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LLPFI Episode 27: Wandering In The Wilderness With J.L. Collins
Manage episode 417076438 series 3334947
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Summary
J.L. Collins accidentally achieved financial independence (FI) at the age of 39 without even realizing it. He had periodic breaks from working and noticed that he had more money at the end of the year than he started with, despite having no income. He fell into FI accidentally and later started a blog to archive financial information for his daughter. J.L. Collins believes in the 4% withdrawal rule as a guideline for retirement, but acknowledges that higher withdrawal rates can be successful depending on individual circumstances. He does not invest in cryptocurrencies and prefers stocks that have earning power. J.L. Collins encourages travel to experience the beauty of the world and the kindness of people in different countries. In this conversation, JL Collins discusses his journey to financial independence and the importance of saving and investing. He emphasizes the power of buying assets and living below your means to achieve financial freedom. JL also shares his favorite books that have shaped his outlook on life, including 'How I Found Freedom in an Unfree World' by Harry Browne and 'Sapiens' by Yuval Harari. He discusses some of his spiciest opinions, such as the importance of discussing money in relationships, and addresses the nickname 'Godfather of FI' that has been given to him in the financial independence community. JL encourages listeners to buy his books if they believe it will enhance their lives, rather than to support him personally.
Be sure to check out the website at https://jlcollinsnh.com/
Takeaways
- J.L. Collins achieved financial independence accidentally at the age of 39 without realizing it.
- He believes in the 4% withdrawal rule as a guideline for retirement, but higher withdrawal rates can be successful depending on individual circumstances.
- J.L. Collins does not invest in cryptocurrencies and prefers stocks that have earning power.
- He encourages travel to experience the beauty of the world and the kindness of people in different countries. Saving and investing a significant portion of your income is key to achieving financial independence.
- Buying assets and living below your means are powerful strategies for building wealth.
- Books like 'How I Found Freedom in an Unfree World' and 'Sapiens' can shape your outlook on life and finances.
- Discussing money in relationships is important to avoid financial issues in the future.
- JL Collins has been nicknamed the 'Godfather of FI' in the financial independence community.
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