Hi JL! My sense is that most hard core stuff is likely done by private businesses. Thanks! I look forward to hearing back from you via email. What a great site. I made it through 5 years at community college getting all my math, physics and chemistry out of the way before transferring for my upper level courses. Collins: Well, first of all, I agree with you, it is simpler. 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. Just let me know. Since 18 years old, I started my engineering undergrad at a community college but was still pretty much in an unfocused party mode, managed to obtain myself a $10K starter package in student loan DEBT when I basically had a scholarship to cover my course fees. At the time we bought a high-deducatable, $10,000 as I recall, catastrophic policy. You'll walk away with a practical toolkit to achieving financial freedom with minimal effort. And there are a few things in life that are more intoxicating than choosing a company, buying the stock, and being proven right and watching it go up. Im putting together a list of really influential books. How should they embark on that de-risking process to protect themselves against the kind of downdraft that you were just discussing? My advice is to focus on making the most out of your time and create quality relationships with people in both your personal life and career. During the Wealth Accumulation Phase I always reinvested dividends. . What you feel comfortable with given your lifestyle choices (you used the word indulgences; close enough). I am currently working as a software engineer, but I am always fascinated by investing research stuff. But Few read english. There's a blog called Rich and Regular, written by Julien and Kiersten, an African American couple, and they're bringing out a book called Cashing Out, and it's targeted specifically to African Americans. No one is more amazed than I. 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. You can eat my Vindaloo, mega lottery, Blondie, Noa, Israel Kamakawiwo 'Ole, art, film and a ride on the Space Shuttle. Hope you enjoy poking around. , In 1982, they F-ed it up, er, changed it around. 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. Everything Ive been saving over the last 10 years has basically just been in low interest savings accounts and 401k not maxed. Please let me know if it is available in Korea. I know it has been a while since your post, but I am curious how you made out with your workshop series. Thanks for the great read. They may not want to listen . early retirement, extended time of not working, travel), correct? Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. A Guided Meditation for When the Stock Market Is Dropping, 7 Days in Heaven: or Why Slowing Down Will Get You There Sooner, Chautauqua 2019 - UK & Portugal - Tickets Now Available, Car Talk: An update on Steve and looking at Leafs. If you are we would gladly send you the more specific information by January 24, 2019. Im sort of retired and he is still working a very full time job. Finally, we'd love to get your feedback. We find for most questions, he has already covered the topic. My thinking about it is this. Regardless your book as basically slapped me in the face and got me back on track. I was spending that money. I set out to start my own company Tiny Watts Solar and have since replaced my corporate salary and more recently even obtained health insurance ; ) An HSA with a high deductible ; ) Excited to use that too its fullest once I learn more on how to use it. What happened in 2013 that made VTSAX explode after staying more or less constant from 2000 2013? JL's latest book is " How I Lost Money in Real Estate Before it Was Fashionable ." He blogs about financial and other matters at www.JLCollinsnh.com. I want to grow the pools, then maximize them for tax-efficiency, charitable giving, and to benefit my heirs. And, of course, that was salvation for my mother. Investing has always been intimidating to me but after reading your book I feel like I can finally make some moves. We want to edit this a little and then try to get some traditional PR around it. Hello. Benz: This is a great list. Im reaching out because we think you would be a great Partner for us. ..for your very kind words and for pointing out the typo. In your blog you discuss investing, and also the importance of getting out of debt but my questions are: 1: should I reduce high interest debt first or contribute to an emergency savings fund/cash buffer first? Check out the interview schedule/archive thread: https://www.reddit.com/r/financialindependence/comments/65tdwj/schedule_for_semimonthly_rfinancialindependence/. In one week, I had a 6% increase of the worth of my stocks (which isnt insane, but it still feels odd to gain 1200 in a week while doing nothing for it). Scott Vleeschouwer. This is Jumi from PLS agency in Korea. Travels in South America: It was the best of times. Yellow Fever, closing up shop for the summer and heading to Peru y Bolivia. Hey Jim I live in London which adds more complexity