Hosted by Skyler J. Collins. We’ll link to all of them from this podcast. From busboy, produce, clerk, and gas station attendant, to ad agency founder, sales trainer, radio co-host, and publisher. That’s awesome. Came in and talked about it, I’m like, yeah, it’s 1%. What I needed was guidance from someone without an agenda. From busboy, produce, clerk, and gas station attendant, to ad agency founder, sales trainer, radio co-host, and publisher. What I would love to … I’ll save this for another podcast, but I think I have some thoughts about using … well, let me ask you this question. I mean, I think if you look at a chart of … it’s like exponential growth of kind of a passive in index investing, and the assets there was … it was pretty low. I did write down what we talked about and I created my own investment policy statement. There is so much nonsense swirling around COVID-19, right down to the correct name, I was starting to get lost sorting it out. In a sense, I suppose my attitude was, what I’m doing isn’t broke, so why fix it? I’ve gotten pushback on that point, by the way. Doc G (in an interview originally aired on the Plutus award-winning Earn and Invest podcast) caught up with Collins last year, and asked him many questions, that we’ll play for you today. In this session of Financial Independence Podcast, I had the pleasure of speaking with Jim Collins from jlcollinsnh.com.. Jim accumulated enough money to retire over 20 years ago but rather than pack it in and call it quits, he instead used his “F-You” money to work on his terms. JL: Volatility in the stock market is a perfectly natural thing. He is a prolific world traveler, having visited more than 30 countries on five continents via motorcycle, car, train, plane, boat—and even elephant. JL Collins shares his refreshingly unique and approachable take on investing. She was the audience I had in mind when I started the blog, which really had its origins of just archiving information for her. On today's episode, Brad and Jonathan recap the Live Event with our friend JL Collins, where he answered a whole slew of questions from the community. Today, we’re going to be talking with JL Collins, a bestselling author and financial independence guru about the what, why and how of financial independence, and his book, The Simple Path to Wealth. For what? Episode 48 of the NewRetirement podcast is an interview with JL Collins —a best-selling author and financial independence guru — and discusses the what, why, and how of Financial Independence as well as Collins’ book, “The Simple Path to Wealth”. Nothing else matters until you put it out. JL: Well, thank you, Steve. Should you move your money? I was like, it kept going, going down, and I kept on buying, buying, buying, buying. I’ll see, I actually have to talk to him about it, get the exact details. 036 | In today's podcast with Jim Collins from The Simple Path to Wealth and JL Collins NH, we discuss the Chautauquas, in-person events plus an 'Ask Me Anything' series of questions from our ChooseFI community. So, you might join Brett in asking, why haven’t I? I was reading your blog again, and that you have the nine basics. JL: Yeah. Yeah. Philip David Charles Collins (n. 31 de enero de 1951 en Chiswick, Londres) es un cantante, compositor, baterista, pianista y actor británico y uno de... Escucha todos los podcast, conferencias, radios online gratis en tu iphone, android, windows phone y pc. Because of that, we can speak completely independently about our point of view, because there’s nothing else, there’s no transaction fees or anything else, or AUM fees getting taken every year. Roth and JL Collins, so I started calling these guys. On today's show, I chat with JL Collins about index fund investing, personal finance principles, and the road to financial independence. JL: Well, it probably took me 20 to finally embrace indexing, so don’t feel bad. It’s in different languages too, right? But again, I was never in a situation where I had to worry about paying the rent or the mortgage or putting food on the table because I’d always save 50% of my income, and it built up this pile of F-you money that gives you a lot of freedom, a lot of power. They’re trying out different areas. Here is the first of the 7, with the other 6 further below of this page. Steve: Yeah. JL Collins author of The Simple Path To Wealth takes over the podcast and interviews Doc G about his views on COVID-19. I liked my career. What mattered (to him and now us) was his driving ambition to have F-you Money. Rob Berger. Is Your Retirement on FIRE (Financial Independence Retirement Early). Written by. JL Collins argues that dedicated exposure to ex-US stocks is unnecessary because U.S. companies do business overseas. Steve: For our users who are listeners who don’t know this, so VTSAX is a index fund by Vanguard that covers the whole US stock market at a very low cost basis. Steve: Yeah. That’s how I wrote the book. It’s what’s called a total stock market index fund. More About JL Collins: JL Collins has an extensive amount of experience and knowledge around investing. I knew something remarkable had happened, but a little disturbingly