Author Topic: The Simple Path To Wealth  (Read 4344 times)

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
The Simple Path To Wealth
« on: June 12, 2016, 07:27:12 PM »
If you are looking for a great book that is coming out soon, I'd suggest The Simple Path To Wealth by JL (Jim) Collins!  I was lucky enough to preview it a few weeks ago and it is awesome!  (And the foreword is by MMM too!)  I'll try to remember to come back here and post when he releases it on Amazon.

Choices

  • Pencil Stache
  • ****
  • Posts: 545
    • ChooseBetterLife
Re: The Simple Path To Wealth
« Reply #1 on: July 02, 2016, 08:39:03 AM »
That's great! How did you get the opportunity to preview it?
Live Simply. Live Well.
www.ChooseBetterLife.com

21runner

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Age: 26
  • Location: Nashville
Re: The Simple Path To Wealth
« Reply #2 on: July 02, 2016, 08:59:44 AM »
I'll keep an eye out. Thanks!

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #3 on: July 02, 2016, 10:37:23 AM »
Hi Julie!  I follow Jim's site - and he put the opportunity out there, so I jumped on it!  I just really connect with his mission and his writing. He is too funny - (in an "R" rated manner at times) but makes understanding investing so much easier!

Choices

  • Pencil Stache
  • ****
  • Posts: 545
    • ChooseBetterLife
Re: The Simple Path To Wealth
« Reply #4 on: July 02, 2016, 11:00:38 AM »
Hi Julie!  I follow Jim's site - and he put the opportunity out there, so I jumped on it!  I just really connect with his mission and his writing. He is too funny - (in an "R" rated manner at times) but makes understanding investing so much easier!
Thanks! My library doesn't have it. Might have to *gulp* buy this one.
Live Simply. Live Well.
www.ChooseBetterLife.com

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #5 on: July 02, 2016, 11:32:56 AM »
It just came out.  Many folks are asking their libraries to order copies.  I am heading to our library this week to ask them to order a copy.  Getting copies for my kids for Christmas - it's the only finance book they may read at their ages!

Choices

  • Pencil Stache
  • ****
  • Posts: 545
    • ChooseBetterLife
Re: The Simple Path To Wealth
« Reply #6 on: July 02, 2016, 12:07:58 PM »
Great idea. It turns out that our library has an online form to request that they order a book.
Live Simply. Live Well.
www.ChooseBetterLife.com

newton

  • Stubble
  • **
  • Posts: 130
Re: The Simple Path To Wealth
« Reply #7 on: July 09, 2016, 07:50:29 AM »
Read it.  It was great.  Made me make some changes to my investment strategy, and I made them immediately.  Two things I still need to work on...I don't have an HSA and I probably live in too large of house.

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #8 on: July 09, 2016, 08:02:09 AM »
That's awesome Newton! We made a few changes too. We live in a smaller house - but looking to go even smaller with both kids heading off to college after next year. We have a small rental across from a beautiful lake - ready to make it ours!

mr_orange

  • Pencil Stache
  • ****
  • Posts: 696
  • Age: 37
  • Location: Round Rock, TX
Re: The Simple Path To Wealth
« Reply #9 on: July 10, 2016, 10:40:21 AM »
I read this over the course of a few days.  If you invest any time on the forums much of it is a nice review, but there is some interesting discussion in the book and I got some nuggets reading it. 
12/30/16                                       06/30/17
Fire Totals:                                   Fire Projections:
-$7k/month - 68.1% Funded             86.1% Funded
-$8k/month - 59.6% Funded             75.4% Funded
-$9k/month - 53.0% Funded             67.0% Funded
-$10k/month - 47.7% Funded           60.3% Funded

-Calculus gives speculation the deceptive guise of investment ~Benjamin Graham
-The future ainít what it used to be ~Yogi Berra

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #10 on: July 10, 2016, 11:00:36 AM »
Agree Mr_Orange about a lot being a review. But there were definitely a few things that sunk in a bit better!  I was reading through the lens of how this might help some folks I know who are not willing to read the forums or even Jim's site.  Hoping even a little will rub off!  I think his humor might keep a few reading more than other finance books.

mrteacher

  • Stubble
  • **
  • Posts: 115
Re: The Simple Path To Wealth
« Reply #11 on: July 10, 2016, 11:09:26 AM »
I read this over the course of a few days.  If you invest any time on the forums much of it is a nice review, but there is some interesting discussion in the book and I got some nuggets reading it.

