Reddit reviews The Simple Path to Wealth: Your road map to financial independence and a rich, free life

1. Thank you for sharing your personal story.
   
2. Never be ashamed of being ignorant. We are all ignorant about many things.
   
3. Admitting ignorance is a power that many people lack. It is also the first big step towards learning. This is a super power that will propel you forward.
   
4. The majority of normal, everyday people, do not know the first thing about investing. Not knowing anything about investing is average. You are now confronting this. That makes you above average.
   
5. Start with these two books to learn about investing: The Simple Path to Wealth by JL Collins and The Little Book of Common Sense Investing by John Bogle.
   
6. Not exactly investing related but just in case you don't already know about it, you should read this too.
   
7. Congratulations on your daughter.
   
8. Congratulations on living a full and dynamic life where you are able to confront your fears and admit mistakes, even when the extenuating circumstances around your mistakes aren't your fault. Congratulations on being able to learn change and fight for your family and a better life.

Firstly, have a read of the investment order for new investors.

Then, if you have an emergency fund and no debts (besides HECS/HELP), then

• If you will be using it for something specific in the next 5-7 years (car, holiday, house deposit, etc), put it in something safe such as a term deposit or HISA. The stock market is not a bank account, you need to be able to allow time for your investment to recover from the ups and downs (well, the downs anyway).
  
• If you can leave it in there for at least 5-7 years, you should educate yourself on investing and create a plan.
  
  These are where a lot of the info in the above site came from, minus the Australian-ised part. I'd recommend them too, they're excellent.
  
  JL Collins Stock Series
  Road Map for Investing Success
  Passive investing guide - Monevator
  Bogleheads
  
  If you prefer books to sites (often laid out better), then
  
  The Simple Path to Wealth - JL Collins
  The Bogleheads' Guide to the Three-Fund Portfolio

Check out The Simple Path To Wealth. Can't recommend the book enough.

I thought the pronunciation was very clear! And thank you, adding to Overcast by feed url worked.

I just finished JL Collins book The Simple Path to Wealth before this one and highly recommend his stuff as well. The book is largely pulled from the content of his blog posts.

https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926

The most efficient way to pay off post college debt is to maximize your post college income. Focus and invest in yourself during college. Any work or income during college will likely be meager and not make much difference (My savings during college and grad school were basically pennies to what I earned afterward). If you are interested in reading you can start for free from the bogleheads wiki or one book I like is The Simple Path to Wealth

100% this. Actually, an entire a book has been written on this exact subject!

> How easy/difficult is it to get a hold of stocks like Apple, Amazon and Walmart?

Very easy, perhaps too easy. You can start with Robinhood, but it's not an app for serious investors IMHO (E-Trade is, however).

What I've done so far is reading "The Simple Path to Wealth" by J.L. Collins. The book basically details how low-cost broad-based Index Funds (VTSAX in particular) are a safe bet and how they can help you get moderately wealthy over the course of several years. It's not exciting or "sexy" but the thing is, just like most things in life worth doing, there are no shortcuts.

If you want to keep it simple but effective, just like OP did, read this: The Simple Path to Wealth The simple path to wealth - JLCollins

The Simple Path to Wealth by JL Collins (book)

JL Collins - Stock Series (blog)

There’s nothing in the book that’s not in the blog. The book is just better organized since it didn’t come organically like the blog.

The most common answer here will be VTSAX.

The better answer for a 21 year old will be that you should read JL Collins. This book will also recommend VTSAX, but more importantly it’ll tell you why VTSAX is a good choice, and even why investing at all is a good choice. Your library probably has it if you don’t feel like buying it, and you can knock it out in a weekend.

Congratulations on being wise enough with your money at such a young age to do your research and ask questions. That's exactly what you should continue doing, as it will pay off in the long run far more than any single investment you can make right now.

Along those lines I would invest a small amount of that money in some basic books about money that will help you develop a fundamental philosophy about your relationship with money and building wealth. Ebook, blogs and apps all have their benefits, but you really should have a basic financial library of physical books you can have on hand.

Your Money or Your Life:
https://www.indiebound.org/book/9780143115762

The Simple Path to Wealth: Your road map to financial independence and a rich, free life:

https://www.amazon.com/dp/1533667926%5D(https://www.amazon.com/dp/1533667926/

The Bogleheads' Guide to Investing https://www.amazon.com/dp/1118921283/

The Millionaire Next Door: The Surprising Secrets of America's Wealthy https://www.amazon.com/dp/1589795474/

That short list is in no way complete, but will get you started.

