The purpose of the simple path to wealth is financial independence by creating f-you money through spending less than you earn and investing the surplus. It gives the possibility of achieving wealth without depending on paychecks.
The simple path to wealth explains debt as the single most dangerous obstacle to building wealth and investing in the stock market as the easiest way to accumulate and preserve wealth even upon retirement.
The subject of the simple path to wealth is investment and financial freedom.
Money can buy things but there is nothing more valuable than freedom. Stop thinking about what your money can buy but what your money can earn and what those earnings can earn.
In this article, we shall briefly discuss the following questions about the book the simple path to wealth.
Who wrote the simple path to wealth?
The book, the simple path to wealth was written by J.L (Jim) Collins. He is an author, financial blogger, expert, and father.
Jim is the author of the JL Collins blog. It’s a great blog about investing in the United States. He wrote this book in 2016, several years after starting his blog.
He attended the University of Illinois at champaign-Urbana where he studied English Literature. His writing career started off as blogging which later inspired his authoring the simple path to wealth and other relevant books on finance.
The Simple Path to Wealth was written by JL Collins for his daughter. His goal for his book was to give her something when she was ready to take on the world, to help her build her “F-You-Money” without having to make all the same mistakes that JL did themselves, made.
JL makes concise, funny, and entertaining read about personal finance. But the book is more than personal finance read, it’s a way of life.
A brief review about The Simple Path to Wealth
The simple path to wealth contains simple applicable rules that will lounge you into wealth within a period of time. It is simple because it pays anytime, while on a job or during retirement.
When was the simple path to wealth written? The simple path to wealth was written in 2013. it has 288 pages.
Where was it published? The simple path to wealth was published in the united states with an ISBN of 13:9781533667922, 10:1533667926.
Which Company published the simple path to wealth? The simple part to wealth was originally published on 18 June 2016 by CreateSpace independent publishing platform in the United States.
Does it have an updated edition? The current edition of the simple path to wealth was published on 16 Aug 2021 by JL Collins LLC, 2021 with a contribution from Money Mustache
How does the simple path to wealth benefit you?
The book will do a great job of convincing you to invest in the stock market. It’s well supported by data showing that the stock market is always rising on average. It is an excellent tool to get your money to work for you.
The simple path to wealth seeks to help you;
- Learn how to save up until you have f-you money (advisably 25%-50%)
- Change your mindset about debt: avoid debt, it should not be considered normal. Give immediate attention to any pending debt.
What student loans, mortgage loans, house loans including business loans are not what they appear to be. If it is too good to be true, that’s what it is, too good to be true. - Learn to invest in stock market:
What stages of investment are in the simple path to wealth?
Accumulation stage: at this stage, you keep investing your earnings and let them build.
Preservation stage: at this stage, you invest money you have earned from previous investments and allow it to keep building
Expect anything from the stock market, yet do not be discouraged by its fluctuation. The market always goes up and is a sure route to the simple path to wealth.
How do the lessons of the Simple Path to Wealth change you?
The simple path to wealth changes your mindset about
- Debt and its lies of ease whereas it is a chain of slavery investing in the stock market, how to grow your wealth from earnings and earning’s earnings, understand the ethics if investment so you can avoid losses and exploitation.
- Modest living (being proud of not living above your means, saving up half of your earnings so you can invest, patiently waiting for your investment to mature)
- Where the principles examined in the simple path to wealth is adopted it will ease the problem of depression due to joblessness, help people live comfortable lives yet have enough to live for posterity.
- Needs will be met easily and the issue of social anomaly and strata with be at its minimum.
I however recommend an updated edition to include other means of profitable investment other than investment in the stock market.
FAQs about the simple path to wealth
If your goal is financial independence, the simple path to wealth is your road map to easy transit from dependence on paychecks to financial independence.
It is having enough money not relying on your paycheck to sustain your needs and wants altogether.
The richest man in Babylon
Stock exchange magazine
Conclusion
The simple path to wealth is dedicated to reaching people with the desire to become financially independent. The goal has never been geared towards retirement however the author establishes simple formula (spend less than you earn – invest in the surplus – avoid debt).
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