The Easiest Way to Build Wealth with JL Collins, the Godfather of Financial Independence

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 14 February 2024

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Simple Path to Wealth by JL Collins is financial independence canon. The premise boils down to elegant simplicity: Spend 50% of your income and invest the other 50% in one specific index fund, VTSAX. We ask the Godfather of FI about it all—covering everything from his reliance on VTSAX and the American economy, to managing market crashes, to the debate over homeownership. Reminder: This is not financial advice; please talk to a certified financial professional and do your own due diligence. Transcripts, show notes, production credits, and more can be found at: https://moneywithkatie.com/simple-path-to-wealth-jl-collins Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Reading J.L. Collins's latest book, Pathfinders, was, it felt like hopping in a time machine
0:08.0	and flying back to the neural pathways connecting in my own brain in 2018.
0:14.0	Just overcome with joy and excitement
0:18.0	to discover something as magical as financial independence.
0:23.2	And I have a feeling that the Venn diagram representing readers of JL's first book,
0:28.5	The Simple Path to Wealth, and listeners of the Money with Katie's show
0:33.0	is to mostly overlapping circles,
0:35.3	but if you are unfamiliar with his work,
0:37.7	JL is known as the Godfather of Financial Independence. The premise of his Independence.
0:43.0	The premise of his debut best-selling 2016 book, The Simple Path,
0:47.6	was that you don't need gimmicks or shortcuts or a sophisticated understanding of markets to get rich slowly.
0:55.9	He's the guy that we can thank for the Fire Movement's obsession with VTSAX, the Vanguard Total
1:01.0	Stock Market Index Fund, as he does something that very few financial
1:06.0	writers do. He name drops a specific recommendation. You can probably trace any popular recommendation today to VTSA and Shill back to JL.
1:18.0	This means, in financial nerd circles like mine, he is nothing short of legend.
1:23.1	And his second book, Pathfinders,
1:25.3	is a collection of about 100 stories
1:28.1	from regular people traversing the path to Phi,
1:32.2	like you and me.
1:33.4	And JL laces it with best practices and principles too.
1:37.0	So it's a bit of a show and tell in that way.
1:41.1	I absolutely recommend it to anyone who feels like they just need a jolt of hope
	...

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