The Simple Path To Wealth // #1 Book On Investing
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- Опубликовано: 11 июн 2024
- Timecodes:
0:00 - Intro
0:25 - Learn Money
1:27 - Freedom Is The Ultimate Goal
2:44 - Control Our Lifestyle
3:46 - Embrace Simplicity
4:37 - Debt Is Not Normal
5:43 - Marry Well
6:41 - Avoid Financial Advisors
7:36 - Avoid Stock Picking
8:34 - Avoid Market Timing
9:20 - Ignore Market News
10:32 - Invest In VTSAX
12:19 - Wealth Accumulation vs. Wealth Preservation Stage
► The Simple Path To Wealth (amzn.to/44rWTFE)
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
❤"I may not own a (luxury car) but I own my Freedom!"🗽
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With the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.
Such considerations can certainly have a role when I think about whether I ought to buy into a share. But I never purchase purely on that basis, i always have to seek the advice of my financial-pianner who has helped me gain $985k in a well-diversified portfolio that has experienced exponential growth
Personally I work with Colleen Rose Mccaffery registered investment advisor. She’s Quite renowned, search her name to get in touch
@@sattler96 Benevolence, this reference seems valid.. Just inputted her full name on my browser and found her site without sweat, 20 years of experience is certainly striking! very much appreciate it
Good book, which was given to me by a millionaire.
I gave a copy to a young man who disliked reading but likes money. Now, he is on his way to major in finance.
Book changes lives.
I’ll save you money on the book. Avoid debt and invest as much as you can in VTSAX.
Spoiler alert. 😊
The simple path to understanding the simple path to wealth.
Where would we be without Mike? 😅
Exactly!
It needs much more conviction than a RUclips comment for a person being disciplined for multiple decades. That's where the book comes in
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.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
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 $483k 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 choices I have made recently.
Wow, that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
JL Collins is the man!
This one book can change the financial future of your family for generations. JL is a SAINT in our household.
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. A trader made over $350k in this recession influenced market
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 alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.Read more
@@maryHenokNft Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
*Camille Alicia Garcia* my advisor, boasts significant qualifications and experience in the financial market, recognized as an expert with extensive portfolio diversity knowledge and years of experience, making her a valuable asset for anyone seeking guidance in navigating the financial market, verifiable online.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
This book changed my investing life
Nobody can suddenly become prosperous financially. Although they did the background work, we mostly see the ultimate product. Fear is a harmful factor that prevents us from making the courageous decisions we need to make in order to achieve our goals. You have to deal with things like inflation, the recession, Fed policies, and more. In just a few months, I was able to add $289k to my portfolio.
@@Brilliantrans I have no advisor whatsoever, and this recent decline, which I believe was brought on by inflation brought on by war, among many other causes, really hurt my portfolio. Who would you advise that I reach out to in situations like this?
@@Brilliantrans Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Greetings Ta! Fantastic nuggets of financial wisdom and action to take today! I completely love your channel's content --you knock every video out of the park--thank you! I have digested the book, but your take on it --nailed it!
Loving your videos Tae! I always learn something very useful.
I CANT THANK YOU ENOUGH FOR THIS!!! Thank you! This book is what I was looking for. Thank you is a small word but carries so much gratitude! ❤❤❤❤
Another great video! If the average person follows your sound advice, they WILL succeed! It works.
Always excited to see the book reviews, fantastic info
This is a really inspiring video! Love your channel, brother.
Thank you.
Subscribed.
That was incredibly presented.
Well organized and hit all the important points. Honestly just astoundingly professional and informative. Thank you very much.
My most favorite book... ever!!!!
I just finished reading this book and it was life changing!
That monk parable was fantastic. Hadn't heard it before.
Wow, great video and great rec on the book... It keeps it all simple... Would love to interview you, Tae!
Just finished reading Rich Dad Poor Dad, Little Book of Common Sense Investing, Millionaire Next Door, and Psychology of Money. Going to read this one next!
I’m on this same path! Was common sense investing worth it? I just finished rich dad poor dad and already purchased millionaire next door for my next read which I’m starting today
@@BlueCollar89 My favourite so far is Psychology of Money. Common sense investing is alright, but if you are already investing in index funds, it's not a big loss to skip it
Same list here! I recently added recent book by the author of the simple path to wealth.
Love this video! Can you do more books reviews & recaps?
Tae, my copy of "The simple path to wealth" showed up in the mail today!
One of the best books I’ve ever read. It’s completely changed my perspective.
This is my favorite book on investing too! Thanks for sharing, I don't think there are any other good videos on it.
Yet another great video. Thanks!
