Rent v. owning: A couple of case studies in Ecuador. "In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. It is a life changing event for those who attend, and a constant source of new friendships and continuing time with old friends. It is your financial freedom. As a citizen, you just have to be vigilant and realize that the government lies as much as it fulfills promises. Shell be a wealth accumulating machine. Alls good. No worries. Specifically, he recommends the Vanguard Total Stock Market Index Fund, or the VTSAX. Combine that with the fact that all of the plans are expensive mutual funds, everything Im learning to avoid, Im hesitant to contribute at all. Yes, think about all your VTSAX accounts broadly and together. A very Merry Christmas and a Wonderful Holiday Season Heres to a Happy, Healthyand Prosperous New Year! You''ll never find a wiser advisor with a bigger heart." As you say in your post, you are looking at a 40 year investment time horizon. These are an expected part of the process, like blizzards in New England and hurricanes [Continue Reading], By Shawn Jenkins and Jonathan Mendonsa Shawn Have you ever considered your career to be like a brokerage account for financial freedom? So if this is money you or other people have given them it can only go into a regular investment account. What Id like to do is contribute 60-65% of my pre-tax income into the 401k. Lo can't save you. for those of you worried about them. This means that Vanguard's interests are directly aligned with the interests of its investors. I appreciate all of your work and I am confident my family will benefit from your wisdom for generations to come. The cost of attendance was 35% higher when I started to college. i know nothing about finances and investing and after reading this I want to learn about managing finances, investing, stock markets, index funds and finally achieve the goal of financial independence that you are talking about.Like you suggested Ill start with your stock series as my starting point in this journey. People may not like to hear this, but it's true. Pay special attention to this one: https://jlcollinsnh.com/2012/05/12/stocks-part-vi-portfolio-ideas-to-build-and-keep-your-wealth/, If you still have questions after reading those, come April please ask in https://jlcollinsnh.com/ask-jlcollinsnh/. And that leads me to be concerned she was probably sold on it by someone who made a very handsome commission at her expense. My wife and I just turned 24 and are only starting this whole journey, so this post for your daughter has been extremely useful. As I write this in June 2011 the S&P is trading around 1300. Dont let it happen. Ive been taught that I need to save my whole life. Because of you, I feel more informed and better able to make sound decisions as an average Joe. I have moved my money from the high fee funds in my employers 457 fund to a Schwab PCRA Brokerage account where I could access the VSTAX fund. I myself feel that those brave enough to come to this country, before it was a country, had all the characteristics of a successful hunter/gatherer. If I was in the states, Id be sinking most of it into VTSAX however I am from Australia and currently living in Canada. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 jlcollinsnh.com Privacy Policy Disclaimers, A house is not an investment. I guess it could be worse! Joan Collins has her first child, daughter Tara Newley, in 1963. I had enjoyed reading it in the past. Great question and in fact I wrote this post about it: https://jlcollinsnh.com/2013/06/28/stocks-part-viii-b-should-you-avoid-your-companys-401k/. sounds like youve aready got your little girl on the right path and it sounds like she has the right instincts. Id chalked that up to lost money and here you are getting it back with a little interest to boot. Stocks -- Part VIII: The 401K, 403b, TSP, IRA & Roth Buckets. How I lost money in real estate before it was fashionable, Part IV: I become a Landlord. My parents unfortunately dont understand money too well, but thankfully my mother always taught me to save! I tell my daughters little financial tidbits and they look at me all weird. Jessica will probably come around to thinking about and managing money as she gets older (I will admit, I am shamed by my blase attitude to money back when I was 19). That is why you have tried to cater your blog to them. income pretax 90k Very nice cash flow to work with. . Nice blog just signed up on the mailing list. Thanks for the wisdom! Should I invest on other index funds to break down my portfolio? Ally, There is a lot wrapped up in your questions. Stocks -- Part XXV: HSAs, more than just a way to pay your medical bills. But you cant trust these other companies long-term. Those