Here's the full post which I'm sure many people here are familiar with:
https://jlcollinsnh.com/2011/06/08/how-i-failed-my-daughter-and-a-simple-path-to-wealth/Here are the 9 basics:
1. Avoid fiscally irresponsible people. Never marry one or otherwise give him access to your money.
2. Avoid money managers. It’s your money and no one will care for it better than you.
3. Avoid debt.
4. Save a portion of every dollar you get.
5. The greater the percent of your income you save and invest, the sooner you’ll have F-You money. Try 50%. With no debt, this perfectly doable.
6. Put this money in the Vanguard Total Stock Market Index Fund (VTSAX) This is the fund you already own, so just keep adding to it.
7. Realize the market and the value of your shares will sometimes drop dramatically. People all around you will panic. They’ll be screaming Sell, Sell, Sell. Ignore this. Even better: Buy more shares.
8. When you can live off the dividends VTSAX provides you are financially free.
9. The less you need, the more free you are.
I would argue that everything on this list is quite easy to do, with the ENORMOUS EXCEPTION of Rule #1.
How the hell is Jim planning on teaching his daughter to avoid fiscally irresponsible people?
It's not as if everyone wonders around wearing a huge sign with their net worth attached to it. Also, last time I checked, I was never attracted to someone based on their finances.
Also, you tend to only find out about someone's finances once you've spent and lot of time with them and perhaps live with them.
I've read so many threads on these forums lately about people having relationship problems because their partner is, as Jim says "fiscally irresponsible".
So how would you teach a child/teenager/young adult not to fall in love/lust with someone who is awesome on the surface but a financial trainwreck behind the scenes?
It's seems to me as if all the good advice in the world won't make any difference because quite often by the time financial circumstances are revealed people have developed feelings for each other and things get really messy.