Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
*Izella Annette Anderson* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I am regretting not investing in stocks ever since but still grateful i kept money in the money market. With about $200k maturing soon, i plan investing in the stock market. What stocks should I look into as a newbie to safely grow my money
You should look at energy stocks , they look to be the biggest beneficiaries of AI and Data centers , also DCAing into a good ETF too ...Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
It's wise to stay proactive and diversify assets to manage risks during uncertain times. I’ve delegated my financial management to a consultant after facing a major downturn in late 2019 during the COVID outbreak. Today, I'm semi-retired and about 25% short of my $1 million retirement target after making additional contributions.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfoIlo allocation
'Laurelyn Gross Pohlmeier' a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an onlline search on her name and came across her webslte; thank you for sharing. I sccheduled a caII..
You should contact Sophia Lane via email at lanesophia084@gmail.com or on instagram at sophy_ability or whatsapp/telegram on +1(361) 245-0314. If you need legitimate help with your credit card, bitcoin, forex account, PayPal, western union, money gram, G-Cash, credit score, instagram and many more. He does not take upfront payment and can solve your financial issues. He is fast and reliable.
Definitely. And so true one! Timing the market is one of the worst things one can do - and yes, I've learnt the hard way by being impatient, wanting those great returns quick. Pick great companies and give them time.
@@SenseiEli New Zealand farmer has set a Guinness World Record for wheat yield - Finishing up at 258.8 bushels per acre, the wheat paddock produced 17.398 tonnes per hectare www.realagriculture.com/2020/07/new-zealand-farmer-sets-new-wheat-world-record-at-258-8-bu-ac/
One of the most intelligent people who doesn't have an agenda. This is the advice he wanted to give his own daughter (whom he wants nothing but the best for in life), and the message simply spread. The reason his message exploded into a world-wide audience is because it is true. He wasn't looking to gain anything out of it for himself, but such things turn out this way.
another important point is, nobody can predict when the market will crash. if anyone did, they'd be richer than Warren Buffett. so, basically, anyone who's publicly 'predicting' any crash or rise, just know they should already be richer than Warren Buffett but they aren't. so they're trying to influence people (scam).
_"It shouldn't take 58 minutes to learn it, though. It's really 'just buy index funds.'"_ It doesn't. It takes 10 seconds. What takes a while is convincing yourself that it's true. _"I do wonder what will happen when everyone starts buying them, though."_ He answered that in the questions. Both passive and active investors in stocks are non-controlling owners-however they chose to invest this won't affect the total performance and valuation of the market-through supply and demand passive investors will push prices up and down just as much as active ones-they just opt out of the the gamble on who's gonna win: Their influence makes every stock go up or down in the same way (a market downturn will push down the price of solid companies in the same proportion as bad companies). If too much people opt out of picking stocks, better and better opportunities for easy profit will appear, a sort of quasi-arbitrage, and those with skill and will are going to tackle them using value investing techniques. If too much people go on trying to pick winners, there will be less chance of success and indexing becomes more attractive again.
Ed umm....these young people, who I’m sure are very smart,think tax deferred headings (buckets) are the investment. Our schools and their parents have failed them in financial literacy.
GOLD beat berk.b (buffet) shares over the last 20 years. To this man's credit, even Warren isn't right all the time, he is simply right more than he is wrong. No one can time the market, but you must expect that if you get lucky one time, odds are, you will not get lucky in the next turn. A smoothing of your decisions will occur.
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
I have been investing in stocks for over 10 years now and I have made a lot of money. My portfolio has grown exponentially and I can't thank stocks & TERESA JENSEN WHITE enough for such an amazing way to make money!
Listening to JL Collins is like laying on a bed of huge fluffy pillows. So relaxing, you take in all his great wisdom while in a relaxed state of mind. This was an excellent talk !
Time and time again, I see that the fundamental quality to succeed with money is to be humble. To be who I am and conduct myself with the flaws that I have and stay humble and agile enough to admit when I am wrong and correct the path. As years passes, humble and patient people become my real heroes. May Lord give us the change of heart to practice same virtues as this good man.
While growing up, I was always told that stock market is risky and never to invest money. Finally at the age of 32, I came across his talks and read the book. I am hooked to investing every penny I can into VOO. I don’t think anyone else would have convinced me to invest.
Have watched many of JL Collins show. The love for his daughter, has got him many daughters and sons albeit unconciously. Hats of to you JL Collins. We love you
This video changed the way I handle my finances three years ago. Just like the moderator said, he is the first person, at least among the ones I come across, who tells you exactly where you should invest your money. Very refreshing. Nothing vague. No more confusion and tinkering. It made my life so much simpler. I can actually focus on saving and getting more money to buy VTSAX. Thank you Google and JL Collins.
I first heard this advice of investing in index funds in my Intro to Economics class in college back in 2014 -- my textbook was written by Paul Krugman and he expressed the exact same thoughts about why index funds and pegging yourself to the average market is the best way to go. Actually, Warren Buffet himself has gone on record saying that the average American would be better to invest in index funds.
I once stood in a room full of very intelligent people and watched as a very young guy pitched his startup to them. It was a scam, and anyone with basic training in critical thinking would have realised it right away. I watched as he won them over, appealed to their greed and psychological biases, spoke one logical fallacy after another and a bunch of claims he couldn't possibly back up. In the end they were jaded and in 2 years he had robbed over $60 million from them, just to disappear away. Intelligence is good, but it does not mean you know how to think. One can still be gullible, lazy, biased or unfit at something no matter what his/her basic IQ is.
I learned that the stock market was a rich man's game (yes, grandparents lost it all back then and preached that forever) but I've been around long enough to really taste how great it can be. To be profitable, with inflation at 6.1% These are surely desperate times, but in my opinion, there is no market condition that a good financial advisor cannot navigate, especially those that have existed since the crisis of 2008 and before.
@Alexis Anders One of the biggest mistakes investors can make when it comes to stock investments is giving up just as the indexes reach support and begin to rise after a bear market bottom. I've been speaking with a coach for a while now primarily because I lack the background knowledge and mental toughness to handle these reoccurring market conditions. I made over $220K during this drop, which proved that there is more to the market than the average person is aware of.
@@anthonyrussell5718 There are lots of them but almost everyone works with KAITLIN ROSE STERNBERG this days, she's getting more recognized by day, she strategies has been the best this period
@@louisairvin3052 Thanks, I merely looked her up on Google and was highly impressed by her credentials; I got in touch with her because I need all the help I can get. I just set up a phone call.
Over 20 years my husband and I ALWAYS bought properties as investment vehicles. With only one exception (over 10 properties) we "did well." The only one we considered a "failure" was our Cocoa Beach, FL, condominium, which we purchased in 2006 (at the height of the real estate market!) for which we "paid too much." But we had paid cash, and over the years we never had more than one month vacant, ownership expenses were reasonable, and we moved into the home in early 2019 as our primary residence. And FINALLY its value is back to what we paid for it.
