company.
What I wanted was the ability to make a living without having to have a separate job.
I wanted to be in a financial position where I could support myself without receiving money from others, including my salary.
--- p.23~24, 「Chapter 1.
From "Professor, I quit my job at a university and became a FIRE member"
After receiving my 160 million won retirement pay, I have many thoughts.
If I hadn't become a FIRE member but simply retired from my job, what would I be able to do now? Pension payments start at age 65.
Until then, will you live well and save with this money? There are 13 years left until your pension is paid.
To survive that period with 160 million won, you would need to spend about 12 million won per year.
This means that you can only spend 1 million won per month.
It's money that can be spent by a family, not just one person.
That means becoming the lowest poverty class in society.
And even if you start receiving your pension at age 65, things don't change.
In my case, I am supposed to receive about 1 million won per month starting at age 65.
Even after the age of 65, they are still in the lowest poverty level.
This means that even if you have worked for 17 years, the moment you quit your job, you will be in the lowest poverty class for the rest of your life.
--- p.63~64, Chapter 2.
From “Little Things I Learned After Becoming a Fire Tribe”
Now we can say for ourselves which countries' economies will improve and which countries' economies will struggle to develop.
A country that provides a good environment for wealthy individuals to invest and do business is a good country.
A country that makes it difficult for wealthy people to do business will face difficulties.
In that respect, China will have a difficult time.
Right now, China is 'cracking down' on the wealthy and preventing them from running their companies as they please.
I think Korea will also face difficulties.
There are more and more regulations that can send business owners to jail if problems arise in their business.
Criminal punishments such as fines, imprisonment, and other penalties are increasing and becoming more severe.
No wealthy person is willing to risk going to jail to start a business.
Japan also has its limits.
Japan protects existing businesses well, but it is difficult for new businesses to invest a lot of money to start a new business.
The country with the brightest future was the United States.
No matter what people say, America is the best country to do business in.
In particular, the United States was the best country to start a new business.
You come to realize that this is where America's power comes from.
--- p.130, Chapter 3.
Among the good things about becoming a member of the Fire Tribe,
So the Fire tribe is a bit complicated.
I can't say it in a word.
But anyway, I'm satisfied with just knowing what the Fire Tribe is and having new eyes to see the world.
The society seen by working people and the society seen by non-working people were different.
The society seen by those who have to earn money to live is different from the society seen by those who do not have to earn money.
The society seen by people who work to make a living and the society seen by people who make a living with capital are different.
This is a story I have never heard anywhere in my life.
First of all, there was no one around me who lived well without working.
And this was a story that wasn't in any book.
If you work and receive a salary, you consider that financial independence.
But that wasn't my standard for financial independence.
If you can only live by receiving a salary from the company, then you are dependent on the company.
Independence from parents, but not independence from the company.
What I wanted was the ability to make a living without having to have a separate job.
I wanted to be in a financial position where I could support myself without receiving money from others, including my salary.
--- p.23~24, 「Chapter 1.
From "Professor, I quit my job at a university and became a FIRE member"
After receiving my 160 million won retirement pay, I have many thoughts.
If I hadn't become a FIRE member but simply retired from my job, what would I be able to do now? Pension payments start at age 65.
Until then, will you live well and save with this money? There are 13 years left until your pension is paid.
To survive that period with 160 million won, you would need to spend about 12 million won per year.
This means that you can only spend 1 million won per month.
It's money that can be spent by a family, not just one person.
That means becoming the lowest poverty class in society.
And even if you start receiving your pension at age 65, things don't change.
In my case, I am supposed to receive about 1 million won per month starting at age 65.
Even after the age of 65, they are still in the lowest poverty level.
This means that even if you have worked for 17 years, the moment you quit your job, you will be in the lowest poverty class for the rest of your life.
--- p.63~64, Chapter 2.
From “Little Things I Learned After Becoming a Fire Tribe”
Now we can say for ourselves which countries' economies will improve and which countries' economies will struggle to develop.
A country that provides a good environment for wealthy individuals to invest and do business is a good country.
A country that makes it difficult for wealthy people to do business will face difficulties.
In that respect, China will have a difficult time.
Right now, China is 'cracking down' on the wealthy and preventing them from running their companies as they please.
I think Korea will also face difficulties.
There are more and more regulations that can send business owners to jail if problems arise in their business.
Criminal punishments such as fines, imprisonment, and other penalties are increasing and becoming more severe.
