Win A Free Copy Of “The Simple Path To Wealth” on Audible!
*** THIS CONTEST IS CLOSED *** but please stay and read the amazing book review!
It’s a unique skill to be able to take a complex subject and communicate it in an easily understood way. It’s an especially unique skill to do this with the subject of money and investing, and to be able to interject some humor on top of that is a double-secret unique skill.
Jim Collins has this double-secret unique skill. I’m not gonna claim that I’ve read hundreds of books about money and investing in my life. I haven’t. I’ve read maybe 15 or 20. I stopped there because my pulse was barely detectable.
That said, I need to state that I read this book as a person who (this is gonna sound cocky…) didn’t need the advice that much. I was already FI and had practiced these principals, for the most part, for 25 years.
But reading the same advice that I had lived by wasn’t boring, it was reaffirming! I can’t say, however, how it would come across to a novice who’s a financial mess and really needs the advice. Based on the prose, his style, and his humor, my guess is that this is the book the financially illiterate public needs now.
When Jim says “Simple Path”, he means it. There’s nothing shocking about his main advice – spend less than you earn, invest the difference, repeat. Where Jim gets extra simple is in his investing advice. He mostly advocates for two mutual funds – Vanguard Total Stock Market Index, and Vanguard Total Bond Market Index, and of course some cash.
You should have those funds ideally in both tax-sheltered and taxable accounts (because you are maxing out your 401k and IRA options, right?). Adjust allocations as necessary based on your risk tolerance, your goals, and how many trips you’ve taken around the sun.
I’m not gonna touch the back-forth arguments that this approach undoubtedly brings up. People will shoot holes in this strategy till the cows come home. “What about this? What about that?” Here’s the thing, the strategy doesn’t have to be the best one every time, it just has to be the best one most of the time that most folks can actually understand and implement (remember – simple). And Jim presents plenty of data showing that it is.
As someone who is already FI my favorite chapter is “How Do I Pull My 4%”. Its the first really clear and succinct lay-down of how to live off your stash once you’re FI and retired. I learned the most from this chapter and will undoubtedly revisit it often in the future, especially if I decide to transition from semi-retired to full.
Best Line In The Book – “Stop thinking about what your money can buy. Start thinking about what your money can earn.”
In sum – I highly recommend this book, especially for your friends or family who are money challenged.
♦♦♦ Now, to the clickbait post title. Jim has been kind enough to offer a free Audible copy of The Simple Path To Wealth to a new or existing Accidental FIRE email subscriber!!
What It’s Like Listening To Virtually Every Audio Book About Investing
What It’s Like Listening To “The Simple Path To Wealth”
Sweeeeet – How Do I Win?
If you haven’t seen the Turnip FIRE! section of my blog, take a gander. It’s basically a spoof of a famous satirical website that most of you I’m sure are familiar with, except the articles on Turnip FIRE! are all related to money, spending, retirement etc etc.
Here’s what you need to do – First you must be a new or existing email subscriber – you can subscribe here to be eligible!
Then in the comments section below give me your best, wackiest Turnip FIRE! headline. I’m just looking for the headline here, not a whole article. Like a good Turnip FIRE! headline it should be a single sentence. For instance my last one was “Man $20,000 In Credit Card Debt Buys Rolex That Works 20,000 Feet Underwater”
***Please keep it non-political, I reserve the right to disqualify/delete overtly political submissions or any inappropriate submission. You’re smart, use your judgement 🙂
So go at it Accidental FIRE readers, submit your best silliness below!
(**if you win, you might be asked to finish the article from your headline for a Turnip FIRE! guest post!! – bonus!!)
Good luck and thanks for reading!!!
Is Your Retirement Plan Like The Silverdome Or Will It Implode On You?
Haha! That’s funny…
I Own 500+ Companies and Don’t Work A Minute for Any of Them
Want Financial Independence for billionaires? Buy Bitcoin at 10,000! Want real freedom invest in yourself.
I’ve heard so much talk about this book from listening to different podcasts. And while there are things that seem US specific, the principles should be applicable to countries that have a similar economic system. Thank you for sharing the post and for such a great opportunity for your subscribers!
I agree – and thanks for the comment and stopping by!
I guess I need to catch up on my podcast listening as this is the first I’ve heard of it. You mention that this book is good for those who are money challenged. Would you recommend it to those of us who are more seasoned? Not trying to poke holes (I love reading finance related material), but was curious if this would be time well spent. Thanks!
Even if you are seasoned I think it’s worth your time. As I mentioned in my post I was already FI when I read it and considered myself a seasoned investor. If anything, the book can show you how to simplify your portfolio. Plus Jim does a great job of diving into the psychological aspects of money, time, and the trade-offs between the two.
Lastly, it’s a pretty short read as well, so it’s not a huge time investment. Thanks for the comment!
Ooh, let’s see. Woman Fed Up with Waiting for Books from the Library, Buys a House to Turn in to Her Personal Library
Thanks for those who entered the contest! The judges have return from their secret decision-room (mainly because the keg was emptied…) and have made a decision! They were still laughing their asses off, so thank you for the great submissions.
And the winner is….
Erin!!
Thanks again to those who entered, and as always thanks for reading Accidental FIRE!