@@candecarro May be I guess 'house is a lifestyle choice' applies only for those early in life trying to buy their first house. If you can afford more than a house its definitely more of an investment choice. Thanks for sharing, good luck!
yes and no, some are emotionally buying, some rational buying. I bought a condo and replaced the rent with mortgage. With inflation and indexations of rents from the last years and refinance that I did 2 years ago , finally my mortgage is smaller than the rent in same area same surface. My mortgage will end in a few years and I kept to invest and save as before mortgage, more now. The problem is when people are buying something too big for their income...
@@paddyoak1 geezus, not everything has to be political. But it’s a fact that the more education you get, the more left leaning you are, so the sentiment that republicans are uneducated morons actually fits as a general demographic observation. And you’re one of them. Congratulations!
@@paddyoak1 Kind of the opposite, they won't teach kids valuable information so they'll grow up uneducated to be part of the workforce and never gain anything valuable out of life. The last thing the powers that be want is an informed working class
They’ll never do that as the working/middle class would become too smart, capitalism would be shattered, and the big rich boys wouldn’t have the millions of smaller ppl stuck working for them til death
JL Collins is one of my very favorite financial bloggers/writers. Great interview and kudos to the interviewer for asking good questions and letting him fully answer. Excellent interview.
Much gratitude and respect to JL Collins. He has helped me so much! I came across his blog for the first time at age 41. I had no idea about index investing and always thought I needed a manager. Fast forward two years later, I saved up to invest in VTSAX, contribute regularly and transferred my Roth and traditional IRA to Vanguard as well. Thank you, Mr. Collins, for sharing your knowledge, wisdom and experience. You have changed more lives than you know!
It’s by far The Best Informative video I’ve ever watched ! Thank you Mr Collins for sharing your knowledge in Stocks ! I liked that your answers were direct to the point ! You are Awesome !
Please don't make the huge mistake I made! Collins mentions never to panic and sell. I did just exactly that in October of 1987. The month before I made my first ever investment in the stock market. I bought a "safe" mutual fund at Merrill Lynch. One month later on "Black Monday" was the largest EVER single-day drop in stock prices. EVER. Including during the Great Depression . Just the month before I had invested $40,000. Overnight that turned into $22,000. I foolishly panicked and pulled it out. This is sickening today to realize that if I never added another penny that would be around $950,000 today. HUGE MISTAKE. Exactly what he said TIME IN THE MARKET is the secret to wealth...
Honestly before watching this video I was a bit edgy.. but now at the 50th minute, my nerves have calmed down, I feel so relaxed and at peace.. hearing his voice itself is a therapy.. Thank you JL Collins..
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise.
Munger and Buffett have both achieved an incredible feat with Berkshire. They've turned thousands to billions, and have made a lot of people wealthy in the process. I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.
@@BenjaminMcLeod815 the mkt has gone berserk! whether you're a newbie or a veteran trader, everyone needs a sort of coach at some point to thrive forward.
@@tradekings5433 Well agreed, that's the more reason I prefer my day to day mkt decisions being guided by a invt-coach, seeing that their entire skillset is built around going long and short term, at the same time laying off risk as a hedge against inevitable downturns, coupled with the exclusive information & analysis they get, it's near impossible to not out-perform. I've been using a coach for over 3 years, and my portfolio has yielded from initial $500k to aprofitable amount now
@@BenjaminMcLeod815 Absolutely, MARIA ELIZABETH FILINDRAS is my portfolio coach, and my trading account basically mirrors that of hers, it's quite transparent and automated, so I don't have to be active during trades. You can vet her if you like.
Ironically his and Jack Bogle's voice are in the rare categories where it's a pure pleasure to listen to. His international investing advise is also directly in line with what Jack's philosophy was. I am 55 and looking back when I bought my first investment at 18 which was a hot small cap, I really agree with VTSAX and then add bonds when you retire being the easiest way to success.
The best line comes from the beginning when the interviewer says he is in a room full of above average people and he slyly replies “perhaps not at investing”. Its so true, everyone thinks they are above average at investing and even if you are the best at something else does not mean you have an edge with investing.
This man is a straight shooter with a great deal of wisdom. He knows the real deal. BTW, there is no worry about index investing becoming the dominate mode for all investors. The stock market is legal gambling and the human race loves to gamble. After all, there are gamblers who do hit the jackpot, and that is what keeps people buying individual stocks... Yes, avoiding financial advisors is his best advise.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.
@@martingiavarini Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
@@hermanramos7092 I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with “Catherine Morrison Evans” for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@@martingiavarini Thanks for sharing this. I did my own little research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick up so I scheduled a phone call.
I have been doing the same things as Collins for many years. He is the first person to back up my thoughts on investing. I feel a lot better about continuing my investing philosophy.
@@tompaulcampbell and what kind of time period is that over? The research has shown repeatedly over and over that picking stocks doesn't beat the index. Fool might fool you for a few years but 20 years down the line you'll be cursing yourself.
Cant believe I'd never heard of this guy. He is great! And such a calm manner of speaking. It had a whole SNL Delicious Dish vibe going on in just the best way.
I avoided investing for years because I followed some simple advice I heard on npr after the crash of 08 and it was, "if you don't understand it, don't put your money in it". Needless to say I'm investing again thanks to this guy.
That was excellent advice if it referred to individual stocks... Everyone should be in the market but very few should pick individual stocks. This is being seen in a big way now, all the YOLO people on YT who thought the market just went up since the Covid crash are getting crushed now and rightfully so... They don't understand the market and individual stocks or how to value a company. Yet they think they're all 'investors', they're not at all. And a good market crash is exactly what's needed to shake out the dead weight.... For people who don't like doing the exceptional levels of due diligence needed, they should be in indexes only (this is nearly everyone) and those who are fine with qualitative and quantitative research with strong understandings of valuation then picking stocks is perfectly fine and should be done in conjunction with indexing.
That was AWESOME. JL Collins provides such sound advice, and it's a pleasure to learn from him because of his warm, relaxed demeanor. The interviewer did a remarkably well job--she is top-notch, fully focusing on Jim and steering the interview smoothly. Well done, and thank you for providing this!
Uncle Jim! I love your book on Audible!! I just rolled over my 401k into VTSAX and VBTLX today! 80/20 mix I feel is right for me at this time. So happy to simplify and accelerate my path to financial freedom! Thanks for sharing your wisdom with us!
Mr. Collins has a less anxious presence and seems appropriately confident. His success proves why. He exudes trustworthiness. We, the watchers, should be careful to not blindly follow his logic, yet by reason test his ideas. There is such good information here, I think, for an average everyday person, who I think is his audience. Heed his wisdom, folks.
What? This video has aged like milk. In hindsight, passing on the opportunity to buy a house in 2018 and continuing to rent may turn out to be one of the worst decisions ever. Since 2018 interest rates have tripled and housing prices have doubled. Also investing only in index funds means you missed out on historical gains in AI stocks and crypto.
You should contact Sophia Lane via email at lanesophia084@gmail.com or on instagram at sophy_ability or whatsapp/telegram on +1(361) 245-0314. If you need legitimate help with your credit card, bitcoin, forex account, PayPal, western union, money gram, G-Cash, credit score, instagram and many more. He does not take upfront payment and can solve your financial issues. He is fast and reliable.
