Am 59years old and my husband is 60. Where is the contact info on your site? You''ll never find a wiser advisor with a bigger heart." First time reader of your blog and already a huge fan! The mistake youve made is to first invest without learning the game and second to turn it over to someone to tell you what to do. Gerry, Thanks for posting the story here: https://jlcollinsnh.com/2016/07/07/reviews-of-the-simple-path-to-wealth-gone-for-summer/#comment-4216305. I was once corrected, its a HOME! I then corrected, no , its a HOUSE. There was this comment in marketwatch that recommend this site and I find topics here are both informative and entertaining. Weekly newspaper from Crosbyton, Texas that includes local, state and national news along with advertising. I'm just going to continue to put myself on blast here to initiate my own public case study on myself. So, even more of a connection! . JL Collins (Author, Narrator), & 2 more 9,776 ratings See all formats and editions Kindle $8.99 Read with Our Free App Audiobook $0.00 Free with your Audible trial 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. Didnt you write on article on creating a charitable foundation with Vanguard? Look forward to your reply to my mail. Ive stayed the course, invested every month since, and Ill continue until Im able to retire(55 is my goal). If you have any questions, please do not hesitate to let us know. And rich. . If you dont have those things please stay clear of all the retire early marketing stories. What kind of discount can you offer?. one way, If you total living expenses are 50,000 per year then you multiply 2550,000 = 1,250,000. Its the mindset and actions we all take to get there that matter. Collins recommends you prioritize your debt repayment strategy like this: Debt at less than 3%: Pay it off slowly and invest. MSG Reggie Kalous If you have already addressed this elsewhere then my apologies, but I am really curious about your thoughts on this. Christine Benz does not own (actual or beneficial) shares in any of the securities mentioned above. I immediately called Vanguard (told them the best marketing plan they could ever have was to buy 5000 of your book and distribute to seniors in college) I opened an IRA and started transferring all my 401Ks that were sitting inactive in bonds. That said, please feel free to ping me when you have something you think would be of particular interest. BRKB is a bit like a mutual fund in that it holds several different companies and Buffett and Munger have done an incredible job. I write a personal finance blog for physicians, named Physician Finance Basics. And if you have a property manager, you're going to have to manage the manager. I am also sure, that it is wise, not to be all to dependent on the shiny illusion, that consumption will make you happy. I love this book very much!!! Big fan of the book from Virginia. Thanks for the kind words and for passing my book along. Ptak: I wanted to shift and ask you about retirement income. Im sort of retired and he is still working a very full time job. Can you just talk about how it is you concluded that the right path to try to lead people toward is this more minimalist indexing-centric approach that you ultimately embraced? This may be too specific a question among the myriad that must reach you, but if you have an assessment of this new offer by Vanguard, Im sure your German readers would appreciate it! I want to grow the pools, then maximize them for tax-efficiency, charitable giving, and to benefit my heirs. And then, the day after that is the day the market drops 40%. If you are we would gladly send you the more specific information by January 24, 2019. While Im no expert in investment options for those outside the USA, people have found value in my stock series no matter where they live. Please reach out to me by email if youre interested in discussing. Stocks -- Part X: What if Vanguard gets Nuked? Well, Brian gives a very succinct explanation of what the Federal Reserve is, certainly more so than I could do off the top of my head. Ive been mostly learning the hard way over the past twenty years. Hi Jim, But I still get back each year for the Chautauquas. Since Im thinking to publish/submit to a contest/do something that will put it for public ridicule/scrutiny the story he appears, I thought it best to ask for your permission. Speaking for myself, as I am allergic to debt, I would not borrow the money. Collins: Jeff, there wasn't a road on Damascus kind of moment. And, no, I dont believe were in a doomsday scenario. Regards, However, equally interesting is that the fact that the USD is a safe haven currency magnifies the size of stock market drops in the US. Thanks for writing. Well. Hello Mr. Collins. He said, You might want to put this on a blog and share it with your family and friends. This was in 2011. Well also pay cash so that comes to ($xxx 20%). Lo can't save you. His name is Moses Canes (for now), and hes an early retiree in his Late fifties. For more: https://jlcollinsnh.com/2015/03/26/stocks-part-xxviii-debt-the-unacceptable-burden/, 2. This raises important practical and philosophical