The Simple Path to Wealth
JL Collins
Copyright 2016
Read: 4-27-2021
My Rating: 3/5
By far the writer with the best credentials of the bunch, JL Collins was one of the original proponents of the FIRE movement. He pretty much went fire in 1989 before it was a thing. He has had other sites online over the years and the latest iteration is his blog started in 2011.
This book is a direct extension of the book with most if not all of the content in the book, on the blog, but ordered and fitted to tell a more linear story.
But unfortunately, it didn't work for me.
It's an interesting review, because I don't have anything negative to say about any of the chapters. Ok, I lied a bit, the Chapter on 401ks, IRA's, and Roth's was downright confusing. My guess is that this chapter is made from multiple blog posts over the years combined into one chapter. And this I think is the problem with the book. It lacks a clear steady narrative from point A to point B, and really needs some connect tissue between the concepts.
If the purpose of the book is to communicate simple wealth building information to a person that does not understand nor is interested in finances, then I would say no, there are better options.
So who is this book good for?
I think this would be a good second book for people. Say a couple years after a book like "I Will Teach You to Be Rich" or "The Automatic Millionaire". After they have first steps done of saving 10% automatically in their 401k plans. At this point they will either be looking for some reassurance that they are doing the right thing, or some wisdom on how to avoid the pitfalls ahead, or maybe even asking what more they can do, and what is this FIRE thing about? With a small base understanding, the reader could get far more from the articles than someone who is a total beginner.
I'm pretty sure that's how I original came across his blog in the first place. I would be wondering about a subject such as the 4% percent rule, do a search and find "hey this is good article, and it's buy this Collins Guy". Concise information covering concise topics.