I always wanted to invest but the barrier to entry into the investing world always seemed too high for me. Investments were complicated and I thought I needed thousands of dollars that I didn’t have to get started. I put off investing as something I could figure out when I was older and had more money.
Then a year and a half ago, at 25, I stumbled upon personal finance blogs that encouraged me to get out there and invest. It turns out that I didn’t need thousands of dollars to get started with investing. I didn’t need a degree in economics or a fancy financial advisor to tell me what to do. I just needed a little guidance and the motivation to go do it.
It was around this time that I found Jim Collin’s blog and his famous stock series. Jim’s stock series covers the A to Z of investing. It explains the basics in a way that is easy to understand and is actionable. For example, I probably read about traditional and Roth IRAs many times before I really understood them from reading Jim’s posts. It was after reading his posts that I took my first step of opening a traditional IRA with Vanguard and buying VTSAX (if you don’t know what that is, keep reading).
Beyond just explaining the how-to’s of investing, Jim also explains the why behind investing. I really connected with his message of having what he calls “FU Money” which basically gives you the flexibility to walk away from a bad situation at work. I’ve thankfully never had that bad of a situation at work that I needed to walk away but I have felt the shackles of a less than perfect job situation.
By 25, I had already purchased a bigger home than I could afford and a new car. I needed my job to keep up the payments on my expensive lifestyle. I also got engaged and was in $90k of debt due to combined student loans, car loans, and a bad 0% interest credit card habit.
From the outside, I was living this great life but on the inside, I felt trapped.
I have since paid off the $90k of debt, now max out my IRA, 401k and HSA, and additionally invest as much after tax money as I can. I went from being a total newbie who was intimidated to invest to someone who now blogs about personal finance. It’s been a huge transformation for me and has eliminated so much stress in my life now that I have some financial security.
A Simple Path to Wealth
I had the pleasure of meeting Jim when I attended the Chautauqua in Ecuador this past October and can say that he is as great of a person as he seems on his blog.
Lucky for all of us, Jim has transformed the stock series into a well-organized and knowledge-packed book, “The Simple Path to Wealth.” I received an advanced copy of the book and can tell you that it is a must-read for not only millennials but all generations.
I decided to go on Amazon and gift the book to my younger sister. She is 25 now, the age I was when I started investing, and is going through some of the same things I was going through at the time (student loan debt, keeping up an expensive lifestyle, etc.).
Spending $10 to gift her a lifetime of financial knowledge and security is a bargain in my mind and something I would gladly spend on a friend or family member. Plus, the book is filled with entertaining stories and anecdotes that make it much more interesting to read than your average finance book.
I don’t want to make it seem that the book is only for beginners though. This book is for everyone. It explains the basics very well (which is why I recommend it for millennials or first-time investors) but it also goes into complicated investing topics that might teach an expert a thing or two.
The best part is that Jim has been financially independent for over 20 years and has time-tested all of these approaches. I really like his low-cost, passive method of investing and know that it aligns with the lifestyle I want to live.
I did not have to write this review and am not getting paid for writing about this book (Although, I did go out and get my first Amazon affiliate link below which means I am paid for any purchase of this book through the below link #realbloggernow). I truly just feel that the book is a good investment and the ROI on this book will be tenfold once you get going.
I’ll have a more detailed post on my investments at a later time but for now, get this book! You won’t regret it!
Do you invest? Did you ever feel there was a barrier to entry with investing?
Millennial Boss is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.
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