Link to the Show: 020 – The Simple Path to Wealth – Index Funds Explained with JL Collins.
I started listening to the Bigger Pockets Money Podcast towards the beginning of 2020. I listened to this episode again on Tuesday July 7, 2020 and wrote up my notes.
The focus of creating this article is to track my thoughts and review of each episode. My memory sucks so having a place on this blog to keep my notes was perfect.
Highlights
I like to listen to the full episode and then write what sticks out for me. There is always a lot of useful information and discussion that occurs during the show, but the following bullet points are what sticks out for me.
- Noble House, FU money early influence. I don’t know what Noble house is that he referred to early in the interview. Novel by James Clavell.
- Achieving Financial Independence would allow him to be in a place of power. This would also allow him more flexibility in his life.
- Saved half of his income so he could use it to invest. His driving force was the motivation to invest. Having this motivation also affected living below his means lifestyle.
- Die hard Index fund investor, cheaper, easier, simpler. Broad Based index funds. S&P 500 Index fund. Great option. Total Stock Market Index Fund.
- Dad, I know it’s important, I just don’t want to think about it all the time.
- Jack Vogal fan.
Famous 4
Question: What is your favorite finance book:
Answer: The Richest Man in Babylon.
Question: What is the biggest mistake money/finance?
Answer: Too long to understand the full value of index investing. Embraced index investing earlier.
Question: What is your best piece of advise just starting out?
Answer: Buy VTSAX, buy as much as you can, whenever you can. Total Stock Market Index Fund.
Question: What is your favorite joke to tell at parties?
Answer: There are two muffins, and their in a oven. one muffin says to the other muffin to warm up.
Review
Great interview. I enjoyed listening to this. Great to hear from someone older than the host. Don’t spend money you don’t have. Live on less than you earn. Save and invest. Get to 50% savings as quickly as you can. Invest as early as you can. Jim does have a great radio voice and is easy to listen to.
Note to self, for some reason I never posted this article so I’m re-visiting it today, Sunday July 18, 201. I listened to it again and enjoyed it the second time, especially since I recently read his book The Simple Path to Wealth: Your road map to financial independence and a rich, free life .