In many cases, the ultimate goal is to achieve financial independence and become a millionaire. My work has taken me to most U.S. states as well as Canada, Germany and England. General Electric. to share some of the love with them. Reviewed in the United Kingdom on February 28, 2020. This process of the new replacing the old and dying is what makes the market (and VTSAX) self-cleansing. How to invest in a raging bull, or bear, market. How about 10,000% or more? To get the free app, enter your mobile phone number. Collins, like many other personal finance gurus, states it all starts with having a mindset shift. Why you should be very cautious when engaging an investment advisor and whether you need to at all. Notify me of followup comments via e-mail. You have to bear in mind that this book was written with U.S. investors in mind, but the principles are the same. I wish I had read this book years ago, but feel so fortunate that I've read it at all. There was an error retrieving your Wish Lists. Playing with FIRE: How Far Would You Go for Financial Freedom? Indeed a very readable and concise book about the fundamentals of passive investment. He recommends something that I think is so profound, if you make this shift, it could save you millions over your career: “Stop thinking about what your money can buy. The Chase Sapphire Preferred is an excellent first (or only) card. There was a problem loading your book clubs. And I may have forgotten one or two. Usually short-term bonds pay less interest as they are seen as having less risk whereas long-term bonds pay more as they are seen as having higher risk. (This is another reason I like passive real estate investing. The two key elements of bonds are the interest rate and the term. These days, I'm a book author and financial blogger on jlcollinsnh.com, but it wasn’t always so. He claimed he was good at saving money, but not investing it for compound growth. If you had to buy just one investment book. I liked the author’s podcast interview by the respected, data-driven and the whimsical Mad Fientist. He’s the host of the Bogleheads podcast and the author of about 10 books on investing, including The Power of Passive Investing: More Wealth with Less Work. There's a problem loading this menu right now. Recommended! So the fees are notably higher. He ends the chapter by stating that inflation is the biggest risk to having bonds. Probably the book would benefit of a little bit more details about the performance of these funds and probably one chapter on the mechanics of a life investment when things are a bit out of control just to further illustrate the concepts, nevertheless a nice and good book. Mail clerk, tree-trimmer, landscaper, ad agency founder, account executive, ad space salesman, investment officer, entrepreneur, consultant, sales trainer, speaker, writer, radio talk show host and magazine publisher. Here are the three main reasons that Collins lists for why most of us in the “accumulation phase” should simply put all money into VTSAX (Vanguard Total Stock Market Index Fund). Fortunately for him and many others that have this same problem, there’s a simple solution…..The Simple Path To Wealth. But I've had the good fortune to see a bit of the planet on my own: Mexico, Canada, Ireland, Wales, England, Greece, Crete, Puerto Rico, Tahiti, Venezuela, Curacao, Scotland, Italy, Germany, Spain, Paris, India, Kashmir, Goa, Nepal, Zanzibar, Tanzania, Eleuthera, St. Thomas, St. Martin, Barbados, Antigua, Martinique, Ecuador, Perú, Bolivia, Chile, Prague, Guatemala, Galápagos. Still some good nuggets of information for the person new to financial independence or investing. .orange-text-color {font-weight:bold; color: #FE971E;}Ask Alexa to read your book with Audible integration or text-to-speech. Pre-order Books. No Bs. Please try again. Even years later. J. L. Collins’s outstanding The Simple Path to Wealth (2016) is the investment book for beginners, intermediates and experts. In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. A Book of Practical Counsel (Revised Edition), Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Fully Revised and Updated for 2018, The Millionaire Next Door: The Surprising Secrets of America's Wealthy, The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. This increase in value helps to offset the losses deflation will bring to your other assets. My wife Jane and I have been married for 34 years. This year, I’m thrilled to report that both my husband and I have just early retired at 45 and 47 respectively. I am on the simple path to wealth myself and tell others about the strategy. So I checked out his blog site and ordered the book. Having read JL Collins’ The Simple Path to Wealth, and his rationale for a 100% stock portfolio in your early-to-mid career years, I was confident with my answer, and it was reassuring to hear the experts speak affirmatively. We personally funded an HSA for years using our high deductible health insurance plan but once our premiums tripled, it was time to look for other options. Get 90 days FREE of Amazon Music Unlimited. In this same chapter, he highlighted how Warren Buffett thought about his money: Collins recalls a time when his daughter was eight years old and she asked him if they were poor after watching the news showing people standing in a bread line.