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The Philosophy Of Alan Watts

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The illusion of control

The Philosophy Of Alan Watts

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Author Quote

Author Quote

"There are many things money can buy, but the most valuable of all is freedom. Freedom to do what you want and to work for whom you respect."

-J. L. Collins


1.4K reads


“The beauty of a high savings rate is twofold,” Collins says. “You learn to live on less even as you have more to invest.” Collins doesn’t live a lavish lifestyle. He never even had a car payment. In exchange, he is free to choose whom he works with and how he spends his time. Collins’ savings ra...


629 reads

As for the third, Collins suggests buying “the least house to meet your needs rather than the most house you can technically afford.” He thinks of “house” like “apples:” Something you can buy in any quantity but that, the more of it you buy, will hamper you financially for more and more years.


545 reads

Once you reach your portfolio goal, say $1,000,000, you can safely withdraw 3-7% each year while still growing your assets, Collins claims, relying on the 4% rule tested by a famous study . Now, all that’s left is to enjoy your ...


539 reads

The Simple Path To Wealth Book Summary

The Simple Path to Wealth is a three-step template for achieving financial freedom in a straightforward way, passed from a wealthy man to his teenage daughter through a series of letters.


1.16K reads

“Carrying debt is as appealing as being covered with leeches and has much the same effect,” he writes. Therefore, whatever debts you have, you should get out of as quickly as you can . As soon as you’re debt-free,...


569 reads

Top 3 Book Lessons

What initially began as a series of letters to his then-teenage daughter eventually became a bestselling book, selling some 400,000 copies. Part of its appeal is that Collins’ approach is as simple as the book’s title promises. According to him, building wealth is almost inevitable if you follow ...


905 reads

Lesson 2: Get out of debt as fast as you can — and stay there.

There are many different approaches and takes on having debt. Some experts say it can be a useful tool . Others suggest you should get away from it as far as you can. Personally, I lean more towards the latter perspective, a...


601 reads

Lesson 3: Invest most of your savings into index funds

Sometimes, I hate belaboring the same point over and over again, but it is in countless finance books for a reason: index funds ,


566 reads

I’m sure you too know someone who should have more than enough but somehow keeps complaining about how much they have to work — a symptom of wearing golden handcuffs . That’s because “You own the things you own an...


732 reads

The book doesn’t have a big section about budgeting, cutting back on lattes , or re-negotiating credit card rates. Collins simply appeals to our common sense. Everyone knows how much they have, and, with a few simple calc...


683 reads

Who would I recommend our The Simple Path to Wealth to?

The 24-year-old recent college graduate who’s about to get his first big paycheck, the 45-year-old who still has surprisingly much time left until retirement, and anyone looking for a timeless, simple investing formula that works.


543 reads

The Simple Path to Wealth - Book Review

Like The Wealthy Gardener , this book was written from a parent to their child. Those always make for a powerful read. If you like straightforward, conversational advice with a humorous tone, I think you’ll really e...


494 reads

“This will be much, much harder than you think,” Collins reminds us. Even if you automate your monthly payments to your broker, during market crashes, “People all around you will panic. The news media will be screaming...


516 reads

Collins also addresses three kinds of debt we usually consider “good debt,” aka money we borrow to use towards productive ends: business loans, student loans, and mortgage loans. The first kind must be handled with great care. The second should not even exist, as it only inflates the cost of educ...


563 reads

Book Overview

Two childhood friends grew up and went their own ways. One became a powerful advisor to the king, the other a monk. When they meet years later, the minister feels bad for his friend. “If you learned to serve the king, you wouldn’t need to live on rice and beans,” he tries to advise him. But the m...


982 reads

Collins recommends the Vanguard Total Stock Market Index Fund, ticker symbol VTSAX , or its according exchange-traded fund, the V...


521 reads

Lesson 1: Always spend less money than you earn.

“If your lifestyle matches—or god forbid exceeds—your income, you are no more than a gilded slave,” Collins says. He mentions Mike Tyson, one of history’s greatest boxers, who made over $300 million (!) yet still wound up bankrupt.


864 reads

This is the opening parable J. L. Collins tells in The Simple Path to Wealth , and it is meant to make a single point: Wealth is not about power, luxury, or idling. It is about free...


854 reads




Introverted Extravert

The Simple Path To Wealth - Book Summary

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