As far as websites/blogs/free reads here's a few to consider:

http://www.bogleheads.org/wiki/Main_Page

https://yourmoneyoryourlife.com/book-summary/

http://www.mrmoneymustache.com/blog/

https://www.thesimpledollar.com/

It's great that you have a nice little lump sum of money to invest right now, but the key to building wealth generally won't involve lump sums every now and then and finding places to put them. The key is to discipline yourself to set aside portions of any amount money that comes in and have an automatic system to invest it and let it grow without touching it.

Have a plan for every paycheck, bonus, tax refund, inheritance, bank heist money :) you come into to have a portion funneled into your investments before you're tempted to find other, unlimited, things to do with it.

This is the greatest book probably ever written on that concept:

http://www.ccsales.com/the_richest_man_in_babylon.pdf

Having a goal, a plan for getting there, and the discipline to actually execute it will make you wealthy. Wealth gives you choices, freedom, and opportunity, and the earlier you start building it, the easier it will be to have these things. If you don't appreciate how important those are to living a good life, I guarantee you will in the years ahead.

At some point you will hear the name Warren Buffett (if you haven't already). He's the single greatest investor who's ever lived and my personal favorite. Once you have the basics down, and you might have further interest in investing I would recommend studying him. Even though there are countless books and websites devoted to him, he's already left us nearly everything you need to know about investing right there on his simple company website in the form of his annual letters--basically a free master class on investing, written by a genious who also happens to have great wit:

http://berkshirehathaway.com/letters/letters.html

In a much broader sense beyond investing, there is a book more than a hundred years old that discusses getting to wealth in a very interesting and powerful way. I've used it as inspiration from a standpoint as a business person, but I think it's worth studying seriously for anyone trying to build wealth.

I believe you can still get a free copy here:

http://scienceofgettingrich.net/subscribe.html

If you don't want to subscribe, just Google "The Science of Getting Rich".

And here's a good audio version as well:

https://archive.org/details/TheScienceofGettingRich

No matter what philosophy and path you take, I always include another personal recommendation to set aside a small portion of your portfolio into something "alternative" that interests you and might have the potential to build or at least preserve wealth. For me it's basically precious metals, and more specifically collectible silver and gold coins. I've also collected old paper money, stamps, stock certificates, rare books, and music and movie memorabilia all to a lesser degree. Keeps things interesting, and sometimes you can do pretty well with experience and a little luck.

And best of luck to you!


*Edit: Sp+fixed links, and here's my best TLDL:


Buy physical copies of some basic wealth building books. Consider :

Your Money or Your Life: https://www.indiebound.org/book/9780143115762

The Simple Path to Wealth: Your road map to financial independence and a rich, free life:

https://www.amazon.com/dp/1533667926/

The Bogleheads' Guide to Investing https://www.amazon.com/dp/1118921283/

Read "The Richest Man in Babylon" and follow the concept of always paying yourself first:

http://www.ccsales.com/the_richest_man_in_babylon.pdf

Warren Buffett is an investing God. If/when you're ready to learn more, just start here:
http://berkshirehathaway.com/letters/letters.html

Read and/or listen to "The Science of Getting Rich":

http://scienceofgettingrich.net/subscribe.html

https://archive.org/details/TheScienceofGettingRich

Diversify a small portion of your wealth with physical assets you can hold and that might have a lifelong interest to you. A quick recommendation would be to start with 5% of your portfolio in precious metals, perhaps a small variety of silver bullion coins and bars. (I'd be happy to give you specific suggestions on these if wanted).

Jim Collins just published a book called The Simple Path to Wealth, based on his excellent series of blog posts. It's an easy read and I highly recommend that you check it out.

But until you have a good understanding of how investing works, don't worry too much about it. Put your savings in an online savings account like Ally so you can at least earn some interest. Keep saving, do some reading about investing, and you'll eventually know what to do with your money. You're already ahead of the game just by virtue of thinking about this stuff.

1/2 in Vanguard S&P 500 and the rest in an equivalent fund focused on international companies. Diversity among the largest companies around the world. Vanguard funds have very lost fees so more of your money keeps working for you.

I have been reading this book. I think you would identify with it and like it. I don't necessarily follow all his advice, but a good principle.

The Simple Path to Wealth: Your road map to financial independence and a rich, free life

https://www.amazon.com/gp/product/1533667926/ref=ppx_yo_dt_b_asin_title_o01_s00?ie=UTF8&psc=1

https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926/ref=nodl_

Do you have your local library app? Many libraries have it for free... mine didn’t so I bought it but lots of people in my online group got it from the library

I am reading Get Rich With Dividends, https://smile.amazon.com/dp/1118994132/ref=cm_sw_em_r_mt_dp_U_o5YXCb6NNND5B, and I have also created a dividend pie with the intent of reinvesting dividends for 5-10 years then using the account for passive income in retirement. It is also my fun account, as I have a maxed out 401K and IRAs managed by a financial advisor. Also reading Simple Path to Wealth, https://smile.amazon.com/dp/1533667926/ref=cm_sw_em_r_mt_dp_U_56YXCbKQRY0AB who agrees with every other Redditor that I can't beat the market, but my intent isn't to beat the market, its to beat my financial advisor.

