Americans are notorious, maybe human beings in general, for looking for a get rich quick scheme. If you stay up long enough to watch television late into the night you will see all kinds of infomercials for real estate deals or buying gold or whatever. The truth is that there is no get rich quick scheme. The true path to wealth is over time. Slow and steady. The tortoise and the hare. That is the path that most will follow.
Along that path everyone needs guidance and I have found a book that I think offers simple, but brilliant advice. Jim Collin’s The Simple Path to Wealth is a book everyone should read.
In the personal finance blogosphere Jim Collins is a legend. If you want to understand investing you should read his Stock Series. It is FANTASTIC! Much of the information from the book you will find in those posts.
Jim’s stock series started out as a series of letters he wrote to his then teenage daughter about handling money, investing, debt, and the like. Over the years others have encouraged him to package those lessons into a book and he now has.
None of the information you will find in this book is revolutionary. Jim argues that you should get rid of debt as quickly as possible, live within your means, invest in index funds, and other tidbits. It isn’t rocket science and much of what he has to say can be found in posts that I have written, posts he has written and other personal finance bloggers out there.
What I love about this book is the way that he writes and how he packages these lessons. He provides you will different calculators that you can run the information yourself.
The only flaw I find with this book is that if you pick up the print version (which I did because I don’t have a kindle or smart phone to have the kindle app) is that the URLs he puts in the book you would have to type into a computer if you don’t have the digital version. So getting the digital version might be the better route.
The title of the book really sums it up. There is a simple path to wealth. Live below your means. Invest. Save. Invest in index funds and build up your portfolio over time.
I think Jim’s book is must reading for any one who wants some new or old information regarding personal finance. I suggest you go out and get a copy today.
BTW, Jim isn’t paying me for this endorsement. I get no money for this. I am writing a review because I think it is an EXCELLENT book. Spend the $15. And if you don’t want to do that…start with his stock series and go from there.