Wow I love listening to this guy and I never heard of him prior to watching this video. He's so calm and father like. It's so rare to hear financial advice from a FI person who doesn't have any agenda to gain from it
Acquire a skill, work hard, live below your means, stay out of consumer debt, pay off your house quickly, save and invest=retire comfortably. It's possible for everyone. Alas, the above is probably too short for book form.
Not for everyone, unfortunately. There are a lot of positions with a low salary( Well-paid jobs are limited and if you not smart enough to get one of it you will save money for a long time. Investing in an index is very conservative and mostly depends on how much you can invest. Nevertheless, the path to financial independence exists and it's simple if you are smart enough and have a good education and well-paid job at the beginning otherwise it's difficult.
'Acquiring a skill' is horrible advice. What you said is far too simplistic in general, you priortized collecting assets far too low as most people do. Dont be confused between an asset and a liability as well. Your income is your initial investment (in this case investing your time/labor), you can do anything that will get you the appropriate amount of income. The real work is what you do with that income, that is where wealth will be made or financial security will die. You have to reinvest that income to generate further income
This is the stupidest advice i have ever heard....why work hard at a job when a job is @ the highest tax??? Why Save money when the government PRINTS trillions??? Why pay off a house when you can borrow money at historically low interest rates??? I have NEVER met a multi millionaire who did what you advise. Your advice works if you want to have a million dollars in 50 years but by then 1 million will be worthless due to inflation
@@RomanTchekashov We can be encouraged by the findings of recent large studies e.g., Everyday Millionaires by Chris Hogan, the largest study ever done on how ordinary people reached a million dollars of net worth. About 90% of them did it by their own efforts (I.e., not by inheritance) and a large number of them never had a six-figure income in any year of their working life. The fact is that everyone can learn to improve his or her income, savings rate, wisdom and skills.
His approach to buying vs renting mirrors my own: my house is not an investment vehicle; it is a lifestyle choice. It is a secure roof over my head and a place to park all my stuff. I don't have to worry about the landlord selling the place out from under me and having to move. In exchange I acknowledge that I might be costing myself some money vs renting (dependent on local market conditions). Also, while acknowledging that he's talking to an American audience, the rent vs buy calculations can differ wildly. Where I live, rentals come unfurnished, and you still need to supply your own whitegoods etc, so the moderators example of the broken refrigerator will still be your responsibility, which makes the 'cheap' rent perhaps not so much.
Never cash out? What? The entire purpose of investing is that you give up things you could have now, in order to have more later. If you never use your investments to buy whatever you want in life (a house, a family, education, whatever), then what is the point of it all? And the movie clip that this guy remade even says exactly that. Now, if you already have everything you want and you just like seeing the number in your investment account grow, fine.
Very well articulated; I wish I had more time for trial and error, but I'll be 56 in August and I need ideas and advice on what investments to make to set myself up for retirement, especially with the looming inflation and recession; my goal is to have at least $1 million by the age of 60.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts
@@PhilipMurray251 Yes, I've used such expert, an investment adviser at that, and she really worked magic on my portfolio, initially I was always in and out of the market, selling at a complete loss but for the past 2years I've been mostly in the green, earning steady profit irrespective of market movement thus gaining over $850k+ in the past 2years
@@marianparker7502 Sweet! how'd you go about getting a proper investment-adviser like that, I've had plans to touch base with one, I'm just not sure how to go about it, I don't mind looking up this one that guides you.
Sorry to burst your bubble, buddy. $1 million is not nearly enough to retire and live a decent life with. You need at least $10 million these days. Do you know how expensive medical stuff is?
I'm active investor/trader since 6years. 2 years ago I heard John C Bogle's interviews, I was fascinated. But couldn't act on it because emotionally it wasn't easy. I always wanted to do better than other investors. So, I was still doing trading, choosing my owns stocks, searching for that one great trading method..... Also tried timing market during March2020 fall. Could invest only 10% of what I planned to invest because I kept waiting for a bigger fall! Watching this interview makes more sense after trying many things and failing/learning. Finally about to accept defeat in searching the magic wand. Planning to sell all my holdings and shifting that fund to index funds, which is in a sense the real magic wand.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly😊
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this, are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $508k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choi
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s your financial advisor or coach, do you mind hooking me up?
Honestly, How can I be part of this project I earnestly hope to build a strong financial future I'm interested to take part, who's the person behind your success?
I've actually been thinking of reaching a portfolio-adviser, my 401k and stocks been losing everything it's gained since 2019, mind if I looked-up this one coach you use?
This is a great talk to come back and revisit throughout your financial journey. There's always something new to get out of it. Also, shoutout to the moderator. She had good energy and questions.
Pay every household $2K retro from March 1, and train people to work online at $2k per month! The virus is a fake to put us all on the street to die. I agree that the businesses should be open. To all the Door Dash grocery delivery drivers: Always be polite to the customer, and never ask the customer to loan you a cart, or help load the groceries, especially if they are ill senior citizens. We cannot help it, if you are 500 lbs , short of breath, elderly with bad knees, then do not deliver huge groceries orders! I am a most generous tipper, but twice I tipped zero to lazy and disrespectful dirt bags! I respect an over tip respectful and hard working drivers. If you are dishonest, you lose more in the end. Instacart stole from my debit card, so that was the deal breaker. I used PeaPod for decades, until they left the area, but they stopped carrying the items I loved. Walmart is working great, and are the less expensive of all the delivery services. I do not like substitutions, and they made one mistake by substituting items.
Recently I got into the youtube financial niche, and I’ve taken a deep dive into investing, particularly dividend growth investment as it interests me. Tried several methods trying to figure out the best approach to building my portfolio. So far, I’m making progress with the help of my financial advisor. Back to the video, wonderful job there, always look forward to your next content.
It’s almost the same situation here. The difference is that I got off early enough to know that financial planning would help me go a long way. I’m in my 60’s and reaping off my hardwork.
I agree! I love her laid back style and asked great question and actually let him answer. Many moderator's don't have the skill she does. She did great!
I bought my house in 2008 for 57k. Sold it in 2018 for 160k. Put about 100k in my pocket after closing cost etc. If I had been renting there would be NO 100k flowing into my bank account. Today I am debt free and have about 60k in the bank. The point is, every one will have a unique financial story in the end. There is NO 1 financial plan fits all that is going to work 100% of the time. Although I agree and like the investing option of index funds, to make a statement such as "Why your house is a terrible investment" can be a misleading statement and not true in my case. Good luck to all in your financial endeavors.
Congratulations! You bought at just about the perfect time and sold at just about the perfect time! But here's the thing: If you had put that 57k into an index fund and reinvested the dividends, the value in 2018 would have been around 300k or more instead of 160k. Your perfect timing 'investment' on a house STILL didn't even get close to matching VTSAX in performance over the same period. Between buying and selling costs, RE taxes, insurance, and maintenance, hidden costs can often wipe out any financial gains from buying and selling a house. Collins is saying that it's perfectly fine to buy a house to live in. That's a lifestyle choice, a common one. But never buy one thinking of it as an INVESTMENT, because it won't ever be a good one, comparatively. That's "Why your house is a terrible investment." Yes. Even yours.