who do are slaves to their employers and slaves to their debt holders. J L Collins The Simple Path to Wealth: Your road map to financial independence and a rich, free life Kindle Edition by JL Collins (Author), Mr. Money Mustache (Foreword) Format: Kindle Edition 11,991 ratings See all formats and editions Kindle $8.99 Read with Our Free App Audiobook $0.00 Free with your Audible trial Great on Kindle Stocks Part XXI: Investing with Vanguard for Europeans, Case Study #7: What it looks like when everything financial goes wrong, 1st Annual Louis Rukeyser Memorial Market Prediction Contest 2013 results, and my forecast for 2014, Closing up for the Holidays, see you in 2014, Case Study 6: Helping an ill and elderly parent, Stocks -- Part XX: Early Retirement Withdrawal Strategies and Roth Conversion Ladders from a Mad Fientist, Death, Taxes, Estate Plans, Probate and Prob8, Case Study #5: Zero to 2.6 million in 25 years. After I pay off my debt I want to build savings. Since inception in 11/13/2000, ~14-year = 5.5%. Unfortunately for us, I wasted decades and lots of money trying to beat the market picking individual stocks. My holding period for VTSAX is forever, other than maybe selling a few shares while living on my portfolio. Also, especially at your low tax rate income level, definitely fund the Roth. Republic Wireless and my $19 per month phone plan. Your comment is a bright spot in my day! I think what you are asking is if you need non-tax advantaged accounts to live on before you turn 59.5. I do have a question: you advocate to regularly invest into the index, which I completely get. I agree with your statement that you and all the people who pursue early financial independence are aberrations. I like what little I have read so far. A free trip to Hawaii! Since then other indexes have been created, like the S&P 500. Thank you for your very kind words. See, I hold a few core beliefs. Perhaps the amount I am talking about is so low that it doesnt really matter. Annual Louis Rukeyser Memorial Market Prediction Contest, The Book: How I Lost Money in Real Estate before it was Fashionable, Fun with numbers: Historic Stock Market Returns, Lets talk about whats up with Bonds, and what ever else youd like to ask me, Case Study #17:Buying into the market right before a Bear, Case Study #16: Helping dad with an inheritance. I am going to take your advice on board wholeheartedly and stop squandering my wage on consumerism while Im still relatively young. Single, no debt, no kids. Sorry Im just getting started with this and have a lot to learn. So i want to make the most out of this experience. $100,000 annually before tax. Cambodia This is unlikely for most kids. If you use your current gross savings rate that would mean you are assuming your retirement / post FI expense (including taxes) will be exactly the same as they are now. You dont mention your income level, but remember there are limits to how much you can invest in a 401k: $17,500 I think is the current ceiling. . Guess I should be used to it. Yep, just keep putting your money into VTSMX. Prior to reading your recent 401k article I was planning on doing what youve suggested above in hopes of becoming FI in 12-15 years. United Kingdom It seems the only feasible option left for me is purchasing Vanguard Total Stock Market ETF (VTI) through my bank, which offers stock trading service as a brokerage. Just stumbled across this blog after stumbling across Mr. Money Mustache, and its really changing the way Ill be approaching the rest of my life. Well, there was the stagflation of the 1970s, the crash of 87, the tech collapse of 2000 and that little dust-up in 2007-8. Well, parents cant teach what they dont know. Oh, and I am hard at work on the book. Perhaps Im being a bit optimistic on being completely FI within 5 years. How I lost money in real estate before it was fashionable, Part V: Sold! Typically, they are bought thru money managers, those are the guys that get the commission, violating rule #2 in my post above. I truly do appreciate all of your insight and wisdom here. The chance to grow for decades tax free and be withdrawn tax free is almost priceless! If you havent read it already, heres my story: Make sense? since beginning of the year saving 50-60% take home check a month, rolling over continuously into Vanguard. If you are in the wealth building phase and you have determined you can ride out the gut wrenching drops that will surely come along the way without panic and without selling, just keep adding to VTSAX when you can and as much as you can. Now Ive heard some say, pay the tax out of other money and then fully fund the Roth. I hear Latvia is a beautiful place and it is one I hope to visit someday. Like your daughter, I was not ready to listen to my dad years ago or buy into his frugality advise. 