The Simple Path to Wealth: Your road map to financial independence and a rich, free life Book Reviews

AUTHOR
J. L. Collins
SCORE
4.5
TOTAL RATINGS
109

The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J. L. Collins Book Summary

“In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. You'll never find a wiser advisor with a bigger heart.” -- Malachi Rempen: Filmmaker, cartoonist, author and self-described ruffian This book grew out of a series of letters to my daughter concerning various things—mostly about money and investing—she was not yet quite ready to hear. Since money is the single most powerful tool we have for navigating this complex world we’ve created, understanding it is critical. “But Dad,” she once said, “I know money is important. I just don’t want to spend my life thinking about it.” This was eye-opening. I love this stuff. But most people have better things to do with their precious time. Bridges to build, diseases to cure, treaties to negotiate, mountains to climb, technologies to create, children to teach, businesses to run. Unfortunately, benign neglect of things financial leaves you open to the charlatans of the financial world. The people who make investing endlessly complex, because if it can be made complex it becomes more profitable for them, more expensive for us, and we are forced into their waiting arms. Here’s an important truth: Complex investments exist only to profit those who create and sell them. Not only are they more costly to the investor, they are less effective. The simple approach I created for her and present now to you, is not only easy to understand and implement, it is more powerful than any other. Together we’ll explore: • Debt: Why you must avoid it and what to do if you have it. • The importance of having F-you Money. • How to think about money, and the unique way understanding this is key to building your wealth. • Where traditional investing advice goes wrong and what actually works. • What the stock market really is and how it really works. • Why the stock market always goes up and why most people still lose money investing in it. • How to invest in a raging bull, or bear, market. • Specific investments to implement these strategies. • The Wealth Building and Wealth Preservation phases of your investing life and why they are not always tied to your age. • How your asset allocation is tied to those phases and how to choose it. • How to simplify the sometimes confusing world of 401(k), 403(b), TSP, IRA and Roth accounts. • TRFs (Target Retirement Funds), HSAs (Health Savings Accounts) and RMDs (Required Minimum Distributions). • What investment firm to use and why the one I recommend is so far superior to the competition. • Why you should be very cautious when engaging an investment advisor and whether you need to at all. • Why and how you can be conned, and how to avoid becoming prey. • Why I don’t recommend dollar cost averaging. • What financial independence looks like and how to have your money support you. • What the 4% rule is and how to use it to safely spend your wealth. • The truth behind Social Security. • A Case Study on how this all can be implemented in real life. Don’t let any of this intimidate you. Those that have gone before you say: “….in his patented no-frills and often humorous style, JL makes it both approachable and simple. And powerful.” “…effective message told in a visual, funny style.” “…a refreshingly unique and approachable take on investing.” “JL Collins has the gift of making boring financial concepts funny and interesting.” “Instead of esoteric equations about measuring a stock's alpha and comparing it to its beta, he lights up the campfire and starts telling stories.” Enjoy the read, and the journey!

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Book Name The Simple Path to Wealth: Your road map to financial independence and a rich, free life
Genre Business & Personal Finance
Published
Language English
E-Book Size 2.27 MB

The Simple Path to Wealth: Your road map to financial independence and a rich, free life (J. L. Collins) Book Reviews 2024

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Still searching for the answer…? See page 222. Finally on page 222 of 237 the answer appears. After going on for 200 pages about 1 vanguard index fund, the author finally gets to the secret on page 222. I was perplexed reading his advice to save 50% of your salary (before taxes…). How can someone live their adult life like that. Clearly they would have such a comfortable income to chose to save 50% of it that they wouldn’t be eligible for a Roth IRA…? Then enlightenment on page 222 is finally revealed, the author advises reader not to have kids or buy a house until they have become independently wealthy (ie can live on 4% of their portfolio). This doesn’t seem to be a very realistic solution… sounds vane, sounds like you start with a nest egg from independently wealthy parents, sounds like advice for only the scant few who have no exposure to hardship and won the life lottery. Even those that are fortunate enough to have cushion and choices, seems very few would be able to pull off such perfect timing… don’t time the market, avoid financial advisors, stick with low cost index funds. That’s advice I’m happy to follow, just have perfect conditions in the rest of your life and depart not only from consumerism but also social and biological norms… that’s a bit tougher to swallow. I’ll give 3 stars but there’s as much regret as hope in this advice.

Great content, format could be better. Content was great. If you are looking for a simple plan, look no further. My only complaint was the format seemed more like kindle than iBooks. I couldn’t highlight in the book and table of contents wasn’t easy to access.

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J. L. Collins - The Simple Path to Wealth: Your road map to financial independence and a rich, free life Discussions & Comments

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Summary of The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J. L. Collins

The The Simple Path to Wealth: Your road map to financial independence and a rich, free life book written by J. L. Collins was published on 24 November 2021, Wednesday in the Business & Personal Finance category. A total of 109 readers of the book gave the book 4.5 points out of 5.

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