It’s by far The Best Informative video I’ve ever watched ! Thank you Mr Collins for sharing your knowledge in Stocks ! I liked that your answers were direct to the point ! You are Awesome !
I watched the entire video last night, and have found myself coming back for a second viewing. I LOVE the smooth silk voice, but more importantly, how he makes investing simple for anyone to understand.
Dollar cost averaging is great for sanity and psychology- the new investor learnes to "let go" of the cash they dont really need in the short term over time. Its also the only option available to people who dont have large ampunt of cash sitting around - almost everyone
If you have money pulled out of every paycheck to go in the market, that is NOT dollar cost averaging. You are putting money to work in the market as soon as you have it. Dollar cost averaging would be if you got a lump sum cash ($1,000,000) and did not put it in the market all at once, but divided it up into small sums to buy into the market over time.
typhoon320i I don’t see a difference. If I have $120 today and I dollar cost average over a year, that’s investing $10 each month over 12 months. If I took $10 out of my paycheck each month and invest it, the outcome is the same.
Something important that I haven't heard him talk about is the fact that if people are scared to invest, think about 20 or 30 years from now: If the market is sitting well above what it is now, then we are "low" from that point in the future to this point. However, if the market crashes and stays down, then we are at a high. However, since the opening of the market, it have never NOT recovered, which then leads to an even higher rate than it was. Additionally, there was only one point in history that was bad news for people's investments for anywhere between 10-30 years. Other than that, this is probably the most solid advice on investing!
bighands69 I’m reading the intelligent investor, have read “common stocks and uncommon profits” at Warren’s suggestion, but am still holding my investments in index funds, and a few Brk/b shares. What is your take on Berkshire Hathaway class b? I cannot afford any class A’s yet. I intend on holding the for decades to come, and continue to buy through my Roth IRA
Yes, but I really don't get why the Bogleheads are so high on Warren Buffet. Warren Buffet does not invest in the market like a retail investor. He BUYS ENTIRE COMPANIES. He's smart and rich AF, but he is not someone to be emulated unless you are playing with billions of dollars instead of thousands or millions.
Josh, people are nuts for buffet because even the class b berkshire shares are up almost 4X in 15 or so years. There aren't many investments that can say that so consistently..
@@GHE-bv1pf I do not care about market risk adjusted on my own investments. That to me would be a total waste of time trying to establish risk on the businesses I invest within. I do carry out analysis that is qualitative to identify risk areas but never would I attribute any sort of computational analysis to investments. If I can trust every aspect of a business then I would invest within it.
Fantastic talk, many thanks for this! We need more JL Collins in this world, just spreading the good knowledge! Love also how calmed he talks, very good fellow human!
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Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
Exactly ! That's my major concern and what lucrative investment can one venture into with the current rise in economic downturn
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
@@mikegarvey17who is your advisor please, if you don't mind me asking?
*Izella Annette Anderson* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I am regretting not investing in stocks ever since but still grateful i kept money in the money market. With about $200k maturing soon, i plan investing in the stock market. What stocks should I look into as a newbie to safely grow my money
You should look at energy stocks , they look to be the biggest beneficiaries of AI and Data centers , also DCAing into a good ETF too ...Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
It's wise to stay proactive and diversify assets to manage risks during uncertain times. I’ve delegated my financial management to a consultant after facing a major downturn in late 2019 during the COVID outbreak. Today, I'm semi-retired and about 25% short of my $1 million retirement target after making additional contributions.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfoIlo allocation
'Laurelyn Gross Pohlmeier' a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an onlline search on her name and came across her webslte; thank you for sharing. I sccheduled a caII..
"time in the market is more powerful than timing the market"....a good quote
You should contact Sophia Lane via email at lanesophia084@gmail.com or on instagram at sophy_ability or whatsapp/telegram on +1(361) 245-0314. If you need legitimate help with your credit card, bitcoin, forex account, PayPal, western union, money gram, G-Cash, credit score, instagram and many more. He does not take upfront payment and can solve your financial issues. He is fast and reliable.
Yeah...but that depends on your time horizon and life stage.
2020 when we don't trust the market...
Definitely. And so true one! Timing the market is one of the worst things one can do - and yes, I've learnt the hard way by being impatient, wanting those great returns quick. Pick great companies and give them time.
@@SenseiEli New Zealand farmer has set a Guinness World Record for wheat yield -
Finishing up at 258.8 bushels per acre,
the wheat paddock produced 17.398 tonnes per hectare
www.realagriculture.com/2020/07/new-zealand-farmer-sets-new-wheat-world-record-at-258-8-bu-ac/
I swear with his voice he could tell me anything and I would believe him. He's like a big friendly grandpa bear. A rich one.
You are right, also her laugh is ideal and completes the image full circle
A bearish sign is not wanted in this context.
+
Sounds like a chain smoker to me. Did your grandpa smoke?
Is he really rich? I am not sure about that, but I really believe in him. First 3 minutes of the video, I already bought his book.
One of the most intelligent people who doesn't have an agenda. This is the advice he wanted to give his own daughter (whom he wants nothing but the best for in life), and the message simply spread. The reason his message exploded into a world-wide audience is because it is true. He wasn't looking to gain anything out of it for himself, but such things turn out this way.
another important point is, nobody can predict when the market will crash. if anyone did, they'd be richer than Warren Buffett.
so, basically, anyone who's publicly 'predicting' any crash or rise, just know they should already be richer than Warren Buffett but they aren't. so they're trying to influence people (scam).
_"It shouldn't take 58 minutes to learn it, though. It's really 'just buy index funds.'"_
It doesn't. It takes 10 seconds. What takes a while is convincing yourself that it's true.
_"I do wonder what will happen when everyone starts buying them, though."_
He answered that in the questions. Both passive and active investors in stocks are non-controlling owners-however they chose to invest this won't affect the total performance and valuation of the market-through supply and demand passive investors will push prices up and down just as much as active ones-they just opt out of the the gamble on who's gonna win: Their influence makes every stock go up or down in the same way (a market downturn will push down the price of solid companies in the same proportion as bad companies). If too much people opt out of picking stocks, better and better opportunities for easy profit will appear, a sort of quasi-arbitrage, and those with skill and will are going to tackle them using value investing techniques. If too much people go on trying to pick winners, there will be less chance of success and indexing becomes more attractive again.
Ed umm....these young people, who I’m sure are very smart,think tax deferred headings (buckets) are the investment. Our schools and their parents have failed them in financial literacy.
Ed
GOLD beat berk.b (buffet) shares over the last 20 years. To this man's credit, even Warren isn't right all the time, he is simply right more than he is wrong. No one can time the market, but you must expect that if you get lucky one time, odds are, you will not get lucky in the next turn. A smoothing of your decisions will occur.
The man is a common sense machine. No agenda. Just solid principles.