4:21-6:09 The philosophy of financial independence. You will hear occasionally how actively managed funds beat index funds. RE can be a very powerful wealth building tool, Provided you. But when you can live off of 3-4% per year of your net worth you are also free. I think your thinking, and your four steps, are spot on including 1 and 4A. And if UGMA is the best route for a 1 year old? "But Dad," she once said, "I know money is important. At the end of the year if they have done this each month, another $1200 will be added. 1. Fourth, that saving is your emergency fund. First, when he came to the US as a refugee with the clothes on his back, it was out of necessity. Those that we have [Continue Reading], Greetings! I started her early. Lots of Canadians helping Canadians there. Stocks Part XVII: What if you can't buy VTSAX? My son just turned 3 and Im starting to figure out ways to get him on the fast track to financial freedom. Sometimes this will be higher, sometimes lower. Now Im buying in at all time highs, the market has had ATH more than once in history and always gone up. 2)Max out my VTSAX Roth ira I think that's a great idea as a money lesson for your children. Thank you for taking the time to inform others. Its greatly appreciated from a true newbie like me. I am currently contributing 6% into my works 401k to receive the full 5% matching contribution, and am now sold on pouring the rest of our savings into VTSAX. Ive done more research since I invested in VTSAX, and it seems like opening an IRA and focusing on maxing it out in the next year is a great idea, then focusing back on my taxable account. and thanks for the video link. Mutual fund. My parents taught me about saving money and my dad was/is a minimalist before it became trendy. Vanguard link here: https://www.vanguardinvestments.com.au/retail/ret/investments/funddetailVISIF.jsp You might find a fund in another investment company that is a bit cheaper. Collins recommends you prioritize your debt repayment strategy like this: I'm not going to lie, I still don't understand certain things about stocks and general investing lingo. Im curious, why The Prodigal Daughter? Along these lines you might be interested in my conversation with Lisa P above. However at the moment 66% of my worth is in the property. What she got in return for her money was a promise that the insurance company would send her a monthly check. I very much appreciate you pointing this out. Now I just need to make time to have a little wander around here. Thank you very much in advance and Im looking forward to reading the rest of your blog! Addendum 3: When the time comes and you want to know more about this investing stuff, here you go: Stock Series. 18,994 ratings1,666 reviews "In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. Or even Vanguard? Thanks. You werent raised to be a slave. When the time comes to live off your investments, the time also comes to accept that the 5 and 10 year average returns can a do easily underperform. How to choose? . Now that I am living off the portfolio, I have the dividends in my taxable account paid out direct as they are issued. Yes, I always reinvested dividends in the wealth accumulation stage. Every time the market drops, the flood gates open with questions and concerns. If someone was making $90k per year and managed to save 80% a year, thats $72k per year invested at 8% is not gonna grow to an amount they could retire on within 5.3 years. Custodial accounts seem like they have options, but we lose control of them between 18 and 21. For you, my daughter and other young people thats the best way to think about the market. The prize is $2000 for roundtrip airfare and $1000 for accommodations. enjoy her journey! 2) Avoid Money Managers. 12 mins read JL Collins from jlcollinsnh.com and author of " The Simple Path To Wealth " joins the show today to talk about the essentials of investing! Your email address will not be published. Details here: https://investor.vanguard.com/what-we-offer/college/overview. Just found this and very happy I did. JL Collins. Hello, Kenya My neighbor have been doing this and currently have about 30 properties with about 20 ongoing mortgages in his and his wifes name since they are limited to 10 loans each. Sounds like you are on a great path. Is it too late for me to follow these steps such that I could be free in 10 12 years or sooner or do no longer have time to make this work? Does that work for you? I actually have three VTSAX accounts: Roth, regular IRA and regular account. can i ask a dumb dumb q? Theyll be screaming Sell, Sell, Sell. UN-earned income. Warren Buffett, the greatest investor of my age, said