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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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The Simple Path to Wealth
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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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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- MR A J B H GORDON
- 15-05-19
New to the investment scene...this is a brilliant!
I am very new to the investment scene and this book is brilliant and reassuring. Investing can seem scary at first but Mr Collins makes it a very simple concept to understand and provides real-world examples to make it even easier to get your head around.
I would highly recommend new investors and even current investors who feel that they may be over complicating it.
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Overall5 out of 5 stars
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- Matt Piercy
- 04-06-19
My Eureka moment!
I’ve listened to so much advice about how to invest for an income stream - most of it time consuming, complicated and guaranteed to make others money before me.
This book changed it for me - I’ve followed it to the letter. It works. Thank you.
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Overall5 out of 5 stars
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- jtrotter
- 24-09-20
Excellent FI book
This is an excellent book. It makes huge strides trying to make the FI and investing world easier to understand and gives you a template to follow to vastly change your future and help you get the F.U. Money we all need.
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Overall5 out of 5 stars
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- MR J.
- 06-06-22
Great book so simple it's easy!
What a great book and well read.
The book is very USA centric but the underlying message can be used anywhere!
The story behind why the book came about helps make the book easy to understand and has inspired me to ensure I spread the message with my family also.
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Overall5 out of 5 stars
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- Amazon Customer
- 29-09-23
Excellent book-A must read
This is an excellent book that should be thought in schools. It’s full of priceless advice that can be implemented in ones different stages of life. Yes some information towards the end of the book are US specific, the concepts are still applicable taking into account country differences. The narration is great and engaging. I have thoroughly enjoyed listening to the book and will buy the print for reference.
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Overall5 out of 5 stars
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- Amazon Customer
- 18-05-20
Brilliant !!!
Loved it !!! Straight to the point. Really simple path to wealth...init
Easy to understand.
Simple concept based on years of experience.
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Overall5 out of 5 stars
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- Willdor
- 05-10-21
I think this book may have changed my life
I cannot recommend it enough. It's completely changed how I view money and wealth, and has given me ambitious but realistic goals that my partner and I can achieve so that we will be financially independent within 20 years. It offers really simple and practical investment advice that is proven to be effective. There’s also a huge importance placed on keeping your strategy simple by investing in an index fund (as most people can't beat the market), and how fees eat into your investments so minimising them is paramount. A few middle chapters about retirement accounts are only for Americans so you can just skip them. I'd recommend this book to anyone with little investment experience who is wondering what to do with all their money, or who needs a philosophy to guide them on their road to being wealthy.
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Overall4 out of 5 stars
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- Jim
- 26-05-21
FI but not RE
For UK fans of the American Fire movement this is an entertaining and enjoyable overview of the principles behind Financial Independence (if not Retiring Early). No doubt if you're looking at this book you're aware of the "movement" (cult?) and are already well versed in some of the principles it outlines: clear your debt, build an emergency fund, save and invest as much as you can and don't spend more than you earn. Jim Collins narrates the book nicely like the friendly Uncle he often prefers us to picture him as, inviting us to learn from his mistakes and keep your life as simple as possible. It's an appealing message. Two things for UK readers though, the book is a bit dated and the investment advice is all about the American market. You can still learn quite a lot though, and apply the general principles to your own plans.There are plenty of nuggets of information and advice, and Jim is a good mentor to have in this arena versus the many others who follow a similar path. He's experienced, laid back and gives out an impression of quiet confidence in that he knows what he is talking about and walks the talk too. I'd like it if he updated the information and gave it a less American slant, but until Monevator writes and reads his book, I'll happily listen to this.
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- Anne
- 22-12-22
Great book for life
Great book for young adults, as they are never really told the financial details of living😍
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- Dimitar
- 12-01-23
Good value
Perfect for people who just starting with this topic. Very good for financial independence principles.
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