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The Simple Path to Wealth
- Your Road Map to Financial Independence and a Rich, Free Life
- Narrated by: JL Collins, Peter Adeney
- Length: 6 hrs and 38 mins
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Summary
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
- The truth behind Social Security
- A case study on how this all can be implemented in real life
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.
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- Van Dieu
- 10-09-19
Approach with caution
JL Collins is a hero to the FIRE community, and his book is responsible for instilling in the community some unviolable axioms:
- Stocks are the best place for your money
- Index investing beats everything else
- Dump it all in Vanguard
- Simplify (it's in the title, duh)
- Don't time the market, don't cost-average
- Forget about it, the market always goes back up
Unfortunately these lines of thinking have become the orthodoxy in the community to the point where anything else is scorned and considered sub-optimal. I personally hate the book for this reason. As a more sophisticated investor who is fascinated by economics and finance I recognise this book is not primarily aimed at me, but I take issues with basically all of the steadfast principles of this book. His idea of risk management is a 10% sliver to bonds. It's breathtakingly negligent, but of course this is how bull markets develop and subsequently die.
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42 people found this helpful
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- Amazon Customer
- 22-10-18
A good guide for investing and good tips.
I found this book interesting and it offers good tips and guides for investing and becoming financially independent - It is, however, very American-centric as this is the culture that the author is writing from. I found this difficult to translate into a European model, particularly being a complete beginner. I did, however, find that there was some really good tips and advice on finances in general and is definitely a good guide for a beginner but I did find it very American based so difficult to follow from a European perspective.
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38 people found this helpful
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- fizzler
- 27-08-21
Really enjoyed this!
I have read quite a few books on the general topic of wealth and investment and really enjoyed this one. Well structured, easy to listen to and simple actionables.
The reason I felt compelled to write this review was because of the comments and reviews saying the this was only applicable to the US. I nearly didn't buy it for the reason! Yes, there are a lot of US focused discussions, but the simple principles are universally applicable. I am from the UK.
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7 people found this helpful
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- Anonymous User
- 07-08-21
US focus
good book, however too much focus on the US. would be better to collaborate with people across the world to get better insight in tax schemes and retirement plans
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7 people found this helpful
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- E. McLaughlan
- 03-05-21
over simplistic
there's not really much in this. how it was spun out to book length is a question. learn to live on less than you earn and invest in an index tracker. there's really not much more than that here.
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4 people found this helpful
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- Mr J Chagger
- 24-01-20
Essential reading for a beginner investor
Great book, anyone looking to start investing should read this first then make the next step!
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3 people found this helpful
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- Kyle
- 06-06-19
Very simple, yet powerful!
I love this book. Very simple, yet powerful! It really has the potential to change lives!
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3 people found this helpful
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- H
- 11-12-21
US oriented
Interesting and practical approach to personal finances, but very US oriented, meaning much of it doesn't apply to other countries
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2 people found this helpful
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- Mads Jensen
- 04-04-19
Lots of information but surprisingly easily "read"
This is a one stop book on how to plan for maximum freedom in your future. It's very detailed and yet very accessible. Collins reads the book formidably and comes across very trustworthy.
Highly recommended.
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2 people found this helpful
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- Jtoye
- 16-04-22
Well written and easy to understand.
I enjoyed listening to this book. It made investing simple and suggested ways to access. Debt was discussed in a short, simple and to the point. I did not get bored with book. I will read it again in hard copy which I have now ordered.
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1 person found this helpful