No wealthy person is willing to risk going to jail to start a business.
Japan also has its limits.
Japan protects existing businesses well, but it is difficult for new businesses to invest a lot of money to start a new business.
The country with the brightest future was the United States.
No matter what people say, America is the best country to do business in.
In particular, the United States was the best country to start a new business.
You come to realize that this is where America's power comes from.
--- p.130, Chapter 3.
Among the good things about becoming a member of the Fire Tribe,
So the Fire tribe is a bit complicated.
I can't say it in a word.
But anyway, I'm satisfied with just knowing what the Fire Tribe is and having new eyes to see the world.
The society seen by working people and the society seen by non-working people were different.
The society seen by those who have to earn money to live is different from the society seen by those who do not have to earn money.
The society seen by people who work to make a living and the society seen by people who make a living with capital are different.
This is a story I have never heard anywhere in my life.
First of all, there was no one around me who lived well without working.
And this was a story that wasn't in any book.
--- p.285~286, from "Outgoing Writings"
Publisher's Review
“There are those who live by work and those who live by capital.
The way I looked at society was completely different.
“It was a story I had never heard anywhere in my life!”
September 1, 2021.
A professor who taught economics and business administration at a university resigns at the age of 52 and becomes a member of the FIRE tribe.
I gave up my job as a professor, which would have provided me with stability for another 13 years until retirement.
Former professor Choi Seong-rak, who became a FIRE tribe member, has compiled the things that his two years of FIRE tribe life have taught him in his new book, “Things I Didn’t Know When I Was a Salaried Worker” (published by Monday’s Dream).
1.
The author receives a severance pay as a reward for his 17 years of teaching.
It's 160 million won.
As a former professor who taught economics and business administration, I wonder what I can do with this money.
The thought goes round and round, and reaches a conclusion that anyone can understand even without knowing economics or business administration.
It's a local chicken restaurant.
2.
When you quit your job, your health insurance will immediately transfer from your workplace health insurance to your local health insurance.
But what's strange is that when you switch to local health insurance, the insurance premium increases significantly.
If you lose your job, you lose your income too.
But what if health insurance premiums increase? If your income is zero but your health insurance premiums skyrocket, who would readily accept this?
3.
In September 2021, the very month the author quit his job, he received a call from the bank.
Since I don't have a job, my overdraft account can't be extended any longer.
So, fill in all of the -60 million won before the account maturity date.
It is difficult for the author to understand how he could hear such a notice when he had quit his job because his wealth had increased significantly.
“The bank is not looking to assess my financial situation or determine whether I can repay the loan.
Even if you have no assets, if you are a professor, they will give you a loan, and even if you have a lot of assets, if you are not a professor, they will not give you a loan.
“I thought, ‘Aren’t these guys stupid?’”
4.
The author confesses that after becoming a FIRE member, he realized something he had never seen in economics textbooks.
One of them is about 'What is capitalism?'
“What I learned after becoming a FIRE member is that for the wealthy, working is not a necessity, but a choice.
You may or may not work.
In particular, you can decide whether or not to start a business with your own money based on your own preference.
This is precisely what defines the characteristics of capitalism.
(…) So, the essence of capitalist economic policy is ‘easy to invest’ and ‘easy to do business.’
“It’s not about ‘so the rich can make more money.’”
“The Fire Tribe was just a bunch of retired people.
In the end, we all become fire tribe.
So, you need to prepare money from now on!”
Many people think that when they say they are part of the FIRE tribe, they will be able to live the life they want, the way they want, without being tied down by money or work.
“But it wasn’t like that.
The FIRE tribe is not so much a life of new life as a life of retirement.
“The FIRE tribe is made up of people who retire earlier than others.”
According to the author, we all eventually become FIRE tribe members.
If you retire 10-20 years early, you'll be called a "Pai Tribe", otherwise you'll just be a retiree.
So the author emphasizes.
“The money you need to avoid starvation after retirement, the money you need to just live, and the money you need to enjoy a comfortable retirement are different.
The quality of your life in retirement depends on how much money you have.
It's a lot different than I thought it would be before I retired.
“First of all, you should try to increase the amount of money you have before retirement as much as possible.”
The author is satisfied with his FIRE life.
Despite all the negative aspects, I gained new insights that I would never have gained if I had not become a member of the FIRE tribe.
“Anyway, I’m satisfied with just the fact that I’ve learned what the Fire Tribe is and that I’ve gained new perspectives on the world.
