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The Simple Path to Wealth: Your road map to financial independence and a rich, free life The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J.L. Collins
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“There are many things money can buy, but the most valuable of all is freedom. Freedom to do what you want and to work for whom you respect.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“A parable: The Monk and the Minister Two close boyhood friends grow up and go their separate ways. One becomes a humble monk, the other a rich and powerful minister to the king. Years later they meet. As they catch up, the portly minister (in his fine robes) takes pity on the thin and shabby monk. Seeking to help, he says: “You know, if you could learn to cater to the king, you wouldn’t have to live on rice and beans.” To which the monk replies: “If you could learn to live on rice and beans, you wouldn’t have to cater to the king.” Most all of us fall somewhere between the two. As for me, it is better to be closer to the monk.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“You own the things you own and they in turn own you.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Look again at those people around you. For most, debt is simply a part of life. But it doesn’t have to be for you. You weren’t born to be a slave.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Wisdom comes from experience. Experience is often a result of lack of wisdom. A”
Terry Pratchett, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“I may not have owned a Mercedes, but I owned my freedom. Freedom to choose when to leave a job and freedom from worry when the choice wasn’t mine.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Here are a few key guidelines to consider: Spend less than you earn—invest the surplus—avoid debt. Do simply this and you’ll wind up rich. Not just in money. Carrying debt is as appealing as being covered with leeches and has much the same effect. Take out your sharpest knife and start scraping the little bloodsuckers off. If your lifestyle matches—or god forbid exceeds—your income, you are no more than a gilded slave. Avoid fiscally irresponsible people. Never marry one or otherwise give him or her access to your money. Avoid investment advisors. Too many have only their own interests at heart. By the time you know enough to pick a good one, you know enough to handle your finances yourself. It’s your money and no one will care for it better than you. You own the things you own and they in turn own you. Money can buy many things, but nothing more valuable than your freedom. Life choices are not always about the money, but you should always be clear about the financial impact of the choices you make.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“It’s not hard. Stop thinking about what your money can buy. Start thinking about what your money can earn. And then think about what the money it earns can earn.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Stop thinking about what your money can buy. Start thinking about what your money can earn.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Money can buy many things, but nothing more valuable than your freedom.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“The lines between need and want are continually and intentionally blurred. Years ago, a pal of mine had bought a new video camera. It was the best of the best and he was filming every moment of his young son’s life. In a burst of enthusiasm he said: “You know, Jim, you just can’t raise a child properly without one of these!” Ah, no. Actually you can. In fact, billions of children have been raised over the course of human history without ever having been videotaped. And horrific as it may sound, many still are today. Including my own.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“It’s a big beautiful world out there. Money is a small part of it. But F-You Money buys you the freedom, resources and time to explore it on your own terms. Retired or not. Enjoy your journey.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“We can learn to think in this same way. Again, let’s use VTSAX in exploring this idea. Suppose yesterday you said, “Mmm. This idea of owning VTSAX makes sense to me. I’m gonna get me some.” And having said that, you sent Vanguard a check for $10,000. At yesterday’s close the price of VTSAX was $53.67. Your $10,000 bought you 186.3238308 shares. If VTSAX shares are trading at $56 per share a week from now, you might say, “Mmm. My $10,000 is now worth $10,434. Yippee. Mr. Collins sure is smart.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Low-cost, broad-based index”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“OK, but what do I do about the debt I have? While the mantra here is “avoid debt at all costs,” if you already have it, it is worth considering if paying it off ahead of schedule is the best use of your capital. In today’s environment, here’s my rough guideline: If your interest rate is... Less than 3%, pay it off slowly and route the money to your investments instead. Between 3-5%, do whatever feels most comfortable: Either put the money to debt payment or investments. More than 5%, pay it off ASAP. But this is just looking at the numbers. There is a lot to be said for focusing on just getting it out of your life and moving on. Especially if keeping your debt under control has been a problem for you.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Three things saved us: Our unwavering 50% savings rate. Avoiding debt. We’ve never even had a car payment. Finally embracing the indexing lessons Jack Bogle—the founder of The Vanguard Group and the inventor of index funds—perfected 40 years ago.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Before you decide to use kicking techniques on the street ask yourself this question: ‘Am I Bruce Lee?’ If the answer is ‘no’ keep your feet on the ground.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“If you intend to achieve financial freedom, you are going to have to think differently. It starts by recognizing that debt should not be considered normal. It should be recognized as the vicious, pernicious destroyer of wealth-building potential it truly is. It has no place in your financial life.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“But Dad,” my little girl once said to me, “I know money is important. I just don’t want to spend my life thinking about it.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“If your goal is financial independence, it is also to hold as little debt as possible. This means you’ll seek the least house to meet your needs rather than the most house you can technically afford.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Everybody makes money when the market is rising. But what determines whether it will make you wealthy or leave you bleeding on the side of the road is what you do during the times it is collapsing.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Everything you want is on the other side of fear.” — Jack Canfield”
J L Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Simple is good. Simple is easier. Simple is more profitable.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“But the simple truth is this: the more complex an investment is, the less likely it is to be profitable. Index funds outperform actively managed funds in large part simply because actively managed funds require expensive active managers. Not only are they prone to making investing mistakes, their fees are a continual performance drag on the portfolio.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“The Three Considerations You’ll want to consider: In what stage of your investing life are you? The Wealth Accumulation Stage or the Wealth Preservation Stage? Or perhaps a blend of the two? What level of risk do you find acceptable? Is your investment horizon long-term or short-term?”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“thinking about what your money can buy. Start thinking about what your money can earn. And then think about what the money it earns can earn. Once you begin to do this, you’ll start to see that when you spend money, not only is that money gone forever, the money it might have earned is gone as well. And so on.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Everybody makes money when the market is rising. But what determines whether it will make you wealthy or leave you bleeding on the side of the road is what you do during the times it is collapsing”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Try saving and investing 50% of your income. With no debt, this is perfectly doable.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Before you start trying to pick individual stocks and/or fund managers ask yourself this simple question: “Am I Warren Buffett?” If the answer is “no,” keep your feet firmly on the ground with indexing.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life
“Bogle’s brilliance, for us investors, was to shift the ownership of his new company to the mutual funds it operates. Since we investors own those funds, through our ownership of shares in them, we in effect own Vanguard.”
J.L. Collins, The Simple Path to Wealth: Your road map to financial independence and a rich, free life

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