Are there any online portals their family can use, or is it up to Ryan and his wife to collect contributions and investing the cash?Of course, we'll save some time for Doug's trivia. In my world, my savings rate is big enough that I have the capital to make those Roth conversions when the opportunity permits. Steve: Yeah. With that, JL, welcome to our show. As I type this, the S&P500 is down not quite 10%. 036 | In today's podcast with Jim Collins from The Simple Path to Wealth and JL Collins NH, we discuss the Chautauquas, in-person events plus an 'Ask Me Anything' series of questions from our ChooseFI community. JL: Yeah, so first of all until you get to the debt part, I absolutely agree with the strategy you described. Appreciate the perspective. All tagged JL Collins. But of course, sometimes those bad ones are tomorrow’s awesome turnaround stories. We believe that you have all the tools to improve your finances because you and your family deserve it. JL Collins – The Simple Path to Wealth from Financial Independence Podcast on Podchaser, aired Tuesday, 21st June 2016. Any color commentary on that? JL: The other thing I would say is that, while there’s a lot being written in the FI world today, we’re tiny drops in a huge bucket that mostly promotes commercialism, mostly promotes that you need a break today and you deserve this and you deserve that. Today's guest talks about both the process of thinking about opportunities AND discusses how to weigh down markets. With that, I mean, there’s so many to name, with their book, Quit Like a Millionaire. Maybe we got that sense of each other as we were dating without the conversation. Well, we’d surveyed our users and we saw the same thing. Roth and JL Collins, so I started calling these guys. JL: Yeah. I was curious about kind of like, how does it help society and individuals? JL Collins, a.k.a., the Godfather of FI, talks about two recent interviews on the “Afford Anything” podcast with Suze Orman (personal finance expert and former CNBC talk show host). If you’re willing to tolerate blizzards, there’s nice living in New England. Doc G (in an interview originally aired on the Plutus award-winning Earn and Invest podcast) caught up with Collins last year, and asked him many questions, that we’ll play for you today. The Dante Stevie J Collins Show. What is an investor to do?Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market.The market is falling. I heard the F-you money very early on in my career too. He talks primarily about organizing your life in such a fashion that you free up, and by effect, you wind up freeing up money that you can then invest. Dividends and …. Steve: Oh, it gets important as they get … there’s a forcing function in people’s lives, where they get older, and eventually they’re probably going to stop making money from work, and they’re going to be faced with how are they going to finance a long, hopefully a long period of time post career. JL Collins is one of the undisputed heavy weights of the personal finance industry. He is a prolific world traveler, having visited more than 30 countries on five continents via motorcycle, car, train, plane, boat—and even elephant. Of course, it can be any combination of those three too. This episode was recorded live from Kibanda. But yeah, what would you say to people who are … because there are a lot of our audience, and I think everywhere, this is a common question. What I needed was guidance from someone without an agenda. It wasn’t just. Jim Collins has literally done it all. Have you sold? His knack for storytelling and simplifying complex topics has boosted his blog popularity to over two million pageviews per year and convinced him to write a book, The Simple Path … Then regarding volatility, that’s one of the most important points to remember, is the way people lose money in the stock market is, when it takes one of its periodic drops, and it does on a regular basis, they panic and they sell, and then they lick their wounds and they’ve lost money, and they say, man, I’m never doing that again. JL Collins from jlcollinsnh.com and author of "The Simple Path To Wealth" joins the show today to talk about the essentials of investing! I would love to know a little bit more color on your portfolio. This Saturday, we're kicking off our weekend with coffee and conversation with the legendary, JL Collins, author of "The Simple Path to Wealth" and JLCollinsnh.com. Any highlights you want to share with us about kind of your journey to where you are today? You have enough money that … well, money that, that money earns is enough to pay all of your bills. Someone who had the education and training… [Continue Reading] Filed Under: Life. Being surprised by this is like being surprised by hurricanes if you live in Florida, or snow storms if you live in New Hampshire. You could potentially use debt to subsidize those low income years as well, as a way to finance this. The market is falling. So, you might join Brett in asking, why haven’t I? In a sense, I suppose my attitude was, what I’m doing isn’t broke, so why fix it? Well, you’re still ahead of most of the market. How to Retire Happy, Wild and Free | Ernie Zelinski. It was huge.d it wasn’t necessarily that it was huge, but now the more active oriented firms are feeling this, so you’re starting to see passive index is really growing and active fund managers and families are losing assets, so they’re feeling it. About 20 years ago, it was outpacing the market. You’re basically betting on the American economy, you’re betting on America. Well, VTSAX, we already talked about, it’s the total stock market index fund. It was interesting, I was hitting … some of the highlights that I saw were one, you have this … you’ve had this really diverse career working across all these jobs, but also that you achieved kind of financial independence 15 years into your career back in 1989. This podcast is Part 2 of the Stock Series discussion with JL Collins, author of The Simple Path to Wealth and the website JLCollinsNH; we discuss the Great Depression and the