I agree with this. Having read many of his posts (and the stock series), I felt a lot of it was review.

BUT

It was wonderful to read some of those ideas in a structured, thought-through, quasi-narrative form. One of the book's strengths is that it is well organized and takes you from the investing ABCs right through the XYZs.

MarciaB

  • Bristles
  • ***
  • Posts: 287
  • Age: 55
  • Location: Oregon
Re: The Simple Path To Wealth
« Reply #12 on: July 15, 2016, 03:20:17 PM »
I bought a copy for a young couple I know getting married soon. Seemed like the perfect gift (because they know I'm a personal finance junkie). And of course I read it first. :)

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #13 on: July 15, 2016, 06:38:55 PM »
Love the wedding gift idea!  We have a fall wedding and I am going to order a copy tomorrow. 

TheStachery

  • Stubble
  • **
  • Posts: 103
Re: The Simple Path To Wealth
« Reply #14 on: July 19, 2016, 02:29:20 PM »
I finished this book today.  For many on the MMM site it is a review, but I did get a couple of things out of it. 
I liked his explanation of risk, diversification, and "self cleansing" of VTSAX.
I learned a little from withdrawal strategies to minimize taxes.
I also liked that he gave an example of a 4% withdrawal from many sources.  It may not be the way I do it, but hey, i got some time to think about it.
Also some excellent thoughts and considerations on dealing with SS.

The book was written like I was sitting next to him at the bar having a beer and picking his brain.

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #15 on: July 19, 2016, 05:34:05 PM »
Totally agree about feeling like you were at the bar with Jim! He'd be too funny to drink with. If you check out www.1500days.com (not my website) - you will get some serious laughs from the last 2 posts.

aceyou

  • Handlebar Stache
  • *****
  • Posts: 1044
  • Age: 33
    • Life is Good - Aceyou's Journal
Re: The Simple Path To Wealth
« Reply #16 on: July 26, 2016, 08:13:44 PM »
Finished this morning.  Great Read.  Much was review because of this forum and his stock series, but...

I have never actually studied the actual charts from the Trinity Study before, just read the synopsis.  That was interesting to check out. 

Also, I gained knowledge about the current and future state of social security that I didn't really know the details of previously . That was a hole in my understanding that he filled. 

Oh, and the idea of setting up a charitable trust someday was a good seed to get planted.  Who's to say whether I'll be able to or even want to someday, but it's interesting to hear about as an option. 

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #17 on: July 26, 2016, 08:23:57 PM »
Yea - he definitely added some things I had not read before. The Social Security part was of real interest to me as DH is late 50's and we have chatted about SS. The charitable trust is really interesting too. I think it is something to go back and consider over time. There are certainly some amazing charities that do great work that would be terrific beneficiaries of a gift.

kenaces

  • 5 O'Clock Shadow
  • *
  • Posts: 73
Re: The Simple Path To Wealth
« Reply #18 on: July 31, 2016, 01:06:03 PM »
I finished reading this yesterday - my quick thoughts:
- you can get it free in the kindle lending library
- over simplified investment advice from perspective of lifelong investor
- great tips on the HSA and interesting thoughts on SS

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #19 on: July 31, 2016, 01:14:44 PM »
That's great about the lending library! Agree that those of you who have invested a long time probably wouldn't gain too much. For me, it was still a good review and I've been reading his blog (and this and many others for years). I am sharing as much of the basics with my kids (17 and 20) as I can - so simple is good :)

warmastoast

  • Stubble
  • **
  • Posts: 123
  • Location: Austin Tx
Re: The Simple Path To Wealth
« Reply #20 on: September 08, 2016, 05:40:18 PM »
I finished reading this yesterday - my quick thoughts:
- you can get it free in the kindle lending library
- over simplified investment advice from perspective of lifelong investor
- great tips on the HSA and interesting thoughts on SS

how do you access the kindle lending library?  All I'm seeing is that you have to have a subscription to kindle unlimited or pay  for it.

Yokan

  • 5 O'Clock Shadow
  • *
  • Posts: 50
Re: The Simple Path To Wealth
« Reply #21 on: September 13, 2016, 08:05:19 AM »
I read it the day I got it. It is definitely a review if you follow his blog at all. I think he even copy and pasted a few excerpts from his blog. Even with this, it was a fun read. I've given it to my dad (He's terrified to invest in the stock market) to read, and he finally understands why I've been so gung ho on index funds. I'd recommend it for anyone who's scared of the stock market and needs a simple explanation as to why index funds are the way to go.