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
That's so true. but if i may ask, do you trade all by yourself?
I have been investing in stocks for over 10 years now and I have made a lot of money. My portfolio has grown exponentially and I can't thank stocks & TERESA JENSEN WHITE enough for such an amazing way to make money!
How can this person, TERESA JENSEN WHITE be reached please...
Wow! I just looked up this person out of curiosity and I'm super impressed with her qualifications. Thanks for sharing.
@@presley492 totally a real conversation between two human beings 100%
Listening to JL Collins is like laying on a bed of huge fluffy pillows. So relaxing, you take in all his great wisdom while in a relaxed state of mind. This was an excellent talk !
So his voice is like heroin?
Have you listened to his meditation for when the market crashes.... very calming.
Time and time again, I see that the fundamental quality to succeed with money is to be humble. To be who I am and conduct myself with the flaws that I have and stay humble and agile enough to admit when I am wrong and correct the path. As years passes, humble and patient people become my real heroes. May Lord give us the change of heart to practice same virtues as this good man.
Well said Anoop !
Well said. The idea is to stay away from the hubris. Real Wealth is something you have when you have no money - its always a reflection of character.
Amen!
While growing up, I was always told that stock market is risky and never to invest money. Finally at the age of 32, I came across his talks and read the book. I am hooked to investing every penny I can into VOO. I don’t think anyone else would have convinced me to invest.
Have watched many of JL Collins show. The love for his daughter, has got him many daughters and sons albeit unconciously. Hats of to you JL Collins. We love you
This video changed the way I handle my finances three years ago. Just like the moderator said, he is the first person, at least among the ones I come across, who tells you exactly where you should invest your money. Very refreshing. Nothing vague. No more confusion and tinkering. It made my life so much simpler. I can actually focus on saving and getting more money to buy VTSAX. Thank you Google and JL Collins.
I first heard this advice of investing in index funds in my Intro to Economics class in college back in 2014 -- my textbook was written by Paul Krugman and he expressed the exact same thoughts about why index funds and pegging yourself to the average market is the best way to go. Actually, Warren Buffet himself has gone on record saying that the average American would be better to invest in index funds.
professional advisors aren't allowed to tell specific stocks/mutual funds to go
JL Collins was a pivotal mentor in my life, through his blog, for my wife and I reaching Financial Independence.
Moderator: Your in a room of above average intelligent people
JL Collins: Perhaps, but not in investing
love his inherent sharpness!
I'm sorry but intelligence is much deeper than what they represent.
Not sure why should said that, seemed pretty snobby.
she*
*you're
I once stood in a room full of very intelligent people and watched as a very young guy pitched his startup to them. It was a scam, and anyone with basic training in critical thinking would have realised it right away.
I watched as he won them over, appealed to their greed and psychological biases, spoke one logical fallacy after another and a bunch of claims he couldn't possibly back up. In the end they were jaded and in 2 years he had robbed over $60 million from them, just to disappear away.
Intelligence is good, but it does not mean you know how to think. One can still be gullible, lazy, biased or unfit at something no matter what his/her basic IQ is.
I learned that the stock market was a rich man's game (yes, grandparents lost it all back then and preached that forever) but I've been around long enough to really taste how great it can be. To be profitable, with inflation at 6.1% These are surely desperate times, but in my opinion, there is no market condition that a good financial advisor cannot navigate, especially those that have existed since the crisis of 2008 and before.
@Alexis Anders One of the biggest mistakes investors can make when it comes to stock investments is giving up just as the indexes reach support and begin to rise after a bear market bottom. I've been speaking with a coach for a while now primarily because I lack the background knowledge and mental toughness to handle these reoccurring market conditions. I made over $220K during this drop, which proved that there is more to the market than the average person is aware of.
@@louisairvin3052 I lost over $9000 this week, which is money I'm putting aside for retirement ; who is this individual that advises you?
@@anthonyrussell5718 There are lots of them but almost everyone works with KAITLIN ROSE STERNBERG this days, she's getting more recognized by day, she strategies has been the best this period
@@louisairvin3052 Thanks, I merely looked her up on Google and was highly impressed by her credentials; I got in touch with her because I need all the help I can get. I just set up a phone call.
I don't think you listened to the talk carefully enough.
"When you buy a house, you are not making an investment. You are making a lifestyle decision" - JL Collins
Over 20 years my husband and I ALWAYS bought properties as investment vehicles. With only one exception (over 10 properties) we "did well." The only one we considered a "failure" was our Cocoa Beach, FL, condominium, which we purchased in 2006 (at the height of the real estate market!) for which we "paid too much." But we had paid cash, and over the years we never had more than one month vacant, ownership expenses were reasonable, and we moved into the home in early 2019 as our primary residence. And FINALLY its value is back to what we paid for it.
@@candecarro May be I guess 'house is a lifestyle choice' applies only for those early in life trying to buy their first house. If you can afford more than a house its definitely more of an investment choice. Thanks for sharing, good luck!
yes and no, some are emotionally buying, some rational buying.
I bought a condo and replaced the rent with mortgage. With inflation and indexations of rents from the last years and refinance that I did 2 years ago , finally my mortgage is smaller than the rent in same area same surface. My mortgage will end in a few years and I kept to invest and save as before mortgage, more now.
The problem is when people are buying something too big for their income...
@@vimalalwaysrocks, Agreed!
His book should be required to be read in high schools.
THIS!! It would change lives for the better.
C’mon, you think the leftist shitheads that run our schools would allow that?!
@@paddyoak1 geezus, not everything has to be political. But it’s a fact that the more education you get, the more left leaning you are, so the sentiment that republicans are uneducated morons actually fits as a general demographic observation. And you’re one of them. Congratulations!
@@paddyoak1 Kind of the opposite, they won't teach kids valuable information so they'll grow up uneducated to be part of the workforce and never gain anything valuable out of life. The last thing the powers that be want is an informed working class
They’ll never do that as the working/middle class would become too smart, capitalism would be shattered, and the big rich boys wouldn’t have the millions of smaller ppl stuck working for them til death
JL Collins is one of my very favorite financial bloggers/writers. Great interview and kudos to the interviewer for asking good questions and letting him fully answer. Excellent interview.
Hello. Can you please tell me where to find his blog!?
The
"As an investor I don't have to figure out who the winner is gonna be ... coz I own them all"
Much gratitude and respect to JL Collins. He has helped me so much! I came across his blog for the first time at age 41. I had no idea about index investing and always thought I needed a manager. Fast forward two years later, I saved up to invest in VTSAX, contribute regularly and transferred my Roth and traditional IRA to Vanguard as well. Thank you, Mr. Collins, for sharing your knowledge, wisdom and experience. You have changed more lives than you know!
At what point are you adding bonds to your portfolio?
It’s by far The Best Informative video I’ve ever watched ! Thank you Mr Collins for sharing your knowledge in Stocks ! I liked that your answers were direct to the point ! You are Awesome !
