With all this said, I seek to grow all three buckets of resources and find your writing super helpful toward that end. And if you can't tolerate that, and if you're going to panic and sell, then you don't want to follow my advice because it will leave you bleeding by the side of the road. clients. . I just wanted to say that Im a big fan of yours and your book should be taught in schools instead of shakespeare Best, Also, I do have one more question (I hadnt noticed the ask section till after Id originally written). Merry Christmas & Happy New Year. Im afraid I am at a loss for military specific FI advice. So, I've now forgotten your question, Jeff. So, they're kind of high-fliers. gross. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Just found your Blog and enjoyed reading a few posts that strike similar experiences in my life. Just in case, Ill pass your contact info on to her. $5105 cash From there: Busboy, dishwasher, order-puller, grocery bagger, stock clerk, produceclerk and gas station pump jockey back in the day when someone pumped your gas, washed your windows and checked your oil for you (ask your grand parents). I just had to let you know once again you have changed my life forever! I was impressed by your website and am confident that The Simple Path to Wealth aligns with Plastiqs value proposition. There was this comment in marketwatch that recommend this site and I find topics here are both informative and entertaining. Hey Jim And, of course, that was salvation for my mother. I've put it out there. So, as Jack Bogle once said, performance comes and goes, but fees are forever. I promise not to spam you, and I respect your answer whatever you decide. Can you just talk about how it is you concluded that the right path to try to lead people toward is this more minimalist indexing-centric approach that you ultimately embraced? Do you think Passiv would be a good fit for your audience? My wife gave notice at her job last week and Im building up the courage to do the same. There was a time when this was not consistent but is now. Plus, since they are bought and sold like stocks, they often have trading costs associated with them. This makes me wonder What do you recommend for health insurance once my girlfriend and I hit FI? I'm also very impressed with Zuckerberg. Maybe you should read through his posts or book. I too have a blog where I help urban millennials make wiser money choices and for the month of November I want to focus on investing and the simple path to wealth. This book does an excellent job at simplifying concepts of personal finance. Calculations with pencil and paper, a lot of muttering and scribbling, finally the realization, yes, this is possible, we can do this today! The Pound just dropped faster than the FTSE (logical since the companies in the FTSE are earning in numerous currencies and not just the GBP.). Hey JL. In 2013 I created the annual Chautauqua retreat with the goal of going to cool places, to hang out with cool people and discuss cool stuff. Collins: For instance, probably the biggest one of those kinds of things are the target-date funds have international exposure. Are you interested in being in a part of our Future Connection Conference project? Fund your 403(b) up to the match and then focus on getting rid of the debt. Long time reader, lurker, and fan of your content. . few weeks ago a friend of mine sent me the video of the talk you gave at Google. I walked away with my pension of 35k and thats it after solicitors were paid. Jim: To my amazement, the book has sold better each year without much promotion. Hi JL, It, in retrospect, was just much more effort, and it wasn't working as well as indexing would have worked for me. His name is Moses Canes (for now), and hes an early retiree in his Late fifties. JL Collins is a well-known investing expert, and he has some strong opinions when it comes to investing firms. And that's when I suggest that you add bonds to your portfolio. This feels scary, because it is bound to go down, and it leaves me wondering whether I should sell now. "Why Your House Is a Terrible Investment," by JL Collins, jlcollinsnh.com, May 29, 2013. I was surprised that in your book (chapter 30) you advocate for using (withdrawals in retirement) taxable investments as compared to using your Roth IRA investments. It has sold over 400,000 copies and has been published in Korean, Japanese and German. Where do you look for wisdom on an ongoing basis? So Id fund a Roth followed by taxable accounts. This is Jumi from PLS agency in Korea. Look forward to your reply to my mail. Finance & Content Intern at Finllect And I know that people make the case, well, I can get a property manager and what have you. I know you dont recommend investing in a single company, but Microsofts stock has been performing exponentially for the past 10 years. Somehow it jumps out at me every time I read it. You can't become wealthy if you're carrying debt. But in my world, you need to think of it also as a part-time job and whether you try to find a property manager or you manage it yourself. You bought a second Spitfire after owning the first??!! I started selling flyswatters door-to-door and picking up empty pop bottles from the side of the road for the 2-cent deposit. My situation is unique in that Im a South African living in Vietnam and as such I trade on a