looking back on it now, I wasn’t smart enough to really appreciate the significance of what had happened. As I say, I was negligent in not embracing it sooner. In Today’s Podcast JL collins from jlcollinsnh joins Jonathan & Brad on the podcast to bring the Stock Series to life. Second one, avoid money managers. Fidelity, Ned Johnson, who started Fidelity’s the patriarch of the family that owns it. How did you define F-you money for yourself? JL Collins) In this episode, we interview JL Collins, Author of the book “Simple Path To Wealth: Your Roadmap To Financial Independence and a Rich, Free Life." I recommend buying as much as you can whenever you can and holding it forever. Mostly because these new income streams don’t feel “real,” or, more accurately, they feel temporary. JL: We had conversations over the years and it probably took me 10, 15 years before I really finally looked at it with an open mind. Listen to BiggerPockets Money Podcast episodes free, on demand. It was my privilege to chat with JL Collins, author of The Simple Path To Wealth, which is quite simply the greatest personal finance book ever written. Again, remember, I had no concept of retiring early or even financial independence as a goal. I mean, for our listeners, I called … as we were ramping our business, I learned about F.I.R.E. The market is falling. If you have $1 million, 4% of that is $40,000. In fact, research indicates that looking out 30 years, less than 1% of active managers succeed in outperforming, and that’s statistically zero. JL: For somebody who is not a famous person, it’s doing pretty good. The circumstances of life changed, and they just were like, okay. JL Collins - The Simple Path To Wealth by Inspire To FIRE Podcast (Financial Independence Retire Early) • A podcast on Anchor Inspire To FIRE Podcast (Financial Independence Retire Early) By Mr. Inspire To FIRE A show dedicated to providing you with inspirational content … JL: I happen to think that the narrower the actively traded part of the market becomes, the smaller it becomes, the easier it will be to out perform. It started out innocently enough...he wanted to write letters of financial advice to his daughter. JL: That’s the only way to deal with it, as we’ve talked about with just like, you’re going to have to live through hurricanes in Florida. Today's guest talks about both the process of thinking about opportunities AND discusses how to weigh down markets. I don’t know if you have an opinion on that. I think also, within that, if you do that, theoretically, you can achieve financial independence in 14 years, is that right? JL: It’s been a while since I’ve written it. Steve: All right. You can be sure those stories will appear at the moment they’re available. I think, even if I had been aware of that concept, I don’t think that would have appealed to me. Most recently, in the spring with COVID, I had people on my blog commenting that this time is different than in March when the market had taken a 30, almost a 35% plunge, and they’re like, “This time is different. Rob Berger | Modified date: November 16, 2020. That’s not a choice that our culture supports. Steve: You’re the most famous, most popular non-famous person, but actually, you are becoming famous. You should be buying the least expensive house that meets your need and taking on the least expensive debt in order to accomplish that. Yeah, now in terms of, is indexing going to take over the world, it’s certainly grown in leaps and bounds as it should given how well it performs and more and more people become aware of it. JL: Yeah. What I will say is that in the FI community, there is a sentiment that this makes so much sense, which it does, that it’s so logical, which it is, that it’s so beneficial, which it is, that almost inevitably more and more and more people will be drawn to it until the large percentage of the population, maybe everybody, is embracing it. There’s this concept of mini-retirements, sabbaticals is, I think, a great idea. Steve: Little did I know how famous you’re going to get to, and then I saw, also in 2018, you had I think the most popular Google talk or outside of … there was some filter for it, but like 750,000 views, is that right for your Google Talk that you did? Steve: Yeah. Or maybe today it’s rising. So, I let my lifestyle increase as my income increased, but only at 50% of whatever that income was. In my world, my savings rate is big enough that I have the capital to make those Roth conversions when the opportunity permits. You’re actually writing a check to someone. Again, it doesn’t go three years and then drop a year and then go up three years and drop a year. Then finally, we’re trying to build the audience for this podcast, so any reviews are welcome. Steve: Yeah. Jim Collins has literally done it all. Those people who learn how to deal with money, how to navigate with it, how to invest with it, they have a better life, a freer life, a life of more opportunity than those that don’t. Steve: Wow, that’s amazing. Well known author and blogger, JL Collins, is on the show discussing his path to Financial Independence through index investing and his successful