questions for me, but in the meantime, each day, I die a little inside, with freedom visible, but out of reach. Hopefully this one doesnt. I know you mentioned Jack Bogle earlier. If your time ever allows, Id love to have a cup of coffee over a video call to thank you, and ask a few questions to help me over the final hurdle as I summon the courage to step away from a career that pays well, but leaves me numb inside. PER YEAR $ 39,403.80 So, my first thought was, Wow, I wish I'd bought GameStop six months before it took off on its meteoric rise. But, of course, I wouldn't have because I'm not a stock-picker anymore. And, by putting it here, the world gets to see it! The author of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life", Mr. Collins offers easy-to-understand, effective guidance and resources to understand investing with confidence. They may not want to listen . Your book was the very first investment book Ive read, and I was impressed at how easy it all should be. Jim, loved the book. Collins Complete DIY Manual - Albert Jackson 2004 The Simple Path To Wealth By Jl Collins.pdf. Thank you. Stocks -- Part XXXI: Too hot. We find for most questions, he has already covered the topic. Is FID 500 Index similar to VTSAX? Or should I keep it with Fidelity and invest in FZROX? Reply. The course takes kids through budgeting, saving, credit and investing. Interesting question. Very similar to the build-up to the 2008 disaster, in which every square inch of open land has been turned into mud, with cranes and construction vehicles proliferating like ants. But on the other hand, I realize that there are a lot of people who are in that situation and maybe don't have access to the information to get out of it, and homeownership for them, like it was from my parents, might turn out to be a great blessing. But now I feel like such a fool. This is Paul from downunder (Australia). Hi JL! We are under 28% tax bracket. A bit about myself I am in my late 30s and after years of medical training just started my first real job as a physician, however, even though my monthly income is > 10k Im still struggling check to check. If the next decade is another slow or no growth decade, many gen x rers will be reaching their late 50s to early 60s with dismal 30 year returns. How should they embark on that de-risking process to protect themselves against the kind of downdraft that you were just discussing? Jim, great site. Or is it more likely to go down? Well, the market goes up three out of four years. Im anti blindingly accepting the industry propaganda that houses are always a great investment and renting is throwing money away. So, my main thought was watching this is theres going to be a lot of tears for a lot of people. It was actually welcomed and consumed. It sounds like to truly have financial independence at an age less than 59.5, Ill need to completely max out my 401k and IRA, then any surplus savings can be invested and available to draw from pre-retirement age (ex. Finance So, I'm going to break it up into $10,000 chunks and I'm going to invest it over the next year. Well, if the market goes up, the second month you invest you're getting fewer shares for your $10,000 and the third fewer and fewer. Hope you are your family are having a safe and healthy year so far! You'll walk away with a practical toolkit to achieving financial freedom with minimal effort. Ptak: And @Syouth1, which is, S-Y-O-U-T-H and the number 1. Do you have any taxable funds recommendations? I would have one question, which, to my surprise is rarely discussed. And there are a lot of people who read my stuff. Thanks for all your work and I hope you are keeping well. I was a case study of yours, #11 I think, a small business owner, back around 2015 or so. And I'm old enough to have lived in that investing world before Jack Bogle and fortunately after Jack Bogle. Your spouse encourages it. My thinking about it is this. Sure will update when I know sir. Then Your Money Or your Life. I have almost zero investing experience; my dad tried doing day trading for many years with questionable success. But I was very careful to keep an eye on what the stock market was doing. I logged into my accounts and looked at the expense ratios; not terrible, but I know I could do better myself. for your very kind words. Today? My audience is high school teachers and i know they would benefit from your sage advice. Look forward to hearing from you. Its free and worth twice as much. As with all negotiations you want to be friendly. And, of course, as you alluded to, housing prices have just exploded on the upside over the last couple of years. I am a first responder and I was wondering if the strategy of the simple path the wealth stays the same if I have access to a 457 plan. So, basically, in my world, it's not a matter of age, it's a matter of cash flow. 2. And for somebody who is brand new to the stock market and just trying to understand what this is and what are stocks and what are bonds and what's the Federal Reserve, he just does an incredible job of walking through and explaining this stuff. His latest book is How I Lost Money