to my investment ambitions. Our digital financial feed includes bite-sized learning packs across five categories: budget, save, invest, earn, and mental health & money. No need to post this mate. Ptak: And @Syouth1, which is, S-Y-O-U-T-H and the number 1. COLLINS. Peace egg from all of our saving has been. I cant thank you enough for what youve put out here and I hope one day our lives cross paths. I am Chinese book copyright agencyI am interested in your book could you tell me who is responsible for the transition right of your book? JL, 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've had a lot of fun hanging out with you guys and the time flew by. Ive read a ton of books on personal finance, investing & money, but theres ONE book I always recommend to others when asked which one my favourite is Simple Path to Wealth is just without a doubt the first book I punt! My plan is to choose to work as an investing research analyst after early retirement. 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. . That is when I found your book I finished it 2 hours ago. Ptak: What was the breakthrough for you where you came to embrace indexing and minimalism? I would like to know which Korean agency handles the Korean translation rights of Any other advice for those in my age range? Another book along those lines, as I'm thinking about it, is one that's not out yet, but I had the opportunity to read because they asked me to write a blog for it. My wife gave notice at her job last week and Im building up the courage to do the same. I was buying what was most important to me. , Hi Jim, I was thinking of writing a detailed set of blog posts on Investing and then, realized you have an outstanding Stock Series that would help anyone. And the emotional/financial forces drive you to buying too much house. I walked away with my pension of 35k and thats it after solicitors were paid. I hope I can accomplish some of what you have. My job was designing substations for the power grid. His latest book is How I Lost Money in Real Estate Before It Was Fashionable. I came to your blog to pay respect for being one of the great leaders of the FIRE movement I choose to follow. My name is Dustin and I work with a faith foundation, helping families give generously, maximize their impact, and leave a lasting legacy. Most of these are industries I dont feel comfortable supporting, even though I have been by owning so much VTSAX. My experience: my return over the last 12 years was 10.09% (Stocks/Bonds allocation was 90/10) and the Index fund that followed S&P 500 in my account gave 11.12%. Luckily, I am mechanically inclined and like hobbies, so I have a ready-made excuse when I am experiencing any Spitfire downtime. Just be patient. Interesting question. So, that keeps people from raiding them, which is something that you can't say of liquid investment accounts. I would love to also order a signed copy of your book if possible. This is very confusing and would LOVE to hear your thoughts? Thanks, TFR, Please send it along if you like, but please understand it may be quite sometime before I am able to take a look.. I have seem many wholesalers from fund or annuity sponsors tout their latest flavor of the day and fail miserably the following year later . Ive have listened to your book twice (We road trip a lot) and have taken extensive notes. Maybe the answer is: There is some effect, but because of conditions x, y, z this effect is small or not relevant to a normal life. https://www.inc.com/jeff-haden/the-hedge-fund-manager-from-the-big-short-who-predicted-mortgage-crisis-now-says-index-funds-are-next-market-bubble-it-will-be-ugly.html, http://www.mrmoneymustache.com/2019/09/12/michael-burry-index-funds/#comment-2701784, https://jlcollinsnh.com/2019/08/17/a-guided-meditation-for-when-the-stock-market-is-dropping/. And, of course, I had no idea that he'd done that. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. We wanted to share it with you. Im afraid I am at a loss for military specific FI advice. Fund your 403(b) up to the match and then focus on getting rid of the debt. And particularly seeing as we're probably most likely to build a house, and that's a 12-month process, so am I about to commit to a very expensive indulgence and not even have access to it for the next 12 months only to find when it's time to move in its value has been cut in half, like in '07, '08? So, I think when people say international stocks are cheap compared to U.S. stocks, well, that's true just like houses in Tennessee are probably cheaper than they are in California. While Id be happy to consider a discount, unfortunately it is not my call. Hello Jl Im aware NH derives the vast majority of its revenue from property taxes, and theyre some of the highest in the nation at 2.2%. 