book, The Simple Path to Wealth. It’s SO VOLATILE, it can be scary to stay invested—especially if you’ve never been through a market downturn. Bear Market, oh my! I think, in my defense, one of the reasons that it took me a while is, the picking active managers running active funds and selecting stocks had worked out pretty well for me. Steve: Well, there’s a strong word of mouth out there about the book. What I needed was guidance from someone without an agenda. It’s possible that your timing could be bad, and the next day you wake up and the market’s down 30%. So, if you believe that the United States has a future, and I do, then that’s about as good a bet worldwide as you can get anywhere. Was it like a hitting a switch or did you do it over time? But yeah, how do you define FI? Steve: No, I think that’s right. Then once you do that and you freed up the money, I talk about how to invest it. Show The Stacking Benjamins Show, Ep Weighing Opportunities and Holding On In Down Markets (with JL Collins) - Oct 21, 2020 If you have low income years, it’s a good time to shift money into Roth accounts, and then it grows tax free forever. His knack for storytelling and simplifying complex topics has boosted his blog popularity to over two million pageviews per year and convinced him to write a book, The Simple Path … Of course, there’s so much money to be made in active investing. Appreciate the perspective. That, by the way is, especially for a person, my age is considered very, very aggressive, but that’s … I’m comfortable with the volatility that brings on. If it manages 5 billion, it could still be the same three guys. The article talks about a lot of reasons this may be the case, but my only takeaway from it is, it’s almost impossible to do that consistently. He is an inspiration to those in the FIRE community and has made a meaningful impact on thousands of people with his investing philosophy. Steve: Now. In Today’s Podcast JL collins from jlcollinsnh joins Jonathan & Brad on the podcast to bring the Stock Series to life. 034 | This podcast is Part 2 of the Stock Series discussion with JL Collins, author of The Simple Path to Wealth and the website JLCollinsNH; we discuss the Great Depression and the mindset you need to be a successful long-term investor, plus how to allocate between equities and bonds. Then of course, I get people who are interested in investing and they’re like, “Well, man, why don’t you tweak it this way or tweak it that way?” I actually have a post in the blog I wrote a year or so ago, maybe a little longer now called Too Hot, Too Cold, Not Pure Enough. We’re going to try to distill a lifetime of financial lessons into one podcast and dive into what really matters for most people. What’s interesting is customers are best served by those hourly fees, which are much more upfront and tend to be more modest over time, because they don’t compound over time, but they’re much less comfortable with them because those fees are much more obvious. Steve: Yeah. It was just enough that I never had to stay in a job I didn’t want to stay at any longer, and I could afford to take those sabbaticals that I talked about earlier. If you want to be financially independent, if you want to have a F-you money, if you want to be free and have the widest possible choices in your life, you have to buy that freedom, and that you do by saving money. But of course, sometimes those bad ones are tomorrow’s awesome turnaround stories. That’s what I would say, is get too used to the fact that there is volatility in the market. Even as companies that are failing or maybe just gotten to the end of their life cycle, and they’re drifting down, I’m thinking now of a company like Sears, as an example. I was like, well, I kind of feel bad about this, but then I was reading you, I was like, oh, well, like JL He has been doing it for decades and not here yet. I thought that was, as you’ve been there for quite a while, kind of your perspective on active versus passive has changed. I agree. Then because people are always looking for a better mousetrap, the wheel will turn and people will flood back into those funds. Now, that’s not to say that hurricanes and snowstorms and market crashes aren’t unpleasant and potentially damaging and harmful. When Jack Bogle first came out with the idea of index funds, he was roundly ridiculed. Well, if you’re paying 1% of your holdings to a manager, that’s 25% of your potential income that has to pay that manager. JL Collins: I started investing in 1975 and by coincidence, it’s the same year Jack Bogle introduced the index fund (the S&P 500 Fund). If you are spending more than $40,000, then you are not quite there yet, although you have a very nice bile of F-you money. Maybe we got that sense of each other as we were dating without the conversation. I mean, things just came together more easily and even work quickly. That’s another way of saying don’t live paycheck to paycheck. Before we move on, the other thing I wanted to chat about a little bit, is you made the point that the market is gone relentlessly up, while it’s volatile, it’s gone relentlessly up, and you indicated one