mindset you need to be a successful long-term investor, plus how to allocate between equities and bonds. Vanguard, the other year was, like last year, it was a billion dollars a day in flows. There’s somebody predicting, at any given moment, anything the market can possibly do, and those people will be right just by sheer luck. So, as I say, it just permitted me the opportunity to make a bolder choice than it had then if I had been living paycheck to paycheck and worrying how I was going to pay the rent. It was just enough that I never had to stay in a job I didn’t want to stay at any longer, and I could afford to take those sabbaticals that I talked about earlier. There’s literally no limit to the upside that the company can go. Is Your Retirement on FIRE (Financial Independence Retirement Early). Because of that, we can speak completely independently about our point of view, because there’s nothing else, there’s no transaction fees or anything else, or AUM fees getting taken every year. That alone is not a guarantee. Escucha y descarga gratis los episodios de PHIL COLLINS. Once I did, it just became obvious that it was the better way. You can be sure those stories will appear at the moment they’re available. Today we're airing a very special episode with JL Collins, author of The Simple Path to Wealth. When we hit hard economic times, which of course we regularly do, that’s the nature of the economy, almost inevitably, I’ll be watching the news on television and I’ll see some guy, and he’s probably in his mid to late 40s, and they’ll try him out, and he’ll say something like, I was a manager at X, Y, Z corporation for the last 20 years, and I just got laid off, and then three months I’m going to lose my house. JL: You just reminded me of the second part of your question, which was, can everybody do it? I don’t recommend that because that’s simply not the most effective or efficient way to do it, but it certainly is possible to do it that way. They manage $130 billion or over 100 billion, and they charge 1%. You’re just buying your freedom. Steve: For sure. Steve: Yeah. At the very least, solo investors should call the support line for their online brokerage.. right? There is so much nonsense swirling around COVID-19, right down to the correct name, I was starting to get lost sorting it out. Then it was a journey of different kinds of investing, as I learned primarily by making every possible mistake you could make. The other fees, which actually costs much more money, because they’re buried and the customer doesn’t see them as clearly, the customer, ironically enough, is more comfortable with them. Of course, as we know now, the market hit that 33%, 35% bottom, and then immediately turned around and shot right back up. Assuming you’re invested efficiently with low costs and getting market average market returns for the last whatever, history. The author of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life", Collins offers easy-to-understand, effective tips and resources to help you invest with confidence. We’ll link to all of them from this podcast. Chautauqua sits out 2020. by jlcollinsnh 15 Comments. That’s another way of saying don’t live paycheck to paycheck. This is definitely going lower and it’s not coming back for years, if ever. Nobody was predicting that. I have people who say, “Oh, you’re not aggressive enough.” Then I have people who say, “You’re too aggressive.” I have people who’ve talked about socially responsible investing, so Too Hot, Too Cold and Not Pure Enough. Now, it’s not my job, or even my position to tell anyone how they should spend their money, it’s their money, they can spend it however they choose. JL Collins spent most of his career in the publishing business, but that is almost completely unimportant. They’ll probably actually drop off the index before that happens, because if they get too small, then they fall off the index, but they can have a pretty sharp drop. JL: Volatility in the stock market is a perfectly natural thing. 50% is just the number that I randomly chose when I began my career, and it’s a perfectly doable number. If they happen to stumble into the hands of somebody who’s competent and honest, they’ve just gotten an extraordinary blessing in their life. One last point I’ll make is yes, you certainly expect and only look at money managers who are fiduciaries, but just because they are fiduciaries doesn’t mean that they actively put your interests first. Yeah, I hear you. I’d rather spend the money.” My response is, we are spending money. The easiest part of that question to answer is the individual. If you want to be financially independent, if you want to have a F-you money, if you want to be free and have the widest possible choices in your life, you have to buy that freedom, and that you do by saving money. I’d love your color commentary on that. I think that’s true for financial services. This is a pandemic. When it props 20%, which is called a bull market, that’s a little rare, but it’s perfectly normal. One guy on our team is about to move from Vegas to Idaho. JL: Then I look back at the first year and the second year and found in both those years, that was also true. I recommend buying as much as you can whenever you can and holding it forever. JL: It’s been a while since I’ve written it. Steve: Okay. You’re right. But a more astute person would have had their eyes wider open and said, oh, wait a second, this way has worked out okay, but this is a better way, and they would have seen that sooner. For what? JL Collins, Godfather of the financial independence movement, opens up about KIbanda, Chautauqua, and having a legacy. JL: Yeah, it’s coming up. Podcast Episode Summary Part 2 of the […] Change has to come from outside of it, from your book. Nobody did. So, most people insured are goofs with their money. I was like, well, I kind of feel bad about this, but then I was reading you, I was like, oh, well, like JL He has been doing it for decades and not here yet. Well, here’s my story. 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