Singaporean platform. Should I increase my the pre-tax contributions (up to $16,500) to my employer-retirement account or would it be better contribute just up to the 3% match, then put more (after-tax) money into my larger IRA? I just discovered this great forum, am I late? Very well written. First I would like to thank you for the amazing book it changes my perspective about investing (and hopefully my life in the future ) ! This account is much larger, about $100k. I was 13 and it paid $1.25 per hour. But when do you actually sell the gain/stock to have that money, or do you just hold it as long as possible? Given this, and also that I have about $30K to invest, do you think this is a good time to buy the VTSAX fund? http://www.finllect.ae, Hi Mr Collins, thank you for all the invaluable content here and in your book! Luckily, I am mechanically inclined and like hobbies, so I have a ready-made excuse when I am experiencing any Spitfire downtime. I think the core ones, and I talked about this on the blog and in the book, are spend less than you earn, avoid debt, and invest the difference. But there's no reason for people to do that. Things like if you had to draw it up wouldn't be a part of a target-date fund, because you don't really think that they're unnecessary, or maybe the target-date fund overdoes it in some cases? And this may be a warning to others, life is always unexpected and doesnt always turn out how you hope. Would also like to explore how we can license some of your contents on this blog. Not much more to say on those topics that is not in the book. Well, JL, the information you provide in your book as well as your blog give credence to the Occams Razor principle. I hope they're also reading the part where I'm talking about you have to expect crashes. Since its ER is lower, of the two this is the one Id buy. Are they still available? The mistake youve made is to first invest without learning the game and second to turn it over to someone to tell you what to do. I may be able to work when done for a federal program to repay that loan too. Do you work with an agent or we could discuss our proposal directly with you? I just found your blog. and the taxman cometh. Privacy Policy and This was really meant to be a private email to you to in a way introduce myself and put me under my own case study towards FI, I want to document this entire process and tell the story later. If you find anything useful here, feel free to share it with your classes. 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/. Another note we have paid our house and live very frugally. One of my few regrets is that Ive never had the occasion for an international posting. The blog is best known for the Stock Series. I hope I have been able to do justice to your work, in some small measure. Rama. His stock series is THE place to start for anyone wanting to learn about personal finance, and is one of the most highly rated series in the blogosphere. Consignment Shops: Best business model ever? Develop Your Skills and Talents By Shawn Jenkins and Jonathan Mendonsa Shawn Have you ever considered your career to be like a brokerage account for financial freedom? Collins: Well, again, thank you for the invitation. Thank you. . Im one lucky guy. I have just discovered Jim a few days ago, and finished reading his book yesterday I have simplified my portfolio now and next 10 years is dedicated to Jims advice. Please let me know if it is available in Korea. Id try to figure out how to live on just my partners income, go to school part-time and keep working, or keep working until I had the money saved. Thanks, I will be looking forward to your response in this regard. I would love for you to appear as a guest as I believe you have great insights to offer others and our generation could take a lot from your experiences. Thank you in advance and I look forward to hearing from you. I want to take money from 401 k and transfer it and buy more rental property, How can I invest in Vanguard to get quarterly income? Please reach out to me by email if youre interested in discussing. You made me realize the following tenet: our past mistakes matter little compared to the decisions we make right now for our future. https://jlcollinsnh.com/2015/03/26/stocks-part-xxviii-debt-the-unacceptable-burden/, https://jlcollinsnh.com/category/education/. In a taxable account when you move from one investment company to another you have to sell what you currrently own and to buy the new investments. I am disable can,t work any more. Hello! You'll walk away with a practical toolkit to achieving financial freedom with minimal effort. Spend less than you earn invest the surplus avoid debt. Ironically Ive read your series before Ive read one page of Your money ratios. The stock market is just a way for you to lose money. And I imagine that's going to be the reaction a lot of these people who go into these meme stocks, or who just go into the stock market in general without taking the time to educate themselves, and the market will leave you bloody if you do that, and most people are going to say, Wow, that's a terrible thing. I pushed too hard, too early. 1. ). Start with negotiating the bill itself, before discussion of how youll pay. Hi Jim, Get an IRA going planning on re reading that section again. 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