Please don't make the huge mistake I made! Collins mentions never to panic and sell. I did just exactly that in October of 1987. The month before I made my first ever investment in the stock market. I bought a "safe" mutual fund at Merrill Lynch. One month later on "Black Monday" was the largest EVER single-day drop in stock prices. EVER. Including during the Great Depression . Just the month before I had invested $40,000. Overnight that turned into $22,000. I foolishly panicked and pulled it out. This is sickening today to realize that if I never added another penny that would be around $950,000 today. HUGE MISTAKE. Exactly what he said TIME IN THE MARKET is the secret to wealth...
Thanks for sharing
Honestly before watching this video I was a bit edgy.. but now at the 50th minute, my nerves have calmed down, I feel so relaxed and at peace.. hearing his voice itself is a therapy.. Thank you JL Collins..
My dad found vanguard in the 80s. Started me off with a tiny investment with them. Now as a 30 something i love them and recommend them to everyone
Your dad was already in his fifties when you were born?
Pretty sure they meant 1980's.
@@Elaba_ hahahaha
You don't need to understand anything just do what he says. I bow down to this man.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise.
Munger and Buffett have both achieved an incredible feat with Berkshire. They've turned thousands to billions, and have made a lot of people wealthy in the process. I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.
@@BenjaminMcLeod815 the mkt has gone berserk! whether you're a newbie or a veteran trader, everyone needs a sort of coach at some point to thrive forward.
@@tradekings5433 Well agreed, that's the more reason I prefer my day to day mkt decisions being guided by a invt-coach, seeing that their entire skillset is built around going long and short term, at the same time laying off risk as a hedge against inevitable downturns, coupled with the exclusive information & analysis they get, it's near impossible to not out-perform. I've been using a coach for over 3 years, and my portfolio has yielded from initial $500k to aprofitable amount now
@@tradekings5433 how do one get hold of this your coach?
@@BenjaminMcLeod815 Absolutely, MARIA ELIZABETH FILINDRAS is my portfolio coach, and my trading account basically mirrors that of hers, it's quite transparent and automated, so I don't have to be active during trades. You can vet her if you like.
Ironically his and Jack Bogle's voice are in the rare categories where it's a pure pleasure to listen to. His international investing advise is also directly in line with what Jack's philosophy was. I am 55 and looking back when I bought my first investment at 18 which was a hot small cap, I really agree with VTSAX and then add bonds when you retire being the easiest way to success.
This guy needs to be a voice actor in his spare time. His voice is soothing and smooth
Voice acting is 90% acting and 10% voice, but yes, his voice is very cuddly and authoritative.
Should be in Skyrim or something.
Honestly the best Financial Independence book I have ever read is JL Collins's "The Simple path to Wealth"!
His blog is a wealth of information.
What a genuine being, I am so grateful to have come across this google talk.
The best line comes from the beginning when the interviewer says he is in a room full of above average people and he slyly replies “perhaps not at investing”. Its so true, everyone thinks they are above average at investing and even if you are the best at something else does not mean you have an edge with investing.
"time in the market is more powerful than trying to time the market" JL Collins
Time in the market is more powerful than timing the market.
Jl colins bwas NOT. The original person who said that time in the quote.
Finally somebody said as it is. Homeownership is not a financial decision. It is a lifestyle decision.
I've been following JL Collins for years and happy to see that he was invited to a talk at Google.
Never heard of him??
This man is a straight shooter with a great deal of wisdom. He knows the real deal. BTW, there is no worry about index investing becoming the dominate mode for all investors. The stock market is legal gambling and the human race loves to gamble. After all, there are gamblers who do hit the jackpot, and that is what keeps people buying individual stocks... Yes, avoiding financial advisors is his best advise.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.
@@martingiavarini Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
@@hermanramos7092 I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with “Catherine Morrison Evans” for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@@martingiavarini Thanks for sharing this. I did my own little research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick up so I scheduled a phone call.
"Simple is more powerful.Simple is what simply gives you the result."JL Collins
his voice is so smooth
It's like John Goodman sipping a nice bourbon.
Lol...the White Barry White?
Good man, good advice.
Single malt 18-year-old whiskey
Nguyen Quang Ngoc the man should narrate documentaries.
His audiobook is pretty sweet he's talking the whole time. It's pretty cool
One of my favourite videos on financial independence. JL Collins is an inspiration.
I have been doing the same things as Collins for many years. He is the first person to back up my thoughts on investing. I feel a lot better about continuing my investing philosophy.
It is remarkable how underrated this advice is.
His method is the best way to invest and his book and blog are the best information on investing I've come across in my life.
Richard Carey 9
It pretty good conservative advice, bit I have done a lot better with the data I have learned from Fool.com.
How many things have you come across? 2?
@@tompaulcampbell and what kind of time period is that over? The research has shown repeatedly over and over that picking stocks doesn't beat the index. Fool might fool you for a few years but 20 years down the line you'll be cursing yourself.
Wokanshutaiduo Snape Twenty-five years, approximately. Check out their stats.
Cant believe I'd never heard of this guy. He is great! And such a calm manner of speaking. It had a whole SNL Delicious Dish vibe going on in just the best way.
Finally the father I never had to teach me these things!
billions around the world grow up without a father bro... never feel bad for that, feel bad if you do the same to your seed, regards :3
I never watched videos longer than 40 minutes in RUclips. I just completed this and I'm not even from US. Awesome video
I avoided investing for years because I followed some simple advice I heard on npr after the crash of 08 and it was, "if you don't understand it, don't put your money in it". Needless to say I'm investing again thanks to this guy.
That was excellent advice if it referred to individual stocks... Everyone should be in the market but very few should pick individual stocks.
This is being seen in a big way now, all the YOLO people on YT who thought the market just went up since the Covid crash are getting crushed now and rightfully so... They don't understand the market and individual stocks or how to value a company.
Yet they think they're all 'investors', they're not at all. And a good market crash is exactly what's needed to shake out the dead weight.... For people who don't like doing the exceptional levels of due diligence needed, they should be in indexes only (this is nearly everyone) and those who are fine with qualitative and quantitative research with strong understandings of valuation then picking stocks is perfectly fine and should be done in conjunction with indexing.
That was AWESOME. JL Collins provides such sound advice, and it's a pleasure to learn from him because of his warm, relaxed demeanor. The interviewer did a remarkably well job--she is top-notch, fully focusing on Jim and steering the interview smoothly. Well done, and thank you for providing this!
Uncle Jim! I love your book on Audible!! I just rolled over my 401k into VTSAX and VBTLX today! 80/20 mix I feel is right for me at this time. So happy to simplify and accelerate my path to financial freedom! Thanks for sharing your wisdom with us!
isn't VTSAX the REIT index?
Owning a house is more expensive, but its my choice of lifestyle. I absolutely love it.
Words of wisdom from the godfather of Financial Independence. I wish I had this information when I was growing up!
"When you buy a house, you're not making an investment, you're making a lifestyle decision." Gold.
Where are you supposed to live?
Stupid.
@@Kitiwake ignorant piece of shit. Did you even watch the video? Get an education before you make an ass of yourself.
