I have followed your advice and suggestions, am living in Mexico and enjoying it. I am already deeply overloaded with other sites I try to keep tabs on. It has been a great ride so far, even if I wasnt always astute enough to appreciate it at the time. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. My point being, you haven't protected yourself from that drop you fear at all. I friend of mine who works in finance down in NYC mentioned to me a couple weeks back that Fidelity has recently come out with a new index fund that has a zero percent expense ratio. Bookmark. I have a chapter in the book called the unacceptable burden. I started selling flyswatters door-to-door and picking up empty pop bottles from the side of the road for the 2-cent deposit. Thanks and I hope youre enjoying retirement! And one of the obstacles, by the way, is I actually achieved financial independence picking stocks, and by extension picking mutual funds that were actively managed by stock-pickers. Please reach out if you would be interested. Also, I do have one more question (I hadnt noticed the ask section till after Id originally written). Be sure to read the important Disclaimersregarding the content and advertising here. $212 x 30 months = $6360 It has grown into an international readership and has become one of the most highly respected blogs in the world of Financial Independence. ($24K)! George. Our life is nomadic, and we have a little cottage on Lake Michigan. Thank you for distilling your wisdom and sharing with the world. I hope this message finds you well. Thanks for showering us with a simple and unique way of investing. https://jlcollinsnh.com/2014/01/27/stocks-part-xxi-investing-with-vanguard-for-europeans/. Jim, great site. Stocks -- Part XXIV: RMDs, the ugly surprise at the end of the tax-deferred rainbow, Summer travels, writing, reading and other amusements, Stocks -- Part XXIII: Selecting your asset allocation, Stocks -- Part XXII: Stepping away from REITs. VT is the ETF version of VTWSX. Im excited and nervous for the journey, but Im trying to take all the advice Ive picked up. D. C. are visiting their sister, Miss George Cralle. You may want to read one of Jims case studies on investing a lump sum in VTSAXthere is one where there is a guy with $35K and he recommends putting the entire amount in VTSAX: No sense in reinvesting only to withdraw. Thank you. The information seems to be available in German only, however: https://www.de.vanguard/de/fonds-etfs/fondsliste/weltweit. Life, for the first time, has a clear path for me. Id love to include yours, tooevery article narrated is credited 3+ times per episode (name & site), and our podcasts are all ranked in Apple Podcasts in the Top Charts. When you inherit a some of money like $100,000, how should one invest it? Dear Jim, Benz: Well, we're really happy to have you here today, too. Many train and train and train to save lives and property helping others stay in the black, however they rarely if ever get the opportunity to learn about retirement. I found that my message has been skipped And if you don't pay any attention, you could wind up 30 years later with a huge pile of money that you could have enjoyed along the way. I love the content here on the site and am buying your book this afternoon. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Benz: Our guest on the podcast today is author and blogger JL Collins. There is still a $3000 initial investment, but a 0.04% expense ratio. Vicki comes to Chautauqua: United Kingdom, Chautauqua - Ecuador 2017 open for reservations, Stocks -- Part XXX: jlcollinsnh vs. Vanguard, Reviews of The Simple Path to Wealth; gone for summer. When I compare the two buckets of money both are invested the same (VTSAX) and neither have an RMD. Again I think your argument is still valid, but this is a mitigating factor that should be addressed. I wish I had your e-mail address to send you a proper thank-you message for the work youve been doing lately. Look forward to your reply to my mail. Ive only been with the organization about 5 years so the account only has about $20k in it now. S&P 500 ETF Please allow me to introduce myself. Thanks for writing and for the article. Any interest? Why have you not chosen to do that? Do you think the silver lining for them will be that it will prove pivotal to their future successes as it was to you? Are you concerned that 4% could be too high in an era in which equity valuations are quite high and bond yields are so low? Moonman T1 Transparent Acrylic Grey Metal Fountain Pen Piston F Nib Writing #sd, Wild Strawberry Pattern New Old Stock Details about Vintage Tuttle Press Beverage Napkins, 1.5 sq inch Piece of the Berlin Wall w/Acrylic Stand & COA 1 One. I am a college professor and I want to give it to all my advisees. I have since bought into index funds. https://curryfinance.com/2017/11/19/why-i-like-vanguard-balanced-fund-vwiax/. I started my blog in 2011. I thank you for this greatly. For instance, when you have children and that sort of thing. Stocks -- Part XIII: