10 Lessons From The Simple Path To Wealth That Changed How I Think About Money
Тәжірибелік нұсқаулар және стиль
10 lessons from JL Collins' "The Simple Path To Wealth!
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Chapters
00:00 Start Here
00:35 Master Money
01:34 Be Your Own Financial Advisor
02:41 Live A Simple Life
05:01 Debt Is Unacceptable
06:07 Have F-You Money
07:03 Buy Index Funds
08:17 Don’t Watch To The News
09:25 The Market Always Goes Up, But It’s Never A Smooth Ride
10:42 Marry A Financially Responsible Person
11:36 The 4% Rule
One of the most influential personal finance books I've read is, "The Simple Path To Wealth," by JL Collins. This book completely changed my relationship with money and investing. In this video, I share 10 key takeaways from this book.
1. Master Money
Although we have more important things to do in life than constantly think about money, it is important to learn about it and master it because if you don't then it will master you. Take the time to understand how to manage and invest money.
2. Be Your Own Financial Advisor
The problem with financial advisors is that your interests and their interests don't align. You want to make as much money possible and be comfortable in the future and the financial advisor wants to get commissions and fees from their clients. Nobody is going to take better care of your money than you, so it is important to take charge of your own investments.
3. Live A Simple Life
Many people choose to live a complex life of abundance; however, this makes life a lot more challenging. If you choose to live a more simple life, you will have less worries, less responsibilities, and more freedom to do what you want in life.
4. Debt Is Unacceptable
Debt is normalized in our society where people view it as a ticket to the good life; however, this "good life" hurts them more than helps. Debt limits what you can do in life, so it is important to avoid it at all costs, or if you're in debt, focus on paying it off.
5. Have F-You Money
You don't need to be a millionaire to have freedom in life, but you just need "F-You Money," which is enough money that gives you the ability to tell people "F-You." Money can buy a lot of things, but the best thing it can buy is the ability to tell people "F-You."
6. Buy Index Funds
The basis of this books is to invest your money in index funds over stocks because index funds will be much more profitable for the average investor. Index investing is a slow and steady approach to building wealth in your life.
Video on index funds: • Index Investing For Be...
7. Don’t Watch To The News
All the financial news talks about are economic doomsday stories that make people panic and it is because it is a very profitable industry. There is no benefit to watching the news, so avoid it all together.
8. The Market Always Goes Up, But It’s Never A Smooth Ride
Many people obsess over short term results in the market; however, the short term is irrelevant to building wealth because in the last 100 years the market has always gone up. Investing is rewarding, but you can't reap the rewards without the risk. It is important to trust the process and don't panic sell when the market is down.
9. Marry A Financially Responsible Person
Probably the biggest financial decision you will make in your life is who you marry and if you marry someone who is financially irresponsible, your life will be affected by their decisions. It is important to marry a financially responsible person.
10. The 4% Rule
When it comes to building wealth, there is the wealth accumulation phase and the wealth preservation phase. You reach the wealth preservation phase when you reach "The 4% Rule," which is once you can live off of 4% of your investments, you are financially independent meaning that your money will outlive you.
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This video is spot on. I do the best I can and I am my own financial advisor. I just sent my last payment to pay off my student loans and it feels like a weight has been lifted off of my chest. Now I just have to pay off a small amount of credit card debt and build my emergency fund again. Once that is done, I will be on a solid path.
@beth3535
8 ай бұрын
You’re on a solid path now.
I continuously STASH “F-you”money! Keep your temper and SAVE your money. If someone makes you angry, or when things are not going well, just smile, and go stash more FU money! 😊BEING FREE IS SUCCESS!!
Debt is unacceptable. Minimise the use of debt and pay it down ASAP. Never use debt for recreational shopping!!
I like that one: Being my Own Financial Advisor because I can choose for myself of what I want to do with my Money.
My goal is to save! That is my number 1 priority
I been struggling financially for years …. And of all the channels I have seen you have made me see things different thank you …. I started applying what you talk about yesterday thank you
@ElAgustin
9 ай бұрын
I'm glad!
Simplicity, contentment, & discipline have been my guiding teachers this year
Watching from Johannesburg South Africa 🇿🇦
Good tips. Currently home burdened but making extra principal payments so someday I will have more flexible decisions about work/job (similar to FU money). It's freeing to have less wants as I get older, yet have goals/dreams to look forward to.
Sure thing 💯✅ Thank you Austin.
Gracias Austin!!
These are some great takeaways from the book. The one I’ve struggled with lately was living a simple life. No matter what I do I keep finding myself wanting that new thing I saw on a KZread video or TikTok. Also glad fir the sponsor you got, you deserve it ❤
Helpful and confirming advice. I want to read that book now. Thank you Austin.
