
The Simple Path to Wealth
Your Road Map to Financial Independence and a Rich, Free Life
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Narrated by:
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JL Collins
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Peter Adeney
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By:
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JL Collins
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 Four Percent 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
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Critic reviews
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Key takeaways: Don’t worry about timing the market, spend a lot less than you make if you want to retire early, pay off debt that is more than 5% interest, don’t spend too much on a house, and take advantage of tax-incentive retirement plans.
Collins makes the claim that almost all personal finance workers (ie. Investment Advisors and Broker Dealers) are crooks and if you must work with someone in the profession, work with a fee-only advisor to save your money. Given that each person’s situation can be uniquely different, do not care for this argument much because most people cannot stomach strong down turns without someone talking them off the cliff of selling. If you can stick to the buy-and-hold strategy on your own, this book is for you.
Buy and Hold VTSAX
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I like that the subject of charitable giving was treated towards the end of the book, although again I am puzzled by why he is pushing Vanguard Charitable. This account has a $25,000 minimum while Schwab and Fidelity have a $5,000 minimum each, both of which can also invest in comparable passive index funds/ETFs. Yet again this is not mentioned.
Personally I don't care for the author's use of the term "FU money". I'm sure there is a better way to make this point without bordering on classless vulgarity.
Overall pretty good, with a few shortfalls
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Outstanding
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Good Stuff.
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A Must Read
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Get on the Path! Stay on the Path!
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good
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So simple that makes you follow through
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Amazingly Simple
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Must read book
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