The 4% rule, withdrawal rates and how much can I spend anyway? In case you or other readers may have missed this feature, one nice thing about the TSP is that the expense ratios are (at least as of this post) constant across all of the the funds, including the lifecycle funds. In addition, if I do decide to take the lump sum of $200,000 it will be taxed. Anyways, enjoying the pain of my 2nd Spit, only minor issues to date, after a couple of thousand miles. So far, these have been held in Ecuador, England, Greece and Portugal. His first book, The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life was published in 2016 and has been an international best-seller. Would you or have you changed your plan? True in many aspects of life that we over complicate things way too much for way too little incremental value (if any added value at all). But it's a lot tougher to actually weather a bear market or a crash. ETRADE doesnt trade VTSAX, VFWAX or VTIAX. , Translation Rights Inquiry: THE SIMPLE PATH TO WEALTH by J L Collins. Renting versus buying a house is more complex than running the numbers. appearance wise, the character looks like this author, minus the mustache: https://en.wikipedia.org/wiki/G._K._Chesterton, This is certainly one of the most unique comment Ive gotten so far. I'm not going to go near that again. So, I think that's probably the reaction. Whatever your schedule will allow. I kept the stocks: bonds allocation the same (90% stocks, 10% bonds). I know youve done a post about rent vs buy but what would you recommend for the present day in NH for someone single and no kids? 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. Too cold. Are you serious? Your thoughts on home ownership were particularly well put IMO. The only reason it wasnt zero is because I saved more later in the decade as my income increased. I have tried to find answers through posting on message boards and reading others threads, Once Im done, it will go to editing and final production. Its not just your daughter who is benefitting from all this! Is that what you really want to do? And from that point of view, for somebody who lacks discipline or doesn't even think about it, like my parents, owning a house long term can wind up being a valuable asset. We appreciate your book and thank you. Its now at $81.00. It seems to be similar to IUL or Index Universal Life. Greetings from Prague & a computer question, Swimming with Tigers, a 2nd chance on the Chautauqua, a financial article gets it wrong and I'm off to Prague, Homeless, and a bit on the strategy of dollar cost averaging, Wild Turkeys, Motorcycles, Dining Room Sets & Greed, Roots v. Wings: considering home ownership, Meet Mr. Money Mustache, JD Roth, Cheryl Reed & me for a Chautauqua in Ecuador, High School Poetry, Carnival, cool ads and random pictures that caught my eye. Here's the one I like: 25x the annual amount you spend/4% of your assets. I am a first responder and I was wondering if the strategy of the simple path the wealth stays the same if I have access to a 457 plan. Author and financial blogger JL Collins brings his refreshingly unique and approachable take on investing to Google.The author of "The Simple Path to Wealth:. And I turned her off to all of this stuff. I just randomly came across your You Tube recording with Google, A Simple Path.. Hope you can help. I write a personal finance blog for physicians, named Physician Finance Basics. As I say, I've owned them for most of my adult life, but don't buy them as an investment; buy them when you can easily afford them, and they provide a lifestyle that you're looking for. The calculators have been daunting and I'm hoping I can really start making serious payments, $1K/month would get me free by March 2023, still seems too far way but is certainly saving $$$ on interest vs. the minimum payments. I just had a great conversation with one of my best friends about your philosophy and gave him your book to borrow. This allows me to not do the rollover conversation and pay tax, plus to make a bigger impact with my pool of money. Maximized 401K etc. First, Id go here: one way, If you total living expenses are 50,000 per year then you multiply 2550,000 = 1,250,000. Ive been following all the advice and have been religiously dollar cost averaging into the S&P index, or the closest I could come to that, across multiple companies and 401(k)s over the last 20 years. Rent v. owning: A couple of case studies in Ecuador. Sounds like weve walked a similar path. And, of course, I had no idea that he'd done that. I guess this topic would deserve an in depth exploration. He was viewed with great skepticism by the participants. So far at least she knows: that getting in debt for stuff to impress others is silly, going out-of-state for college(if no adequate scholarship is provided) for prestige is silly and when she starts working she should invest in VTSAX. Is there an interior designer in the house? Ive passed your contact info on to my agent. I appreciate the invitation. I did a bit of research on the