The society seen by working people and the society seen by non-working people were different.
The society seen by those who have to earn money to live is different from the society seen by those who do not have to earn money.
The society seen by people who work to make a living and the society seen by people who make a living with capital are different.
This is a story I have never heard anywhere in my life.
“It was a story that wasn’t in any book.”
In this sense, the author tells the readers that the life of the Fire Tribe is not so bad.
However, you must have enough money to be called 'rich' by those around you!
The way I looked at society was completely different.
“It was a story I had never heard anywhere in my life!”
September 1, 2021.
A professor who taught economics and business administration at a university resigns at the age of 52 and becomes a member of the FIRE tribe.
I gave up my job as a professor, which would have provided me with stability for another 13 years until retirement.
Former professor Choi Seong-rak, who became a FIRE tribe member, has compiled the things that his two years of FIRE tribe life have taught him in his new book, “Things I Didn’t Know When I Was a Salaried Worker” (published by Monday’s Dream).
1.
The author receives a severance pay as a reward for his 17 years of teaching.
It's 160 million won.
As a former professor who taught economics and business administration, I wonder what I can do with this money.
The thought goes round and round, and reaches a conclusion that anyone can understand even without knowing economics or business administration.
It's a local chicken restaurant.
2.
When you quit your job, your health insurance will immediately transfer from your workplace health insurance to your local health insurance.
But what's strange is that when you switch to local health insurance, the insurance premium increases significantly.
If you lose your job, you lose your income too.
But what if health insurance premiums increase? If your income is zero but your health insurance premiums skyrocket, who would readily accept this?
3.
In September 2021, the very month the author quit his job, he received a call from the bank.
Since I don't have a job, my overdraft account can't be extended any longer.
So, fill in all of the -60 million won before the account maturity date.
It is difficult for the author to understand how he could hear such a notice when he had quit his job because his wealth had increased significantly.
“The bank is not looking to assess my financial situation or determine whether I can repay the loan.
Even if you have no assets, if you are a professor, they will give you a loan, and even if you have a lot of assets, if you are not a professor, they will not give you a loan.
“I thought, ‘Aren’t these guys stupid?’”
4.
The author confesses that after becoming a FIRE member, he realized something he had never seen in economics textbooks.
One of them is about 'What is capitalism?'
“What I learned after becoming a FIRE member is that for the wealthy, working is not a necessity, but a choice.
You may or may not work.
In particular, you can decide whether or not to start a business with your own money based on your own preference.
This is precisely what defines the characteristics of capitalism.
(…) So, the essence of capitalist economic policy is ‘easy to invest’ and ‘easy to do business.’
“It’s not about ‘so the rich can make more money.’”
“The Fire Tribe was just a bunch of retired people.
In the end, we all become fire tribe.
So, you need to prepare money from now on!”
Many people think that when they say they are part of the FIRE tribe, they will be able to live the life they want, the way they want, without being tied down by money or work.
“But it wasn’t like that.
The FIRE tribe is not so much a life of new life as a life of retirement.
“The FIRE tribe is made up of people who retire earlier than others.”
According to the author, we all eventually become FIRE tribe members.
If you retire 10-20 years early, you'll be called a "Pai Tribe", otherwise you'll just be a retiree.
So the author emphasizes.
“The money you need to avoid starvation after retirement, the money you need to just live, and the money you need to enjoy a comfortable retirement are different.
The quality of your life in retirement depends on how much money you have.
It's a lot different than I thought it would be before I retired.
“First of all, you should try to increase the amount of money you have before retirement as much as possible.”
The author is satisfied with his FIRE life.
Despite all the negative aspects, I gained new insights that I would never have gained if I had not become a member of the FIRE tribe.
“Anyway, I’m satisfied with just the fact that I’ve learned what the Fire Tribe is and that I’ve gained new perspectives on the world.
The society seen by working people and the society seen by non-working people were different.
The society seen by those who have to earn money to live is different from the society seen by those who do not have to earn money.
The society seen by people who work to make a living and the society seen by people who make a living with capital are different.
This is a story I have never heard anywhere in my life.
“It was a story that wasn’t in any book.”
In this sense, the author tells the readers that the life of the Fire Tribe is not so bad.
However, you must have enough money to be called 'rich' by those around you!
GOODS SPECIFICS
- Date of issue: March 25, 2024
- Page count, weight, size: 288 pages | 424g | 150*220*18mm
- ISBN13: 9791192044439
- ISBN10: 1192044436
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