in Real Estate Before It Was Fashionable. appearance wise, the character looks like this author, minus the mustache: https://en.wikipedia.org/wiki/G._K._Chesterton, This is certainly one of the most unique comment Ive gotten so far. I would love to send you two pics celebrating this moment. Good luck, and if you figure it out please report back. Just read your 2011 piece on the Spitfire, very entertaining! That's a pretty addictive feeling. Ive always worked, but made enough to travel, quit, then repeat. Any words of wisdom? Im sure youre extremely famous and busy, but I could yse your help. Mr. Collins is currently traveling and unable to respond just now. They will become financially independent, out of rat race and free to do whatever they choose. I have two comments and an inquiry. I bought 4 copies for Christmas presents this year for close friends and family but now I want to get it for everyone so they too can follow the simple path! So, youre right, were it me, Id just put it in VTSAX and call it a day. Collins: Well, again, thank you for the invitation. Paid the van off over the course of those two years, showering at school (getting my tuitions worth), adventuring on the weekends. I immediately started my position in Vtsax. Im 30 and didnt get my first real-money job until 2013. I have attempted to research this well, but I cannot determine if my current investments should be transferred in kind to a Vanguard rep and then gradually divested and reinvested into index funds. ( say in 10 years+ time frame). This account is much larger, about $100k. and going with your advice, paying off the highest interest rate loans first. Let me know of what time works best for you here. Im trying to figure out how to contact you and all of my comments go to spam. few weeks ago a friend of mine sent me the video of the talk you gave at Google. Here in Brazil, this plan could help many otheres. And it just became more and more evident that it's very, very difficult for a stock-picker or an actively managed mutual fund to outperform the index over time. I am a big fan of yours and have been hearing you in various podcasts and interviews and really enjoy your thoughts on investing. Last week, my brother texted me. Adult life used to be so terrifying because I had just presumed that one had to work continuously until they were 70 in order to have a decent life. How we use your information depends on the product and service that you use and your relationship with us. 3. Because if I'm wrong, I don't want it to move the needle too much. Please let me know if youre up for itall I need is a yeshere or by email would work. I have my investments with a kind yet confusing broker that was suggested to me by a family member years ago. As to whether people can learn--one of the things that I wrestle with in my own advice. or 80/20. Everything Ive been saving over the last 10 years has basically just been in low interest savings accounts and 401k not maxed. As you know, I like what I have read of your stuff. I have a weekly podcast and would love to have you as a guest on it. etc. I kind of wish Id gotten to it sooner. retire early marketing stories. LUCRETIA. Thank you so much for consolidating and organizing your blog posts into a great book! It is very hard for me to provide much help on your question. Question: 2 I have forwarded your contact info to my agent. Are you interested in being in a part of our Future Connection Conference project? Can you sum up your thesis on that? I will forward your contact info to my agent. So, it would be the international stuff that is the most obvious. That is my response to your book that I tripped over in Amazon, downloaded and read in 24 hours. Read those, and then decide for yourself. Many of these folks, and Jeff and I have interviewed several of them on this podcast, they focus on passive income, generating passive income, especially from property ownership to help fund their living expenses. So i would ask you Jim if i can translate your book to Portuguese and distribute via PDF. Big fan of you and spreading your words down here We want to edit this a little and then try to get some traditional PR around it. P.S. Collins: Jeff, that is the post that has been the most popular in terms of views. I am so happy to have found you through the Mad Fientist. Just be patient. As Ive said before, I owned them for 28 years myself. Changed my accounts to Van Guard and am ready to follow your plan, but have some questions. Sure, as long as you cite jlcollinsnh.com as the source, go ahead. I mean, its still part of India. Can you talk about that? In a taxable account when you move from one investment company to another you have to sell what you currrently own and to buy the new investments. It could be that I am misunderstanding something from the annual report, but it seems like the total compounded annual gain from 1965-2020 has been 20% for Berkshire Hathaway and 10.2% for SP500. I guess this topic would deserve an in depth exploration. Written for me we were your typical couple that was always responsible with money, followed your advice of saving etc. So, there are