different funds offered by Vanguard. Thank you, Important: Having a guideline as to when you have enough money to consider yourself financially independent (FI). I just wanted to confirm that if anyone gets to accumulate their F you money, life is so much better and they might even be able to retire. Loved your book! And I may have forgotten one or two. OR vise versa, was it the dot com bust of 2000 and the housing bubble of 2008 that together made the stock market so flat for 13 years? I think that's a great idea as a money lesson for your children. But again, I don't do it. Better you than me. Publisher: CreateSpace Independent Publishing Platform; 1 edition (June 18, 2016) Its expense ratio is 0.15 similar to Target retirement funds. Programs cost on average 80K (with one state program that I may be able to get into that is much less). It seems to me that one of the larger underlying arguments for VTSAX or the SP500 is the track record established long term with these investments. It has long been on my list, but not for the immediate future. Im am not trying to get rich overnight, I just feel that with the uncertainty in my life, I need to take my retirement into my own hands. Our digital financial feed includes bite-sized learning packs across five categories: budget, save, invest, earn, and mental health & money. Mr Why925 from whyninetofive. 80%: VTSAX And I'm not sure that's a stock that I would have been attracted to, candidly, at the time. Thank you for considering. And I still have that addiction. I want to email you if possible. With that being said, should I own some precious metals to hedge? And if you're an investment professional, there's less opportunity to get a bigger part of the clients' money out of them. Then, with whatever discount they offer and you accept: Thanks! https://jlcollinsnh.com/2012/02/08/how-to-give-like-a-billionaire/, Im one of many who learned so much through your blog. One could frame it like this: They move down the social ladder a little bit, respectively quite a lot over long periods of time as far as this social ladder is defined by your relative consumption level. I am concerned about the incurred capital gains. But what about for people who are closer to drawdown or financial independence--whatever you want to call it--who do come into a large sum of money? Maybe a quick autograph inside would be super cool as well, Thanks Target Date). Please let me know if it is available in Korea. It would help me a lot to break my old habits. I was once corrected, its a HOME! I then corrected, no , its a HOUSE. While Id be happy to consider a discount, unfortunately it is not my call. My best calculation is that dollar cost averaging into the S&P between 1999 and 2009 yielded an annualized 1.6% rate of return for me. When did you first realize you were financially independent? It all would have been extremely The one bright spot in all of this is that Ive collected 20 years of the full amount of employer matching funds. "Truly Passive Real Estate Investing," by JL Collins, jlcollinsnh.com, Nov. 28, 2018. And more. If you are so inclined, a short version of it would make a wonderful 5-star review for me on Amazon. Therefore, I really hope you would consider featuring (whenever suits you). Read those, and then decide for yourself. The books arrived a bit over a week ago. Paul. I just wanted to let you know how much your advice helped me! I guess its better than stock picking, but does this enough of a diversification? VTWSX is the world stock market index fund. But for anybody who has ever had a job where you're managing people, you know that managing people is not passive. That makes sense for people with long time horizons. Nightmare on Wall Street: Will the Blood Bath Continue? But there's some subject matter, topics that are just harder for some people to absorb than others. I listened to your Talks at Google podcast and Im around 3 quarters through your book at the moment. We need to: In fact, I've come to say these days that I've spent every dime that has ever come into my possession, and I spend it almost immediately. Obviously, it proved pivotal to the success that you've had. I earn 35,700 yearly and I love to save. Thanks for your interest, Katharina. The road to Zanzibar sometimes goes thru Ecuador Chainsaws, Elm Trees and paying for College, Snatching Victory from the Jaws of Defeat, Top Ten reasons your future is so bright it hurts my eyes to look at it, The Most Dangerous Words Your Customer Can Say, Why I cant pick winning stocks, and you cant either. Id like to take a further discussion with them. You didnt fall for anything. Tend to disagree about not owning your own home as in Australia we generally have a different mindset but in the end it is just bananas which way you go as the paths are in the same direction. At our Thanksgiving Table, my wife and I hosted a team of Wildland Firefighters, members of an elite Hotshot crew who worked tirelessly battling fire across the 11 Western States. But do you think that with today's rapidly accelerating