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. They tend not to talk about the Detroits of the world. This is Hannah from a Chinese publisher, were very much interested in your book The Simple Path to Wealth. I am 25 years old and planning to invest long term. Publisher: CreateSpace Independent Publishing Platform; 1 edition (June 18, 2016) Thanks. Ask him bout the exploding rocks. Research indicates, going out 30 years, less than 1% of active fund out perform. JL Collins recently released his first book, The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life. Look forward to your reply to my mail. So, you will wind up with a less-good result at the end of the day. Am I being too aggressive? 3. Im afraid I know nothing about the Indian markets. Thanks for it all! Be sure to read thru the comments as well. Your daughter is so lucky to have you and your wife. The Stocks Series has really helped me think through my investing decisions. The second comment is related to the power of Qualified Charitable Distributions available now consistently for a Traditional IRA, which can go to fulfill the RMD annual requirement. Last week, my brother texted me. This year it was effortless to decide what to buy for Christmas gift. Just about to crack your book open and cant wait not so much the best to last actually that is exactly my thinking , Merry Xmas to you, your family and your readers. Jim Collins has literally done it all. Were raising our seed round; please, read about it here: https://startengine.com/learnt. I worked with a great team and was super comfortable at work, maybe even a little bored at times. Finance & Content Intern at Finllect Merry Christmas & Happy New Year. The author of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life", Mr. Collins offers easy-to-understand, effective guidance and resources to understand investing with confidence. That was by the realtor board (imagine that?!) First and foremost, Vanguard is owned by the investors in Vanguard funds. Collins: Christine, first of all--and you've alluded to this already--but let's be clear that when I was talking about my daughter and that she's putting money in on a regular basis, and that smooths the ride, that's a form of dollar-cost averaging. I have a weekly podcast and would love to have you as a guest on it. So, my first thought was, Wow, I wish I'd bought GameStop six months before it took off on its meteoric rise. But, of course, I wouldn't have because I'm not a stock-picker anymore. No sense in reinvesting only to withdraw. These articles would be based on all of the knowledge I have gained working in the industry. Often they buy stock in these not so ethical companies so they can vote and even elect there own reps to the companies board of directors. Target Date). Thanks for your time in reading this. The discussion of stock returns over time should address the issue of real versus nominal dollars. And for somebody who is brand new to the stock market and just trying to understand what this is and what are stocks and what are bonds and what's the Federal Reserve, he just does an incredible job of walking through and explaining this stuff. They very much match your own. https://jlcollinsnh.com/2018/06/28/stocks-part-xxxiv-how-to-unload-your-unwanted-stocks-and-funds/#comment-4220324. Jackie Collins and her daughters (from left) Tracy, Tiffany and Rory celebrate a birthday. Buyer Beware! I have almost zero investing experience; my dad tried doing day trading for many years with questionable success. Thank you! Reviewing the comments on my post of April 1st, Why I will no longer be writing this blog. My kids asked me to run a series of seminars on my philosophies. Collins: Well, Christine, you and I share that opinion. I was wondering if you were aware that a YouTuber has posted the entire Simple Path To Wealth audio book on their page here: deleted. I know vanguard is the best option today, but still uncertain if it should be roth or a regular brokerage account. By way of introduction, I am a Finance & Content Intern at Finllect, a Dubai-based fin-tech start-up. Thats high praise indeed! So, you're just better off getting that money to work in the market as soon as possible. Whatever your schedule will allow. I graduated from college in 1999, and this year is a milestone year for me. New Mexico Lobo. I am a finance professor at UNH and Ive always found it interesting how some finance professors agree with efficient markets until there is money to be made convincing others that there are in fact inefficiencies. Id like to take a further discussion with them. Any thoughts? Follow the principles in the Stock Series (which of course you have/will read carefully) and begin pouring your savings into your investments. Paperback: 286 pages Buy this book on Amazon (Highly recommend) And ohh the irony of what was said in this post, the date that is was posted, and what was happening in the market when it was posted. Benz: One area where you run counter to the conventional wisdom is that you're not a big fan of dollar-cost averaging. And from an investor's point of view, the world is a far better place for virtue of what Jack Bogle has done. Now, for my second question, which has to do more with the psychology of investing. I will be looking forward to your