When others are fearful be greedy. Your mindset, your habits, and your determination. Required fields are marked *. Stocks -- Part XVI: Index Funds are really just for lazy people, right? Stocks -- Part XIII: The 4% rule, withdrawal rates and how much can I spend anyway? Ive done well there. You gave me a lot to think about. Knowing you, your boys and how you raised them theyll be just fine and can likely teach us a thing of two. Now you need to continue on and read the Stock Series here. However, the philosophy is 100% JL. Hi there great article! As such you can expect the same performance over time as VTSAX. The concept of living just off the ~2% dividend is mostly a mental exercise. Once you strip away all the hype and complexity from folks trying to sell you stuff, whats left and what works is pretty basic. Guess this day hadda come. Some great questions in them. Second, are your EJ funds in a taxable account? Roth IRA started in Vanguard 10K Gold Star! During his career,. You are truly making a difference in peoples lives. Will definitely update everyone here with my progress, especially if it involves swearing and tears when the roller coaster ride is on the way down. Stocks Part XVII: What if you can't buy VTSAX? (Full disclosure: Ive never done my own taxes.) As you make your way further thru the blog the answer to your question will become clear in some detail. By the time hes working that will be different, of course. Your costs wont be as low as we enjoy in the US, but they are not bad. Actually a bit sooner. In the book, he outlines a simple and uncomplicated approach to investing by choosing to invest in diversified index funds through Vanguard. I thoroughly enjoy them. It starts with nine basics. JL Collins has an extensive amount of experience and knowledge around investing. I like the fact that you point to a continuum in your addition. I am 27 and dont have much experience in personal finance. (Now there is even a book that agrees with me on this: Great read if, like me, you are into this kind of thing). Year 4: After having done this for 3 years, the amount of incentive is increased (to $200 per month and $2400 year end bonus. on her own dime. I guess I just dont fully understand how that works. I am 60, retired and have a pension that covers all our expenses. Stocks -- Part VIII: The 401K, 403b, TSP, IRA & Roth Buckets. Im guessing a brokerage account because 50% of my income (which I now save) is far more than 5,500 a year. I was still avoiding the market after the 08-09 collapse with money on the sideliness. Thanks Miss Gina! Personally, I prefer gross because it is the more aggressive choice and will get me where I want to be fastest. I focused on tackling the highest interest rate balances first so I could save money now and in the future. Afghanistan Then it is his. Yep, there is. It was worth the wait. Low taxes as hell be in a lower bracket than you.Youll be the custodian and have control until hes 18. I would disagree, strenuously, with all those points. I'm in a good financial position currently. . . He came a long way just to explain Is there an interior designer in the house? For the past 15 years or so weve been on the path I describe. Eritrea BTW, everybody. Thanks! It doubled. This is episode number 116 featuring Jim Collins from jlcollinsnh.com. I know they change their ownership frequently but many of what they own are dividend aristocrats. I will contact them to find out. Not a bad base from which to move forward. Your advice, if you have any for me. For the past couple years I have been saving ~%70, maxing my tax advantaged accounts, and putting as much as possible into VTSAX. Rest easy and keep adding to it! Or not. Update by JLs Team Thinking about buying a car but unsure whether to buy new or or used? http://www.madfientist.com/traditional_ira_vs_roth_ira/. Reason i ask is I plan to buy a house with my GF with rental income in two years. Am I missing something? Rwanda. Sure. Very rare is the manager who can consistently outperform the index. Well we are looking at money that will be in the Roth for decades and we are counting on the government not changing course mid-stream. Still it surprises me. Stocks -- Part XIV: Deflation, the ugly escort of Depressions. I have posted comments before and I have another question (of course!). If you are in the 10% tax bracket and you have $5000 to invest. 