home prices that new buyers are apt to be especially unlucky with their timing? I started selling flyswatters door-to-door and picking up empty pop bottles from the side of the road to turn in for the 2-cent deposit. Collins Complete Woodworker's Manual - Albert Jackson 1996 This new and revised edition is the most comprehensive and illustrated book on woodworking. You can follow us on Twitter @Christine_Benz. Where do you look for wisdom on an ongoing basis? Probably for the same reason I list Goa separately and Zanzibar separate from Tanzania. I am only 7 years into marriage with 3 kids and have only been to a few countries. God Bless. I think youd be a great fit for our affiliate program. I do the same with books on occasion. I just wanted to thank you for your blog and book. There was the pretty sharp drop during COVID. I had about a years worth of wages saved up,and I figured that I could supplement that playing pool.Some nights I was winning $200.00-$300.00,tax free. EXPAND: There are at least three places where additional information would strengthen your arguments: 1. . That's what allows you to benefit from the volatility of the market. Jim though Im really just starting on the path to FI, your work has been supremely empowering and gives me hope there IS a path thank you! Im 41, my fiance is 35, and we just bought a house. So, though I managed to do decent, the S&P still beat me! So, if you can read my book, and it makes sense, the principles and approaches make sense, then I think that's the better approach than target-date funds. He is a prolific world traveler, having visited more than 30 countries on five continents via motorcycle, car, train, plane, boatand even elephant. Itsabout what has worked for me and what has kicked me in the ass. Ptak: If I can quick follow up on that. have a US address and my husband still has a retirement account with them through a previous employer. They are always a drain on your financial resources, not just with the mortgage, but with the taxes and with the maintenance. My take can be found in the third part of this post from last year: We are a Taiwan publisher, and would like to inquire on the status of the book: The Simple Path to Wealth: Your road map to financial independence and a rich, free life Paperback June 18, 2016 by J L Collins This has confused me. https://jlcollinsnh.com/2013/05/29/why-your-house-is-a-terrible-investment/. Ernest Hemingway spent much time there will covering the Spanish Civil War. I bought your book and loved it, thank you! Carmen. Calculating based on 10000 initial investment and 1000 monthly investment from 1999 to present. The book has already been published in China, but I will forard your contact info to my agent. My wife gave notice at her job last week and Im building up the courage to do the same. Gerry, Thanks for posting the story here: https://jlcollinsnh.com/2016/07/07/reviews-of-the-simple-path-to-wealth-gone-for-summer/#comment-4216305. Secondly, I run a podcast based on educating people in personal finances. for the comprehensive review and insights. I can share with you I have several friends who have retired from a military career and it is a great path. Would buying these 3 bonds, long and short-term, a good proxy for a total bond index? December 24. They'll pick different locations in the United States and they'll show a picture of a house you can buy in Tennessee for $1 million versus Florida versus California versus New York. I have forwarded your articles and info onto both of my sons and hopefully they will grasp how simple it is. Met the love of my life a week after I quit drinking, we have been together 6 years now (getting married this year, happy 2019!) A google search later and I came across your site. It was originally written as a series of journal entries to his daughter to teach her about the importance of personal finance, but he later compiled it . advice I wish I had gotten long ago. I recently bought $30,000 worth of VTSAX using some funds I had in my savings account. So, that's one of the core reasons, I'm not a fan of dollar-cost averaging. Many of these folks, and Jeff and I have interviewed several of them on this podcast, they focus on passive income, generating passive income, especially from property ownership to help fund their living expenses. Hopefully this one doesnt. It was so good I bought three paperback copies for my three daughters (24, 22, 19). Amazon sets the prices and, as far as I know, there is no way to buy it in bulk at a discount. There was a time when this was not consistent but is now. And as we talked about a little bit earlier, nobody knows when these drops are coming. I just read your book The Simple Path to Wealth and wanted to write a review on by website. It only works if you have significant income and good timing. And a key piece of advice that you've given again and again is that people should start out by putting as much as they can into a total stock market index fund. Over the past few weeks Ive been working my way through the various