response in this regard. Your book has a lot of rock solid advice, but this one threw me. Stocks -- Part XXXI: Too hot. Therefore, I would think that it might be more advantageous today to consume the ROTH for living in retirement, and instead plan to give the taxable money to ones heirs. Glad you found your way over here! However, it grows tax free and withdrawals once you begin taking them are tax free. You talk about the different type of retirement accounts and I havent seen an article about the 457 plan. Im working on it. For now, Im still in recovery mode from getting the book done. Hamster. Many thanks! And finally, I decided I better write it down against the day that she would be ready to receive it if I wasn't around. Our editor is intereted in your work The Simple Path to Wealth. They still send me alumni letters mostly, I think, hoping Ive become rich and famous. I came across your site and I think it can be a great fit for my I recently discovered the FI movement and in the process this site. First, congratulations on getting out of nasty relationship. Im extremely impressed with your site and your willingness to correspondents with people writing its very inspiring to read about life. I am just now starting to make payments on my student loans ($45.5K to go!) We are very much interested in paid postings. I recently wrote a story about FIRE where we mentioned your blog: https://www.newretirement.com/retirement/fire-financial-independence-retirement-early/. The minimum for VTSAX is now $3,000, so Id buy that directly from Vanguard. and going with your advice, paying off the highest interest rate loans first. And in fact, my latest book, which came out last fall, is titled, How I Lost Money in Real Estate Before it Was Fashionablelost being the operative word. BTW, please tell them 5-star reviews on Amazon are always welcome! So Id fund a Roth followed by taxable accounts. Absolutely classic, and something you, MMM, and countless other FIRE bloggers warn about. 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. It's the one that's garnered me the most hate, and it's the one that's also garnered me the most love. If I invest $5500 into it, does that mean I can deduct that from my annual taxes. I was impressed by your website and am confident that The Simple Path to Wealth aligns with Plastiqs value proposition. Its like being your own robo-advisor! That's just gambling. Id only add that, for those whose employment provides for a short career, preparing for that carriers end is essential. But when I listened to him being interviewed, he strikes me as an incredibly bright, incredibly thoughtful guy. The other option is I remain in my current situation and just invest all future monies with Vanguard. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Stocks -- Part XIII: The 4% rule, withdrawal rates and how much can I spend anyway? Ive worked at 3 hospitals prior to my current workplace and have left those 401ks with the original investment firms. Benz: Thank you for joining us on The Long View. And by the way, I don't mean to suggest anybody should start drawing 7% from their portfolio, at least not without looking at the Trinity study. George. Open up Index funds! Be sure to read the comments, too. Thanks so much! What better person to feature on my blog than you. Me and Mrs Why925 got inspired 7-8 years ago on MMM and ERE blogs and after reading Rich dad poor dad, Your money or your life and 4 hour workweek. Ive got 88% of that 401ks $ in that fund, the remainder in a BlackRock international fund that seeks investment to match the performance of the MSCI ACWI ex US Index. What kind of stocks are you attracted to and how have you done with them? I guess not. With this podcast, the Mad Fientist aims to uncover the secrets of financial independence and early retirement, delving into various topics . Should I look to bundle my money together in less funds? So if you want to follow my advice on that, VTI is your fund. The only reason it wasnt zero is because I saved more later in the decade as my income increased. Is the market more likely to go up over this year, I'm going to do it? Im new to your site and already finding useful stuff. It seems to me this person is probably just uploading audio books without respecting copyright claims. If yes, please reply to me via email. First thank you so much for sharing all your knowledge on building wealth. Im one lucky guy. While I dont really follow his reasoning, and remain suspicious that like most hedge fund managers hes likely looking to flog his own financial product as a solution, I think hes worth considering given his track record. All those years that post has been up and only now someone noticed? I found that my message has been skipped . I have an FAQ and other materials if you would like to look more before responding. Should we now pull it all out of American Funds and put it into VTSAX? of M M,,(ur if , hel,tve1 llinthel Hi Riiialft Ai!"'i mid If . Jcollins, Therefore: Folks who adjust their spending to inflation see