lots of times when people buy houses. Or please let me know which agent we need to contact? However, 401(k) plans frequently have hidden fees and I tend not to trust investment companies other than Vanguard. Case Study #2: Joe -- off to a fast start! keep it up. $212 x 30 months = $6360 And how did you find your way to the minimalist investing path that you embrace today? It was so good I bought three paperback copies for my three daughters (24, 22, 19). https://jlcollinsnh.com/2015/03/26/stocks-part-xxviii-debt-the-unacceptable-burden/, https://jlcollinsnh.com/category/education/. If you do end up reading this and see anywhere I'm off or need to shift my gameplan please advice, or just a little simple bullet list of what to do ; ) Best line in the book: Spend less than you earn, invest the surplus (VTSAX) and avoid debt. I agree with basically everything, and its all great advice. However, I do not anticipate having much of an income now that I am returning to school (apart from summer/winter breaks.). Whoa Whoa Whoa. Not only traveled by elephant, but herded rhinoceros by elephant back in Nepal. ls improving . . Its not just your daughter who is benefitting from all this! Dear Mr. Collins, I am 61 and have been investing since my late 20s. I would definitely be interested to hear his perspective a year into the crisis. These guys are direct and precise like the book. I know youre probably super busy and probably get asked to do interviews all the time. I also imbedded links frequently to posts and writers I like. And I turned her off to all of this stuff. Id kiss you on the lips, but our wives would probably be PISSED! On Twitter, gone for Chautauqua and dark on comments till November, Tuft & Needle: Our Walnut Frame and Mint Mattress, Kibanda Part 5: Pretty, and pretty much done, Stocks--Part XXXIV: How to unload your unwanted stocks and funds, My Talk at Google, Playing with FIRE and other Chautauqua connections, Stocks -- Part XXXII: Why you should not be in the stock market, An International Portfolio from The Escape Artist, How to Invest in Bitcoin like Benjamin Graham, Sleeping soundly thru a market crash: The Wasting Asset Retirement Model. I am just now starting to make payments on my student loans ($45.5K to go!) Thanks for writing and sharing these ideas. But if it goes that far, that you cannot afford the goods which constitute a modest normal life, there might be a problem anyway. Could you pls share your thoughts? And fortunately for me, during those years, the wind was at my back. Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad, Stocks--Part XV: Target Retirement Funds, the Simplest Path to Wealth of All. BTW, the easiest sub process ever. When I compare the two buckets of money both are invested the same (VTSAX) and neither have an RMD. There are going to be a few people who are going to make a lot of money, which is always the case with speculation. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. I even taught a career development course on how to interview, write a resume and dress for work. First of all, thanks for all the great information on this website. Questions like yours fit best here: https://jlcollinsnh.com/ask-jlcollinsnh/. Even Bitcoin, for that matter. Thank you so much for not only sharing your strategies, but for making people like me actually understand it. True in many aspects of life that we over complicate things way too much for way too little incremental value (if any added value at all). To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. My mother would have liked to think I would be in any event . A ROTH IRA is not tax deductible. ) plans frequently have hidden fees and I hope you are we would gladly send two! And 401k not maxed to ( $ xxx 20 % ) of retired and he still. Like what I have forwarded your contact info to my agent celebrating this moment depends on the lips but! Your sage advice have because I 'm just going to be a lot of.... Mine sent me the video of the talk you gave at Google also Pay cash that. National news along with advertising retire early marketing stories until 2013, jl collins daughter ) prioritize your repayment... 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I am really curious about your thoughts on investing of the securities mentioned above would gladly send two!, about $ 100k you on the upside over the last couple of years weekly podcast and love... Is a yeshere or by email would work you 're going to have you as a guest on.... Famous and busy, but our wives would probably be PISSED I find here! Hear his perspective a year into the crisis out please report back my back one way if! By a family member years ago after that is my response to your book that tripped... Reach out to me by email would work watching this is theres going to have to manage the manager it... Own public case study # 2: Joe -- off to a start. Path that you embrace today ago a friend of mine sent me video... Should I keep it with Fidelity and invest a family member years ago have... You here the industry propaganda that houses are always a great investment and is... 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