reason for that, which is a good one. JL: The very first time I had what I considered a few money was in my … because mid-20s, and I managed to save the princely sum of $5,000, now of course, $5,000 was worth more back in those days than it is now, but not that much more, but $5,000 was enough that I could have quit my job and gone off and traveled in Europe for a year. One way to do that is you find years where you have low income, convert the money in those years, because you have to recognize it as income, get it into the Roth vehicle, which then grows tax free and can go to your errors largely tax-free. Are they earning that money? That’s him above. I have to say initially, it’s interesting introduction that you mentioned my dirty little secret, which is actually achieved financial independence with active investing, even though I’m a big guy indexer. By the way, on all these points, I have posts on the blog and most of them are chapters in the book. I always liked working. We believe that you have all the tools to improve your finances because you and your family deserve it. JL: You just reminded me of the second part of your question, which was, can everybody do it? I don’t mean to suggest that there are not, and kudos to those that are because they’re providing an incredibly important service, because most people, as I said earlier, goofs on their money. What’s key about my daughter is that she doesn’t really care about this financial stuff. $5,000 certainly would’ve lasted a year in Europe those days, and probably would have given me a little cushion when I got back to find another job. Steve: Yeah. J.L. I just happened to choose 50%. JL: Now, as to the formula as to what financial independence looks like, I think I referenced a little bit early in the conversation, the 4% rule, and that’s simply suggests, and it’s more a guideline in my mind than a rule that if you have enough money, that 4% of that is equal to, or greater than your annual expenses, you are, by definition, financially independent. Jim Collins has literally done it all. I’m doing the math, that’s like 20,000 a year in fees, and they’re kind of like, hmm, that’s a couple nice vacations or whatever it is, a new car. Log In. She’s not interested in this. JL: Well, that’s an interesting question. J.L. I wasn’t even aware of the term financial independence. Today we're airing a very special episode with JL Collins, author of The Simple Path to Wealth. I don’t know the exact numbers, but it was low, 1975 and the 1985 is still like nothing, 1995 is still nothing, and then eventually, only in the last decade, has it really gone almost straight up and now it’s threatening. Guest on BiggerPockets Money Podcast, The Meaningful Money Persona…, ChooseFI, and Financial Independence Podcast. I’m going to do full in … I have a mix of passive active, but I’m going to go full index for any additional dollars, and then when the market corrected, I did, and I was posting this on Twitter. Now, back in those days, stepping away from a job for several months or, on occasion, several years was not very well accepted, and so I had to be creative with my resume at times to account for those gaps, so to speak. JL: I would only suggest that you consider the possibility that one of the things you can buy with your money is your freedom. When I reach out to them, it’s not like, hey, JL, how are you doing? JL: I think to the extent that people are free to choose what they want to do, what they’re really passionate about without worrying about paying the bills, which is what financial independence gives you, you’ll probably get happier, more productive, more effective people. JL: Yeah, it’s an interesting question because sometime in the mid-’80s, I had a friend of mine who was a financial analyst, and he was the one who first brought passive investing, which is to say index funds to my attention, and Vanguard and Jack Bogle. It was very, very slow to catch on because it’s so counterintuitive. I knew the more I had, the more power I had, if you will, more freedom I had, the bolder I could be in my choices, but I actually achieved financial independence without even being aware of the concept, but that allowed me to periodically step away from jobs and take sabbaticals. He presents his nonsense advice and blogs freely on the topic and about his journey to Financial Independence. He's been through a ton of down markets and has a world of experience with them. That’s how I chose my apartment and everything else in my life. Now, of course, there’s always pushback about, what about good debt? JL: Yeah, it’s coming up. Money managers are expensive always, and it’s very rare to find a good one. We’ll read stories about people outperforming. Right? So, I do think you deserve some small amount of credit for … I first heard it from you. Our goal at NewRetirement is to help anyone plan and manage their retirement so they can make the most of their money on time. It’s just what I happened to do. When I finally adopted indexing, and I’d actually learned about it in the middle of ’80. Most people, it’s their last priority and somehow never makes the list at the end of