Mattzlaff

  • 5 O'Clock Shadow
  • *
  • Posts: 90
  • Age: 26
  • Location: Alberta
Re: The Simple Path To Wealth
« Reply #22 on: October 15, 2016, 08:35:29 AM »
This book is the first financial book I've read. I have read MMM's Blog for a few years now, more avidly in 2013-2014 not so much anymore. I found the financials more interesting than spraying my face to experiment saving money on gas during a cross country trip.

As mentioned before this is mostly review if you've read the blog for a while. I did find the explanations in depth enough for someone who is just starting and I am trying to get my girlfriend to read it too, she's not quite into the investing game unless she gets advice from one of her family members and they're not as into saving as MMM is...

As a Canadian (and it's addressed in the book) a few chapters were US centric. I found the underlying premise to be very informational and with the information provided, with out the vanguard US stuff (VTSAX ect) to go with you get what you need to make informed decisions on what to invest in.

I recommend this book to anyone who wants to start investing or at least read a bit more about it.

It doesn't have to be as complicated as an advisor makes it out to be.

Beardog

  • Stubble
  • **
  • Posts: 183
  • Location: central Mass area
Re: The Simple Path To Wealth
« Reply #23 on: October 15, 2016, 04:19:33 PM »
Hi Julie!  I follow Jim's site - and he put the opportunity out there, so I jumped on it!  I just really connect with his mission and his writing. He is too funny - (in an "R" rated manner at times) but makes understanding investing so much easier!
Thanks! My library doesn't have it. Might have to *gulp* buy this one.

Here in the great state of Massachusetts, if your library doesn't have a book, they will get it for you, even if they have to go outside the state or even outside the country.  Pretty incredible!

frugalparagon

  • Magnum Stache
  • ******
  • Posts: 3026
    • The Frugal Paragon
Re: The Simple Path To Wealth
« Reply #24 on: October 15, 2016, 04:22:06 PM »
Some months back my library did not own it and refused to buy it, but I just checked again and was able to get on the holds list.

I blog about Mustachianism during the child-raising years at frugalparagon.com.

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #25 on: October 16, 2016, 07:20:05 AM »
That's awesome! And so weird - a library that would refuse to buy a book on a very simple way for people to grow their long-term wealth (along with MANY other topics). They probably thought it was some kind of scam.

frugalparagon

  • Magnum Stache
  • ******
  • Posts: 3026
    • The Frugal Paragon
Re: The Simple Path To Wealth
« Reply #26 on: October 16, 2016, 09:47:04 AM »
Maybe it just hadn't picked up enough momentum (professional reviews) yet. It's a big system and they actually rarely make purchases for customer requests--they buy what they buy from their guidelines and borrow what they don't want to buy.
I blog about Mustachianism during the child-raising years at frugalparagon.com.

MakeSmarterDecisions

  • 5 O'Clock Shadow
  • *
  • Posts: 99
  • Location: Upstate NY
    • Make Smarter Decisions
Re: The Simple Path To Wealth
« Reply #27 on: October 18, 2016, 07:56:57 PM »
That makes sense! Glad they have one now :)

katsiki

  • Bristles
  • ***
  • Posts: 448
  • Age: 36
  • Location: Louisiana
Re: The Simple Path To Wealth
« Reply #28 on: October 29, 2016, 02:24:14 PM »
I finished reading this yesterday - my quick thoughts:
- you can get it free in the kindle lending library
- over simplified investment advice from perspective of lifelong investor
- great tips on the HSA and interesting thoughts on SS

how do you access the kindle lending library?  All I'm seeing is that you have to have a subscription to kindle unlimited or pay  for it.

For anyone still wondering about this, you can only do this from your Kindle device (AFAIK).  You search the book and then borrow it.  If you borrowed a book before and have it 'out' still, you have to return that one first.

Thanks to those who mentioned this method!  My library didn't have it but this worked for me.

BeginnerStache

  • Pencil Stache
  • ****
  • Posts: 725
Re: The Simple Path To Wealth
« Reply #29 on: November 02, 2016, 05:35:15 AM »
Found it at our library. Placed a hold on the next returned copy. Looking forward to reading it.