I enjoyed that book, need to read it again. Thanks Austin!
This was so good !😊 thank you and I hope you have a wonderful blessed day !
Wow! thank you for this video, you are very wise. Avoid debt, spend less that you earn, invest the surplus. Quite simple but true. I agree with you, it is the secret to financial freedom.
@roqonu
13 күн бұрын
there is no such thing as "surplus" money
Love this. Ty.
Great video, great energy!
Thank You
Thank you 😊 👍.
#2 is spot on!!
Another banger Austin 👏✅ spot on! Keep em coming my man
That's a great book! Read it a while ago and followed his investment advice 😊
Sounds like an excellent book -- congratulations on another sponsor!
Another advice would be don’t get married 😂😂
Thanks for the video. My library only has the audio book version, unfortunately. But, you broke it down well. The part I liked best is fu money. I have used it a couple of times, and there is nothing better !
I’ve always wanted this book. I’m definitely getting it now. 🧡 🐪
A life changing book.
Cannot agree more with this being #1 personal finance book for most people.
I don't drink alcohol and just spent 21 days in Italy with the money that I saved.
Great review Austin! Love it!
@ElAgustin
9 ай бұрын
I appreciate it!
For those who stress when the market is down, JL has a wonderful meditation video here on KZread to help prevent you from selling low (panic selling). It is kind of a parody, but not really as many find it helpful.
I never watch the news or broadcast television and don't miss either.
Good spanish !
No one needs short form with KZread, chatgpt and the internet book summaries and takeaways are everywhere. That said its a great book eith great concepts another great book is A Random Walk Down Wall Street.
@CAGChannel1
9 ай бұрын
He needs short form as a sponsor, so he can keep making free videos on you tube. It’s a sponsor. It is paying for us to consume this content free.
Hey Augustine what software do you use to edit the illustrations buddy looks dope and grabs attention
Saving and Investing is very important. I believe I will save well, then invest in true money 💰 like ( Gold Builions)😊
Debt is absolutely necessary. Debt is like alcohol; it should be enjoyed responsibility in measured amounts.
Genial 👍
I'm a bit over a mil invested. I probably live on 15 or 20k a year but that assumes I don't buy a new car. This year I went new car which probably added 18k. I wasted the first half of my life chasing money. I stopped but I may have overdone it.
Austin Williams keep growing and always be a charity man (give back) network Read the pyshcology of money book i have invested in charles s index funds for last 5 years and my retrun is been 6% but on down time i try to add a little more so i can use 7% rule of getting back some of virtual loses . great video and great book to read about every 8 months!!!
Watching your vdos 4m india
also agreat book is the pyschology of money!!
The 4% rule is before tax or after tax? I need to know to save & invest my money before I retire. 😅🙏
@WallaceDunn
29 күн бұрын
Gross. Before tax. Unless you can withdraw tax free.
The way you speak reminds me of Joshua Becker.
❤❤❤
Thanks!
@ElAgustin
8 ай бұрын
Thank you!!!!!!!!!!!!
@raulduque5070
8 ай бұрын
@@ElAgustin was wondering what your thoughts are on purchasing a home vs being a renter? Or maybe you've already done a video.
Hola! Chico cómo estás? So let me ask you a question? So how should I do jeje 😜 pay off my debt then invest in the funds? I don’t know 🤷♀️ what to do first used my emergency funds for debt and then start again saving I need a financial advisor 😏 need help
Hi, by index funds do you mean etf? 🤔
@ElAgustin
9 ай бұрын
Howdy, I'm talking about Index Funds that track a market index like the one he talks about in this book is VTSAX. So not ETFs.
140!!!!!!! 🎉
If 4% is based on 30 years, is one limited by age with the 4% rule?
@WallaceDunn
29 күн бұрын
At 4% it would be self-perpetuating. Theoretically.
Drinking game- every time he says FU…….
happy looser or stresed winer pick one lol tf this rules...
For the third time, please answer my question 🙏don’t just like without reading my comment
4% ? "INFLATION" ???
@dpayne1943
9 ай бұрын
Adjusted for inflation
Please answer my question below 😊
All info can be found for free. Why pay? Go online. Thought we were all here to learn how not to spend unnecessarily.
@kerry_runs
9 ай бұрын
It’s a sponsor, not a big deal. This is his full time job.
@dpayne1943
9 ай бұрын
I would rather Austin have a direct sponsor than just the ads before and after the video. Remember nothing is for free, someone pays for it. What is free to you costs him time and energy doing research and creating content.
@andream6079
9 ай бұрын
@@dpayne1943 Austin's "time and energy" = 🤑