The Simple Path to Wealth by J L Collins

Are you newer to investing? Not judging, just offering tools to become more knowledgeable!

If you are check out the following:

The Intelligent Investor: this is a classic book on investing, a must read - https://www.amazon.com/dp/0060555661/ref=cm_sw_r_cp_api_Pgh9Bb44B9X7W

The Simple Path to Wealth: NOT A GET RICH QUICK SCHEME. might not be everyone's cup of tea, but a great quick read. Good for retirement and more of a passive investment - https://www.amazon.com/dp/1533667926/ref=cm_sw_r_cp_api_6ih9BbYWRWH38

https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766

https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926

https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X

The Simple Path to Wealth: Your road map to financial

You need to realize that you have 3 very different problems:

1. Filing taxes on your investments, I don't know how you're filing your taxes now but you may need someone with more expertise in US / Austrian filings once you start investing.
   
   
2. Find an investment platform that's willing to work with you, a lot in Europe aren't willing to do so due to FACTA, but maybe you're willing to open an account in the US.
   
   
3. Actually deciding how to invest. I suggest starting to read something like https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926 and going with index funds instead of throwing money at a broker.

If you like to read I have read a few books that have quickly made me realize that most people do not need a financial adviser.

Here are my top 3:

A simple path to wealth: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926/ref=sr_1_1?ie=UTF8&qid=1511905350&sr=8-1&keywords=the+simple+path+to+wealth

I will teach you to be Rich: https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?s=books&ie=UTF8&qid=1511905370&sr=1-1&keywords=I+will+teach+you+to+be+rich

The little book to common sense investing: https://www.amazon.com/Little-Book-Common-Sense-Investing/dp/1119404509/ref=sr_1_1?s=books&ie=UTF8&qid=1511905385&sr=1-1&keywords=the+little+book+to+common+sense+investing

For an easy way to get started, I suggest you begin with one or two mutual funds, preferably index funds.

Bogel's Little Book of Common Sense Investing is short read and a great introduction to investing with index funds.

Collins The Simple Path to Wealth is another great read for someone getting started in investing. It's based on the Stock Series posts from his blog.

The Simple Path to Wealth by JL Collins
https://www.amazon.com/gp/product/1533667926/

It is more about investing but aimed at your age and very readable.

100% recommend J L Collin's stock series or his book if you're going to go full ham on shares.

Read:

https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926

Ignore all your friends buying stupid shit.

The Simple Path to Wealth

Since you are in the beginning stages of investing I highly recommend JL Collins’ book. This will introduce you to the fundamentals of saving through Index Funds.

https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926/ref=sr_1_1?s=books&ie=UTF8&qid=1537139353

Read and listen to Dave Ramsey if you want to be "good" with personal finance.

If you want to "optimize" finance, then come hang out with us in r/financialindependence

Podcasts: ChooseFI, Afford Anything

Blogs: Mr. Money Mustache

Books: Simple Path to Wealth, Your Money or Your Life, Millionaire Next Door, The Richest Man in Babylon

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Some pointers:

1. Don't do what most people do. Chances are, they know less about personal finance than you do.
   
2. Spend based on your value (within your means of course), not based on the percentage of income.
   
3. Don't spend money to impress others.
   
4. If you think 20's is time to spend every penny to have "full" experience, look at this chart.
   
   ​

Yes it is. I will not do the explanation justice so below is a link to JL Collins book A Simple Path To Wealth where he dives into the market trends.

The short answer is that the market always goes up. If you search for a graph of the stock market showing the last 100 years, while there are a few periods where you see some big dips, over the long run it always head higher.

Check out this book... it’s worth every penny!

https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926

The Simple Path to Wealth by J.L Collins

I wish I would have read this when I was your age, plus Dave Ramsey, and you’ll be golden. https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926

If you want real estate, invest in a REIT. You need more money to make a dent in “real assets” like real estate.

I'd start by looking at this webpage:
https://www.reddit.com/r/personalfinance/wiki/commontopics
This breaks down the steps of that flow chart for you. The simple flowchart is amazing for beginners.

I would then look into this blog. it has many useful topics but this post in general is a simple intro to see if you are interested in it:
http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/

If these topics interest you I recommend this book.
https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926

Best of Luck.

https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926