Mr. Collins has a less anxious presence and seems appropriately confident. His success proves why. He exudes trustworthiness. We, the watchers, should be careful to not blindly follow his logic, yet by reason test his ideas. There is such good information here, I think, for an average everyday person, who I think is his audience. Heed his wisdom, folks.
Bought his book, one of the best pieces of knowledge I have received in my entire life.
His book is a great read. After paying off all debt JL Collins is all you need to learn about investing.
Watching this in 2023. This video is aging like fine wine.
What? This video has aged like milk. In hindsight, passing on the opportunity to buy a house in 2018 and continuing to rent may turn out to be one of the worst decisions ever. Since 2018 interest rates have tripled and housing prices have doubled.
Also investing only in index funds means you missed out on historical gains in AI stocks and crypto.
Excellent talk. Answered all questions in the Q&A with detail. Anyone looking for simple sound advice should listen to this. Great job JL Collins. 👍
Thank you Google for uploading these talks.
So much value.
You should contact Sophia Lane via email at lanesophia084@gmail.com or on instagram at sophy_ability or whatsapp/telegram on +1(361) 245-0314. If you need legitimate help with your credit card, bitcoin, forex account, PayPal, western union, money gram, G-Cash, credit score, instagram and many more. He does not take upfront payment and can solve your financial issues. He is fast and reliable.
I love listening and learning from JL Collins he's a smart guy!
Wow I love listening to this guy and I never heard of him prior to watching this video. He's so calm and father like. It's so rare to hear financial advice from a FI person who doesn't have any agenda to gain from it
Wise man! The best one hour I've spent yet.
When ASMR meets Finance.
Every young person needs this information.
Acquire a skill, work hard, live below your means, stay out of consumer debt, pay off your house quickly, save and invest=retire comfortably. It's possible for everyone. Alas, the above is probably too short for book form.
Not for everyone, unfortunately. There are a lot of positions with a low salary( Well-paid jobs are limited and if you not smart enough to get one of it you will save money for a long time. Investing in an index is very conservative and mostly depends on how much you can invest. Nevertheless, the path to financial independence exists and it's simple if you are smart enough and have a good education and well-paid job at the beginning otherwise it's difficult.
'Acquiring a skill' is horrible advice. What you said is far too simplistic in general, you priortized collecting assets far too low as most people do. Dont be confused between an asset and a liability as well. Your income is your initial investment (in this case investing your time/labor), you can do anything that will get you the appropriate amount of income. The real work is what you do with that income, that is where wealth will be made or financial security will die. You have to reinvest that income to generate further income
@@RomanTchekashov ruclips.net/video/smPWDGT-VFs/видео.html
This is the stupidest advice i have ever heard....why work hard at a job when a job is @ the highest tax??? Why Save money when the government PRINTS trillions??? Why pay off a house when you can borrow money at historically low interest rates??? I have NEVER met a multi millionaire who did what you advise. Your advice works if you want to have a million dollars in 50 years but by then 1 million will be worthless due to inflation
@@RomanTchekashov We can be encouraged by the findings of recent large studies e.g., Everyday Millionaires by Chris Hogan, the largest study ever done on how ordinary people reached a million dollars of net worth. About 90% of them did it by their own efforts (I.e., not by inheritance) and a large number of them never had a six-figure income in any year of their working life. The fact is that everyone can learn to improve his or her income, savings rate, wisdom and skills.
After the first 2 minutes I like this guy already
He has done 2 episodes of the ChooseFI podcast too, both are great. Episode 019 & 034.
He's an excellent speaker, and makes things so simple and easy to understand.
I loved his book. I listened to 16 chapters of his audiobook in one sitting
His approach to buying vs renting mirrors my own: my house is not an investment vehicle; it is a lifestyle choice. It is a secure roof over my head and a place to park all my stuff. I don't have to worry about the landlord selling the place out from under me and having to move. In exchange I acknowledge that I might be costing myself some money vs renting (dependent on local market conditions).
Also, while acknowledging that he's talking to an American audience, the rent vs buy calculations can differ wildly. Where I live, rentals come unfurnished, and you still need to supply your own whitegoods etc, so the moderators example of the broken refrigerator will still be your responsibility, which makes the 'cheap' rent perhaps not so much.
Great man with a great message - and he looks like my Uncle. Thanks for all your work Jim.
Daniel Dugan My uncle is my dog so I can understand the resemblance
Wise, genuine and intelligent with a shooting fatherly voice. I can trust his intentions and I can trust his judgement.
I'm listening to his book on Audible right now. Great information and teachings that I never knew existed.
Bottom line, invest index, never cash out. And die. Great! Looking forward to it!
Never cash out? What?
The entire purpose of investing is that you give up things you could have now, in order to have more later.
If you never use your investments to buy whatever you want in life (a house, a family, education, whatever), then what is the point of it all? And the movie clip that this guy remade even says exactly that.
Now, if you already have everything you want and you just like seeing the number in your investment account grow, fine.
I’ve recommended his book countless times. It’s the best personal finance book I’ve ever read
Very well articulated; I wish I had more time for trial and error, but I'll be 56 in August and I need ideas and advice on what investments to make to set myself up for retirement, especially with the looming inflation and recession; my goal is to have at least $1 million by the age of 60.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts
@@PhilipMurray251 Yes, I've used such expert, an investment adviser at that, and she really worked magic on my portfolio, initially I was always in and out of the market, selling at a complete loss but for the past 2years I've been mostly in the green, earning steady profit irrespective of market movement thus gaining over $850k+ in the past 2years
@@marianparker7502 Sweet! how'd you go about getting a proper investment-adviser like that, I've had plans to touch base with one, I'm just not sure how to go about it, I don't mind looking up this one that guides you.
@@marianparker7502 Thank you, I researched Ms Ann and I went over her site and qualifications, she seems pretty tight and I've scheduled a call.
Sorry to burst your bubble, buddy. $1 million is not nearly enough to retire and live a decent life with. You need at least $10 million these days. Do you know how expensive medical stuff is?
We love you Dear Collins for guiding us towards the path of peace and prosperity.
I'm active investor/trader since 6years. 2 years ago I heard John C Bogle's interviews, I was fascinated. But couldn't act on it because emotionally it wasn't easy. I always wanted to do better than other investors. So, I was still doing trading, choosing my owns stocks, searching for that one great trading method..... Also tried timing market during March2020 fall. Could invest only 10% of what I planned to invest because I kept waiting for a bigger fall!
Watching this interview makes more sense after trying many things and failing/learning.
Finally about to accept defeat in searching the magic wand. Planning to sell all my holdings and shifting that fund to index funds, which is in a sense the real magic wand.
Listened to the audio book three times. Great insights and simple logical financial advise.
Reading the book now and came across this... never knew the guy before. So worth it, starting investing ASAP.
Very inviting and not overly complex in the way he explains his views and advice.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly😊
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this, are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $508k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choi
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s your financial advisor or coach, do you mind hooking me up?
Honestly, How can I be part of this project I earnestly hope to build a strong financial future I'm interested to take part, who's the person behind your success?
I've actually been thinking of reaching a portfolio-adviser, my 401k and stocks been losing everything it's gained since 2019, mind if I looked-up this one coach you use?
