The Simple Path to Wealth: Is It Really That Simple?

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The moderator, Dr. Jim Dahle, posed a question. “Is a 100% stock allocation foolish for someone in their 20s or 30s?” In other words, would that be a simple path to wealth or a dangerous one?

I had my answer, but I was curious to see what the other more accomplished and known personalities on the stage would say. First up was Harry Sit, The Finance Buff, author of My Financial Toolbox. He said “no.” That would be perfectly acceptable.

Next, it was Rick Ferri’s turn. He’s the host of the Bogleheads podcast and the author of about 10 books on investing, including The Power of Passive Investing: More Wealth with Less Work. He also said “no.” Another vote for 100% stocks.

JL Collins The book’s author, JL Collins, states that the idea for his book, The Simple Path To Wealth, actually started out as letters that he’d written to his teenage daughter.

He wanted to teach her about financial responsibility and thought what better way to do so than with a series of personal letters. His mains goals were to help her not only avoid the money mistakes he’d had but also to keep things, you guessed it, simple.

How To Think About Money “Stop thinking about what your money can buy. Instead, start thinking about what it can EARN. And then think about what the money it earns can earn. As you do this, you’ll start to see that when you spend money, no only is that money gone forever, the money it might have earned is gone as well.”

In this same chapter, he highlighted how Warren Buffett thought about his money: – Rule #1: NEVER lost money. – Rule #2: NEVER forget rule #1.

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