Episode #486

JL Collins is one of the most respected authors in the financial independence community. His book, “The Simple Path to Wealth,” became the FIRE movement bible, giving clear, concise, easy-to-follow, and often unbelievably simple advice on achieving financial independence and retiring early. One of the most striking lessons from the book? You DON’T need to be rich to retire early or build wealth. Whether you make $40K or $400K per year, you can start building your financial freedom TODAY.

Since its publication, “The Simple Path to Wealth” has inspired millions of people to find financial freedom, and many who have achieved financial independence or are well on their way have been in contact with JL. In his new book “Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence―And How to Join Them,” JL shares stories of the rich, poor, and even bankrupt readers who were able to turn their lives around and find financial freedom, no matter their circumstance.

So, if you’ve been telling yourself that you CAN’T retire early because of a low paycheck, dire financial situation, or expensive lifestyle, think again. In this episode, JL will show you EXACTLY why YOU can be rich IF you follow some simple steps on the path to financial independence!

Show Notes at:
https://link.chtbl.com/Money
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Hear Our Past Episodes with JL:
Episode 20: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-20-the-simple-path-to-wealth-index-funds-explained-with-jl-collins?utm_source=youtube&utm_medium=description&utm_campaign=none
Episode 116: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-116long-term-investingcovid-19-jim-collins-jlcollinsnh-com?utm_source=youtube&utm_medium=description&utm_campaign=none
Episode 285: https://www.biggerpockets.com/blog/money-285?utm_source=youtube&utm_medium=description&utm_campaign=none
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Grab JL’s Books:
Pathfinders: https://www.amazon.com/Pathfinders-Extraordinary-Stories-Financial-Independence_And/dp/180409000X
The Simple Path to Wealth: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
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Learn More from JL:
https://jlcollinsnh.com/
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How Has The 4% Rule Held Up Since The Tech Bubble And The 2008 Financial Crisis?
https://www.kitces.com/blog/how-has-the-4-rule-held-up-since-the-tech-bubble-and-the-2008-financial-crisis/
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none


00:00 Intro

00:59 The Repeatable Path to Wealth

04:26 Getting Started with FI

07:46 FI Isn’t Just for the Rich

17:05 Escape The Lifestyle “Trap”

25:53 The Problem with the 4% Rule

36:02 When Everything Goes Wrong

39:34 What to Do NOW

42:34 Grab “Pathfinders”

44:00 Financial Freedom for EVERYONE