I love your Bruce Lee analogy! Thank you for a great video. 😊
my career was bookended by 2 influential financial books. The Millionaire Next Door which became aspirational and reading The Simple Path to Wealth made me realize I had enough FU money and gave me the courage to retire early. i read the book in December and decided to retire in July the next year. i don't think i could have done 50% of gross as savings which is what he was advocating though. i also had a lot of individual stock exposure for more than a decade before i read the book which i will whittle down but all of my retirement money is in index funds. the trinity tables was reassuring to me.
Yes 50% of gross is a bit too much. Even 20% is hard these days.
@@method341 i did 25-35% of gross once i started my real job and 40-45% 2 yrs before retirement. main thing was paying myself first so i got used to living below our means.
Really enjoyed this video very simple & great explanations
All great points, and they align well to John Bogle's own advice - the "father" of the index fund. Regarding which total market and total bond funds to use, Vanguard is great - but I'd actually opt for VTI and BND instead, as these are the ETF equivalents. ETFs can be bought and sold intra-day, which gives them a slightly better edge and control element. Moreover, I believe they're slightly more tax efficient.
Again, all great points - building wealth is a simple formula - the discipline to stick with it, not pawn it off on someone else, and live these simple rules daily is what matters in the long run.
Love this book I have bought it and given it away and bought it.
Awesome ...thanks for sharing Tae :)
Thanks for the recommendation
I'm surprised you know her. I've been making a lot of profits investing with her for a few months now.
Mrs Rose changed my life because of the high profits I got from investing with her.
You invest with Mrs Rose too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much.
Great video, thanks!
I"m a life long learner, follower of JL Collins and a successful investor. I stumbled on your vid and have to say that I found your comments insightful and spot on. Tae. I hope your comments encourge others who have not already, to read the book. I"m going to explore more of your content.
Such an excellent video.
Changed my life!
I enjoy your content, Tae! I am wondering- do you ever buy or sell options as a way to earn extra money?
Let’s be honest, that hair is looking super fresh today!
Love your book collection
Yeah Tae! Nice outro music.
Great info 👍 👌 👏
Thank You
Agreed. I wonder why added the int'l fund to the two recommended by JL Collins is a good idea? Thanks for all you do. I'm a Vanguard/Tortoise investor.
Great book, but the Boglehead’s Guide to Investing is the best investing book.
Added this book to my must-read books list. I think the biggest pitfall most people fall victim to when it comes to personal finance is controlling the lifestyle and normalizing debt, which the book covers. I think this is especially pertinent to younger generations, who are using services like Klarna or PayPal to finance their trips or even meals! The social media generation makes living within one's mean that much harder with the FOMO culture.
Thanks for all your amazing content Tae. I got the audio book and listened to it and it has changed my life.
I would recommend as a follow up to this book RETIRE BEFORE MOM AND DAD by Rob Berger. He uses numbers to give concrete examples of how to mathematically evaluate your financial performance.
@Tae. Would be nice to see your summary if that book.
Cheers.
Do you have a video on dividend investing? That would be super helpful.
Trying to understand a strategy to use dividends in my Roth combined with a 401k to minimize taxes in retirement
Thank you 👍.
Tq for sharing
VTTSX has bonds too and gets more conservative over time. It has grown almost 10% in the last 10 years. I've chosen to ride with this fund for the next 40 years :)
Your summary of JL Collins' The Simple Path to Wealth here was superb, Tae. That book, to borrow from poet Robert Frost, is the financial road not taken. As compared here to the brightly lit superhighway that is consumerism, debt, and a needlessly complex investment industry, the simple path, with its proven, character-building, and easily learned precepts, is a quiet walk in the woods. And those who follow its teachings and find the financial freedom Collins and you speak of can, as Frost wrote, be like the wanderer in the poem : " I took the one less travelled by/And that has made all the difference."
This is a good book, just like another book - income factory.
I also have read many personal finance books, and if I could only recommend one of them to be read , it would be this one.
Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
@@kingbush9328 Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
@@ningyen1444 cryptocurrency investment, but you will need a professional guide on that.
Facebook 👇
Evelyn C. Sanders
Excellent job on your videos. When you say 5 percent in cash at the end are you referring to high yield savings accounts?
Get those skills up.
The monk story - If you could learn to live on rice and beans you wouldn't need to cater to the king. WOW. One of the most enlightening things I've heard in some time. Love your channel.
"Am I Bruce Lee?" Hell yeah!
0:33: Money is a powerful tool for navigating the complex world and should not be shied away from.
1:10: Learning the basics of money is not difficult and can be accomplished by reading the book.
1:32: The ultimate goal of money is to achieve freedom.
4:18: Invest the remainder and avoid debt to build wealth.
4:47: Recognize debt as a destroyer of wealth building potential.
5:48: Choose a life partner wisely as they will have a significant impact on your financial life.
9:04: The stock market is complex and influenced by various factors, making it difficult to predict its direction.
9:40: Ignoring market news and focusing on the long-term fundamentals of a business is crucial for building wealth.