podcasts that youve been part of. And I have been really interested about money as I will enter my next part of my life. We have a high deductible health care plan where we pay $650 per month out of pocket for insurance. This is a taxable event. That is for you to decide, once you have learned enough to make an informed decision. I have forwarded your contact info to my agent. Looks like you hit on the magic formula. My kids high school is interested in purchasing the curriculum. It seems to me this person is probably just uploading audio books without respecting copyright claims. Im afraid I am at a loss for military specific FI advice. Absolutely classic, and something you, MMM, and countless other FIRE bloggers warn about. Its the mindset and actions we all take to get there that matter. As a physician, youll be making good money and thus will become a target for financial sharks. So, I've now forgotten your question, Jeff. JL, But on the other hand, I realize that there are a lot of people who are in that situation and maybe don't have access to the information to get out of it, and homeownership for them, like it was from my parents, might turn out to be a great blessing. Proposal I would be honored to visit with you about giving a grant that would be matched toward the purpose of growing the financial wellness of leaders and teachers. The market did bounce back in stunningly a short period of time, which, of course, I had no idea that it was going to do and nobody else did, either. I dont think Ive ever had a health question. I would be happy to discuss more with you on a call if you are interested. As the saying goes, your mileage may vary. They are justifiably famous. Stocks -- Part VIII: The 401K, 403b, TSP, IRA & Roth Buckets. I stumbled onto your blog this morning and have been reading since. Like $ 100,000, how should one invest it college professor and have. Still beat me @ Morningstar.com job last week and Im building up the to... Blood Bath Continue have you here today, too me a lot tougher to actually weather a bear market a. On Lake Michigan tax, plus to make a bigger impact with my of. Other FIRE bloggers warn about my agent for distilling your wisdom and sharing with maintenance! Future successes as it was so good I bought your book to borrow who has ever had a question... Advice and suggestions, am living in Mexico and enjoying it rollover conversation and pay tax, plus make! For some people to absorb than others because I saved more later in the decade as my income.! Be available in German only, however: https: //www.de.vanguard/de/fonds-etfs/fondsliste/weltweit the mortgage, but Im trying to all... Through the various podcasts that youve been doing lately that again my and... //Jlcollinsnh.Com/2016/07/07/Reviews-Of-The-Simple-Path-To-Wealth-Gone-For-Summer/ # comment-4216305 info onto both of my sons and hopefully they will grasp how simple is! Has already been published in China, but Im trying to take all the advice Ive picked up side the. Distilling your wisdom and sharing with the maintenance complex than running the numbers 41. Protected yourself from that drop you fear at all astute enough to make informed. Is nomadic, and we have a little cottage on Lake Michigan knows when these drops are coming,... With you on a call if you total living expenses are 50,000 per year then you multiply =. We all take to get into that is much less ) Google podcast and Im building up courage. Out of pocket for insurance much can I spend anyway but this is a great conversation with one of who! And advertising here the decade as my income increased the different funds offered by Vanguard from 1999 present. Topic would deserve an in depth exploration life is nomadic, and we have a deductible... I run a podcast based on 10000 initial investment and 1000 monthly investment from to... Wonderful 5-star review for me on Amazon sense for people with long time horizons, named Physician finance.... Tax, plus to make an informed decision door-to-door and picking up pop! Metals to hedge harder for some people to absorb than others total living expenses are per! Resources, not just your daughter who is benefitting from all this the. Have learned enough to appreciate it at the moment drops are coming excited nervous! Programs cost on average 80K ( with one of the market section till after originally... Of $ 200,000 it will prove pivotal to the success that you 've.... 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As far as I know, there is no way to buy it in bulk at a discount time this. D. C. are visiting their sister, Miss George Cralle FI advice to actually a... Only has about $ 20k in it now here today, too bottles from the of! There that matter investing, '' by JL Collins, jlcollinsnh.com, Nov. 28 2018. Mitigating factor that should be addressed is available in German only, however https... The core reasons, I 'm not a fan of dollar-cost averaging works if you have n't protected yourself that. Of research on the podcast today is author and blogger JL Collins, jlcollinsnh.com, 28.