Misleading, heavily biased

This is a really long advertisement for the Vanguard index fund. According to the author, the simple investment plan is to put your money in one, and that’s it.

There. I just saved you 6 hours.

This book is not about wealth accumulation. It's an advocacy piece preaching for only for one single investment vehicle. If it was a book intended for education, it would present you pros and cons, options to consider, and decision frameworks. This book does not do any of those things. Though the author says he's not affiliated with the fund, it does sound like a 6-hour sales presentation.

He doesn’t mention real estate nor how you can start your business. He doesn’t go into means of cash flow, life insurance plans, commodities. He doesn't explain how velocity and leverage works. You’re not supposed to work with any advisors. Don’t bother trading your own stocks because you won’t be good at it. No one is good at it. He repeatedly bashes other investment opportunities. No matter who you are, what your lifestyle is, what your career goals, what life circumstance you’re in, the Vanguard index fund is guaranteed to make anyone rich. It’s the ultimate panacea. You don’t need anything else ever.

As a reader, you need to know there’s never been a one-size-fits-all investment strategy for everyone ever. You should be very cautious of anyone saying there's only one way to become wealthy. That is an absolute lie.

That said, you'll be well-versed in the Vanguard index fund, but potentially ignorant about everything else.

If you listen to this book, the bias is blatantly clear. It would be more accurate to rename the book “Why the Vanguard Index Fund is the Best (and Why Everything Else is Not.)”

126 people found this helpful

Great Book!! Get a physical copy though.

I loved almost all of the financial advice given in this book. I will now go and buy a physical copy of it to reference for years to come. I wasn’t a big fan of the audio version though, for a few reasons.

1. The information needs to be readily available for reference. I need to highlight things and be able to go back and forth in the book. 2. There are a LOT of numbers be cited. Percentages and dollar amounts that don’t register as well when being read to you. You need to see them to be able to process them better. 3. Most audio books are listened to while doing other tasks - driving, exercising, etc. I feel like this book needs your full attention. Your finances and future wealth should warrant more than just background noise with a good story. You need to take notes, look up things, etc. Overall, fantastic book!!! But get a physical copy, you will get more from it.

230 people found this helpful

I have listened to a lot of audio books but this

This one is different. I have listened to this book over and over again. First step before you do any financial decisions is to read this book. The hours you spend listioning this book is your MOST PAID HOURS IN YOUR LIFE. Thank you JLC for your contribution.

43 people found this helpful

Simplest and Best Book on Personal Finance

Any additional comments?

Personal Finance is often so over complicated. This is the first book I've encountered that simplifies the subject. It is easily digestible and makes a ton of sense. I wish I would have followed the principles in my twenties. Now in my early thirties, I am going to start implementing it. If you want to get out of debt and start living the life you've always wanted then pick up this book. This is the only book on personal finance I can recommend. Save 50% of your income, live below your means, invest in low cost index funds, and avoid debt. Sounds pretty easy right?

28 people found this helpful

Lives up to its title . . . and then some

Any additional comments?

Oh how I wish: (a) this book had existed back when I was just graduating from college, (b) somebody had given this book to me, and (c) I had listened to every word in it.

This is one of those "If I knew then what I know now" books. The lessons in here are priceless. Everybody should read this book and heed the advice in it.

The best part is you don't have to be all that interested in finance or 401(k)'s or any of that stuff. In fact, if you really dislike such things, this is probably the perfect book for you. JL Collins takes these complicated and boring financial matters and does two nice things for you: (1) throws out all the crap you don't need to know, and (2) explains what you do need to know in layman's terms that anybody can understand. So not only is the wisdom in this book chockfull of solid gold nuggets on a need-to-know basis, but the delivery is crystal clear and simple to follow in practice.

Speaking of the delivery, OMGoodness does JL Collins have a superb voice for the audiobook format. He reminds me of David McCullough. He has the kind of deep grandfatherly "gather 'round the campfire for a story" voice. It's fabulous.

In summary, this book is worth every penny. Along with a handful of other "quake books" that changed my life for the better, this one is getting added to that list (right alongside John C. Bogle's "The Little Book of Common Sense Investing"). I can't recommend this book enough. Get it for yourself. Listen to it. Make your kids listen to it. Your siblings. Your friends. Your parents. The lessons in it are too valuable not to share with everybody you know.

102 people found this helpful

Best book I have read so far on investing.

Stop reading reviews. Just get it. your future self will thank you. So simple and effective.

22 people found this helpful

Buy and Hold VTSAX

Book about how to invest simply, but does not touch much on the other aspects of personal finance. Collins loves Vanguard, specifically VTSAX, which has a low expense ratio and tracks the market well. His logic is that capitalism works, so investing in this basket of roughly 1,500 stocks will manage itself.
Key takeaways: Don’t worry about timing the market, spend a lot less than you make if you want to retire early, pay off debt that is more than 5% interest, don’t spend too much on a house, and take advantage of tax-incentive retirement plans.
Collins makes the claim that almost all personal finance workers (ie. Investment Advisors and Broker Dealers) are crooks and if you must work with someone in the profession, work with a fee-only advisor to save your money. Given that each person’s situation can be uniquely different, do not care for this argument much because most people cannot stomach strong down turns without someone talking them off the cliff of selling. If you can stick to the buy-and-hold strategy on your own, this book is for you.

32 people found this helpful

6 hours of repeating the same 5 minutes

SIMPLE equals start saving in a index fund, Namely, a Vanguard brand such as VTSAX or VTSAX or VTSAX or VTSAX or some other Vanguard index fund, But VTSAX also invests in them as well. Oh and by the way, start saving 40 years before you want to retire. Now, If you are already able to establish a family budget; spend less than you earn; invest in the rest without watching it too closely AND leave it to ride for 30 to 40 years you will average 8 to 11% increase per year as the market constantly marches upward over the long run. The path is that Simple. He does state at the beginning that the name of the book is NOT the EASY path to wealth. Unfortunately, it is not easy unless you had extra cash in the 80's. With that being said, I have saved you 6 hours and 35 minutes that should be spent looking for a helpful book on actually creating a budget to spend less than you earn and invest for the long run.

133 people found this helpful

Well done, geared toward younger investors

This was a good read about working towards financial independence and striving towards that goal in a very simple way. It focuses a lot of doing this through Vanguard Index funds. However, I also really liked some of the chapters that go through how other savings plans work (IRAs, 401Ks, HSAs).

This book is narrated by the author and he does a good job reading it, I have no complaints about the narration.

My only complaint is that I feel like this book is really geared towards someone who is just starting on their financial journey. There's a lot of info in here I would love to make sure my son knows when he gets into his 20's (his 12 right now and we talk about investing and saving some already).

I felt like there was less info on how to deal with getting to the point of financial independence when you've already made some blunders and are in your 40's (like I am). Unfortunately, some of the ideas presented here seem a bit like pipe dream when you are already as invested in your life style and savings scheme as I am.

Still, even with the above being said I learned some good things from this book. It's definitely urging me to take a closer look at the financial fees and structure of all of the investments I already have and to reconsider some of the ways my portfolio is invested. I really loved the part on HSAs, we've been talking about starting to max out our HSA each year and now I am convinced that's a good idea.

Overall this is a great read for everyone. I would recommend for those who are interested in becoming financially independent or to those who are just interested in investing strategies for becoming more financially independent.

12 people found this helpful

Fantastic!

I've read six or seven early financial independence books recently and this one is the best. I like the author's down-to-earth style and overall presentation. A great listen!

22 people found this helpful