10:08: Market news networks prioritize short-term ups and downs to attract viewers, but it is not beneficial for long-term investing.
Recap by Tammy AI
Thanks
JL is the 🐐
The path to wealth = write a book about the path to wealth and sell as many copies as you can....
Yeah or make RUclips videos about the same. Instead of saying sell stuff s you can make money he saids to "invest." To be fair if people are busy selling and creating who would watch his videos?
Not really, authors get very little of the retail price of a book.
Maybe if it's best selling, bit you will be one of the lucky ones. It's unlikely you will plan or predict whether or not you will be a best-seller
Save money on books at the library anf if you want to own it you can buy it second hand
VTI works well for me
Can you review "Rich Dad Poor Dad"?
I agree with the simple path to wealth but want a world stock like Vt.
Can i invest in vanguard stock index even if i m not from USA? will i pay more because of that? Any hidden fees if i m from another country?
What about VTI or VOO? I invest mainly in VTSAX. But I have VTI and VOO. Over time they give similar return. How do you feel about VTI and VOO?
The most fascinating thing about this video is your hair. It's so full and looks amazing. I think we have the same age, but my hair is very thin....What is your secret??
What kind of camera do you use to record your videos?
Ticker VTI
I’m only buy individual stocks I’m up 37% percent . Long game not the short or sel
Fidelity's FSKAX charges .015% on their total US stock market fund which is cheaper than Vanguard.
Haha, another one of those video where Tae mentioned VTSAX ... it's so funny that out of all the funds I hold, VTSAX/VTI is the best overall ...
I’ve been splitting my investments between fidelity 500 and total market to try and average the gains and losses. Is this a good idea? I’ve also thrown in some large cap growth. Thoughts?
Just put it all into VTI
Sir I am a great fan of the leaders at Vanguard, have read the book you speak of as well as "Common Sense Investing" by John Bogle the founder of the Vanguard Group. They all preach simple investment principles, yet all the RUclips crowd is constantly posting video's proclaiming all the different ways to play the market. So which is it? Simple tactics or random investing?
Simple is better.
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I can’t find the ticker symbol VTSAX ? The closest I found was VTI?
They're virtually identical except VTSAX is an index fund and VTI is an ETF. VTSAX has a $3000 starting minimum.
@@whodey2112 thank you
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I am reading The Total Money Makeover by Dave Ramsey. Could you do a review please?
I'm a fan of Ramsey. He's not excellent at investment advice - I think of that as the "college" level of finance. Ramsey is more the "elementary school" level - emergency funds, pay off debt, stay out of debt, etc. These are essential skills everyone needs before 'graduating' on to investing strategies.
@@bethbock6700 Yes well stated Mr. Ramsey focus is on day to day behavior to avoid all the impulsive financial landmines out in the world...IE. credit card debt..wasteful car loans...eating out all the time and owning your reality if your broke do something about it.
Where could I invest in VTSAX stock?
Vanguard.
Open an account at Vanguard, Fidelity or Schwab - any of those brokerage houses (they act like banks - its where you keep your $$) and from there, buy the VTSAX.
Lol single stocks are fine. Just diversify and choose wisely.
Thats why S and P index beats 80% of active traders.
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FXAIX expense ratio 0.015% vs VTSAX 0.04%.
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How is debt for an asset (something that produces cash flow) bad? Debt for a liability is obviously dumb but not for an asset.
1:40
That wasn't a monk... It's what Diogenes told Plato.
Live like Diogenes and you wouldn't need money.
Why VTSAX and not VOO?
So no international at all? Interesting
VTSAX has international companies in it
I'm so happy I made productive decisions about my finances that changed my life forever. Regardless of how bad it gets on the economy, I still make over $22,000 every single week.
I earn from investing in the digital market with the guidance of Mrs Natalie Brunell, widely known crypto consultant 💪
Ma'am Brunell is reliable and responsible to trade with, I was able to grow my BTC 1.78 to 6.46 BTC in just 4weeks
Mrs Natalie Brunell has aided so many newbies. I made over $74k with some amazing gains in the market, her pattern are very lucrative
No doubts! The strategies and Al auto trading tools she provides for beginners are very helpful, being part of her vip signal channel has really helped me as a stock holder
How can I connect with her services?
Debt is normal. The we have to be abnormal
Am *I* Warren Buffet?
This book is basically dca index funds…
Well that’s not true wealth that’s playing it safe in life. You won’t have a beach house or a car with a nice symbol. You’ll just be able to afford your death when you are older.
*"Stock picking is a suckers game."* Yet, you sit on 12 months worth of cash, foregoing the stock appreciation you can get from the VTSAX fund.
Freedom isn't a goal for adults. Freedom is for toddlers. Adults should seek responsibility for themselves and for others.