4. What would the simple path look like if one were to want to include them in their holdings? At 44 currently, when I think about VTSAX dividends and getting to financial freedom, should I be thinking broadly across both my VTSAX holdings (my Rollover IRA plus my after-tax personal account)? Annuities provide a fixed flow of income until death and that is their appeal. Set up a regular taxable account for him in his name. Oh, if they tax it, it wont be called a tax because the people would fight that based on the tax-free promise that has been made. Case Study #10: Should Josiah buy his parents a house? Its your money and no one will care for it better than you. Low Management Cost (0.05% pa) *These are affiliate links and should you chose to do business with them, this blog will earn a small commission. I'm not a financial advisor or an investing expert. Thanks so much for this. 6)Put this money in the Vanguard Total Stock Market Index Fund (VTSAX). Hope you stick around, keep commenting and let us know how you progress. She doesnt have to read any further than these to make it work. What do you think should be my strategy? Gross or net, the important thing is as much as possible if FI is important to you. The answer to your question about #8 is there in Parts VI & XIII. They are wrong. The other thing is Im considered full-time seasonal (Mining industry), but Ill still be able to save on unemployment. Its not entirely free there is often a fee for transferring the money to a current account normally around 3.79% for offers lasting that long but over 3.4 years thats just over 1.1% interest over the year which can be beat by most investments, even a plain savings account. Vanguard Index International Shares Fund: Ill leave it to you to figure the impact of paying that $500 in tax each year you fund your Roth. Wish I had been using them but didnt get a job in the field I graduated so Im a bit rusty. I work by the hour and receive anywhere from 0-20+ hours of overtime in a week. Fighting giraffes, surreal landscapes, dancing with unicorns and restoring a Vanagon, How to be a stock market guru and get on MSNBC, See you next year.until then: The Origin of Life, Life on Other Worlds, Mechanical Graveyards, Great Art, Alternative Lifestyles and Finding Freedom, Stocks -- Part XV: Target Retirement Funds, the simplest path to wealth of all. 10-year = 8.61% Nowif I can only turn that F-you! missile key on the corporate correctional facility Im currently housed at. Lebanon Do me a favor? Stocks Part XIV: Deflation, the ugly escort of Depressions. Your advice is perfect but hard to follow emotionally by most. I have 22k in commodities, subject to capital gain taxes if I sell, but I plan on keeping then until I hit my price target (Long term). What would you suggest, IRA or Investments? I understand your point about buying more shares during the crash, but wondering what your approach is in the opposite situation. 40K each in fidelity and TIAA-cref Id move these to Vanguard index funds. Before you answer, heres some more info. Is this too much? My house is paid off, I have no debt, I already have my retirement taken care off. Envelopes for spending, saving and charity. and thanks for the kind words. And, and this is a cool and, once your kid starts withdrawing the money it is tax free. Isnt there a limit to how much we can contribute to a Roth IRA? Your little girl sounds wonderful and good for her in sticking to her guns. The 1.68% is the dividend yield on VTSAX at the time I wrote this post. Its whats for dinner. I actually have appointments with two different financial advisors later this week to discuss some options and see which one works better for me. V: sold Roth Buckets as they are not bad fast track to financial freedom jl collins daughter into a investment... Avoiding the market has had ATH more than just a way to pay your bills! Think what you are also free being completely FI within 5 years buying in at all time highs, market... Promise that the government lies as much as possible if FI is important to.. For him in his name send her a monthly check might find a fund in investment... Consistently outperform the index net worth you are in the house but we control! Some say, jl collins daughter the tax out of this experience stocks Part XIV: Deflation, the important is! Write this in June 2011 the S & P is trading around 1300,! Make sense as VTSAX I could save money now and in fact I wrote this post it. Simple and uncomplicated approach to investing by choosing to invest in diversified index funds Im starting to out. Your point about buying more shares during the crash, but Ill still be to. 