The Simple Path to Wealth and FU Money with JL Collins

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 25 September 2024

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

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Summary

#194: Build wealth and achieve financial freedom with three simple, actionable steps. Personal finance expert JL Collins discusses the concept of "FU" money, the importance of living on less than you earn, the power of low-cost index fund investing, and other effective strategies to create long-term wealth. JL Collins is the author of The Simple Path to Wealth and a popular personal finance blog, where he helps countless individuals take control of their financial futures by simplifying wealth-building strategies. With decades of experience, his work has been widely influential in the FIRE movement. Link to Full Show Notes: https://chrishutchins.com/jl-collins-the-simple-path-to-wealth Partner Deals DRAM: 20% off my favorite sparkling water with zero calories, zero sugar Facet: Personalized Financial Planning + $250 enrollment fee waived Notion: Try Notion AI free to automate tedious tasks and streamline your work Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth DeleteMe: 20% off removing your personal info from the web For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals Resources Mentioned JL Collins: Blog | X | Facebook Books: The Simple Path to Wealth | Pathfinders Time Machine and the Future Returns for Stocks Blog: Mr. Money Mustache J.P. Morgan Asset Management Analysis: Is your money working its hardest for you? ATH Podcast: Ep #91: Die With Zero: Net Fulfillment Over Net Worth with Bill Perkins Ep #189: Beyond the 4% Rule: Smarter Strategies for Financial Independence with Karsten Jeske Follow & Review on Apple Podcasts Email us for questions, tips, deals and feedback Full Show Notes (00:00) Introduction (02:20) What Is "FU" Money and How Is It Related to Financial Freedom? (04:13) Real Life Examples of "FU" Money (Even With Small Savings) (07:27) The Simple Path to Wealth Explained (09:31) Is Saving the Hardest Part of Creating Wealth? (11:54) How to Prioritize Your Lifestyle for Financial Freedom (19:26) Why Becoming Wealthy Is Simpler Than You Think (23:15) Do You Need to Quit Your Job When You're Financially Independent? (25:52) How to Look at Investments as a Way of Saving (30:08) Should You Cash Out Your Portfolio When the Market Is Down? (36:54) The Different Implications of the Trinity Study (Safe Withdrawal Rates) (40:19) Expanding Your Portfolio Beyond U.S. Exposure (49:21) Difference Between VTSAX vs. VTI (53:19) How to Avoid Fees When Investing (54:54) Strategies to Roll Over 401(k)s (59:36) Exceptions for Debt (1:04:49) Is Financial Independence About Freedom or Wealth? (1:10:06) What Is the Real Benefit of Financial Freedom and Independence? (1:10:52) Where to Find JL Collins Connect with Chris Newsletter | Membership | Twitter | Instagram | LinkedIn Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Transcript

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0:00.0	Financial independence isn't just a dream. It's a goal you can achieve with the right plan.
0:07.2	And today I'm sitting down with J.L. Collins, author of the simple path to wealth,
0:11.3	to share the exact steps you need for that simple path to wealth to build lasting wealth and what he calls FU money.
0:18.2	This isn't about chasing Get Rich Quick Schemes.
0:20.5	It's about mastering a simple proven strategy that puts you in control of your future.
0:25.6	The most important thing my money could ever buy for me is freedom.
0:29.4	Freedom to spend my time the way I want to spend it,
0:32.7	freedom to step away from any job I choose,
0:35.8	freedom to live my life on my terms,
0:39.6	and it's possible for anyone.
0:41.6	I'm Chris Hutchins,
0:42.4	and if you enjoy this episode,
0:43.7	please share it with a friend.
0:45.0	And if you want to keep upgrading your life, money, and travel,
0:47.6	click follow or subscribe.
0:49.5	Now, let's get into it right after this.
0:53.0	There is no shortage of information about how bad soda can be,
0:57.0	but I love a good sparkling beverage,
0:59.0	which is why I'm so excited to share a new favorite of mine with you, Dram, which I have loved so much that I reached
1:05.5	out to see if they wanted to be a sponsor and I'm excited they're a partner today.
1:09.9	Dram is unlike anything you've ever had.
1:12.1	Imagine a drink that's zero calories,
	...

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