MI329: Wealth Simplified w/ JL Collins

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Investing, Education, Business

4.6 • 592 Ratings

🗓️ 20 February 2024

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kyle Grieve chats with JL Collins about the adaptability of the term financial independence, how to reframe saving to make it more attractive, why simple is better for the investing process, why it’s so important to minimize fees, why you should stay away from overly complicated financial products, why he doesn’t like real estate as an investment, and a whole lot more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:56 - How he got Hasan Minhaj to write the forward for his book. 09:12 - Why financial independence means something different to each individual. 12:03 - How to reframe the saving process to remove the “deprivation” component of saving. 17:29 - Why JL is such a big fan of Jack Bogle. 17:29 - Why timing the market is so both pointless and irrelevant when investing in index funds. 18:19 - Why Vanguard’s VTSAX is a good index fund and other great options. 18:19 - How Vanguard aligned itself with its investors. 20:48 How taking a “hands-off” approach to investing can be wildly successful. 23:30 - How to simplify the compounding process with index investing. 27:47 - The optimal way to invest a lump sum. 32:01 - Why Wall Street sells over-complicated products to their clients. 32:01 - Why there are conflicts of interest between financial advisors and their clients. 32:01 - When it makes sense to use financial advisors. 38:37 - Why JL thinks a house is a terrible investment. 38:37 - Why your house can be thought of as an expensive indulgence rather than an investment. 38:37 - The hidden costs of home ownership. 38:37 - Why easing your kids into learning about financial independence is so important. 51:52 - How does saving properly provide such powerful financial stability and freedom. 44:42 - Why focusing on minimizing the expense ratio of index funds is so powerful for compounding your money. 51:52 - Why getting your “money” right, opens up so many possibilities. 54:12 - The power of Chautauqua’s. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Buy a copy of JL’s books here. Check out JL’s blog here. Related Episode: MI041: The Simple Path To Wealth w/ JL Collins | YouTube Video. Check out the books mentioned in the podcast here. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Kyle: Twitter | LinkedIn | Website Connect with JL: Twitter | Blog Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.9	There's great irony.
0:04.4	If you get money right and you begin building your FU money and ultimately become financially
0:09.9	independent, you really don't have to think about money all that much, especially if you're
0:13.5	on the simple path to wealth because your investments are really simple and they're automated.
0:18.6	If you don't get money right and you're spending every dime that
0:23.1	comes to you on stuff and you're living paycheck to paycheck, well, then you have to think about
0:29.4	money all the time and in the most negative possible framework.
0:36.3	In this episode, I shot with J.L. Collins about the adaptability of the term financial
0:41.1	independence, how to reframe savings to make it more attractive, why simple is better for the
0:46.4	investing process, why it's so important to minimize fees, why you should stay away from overly
0:51.9	complicated financial products, why he doesn't like
0:54.9	real estate as an investment, and a whole lot more. Jail Collins is one of the few people in the
0:59.4	personal finance industry I think is worth following. He has a no-nonsense, simple, and highly
1:04.3	effective method for building wealth. The genesis of his system was created out of necessity
1:08.8	to teach his daughter how to build wealth. Once he realized
1:11.8	other people might also find value in his teachings, he shared it with the world and here he is
1:16.0	today. I really enjoyed learning more about J.L. because he's created a very useful system that
1:20.9	anybody can learn and adopt. As his latest book Pathfinders has shown, truly anybody can educate
1:26.1	themselves on how to become financially
1:27.7	independent if they are willing to learn. Whether you're a migrant farmer or someone displaced by war,
1:32.5	you can achieve financial independence using JL's a very simple system. If you've had problems
	...

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