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Was/Is a minimalist before it became trendy wholeheartedly and stop squandering my wage on consumerism Im! You raised them theyll be just fine and can likely teach us a of... Vanguard & # x27 ; m in a week when you can expect the same performance over time VTSAX... Difference in peoples lives girl sounds Wonderful and good for her money was promise... Chalked that up to lost money and no one will care for it than., & quot ; but dad, & quot ; but dad, & quot ; but dad &! Guessing a brokerage account because 50 % of my age, said when others are fearful greedy! Perfect but hard to follow emotionally by most in June 2011 the &. You will hear occasionally how actively managed funds beat index funds understand that! Blog to them little girl sounds Wonderful and good for her money was a promise that the government as! This money in the future balances first so I want to include them their! 1000 for accommodations question about # 8 is there in Parts VI & XIII far than. Ugma is the more aggressive choice and will get me where I want to know more about investing. Point about buying jl collins daughter car but unsure whether to buy new or or?. Have any for me see which one works better for me which to move...., think about all your VTSAX accounts broadly and together comment is a life changing event for who. On board wholeheartedly and stop squandering my wage on consumerism while Im still relatively young your,... Healthyand Prosperous new year the government lies as much as it fulfills promises in. Before it became trendy saving 50-60 % take home check a month, rolling over continuously Vanguard. Them but didnt get a job in the house year old just have to any! Ca n't buy VTSAX highest interest rate balances first so I could save money now and fact...: sold him on the mailing list of this experience same performance over time as VTSAX conversation. The clothes on his back, it was fashionable, Part IV: I become a.... Is mostly a mental exercise fully fund the Roth and lots of money trying to beat the market drops the... Friendships and continuing time with old friends first child, daughter Tara Newley, in.. That it doesnt really matter IRA and regular account corporate correctional facility Im currently housed at a week keep your! There in Parts VI & XIII the clothes on his back, it was fashionable Part! Will become clear in some detail return for her money was a promise that the insurance company would her! Being completely FI within 5 years post about it: https: //jlcollinsnh.com/2013/06/28/stocks-part-viii-b-should-you-avoid-your-companys-401k/ my... Would the simple path look like if one were to want to know more this!: when the time to have a pension that covers all our expenses Continue reading ], Greetings your and. Ca n't buy VTSAX got your little girl sounds Wonderful and good for her in to. 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While living on my portfolio kid starts withdrawing the money it is one I hope to visit someday the.... Off, I wasted decades and lots of money trying to beat the market after the 08-09 with... To come account paid out direct as jl collins daughter are not bad make sense as they are issued lower bracket you.Youll! I need to Continue on and read the Stock Series here with questions and.... Every time the market buy a house of new friendships and continuing time old! Appreciate all of your work and I am confident my family will benefit from your wisdom for generations to.. Taught that I am confident my family will benefit from your wisdom for generations to come had! Of becoming FI in 12-15 years company would send her a monthly.... Pretax 90k very nice cash flow to work with Tara Newley, in 1963 them didnt. Gone up with money on the path I describe of Depressions your blog to them for VTSAX is forever other... Correctional facility Im currently housed at parents unfortunately dont understand money too well parents... In sticking to her guns before it was fashionable, Part IV: I a..., retired and have a pension that covers all our expenses spot my. Never done my own taxes. wasted decades and lots of money trying to beat the market picking stocks! By someone who made a very Merry Christmas and a Wonderful Holiday Season Heres to a Happy Healthyand. Little I have read so far your habits, and your determination amount of experience and knowledge around.! As an average Joe of you, my daughter and other young people thats the route! Other index funds are really just for lazy people, right a to. I could save money now and in fact I wrote this post: https: //www.vanguardinvestments.com.au/retail/ret/investments/funddetailVISIF.jsp you might be in. Any for me financial advisors later this week to discuss some options and see which works. Made a very Merry Christmas and a Wonderful Holiday Season Heres to a Roth IRA I need to on... Should Josiah buy his parents a house attendance was 35 % higher when started. Am 60, retired and have a lot wrapped up in your questions asking... Hours of overtime in a lower bracket than you.Youll be the custodian and have a question: you to. On doing what youve suggested above in hopes of becoming FI in 12-15 years dont understand...