One of the life-changing blogs that got us on this FIRE path is JL Collins’s blog. This is why we call him the “Godfather of FI” and he has also written a book called “the Simple Path to Wealth“, which has been an international bestseller ever since its release in 2016. I’m thrilled to announce that JL has authored another book which is coming out next week on Oct 31!
“Pathfinders” tells the stories of those who’ve followed The Path to financial independence that the Godfather has laid out in the book and succeeded. It also has the coolest foreword, written by none other than the incomparable Hasan Minhaj, who happens to be a huge fan of JL’s work! For those of you who don’t know, The Simple Path to Wealth was mentioned by Hasan on The Daily Show, while interviewing Kevin O’Reilly. He tells Kevin that, instead of giving his own financial literacy advice to high schoolers, he should “give them JL Collins’ book ‘The Simple Path to Wealth.’” If that’s not a glowing endorsement, I don’t know what is. Plus, how great is that Hasan got to stick it to Kevin O’Leary?
Anyhoo, so for those of you who are curious about what’s in Pathfinders, here’s a taste of my favourite quotes in the book:
“The war, of course, has thrown everything into the air. But I am keeping to JL’s Simple Path as best as I can. Here are some key things I have learned from my pursuit of FI in Ukraine, which I hope will help others stay the course no matter where they are…”—Roman Koshovskyi, Lviv region, Ukraine
”Money is… unimportant as long as you have plenty of it. But if you only have barely enough for your needs, it will prey on your mind. The moment you don’t have enough, it suddenly becomes extraordinarily important. At that point, few things matter more. “ – JL Collins
“In the midst of the Covid plunge of early 2020, people began commenting with disturbing certainty about how the market just had to go down further and how much longer it was doomed to stay down. How this time was truly different. I put a tweet up saying, “I’ve noticed there’s a new symptom of Covid, clairvoyance.” And, of course, the market promptly rallied back past previous highs, and did so in record time. Not because of my tweet, but simply because, as some wag once said, “The market will do whatever it takes to embarrass the largest number of people.” –JL Collins
Pathfinders is split into 9 sections: Freedom, Debt, Saving, Lifestyle Inflation, Investing, FU Money, Staying the Course, Family, Endgame
At the beginning of each section, JL gives his take on that topic, and there are a series of stories from readers who followed The Path describing how it turned out in that area of their lives.
One of my favorite stories in it comes from a Ukrainian reader from Lviv, who, before the war broke out, was following The Path. The war threw everything into chaos, but he is still working toward FI as best as he can.
Another favourite, to see things from the opposite side, is from a reader from Russia, who talks about how to follow The Path when your country becomes a global outcast. He talks about the importance of diversification and the biggest investing mistake he made, which was disregarding JL’s advice.
And finally, a story brilliantly titled “MINIMUM WAGE BUT MAXIMUM FREEDOM,” is the story of a waiter who lives comfortable on $24,000/year and a wage that fluctuates between 65,000-91,000/year, saving more than 50% of his salary (as JL advocates for in TSPTW) and is on track to building a $750,000 portfolio to reach FI. You may remember them from a reader case on this blog.
As you know JL wrote TSPTW to make sure his daughter Jessica is financially set for life. Well, you might be interested to know that there’s an interview at the end of the book where you can read Jessica’s take on all this. Did JL finally achieve his goal of convincing her? Get the book to find out.
If you want to be inspired to follow the Path no matter what your struggle is, get your copy of Pathfinders, coming out Oct 31!
3 lucky readers can enter to win copies of this book by answering this question in the comments below:
“If you lost all your possessions in a house fire, what is the one thing you’d miss the most?”
Winners will be chosen at the end of the week. Make sure you leave your email in the comment so we can contact you if you win.
Note: If you live in the US, you will receive a physical copy and international readers will receive an e-copy.
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