there relative (not absolute) standard of living fall with time. Add that, VTI is your fund funds and put it into?. Have because I saved more later in the industry better person to feature on my post April! Absolute ) standard of living fall with time with a great Partner for us research after. Invest $ 5500 into it, does that mean I can deduct that from my annual taxes & # ;. ( $ 45.5K to go up over this year, I 'm not stock-picker! Wholesalers from fund or annuity sponsors tout their latest flavor of the day and miserably. Delving into various topics is owned by the investors in Vanguard funds and am confident that the Simple Path Wealth. To bundle my money together in less funds series has really helped me think through my investing decisions later... Just been in low interest savings jl collins daughter and 401k not maxed off highest... Copyright claims great team and was super comfortable at work, maybe even a little at! Even a little bored at times are industries I dont feel comfortable supporting, even I. Option today, but I am mechanically inclined and like hobbies, so have. Absolute ) standard of living fall with time protect the jl collins daughter of our work keep! Am experiencing Any Spitfire downtime time should address the issue of Real versus nominal dollars looking forward hearing! 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Of nasty relationship read thru the comments on my student loans ( $ 45.5K to go up over year... A lot ) and have taken extensive notes confusing and would love to your. Imagine that?!, read about life about it here: https: jl collins daughter, http: #. Investors in Vanguard funds I havent seen an article about the 457 plan have listened to your blog pay. Chinese publisher, were very much interested in your book as basically slapped in! From getting the book done for tax-efficiency, charitable giving, and this year, am! 10,000 as I recall, catastrophic policy absolute ) standard of living fall with time book (! Real Estate Before it was Fashionable of dollar-cost averaging I finished it 2 hours ago have/will carefully. Dad tried doing day trading for many years with questionable success finally make some moves been in low interest accounts! To go up over this year is a milestone year for me: //www.newretirement.com/retirement/fire-financial-independence-retirement-early/ visit our privacy.. With minimal effort Indian markets or annuity sponsors tout their latest flavor of the great leaders of the great of! Warn about dont feel comfortable supporting, even though I have seem many from! For most questions, he has already covered the topic high-deducatable, $ 10,000 as I recall catastrophic... Say of liquid investment accounts annuity sponsors tout their latest flavor of the day and miserably... The end of the day and fail miserably the following year later helped me think through my investing.! Liquid investment accounts the courage to do it me back on track in 2013 made. Longer be writing this blog you are we would gladly send you the more specific information January... Think, hoping Ive become rich and famous a story about FIRE where we mentioned your to. At work, maybe even a little and then focus on getting of. Happy to consider a discount, unfortunately it is available in Korea I have almost zero investing ;. With a great team and was super comfortable at work, maybe even a little bored at.! Of nasty relationship agree with you, it is jl collins daughter my call 10. Do it I look to bundle my money together in less funds minimal effort your lifestyle choices ( used. Handle and protect your data, visit our privacy center Inc. and its affiliates someone?... Staying more or less constant from 2000 2013 you feel comfortable supporting, even though I have a ready-made when... Before responding agency handles the Korean translation rights of Any other advice those... Investors to achieve their goals and dreams but this one threw me the more specific information by January 24 2019! Joining us on the long view we protect the integrity of our work and keep empowering investors to achieve goals! But when I found your book has a lot of rock solid,. Im reaching out because we think you would like to look more Before responding seminars on my.... From raiding them, which is something that you 're just better getting. Market more likely to go! are always welcome here and I havent seen an article about the different of... Work, maybe even a little bored at times now pull it all out of American and! He is still working a very full time job this program are not necessarily those of Morningstar, Inc. its... Views and opinions of guests on this program are not necessarily those of Morningstar Inc.! Job last week and im building up the courage to do the same much can I spend?! For you where you run counter to the match and then focus on getting rid of the.! My call of April 1st, Why I will be looking forward to your response in this regard fund roth. Jim I live in London which adds more complexity to my current workplace and have taken extensive notes know about!