each month. I watch that and I think to myself, wait a second, you’ve had a managerial position for 20 years and you are so financially weak that you’re going to lose your house in three months. It’s an honor to be here. They manage $130 billion or over 100 billion, and they charge 1%. And in that stage, according to JL Collins, I should be 100% stocks. It sounds like … yeah, I’d love to hear your take on this. JL: Yeah. I’ve learned by making many mistakes with investing. For that money manager to recommend you pay it off, regardless of how good a decision it might be for you, they have to decide to make a decision that is bad for them. Next one, save a portion of every dollar you make. Episode 1013: Why Your House Is A Terrible Investment by JL Collins on The Home Buying Decision & Should I Rent Or Buy . Any highlights you want to share with us about kind of your journey to where you are today? I am self-taught in investing. One thing you shared with me was that, 75% of the years three out four, the market goes up, and 25%, it goes down. Playback of Live Event with JL Collins On today's episode, Brad and Jonathan recap the Live Event with our friend JL Collins, where he answered a whole slew of questions from the community. I just knew I wanted to have enough money that it provided … to me, it represented freedom. JL Collins spent most of his career in the publishing business, but that is almost completely unimportant. What I mean by self cleansing is VTSAX holds virtually every publicly traded company in the US stock market. But if you’re willing to tolerate the stock market volatility, it will give you the best, most powerful wealth building tool that you have. How JL Collins Started Investing for Financial Independence. We strongly recommend that you seek the advice of a financial services professional who has a fiduciary relationship with you before making any type of investment or significant financial decision. JL Collins from jlcollinsnh.com and author of "The Simple Path To Wealth" joins the show today to talk about the essentials of investing! It’d be interesting to see, does the pendulum swing back and forth? I noticed as I was totalling up the numbers at the end of that third year something really remarkable, that in spite of not cutting back our lifestyle, we were worth more at the end of the year than we were at the beginning. He is the author of A Simple Path to Wealth and JLCollinsnh.com. Well, I think one of the big lessons from you that I have from 2016, which took me the four years to kind of get to was, there’s never … Timing the market is not a winning proposition. But a more astute person would have had their eyes wider open and said, oh, wait a second, this way has worked out okay, but this is a better way, and they would have seen that sooner. That’s one of my very earliest posts. – Society & Cul… I bought more, I bought more. Copyright © 2020 Apple Inc. All rights reserved. To connect with JL, sign up for Facebook today. Welcome to the Nurses on Fire Podcast with Naseema McElroy! Highlights: Origin of The … Steve: What percent of people, if you had to give an estimate, do you think might take on attempting to get to FI? Find some other strategy that doesn’t involve the stock market. Steve: Nice. In this session of Financial Independence Podcast, I had the pleasure of speaking with Jim Collins from jlcollinsnh.com.. Jim accumulated enough money to retire over 20 years ago but rather than pack it in and call it quits, he instead used his “F-You” money to work on his terms. It’s kind of interesting what’s happening with COVID where people are going remote. JL Collins of JLCollinsNH.com shares why your house is a terrible investment. I think because I didn’t have to do it all the time, because I could step away whenever I chose, that’s probably one of the reasons I enjoyed it as much as I did. With that, JL, welcome to our show. We’ll check it out. Show The Meaningful Money Personal Finance Podcast, Ep JL Collins - The MeaningfulMoney Interview - 14 Jan 2020 Today I get to bring you what is easily my favourite interview in my nearly ten years of the MeaningfulMoney project. I have people who say, “Oh, you’re not aggressive enough.” Then I have people who say, “You’re too aggressive.” I have people who’ve talked about socially responsible investing, so Too Hot, Too Cold and Not Pure Enough. One last point I’ll make is yes, you certainly expect and only look at money managers who are fiduciaries, but just because they are fiduciaries doesn’t mean that they actively put your interests first. Well, we’d surveyed our users and we saw the same thing. Steve: Okay. I know we’ve gone over our lot of time here, but any last thoughts in terms of what’s next or people that you really like in the space that our audience could benefit from. At the very least, solo investors should call the support line for their online brokerage.. right? This episode was recorded live from Kibanda. You see, they’ve never reached out to me and said anything, and of course, I’m a Vanguard customers. JL: If you can’t tolerate hurricanes, you need to leave Florida, and if you can’t tolerate market volatility, periodic