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 ( )
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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.
Always excited to see the book reviews, fantastic info
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.
Love this video! Can you do more books reviews & recaps?
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.
@H 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.
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.
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!
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.”
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.
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! ❤❤❤❤
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.
Great video, I love how you take your time to educate your viewers we all strive towards financial stability and a better Life. It is easy to achieve this through the right investment, by living frugally and budgeting. I’m grade I learned early in life to work hard for financial freedom.
I’m really getting losses this period trading on my own, I trade well on demo. But I think the real market is manipulated. Can anyone help me out or at least tell me what I’m doing wrong.
@Phil Stones venturing into Stock trading without an adequate orientation with a professional broker for accurate signals. you might lose all your hard-earned money
Obviously trading in the financial market is very volatile and risky to trade that’s the reason most investors trade with professionals.
@Theressa That’s true, trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor the trade.
@Clara Lynn I’m enjoying working under a platform that brings good returns in my life, I’ve been earning a lot of money in my weekly returns without stress in the market.
I just finished reading this book and it was life changing!
Really enjoyed this video very simple & great explanations
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.
You are absolutely right 👍
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.
@king bush True 💯
@king bush 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?
@Ning Yen cryptocurrency investment, but you will need a professional guide on that.
This is great! I’m starting in my learning and hopefully applying sooner rather than later, investments! This so far has been the shortest, cleanest, and clearest and most straight to the point video that I’ve seen. I felt like I took a 15 minute class that taught me all what I acquired for. Imagine investing $3k and receiving $12k, you’ve helped me a lot Mrs Pam Joan Birnie
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.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and heatlhcare companies, but off course such decisions cannot be made by an average Joe, a financial advisor is important in making these decisions
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
@Adam Sattler 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?
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.
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.
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
It’s always a honor to have you here as a mentor, I learn a lot watching your videos and it has encouraged me in making decisions about my finances that changed my life. Imagine investing $2,500 and receiving $18,500 in just a week. I must say that working with ms. Lucy boldwin is the best.
Investing is beneficial as it paves a promising future for our children. To maximize your wealth, it is crucial to allocate your funds in high-yielding investments.
I know Lucy! Her team management is the best for newbies, with my little invested $1,500 I made returns of $9,500 in just a week, her trading strategy is amazing.
I’m also a round beneficiary of Ms lucy. My first experience with her gave me the assurance that has made me to invest without fear of loosing
Can you please refer me to her ?
SHE’S VERY ACTIVE ON HER TELEGRAM’S APP WITH THE NAME BELOW