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Summary of The Simple Path to Wealth
Short summary
The average person is looking for a way to make wealth for themselves but few people ever find a sustainable way. They are either bereft of sound financial advice or are too deep in debt to even apply whatever run-of-the-mill advice they get. J.L. Collins provides readers with “A Simple Path to Wealth, a summary that breaks down the seemingly complex jargon of Wall Street and offers trusted and tested guidelines to creating and sustaining wealth.
J.L. Collins is an accomplished senior executive with extensive profit and loss experience and a proven track record of growing revenue and profitability. He is a seasoned expert in self-help, motivational texts, and a certified professional in the business of index funds. A celebrated author, his book wishes to give you the gift of insight into the path to becoming wealthy and making sure you stay rich.
The path to wealth should not have confusing decisions, and this tidbit was curated carefully to ensure everyone had easy access to sustainable wealth.
“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
12 min
7 key points
9 insights
You’ll learn
- Techniques for eliminating debt
- Whether it's better to invest or save
- How to live a richer life
- Why bonds are your financial safeguard
Table of content
- Summary of The Simple Path to Wealth
- About the author
- What is The Simple Path to Wealth about?
- Who should read The Simple Path to Wealth
- Topics in The Simple Path to Wealth
first key point
Wealth creation for the everyday man
Listen the first key point
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For the average income earners, they dream of a better life for themselves. A life free of so many work hours and enough money making everything easy. But often, they don’t have the skill or know–how to accomplish this dream of wealth creation.
Wealth creation is one task that drives the bulk of individuals in the labor market. They’re either hoping for that one big promotion or a big break to catapult them to their dream financial status. While this is admirable and inspires hard work, it is not feasible or reliable either.
To create wealth, one must look outside their salary. No salary earner ever became a millionaire on their salary alone, which means that the true path to wealth forces one to think outside the box occasionally. The ideas we stumble upon won’t always birth successes, and this is where the experts come in.
J.L. Collins has made it his life’s work to give everyone a piece of “el dorado, the city of gold”, their slice of heaven or paradise if you will. He offers readers the tools to create wealth and sustain it too. It will require formal education to do this, and J.L. Collins has broken it down into smaller, simpler chunks that even the layman can quickly grasp.
Wealth creation is one task that drives the bulk of individuals in the labor market. They’re either hoping for that one big promotion or a big break to catapult them to their dream financial status. While this is admirable and inspires hard work, it is not feasible or reliable either.
To create wealth, one must look outside their salary. No salary earner ever became a millionaire on their salary alone, which means that the true path to wealth forces one to think outside the box occasionally. The ideas we stumble upon won’t always birth successes, and this is where the experts come in.
J.L. Collins has made it his life’s work to give everyone a piece of “el dorado, the city of gold”, their slice of heaven or paradise if you will. He offers readers the tools to create wealth and sustain it too. It will require formal education to do this, and J.L. Collins has broken it down into smaller, simpler chunks that even the layman can quickly grasp.
It doesn’t take a degree to make wise decisions and create sustainable wealth.
The most excellent advice J.L. Collins offers to avoid debt by all means. Debt presents as an easy way out of spending cash because you can always pay it back later, but in truth, debt never goes away if you keep incurring more in hopes that one day, you’ll pay it back. Debt is the biggest hindrance to creating and sustaining wealth.
second key point
How to properly manage money: debt, saving, and investments
What is debt? Well, it is simply the sum of money owed. But of course, you knew that. We are all very familiar with the concept of debt, but this summary seeks not only to introduce it to you but to teach you how to live free of it.
Full summary is waiting for you in the app
third key point
The stock market: how to surf the waves and survive the crashes
fourth key point
The secret to Index funds: bonds as a safer way to building wealth
fifth key point
The big retirement plan: learning to read the market and avoiding losses
sixth key point
Investing prepares one to live a life of true financial freedom
seventh key point
Conclusion
What is The Simple Path to Wealth about?
Who should read The Simple Path to Wealth
Topics in The Simple Path to Wealth
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