JL Collins turned his experiences with money – successes and failures – into advice for his young daughter, and in turn transformed that advice into this easy-to-read, step-by-step guide to managing wealth. JL Collins lays out a simple framework for each the wealth accumulation and the wealth preservation stage. Here are the quotes that resonated the most with me.
Debt
“Eliminate all non-essential spending…. This is what will free up the money you need to pour on the debt flames that are burning up your life.”
“Did these people think I was stupid? As a matter of fact, they did. It was nothing personal. They think the same of all of us. And unfortunately, all too frequently they’re not wrong.”
On the total debt burden: “…almost no one you know will see this as a problem.”
Stock Market
On market timing: “Believing in Santa Claus is more profitable. Breeding unicorns is more likely.”
“The stock market’s wealth-building power over time is nothing short of breathtaking.”
Jack Bogle’s on market timing: “I’ve been in this business 61 years and I can’t do it. I’ve never met anybody who can do it. I’ve never met anybody who’s met anybody who can do it.”
Money
“Personally, there is nothing I’d rather buy or own than F-You Money.”
“Fear is perfectly understandable. Nobody wants to lose money. But until you master it, such fear will be deadly to your wealth. It will prevent you from investing.”
“Being independently wealthy is every bit as much about limiting needs as it is about how much money you have.”
“I’m realistic enough to know more people are goofs with their money.”
“Stop thinking about what your money can buy. Start thinking about what your money can earn.”
“Your money can buy you something far more valuable than stuff.”
Housing
“Seek the least house to meet your needs rather than the most house you can technically afford.”
Society
“As individuals we only have one obligation to society: To ensure we, and our children, are not a burden to others.”
These are the quotes that most resonated to me. Once you read it, let me know which ones resonate to you @AdultingIsEasy.