This is a great talk to come back and revisit throughout your financial journey. There's always something new to get out of it.
Also, shoutout to the moderator. She had good energy and questions.
Saved this video in my favorites. Must rewatch every so often
Pay every household $2K retro from March 1, and train people to work online at $2k per month! The virus is a fake to put us all on the street to die. I agree that the businesses should be open.
To all the Door Dash grocery delivery drivers:
Always be polite to the customer, and never ask the customer to loan you a cart, or help load the groceries, especially if they are ill senior citizens. We cannot help it, if you are 500 lbs , short of breath, elderly with bad knees, then do not deliver huge groceries orders! I am a most generous tipper, but twice I tipped zero to lazy and disrespectful dirt bags!
I respect an over tip respectful and hard working drivers.
If you are dishonest, you lose more in the end.
Instacart stole from my debit card, so that was the deal breaker. I used PeaPod for decades, until they left the area, but they stopped carrying the items I loved. Walmart is working great, and are the less expensive of all the delivery services. I do not like substitutions, and they made one mistake by substituting items.
Recently I got into the youtube financial niche, and I’ve taken a deep dive into investing, particularly dividend growth investment as it interests me. Tried several methods trying to figure out the best approach to building my portfolio. So far, I’m making progress with the help of my financial advisor. Back to the video, wonderful job there, always look forward to your next content.
It’s almost the same situation here. The difference is that I got off early enough to know that financial planning would help me go a long way. I’m in my 60’s and reaping off my hardwork.
Mr Collins nothing is “simple” especially acquiring wealth in life, but what is “simple” is not giving up on acquiring wealth
Its literally simple. Buy an index fund lmao
This video changed my life. Thanks Collins!
Can you give an update?
This is probably the 3rd time I've watched this. It's a good mindset to have.
I really want to compliment the moderator- absolutely fantastic job and fantastic questions.
I agree! I love her laid back style and asked great question and actually let him answer. Many moderator's don't have the skill she does. She did great!
stephen geraci a moderator that has the ability to not interrupt someone is a very impressive skill.
I agree, not many can do it well.
I bought my house in 2008 for 57k. Sold it in 2018 for 160k. Put about 100k in my pocket after closing cost etc. If I had been renting there would be NO 100k flowing into my bank account. Today I am debt free and have about 60k in the bank.
The point is, every one will have a unique financial story in the end. There is NO 1 financial plan fits all that is going to work 100% of the time. Although I agree and like the investing option of index funds, to make a statement such as "Why your house is a terrible investment" can be a misleading statement and not true in my case.
Good luck to all in your financial endeavors.
Congratulations! You bought at just about the perfect time and sold at just about the perfect time! But here's the thing: If you had put that 57k into an index fund and reinvested the dividends, the value in 2018 would have been around 300k or more instead of 160k. Your perfect timing 'investment' on a house STILL didn't even get close to matching VTSAX in performance over the same period.
Between buying and selling costs, RE taxes, insurance, and maintenance, hidden costs can often wipe out any financial gains from buying and selling a house. Collins is saying that it's perfectly fine to buy a house to live in. That's a lifestyle choice, a common one. But never buy one thinking of it as an INVESTMENT, because it won't ever be a good one, comparatively. That's "Why your house is a terrible investment." Yes. Even yours.
This has turned out to be a gold mine worth of information. Highly recommended for the beginner and hobby investor.
This guy has an incredible clarity of mind
It’s by far The Best Informative video I’ve ever watched ! Thank you Mr Collins for sharing your knowledge in Stocks ! I liked that your answers were direct to the point ! You are Awesome !
I watched the entire video last night, and have found myself coming back for a second viewing. I LOVE the smooth silk voice, but more importantly, how he makes investing simple for anyone to understand.
Dollar cost averaging is great for sanity and psychology- the new investor learnes to "let go" of the cash they dont really need in the short term over time. Its also the only option available to people who dont have large ampunt of cash sitting around - almost everyone
If you have money pulled out of every paycheck to go in the market, that is NOT dollar cost averaging. You are putting money to work in the market as soon as you have it. Dollar cost averaging would be if you got a lump sum cash ($1,000,000) and did not put it in the market all at once, but divided it up into small sums to buy into the market over time.
typhoon320i I don’t see a difference. If I have $120 today and I dollar cost average over a year, that’s investing $10 each month over 12 months. If I took $10 out of my paycheck each month and invest it, the outcome is the same.
@@jklok Correct, typhoon320i doesn't know what they're saying.
Something important that I haven't heard him talk about is the fact that if people are scared to invest, think about 20 or 30 years from now: If the market is sitting well above what it is now, then we are "low" from that point in the future to this point. However, if the market crashes and stays down, then we are at a high. However, since the opening of the market, it have never NOT recovered, which then leads to an even higher rate than it was. Additionally, there was only one point in history that was bad news for people's investments for anywhere between 10-30 years. Other than that, this is probably the most solid advice on investing!
Index funds are not the only way to make money. A balance of index funds and building real estate portfolio is also important.
The questions are alarmingly ignorant. Kudos to Collins for not laughing.
I like his voice. He should narrate his book
He did. Great book
Thank you, Jim! You have given us the best advice. Been following your blog for years. Have taken your advice and it works! Thank you!
Very good and wise advice. Warren Buffet did say that the best advice he gave to his kids was to invest in an index fund.
bighands69 I’m reading the intelligent investor, have read “common stocks and uncommon profits” at Warren’s suggestion, but am still holding my investments in index funds, and a few Brk/b shares. What is your take on Berkshire Hathaway class b? I cannot afford any class A’s yet. I intend on holding the for decades to come, and continue to buy through my Roth IRA
Yes, but I really don't get why the Bogleheads are so high on Warren Buffet. Warren Buffet does not invest in the market like a retail investor. He BUYS ENTIRE COMPANIES. He's smart and rich AF, but he is not someone to be emulated unless you are playing with billions of dollars instead of thousands or millions.
Josh, people are nuts for buffet because even the class b berkshire shares are up almost 4X in 15 or so years. There aren't many investments that can say that so consistently..
@@bighands69 did you outperform market risk adjusted basis?
@@GHE-bv1pf
I do not care about market risk adjusted on my own investments. That to me would be a total waste of time trying to establish risk on the businesses I invest within.
I do carry out analysis that is qualitative to identify risk areas but never would I attribute any sort of computational analysis to investments.
If I can trust every aspect of a business then I would invest within it.
@11:05 I had started actually writing a series of letters to my daughter about financial things I wanted her to know...
Respect JL Collins!
I wish I could have heard this 20 years ago.
The best time to plant a tree was 20 years ago. The second best time is now.
100%
Fantastic talk, many thanks for this! We need more JL Collins in this world, just spreading the good knowledge! Love also how calmed he talks, very good fellow human!
Jack Bogle is the Yoda of investing and JL Collins is Obi Wan Kenobi thusly implying Mr Money Moustache is Luke Skywalker.
This was magnificent. I can hardly wait to go to his blog and get his book!!!