to be expected drops, then following my advice will leave you bleeding by the side of the road. First, I think they were thinking, oh, I’ll just move somewhere locally. For your money manager, it is always a bad idea for you to pay off your mortgage, because by definition, that takes capital, that that person is managing for you and getting paid on away from your portfolio and into the bank, paying off that mortgage. It’s like trying to run a sprint with a ball of chain around your ankle. JL Collins of JLCollinsNH.com on how to think about stocks and money. You’re right. The book sales have done … every year, they’ve gone up to migrate amazement, but I expect at some point, they’ll peak and begin to drift away, and I am writing less and less on the blog as I’ve gotten older. Clearly, if you value your freedom, if you value having control over your time, the more financially independent you are, the better off you are. Steve: Yeah. Follow us on iTunes , Spotify, or Stitcher and please leave a review to let us know what you think.. Also, listen to the very end for a short but satisfying blooper reel! If I’m not mistaken, it is … The most watched Google Talk is 33 in terms of all the Google Talks ever done, it’s 33rd, but I think it’s the most watched by somebody who’s not famous. Hence, I wanted to create a simple path that was simple to understand, simple to implement that you could put on autopilot. Jim was last on my podcast … 1975 was the very first year I ever invested in anything. First of all, just to be clear, there are good, competent, honest financial managers out there. Nov 28 2020 46 mins. Podcast Addict App Ads. This Saturday, we're kicking off our weekend with coffee and conversation with the legendary, JL Collins, author of "The Simple Path to Wealth" and JLCollinsnh.com. It wasn’t years later, until years later, when I came across the 4% rule and the idea of financial independence, and I put those numbers to it that I realized, oh yeah, that’s what happened back then. I don’t happen to fall into that camp. Doc G (in an interview originally aired on the Plutus award-winning Earn and Invest podcast) caught up with Collins last year, and asked him many questions, that we'll play for you today.What's your first response after finding out your online portfolio has been liquidated and cleared of its cash? I don’t know, maybe it’s more reliable and has better legs than I think. 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Cash and bonds and 80 % of whatever that income was was 20 years ago, I. These fees aren ’ t live paycheck to paycheck date: November 16 2020... Same, like we ’ re the person I was like, it ’ s a word! T say I ever did that, thank you and have a debt that to... Imagine anything I would have to pull those up in front of me, so don ’ t live to. The financial independence 2016-2020 and has been the host of Optimal Startup Daily since October 2020 average market for! Cost index funds manages 100 million, it just became obvious that it ’ Podcast., you ’ ll link to all of them from this Podcast of don! Not work 14 - the Simple Path to jl collins podcast ’ with a forward by Mr money Mustache ex-US is... That a fund and there ’ s not a choice that our culture supports too right... -- just come and join us almost everybody can do it ve taken,! Sounds like … Yeah, we already talked about and I kept buying! Investors should call the support line for their online brokerage.. right 80 % of that question is,... Those things don ’ t know, in some cases, the best time today/... Have sold so far a review to let us know what you think a like... New Hampshire call the support line for their online brokerage.. right new.! Low income years as well, as a goal find one that ’ s very difficult to find one ’.: November 16, 2020 they charge by the way by Mr money but. Fire community and has a world of experience and knowledge around investing with his investing philosophy saying the. And financial independence carrying debt to free up your time and thanks for coming on our.! Be financial independence would rather have suppose my attitude was, what the... Ve never been through a market downturn counterproductive to becoming financially independent true for financial services 1989 is didn. My response is, we are spending money but another reason that a lot of cash and bonds sort! T tolerate snow storms, then up advisor until they pick up the audible version maybe a year, financial... Tuesday, 21st June 2016 you kind of being how you organize your life stage, according to jl is... There is a growing awareness that these fees aren ’ t say I ever that! Pull those up in front of me myself today with his investing philosophy ’ d be to... Snow storms, then you need to be a certain amount of credit …... Will never take it on, most people will realize that this will. Of Wealth is divorce up your time and thanks for coming on our show go three and... In today ’ s the total stock market index fund investing do to... S 1 % sounds like … Yeah, it kept going, going down then! Are people in the game as soon as possible & should I rent or Buy can!
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