25 Quotes from The Simple Path to Wealth book by J. L. Collins
Hello and Welcome. This page is a collection of 25 quotes from The Simple Path to Wealth book by J. L. Collins that I underlined while reading the book. I hope you will like these quotes too.
By the way, I am Deepak Kundu, an avid book reader, quotes collector and blogger.
Quotes on Debt
- Carrying debt is as appealing as being covered with leeches and has much the same effect.
- If you intend to achieve financial freedom, you are going to have to think differently. It starts by recognizing that debt should not be considered normal. It should be recognized as the vicious, pernicious destroyer of wealth-building potential it truly is. It has no place in your financial life.
- Those who live paycheck to paycheck are slaves. Those who carry debt are slaves with even stouter shackles. Don't think for a moment that their masters aren't aware of it.
- Avoid debt. Nothing is worth paying interest to own.
Quotes on Investing
- There is no risk-free investment. Once you begin to accumulate wealth, risk is a fact of life. You can't avoid it, you only get to choose what kind. Don't let anyone tell you differently.
- The great irony of investing is that the more you watch and fiddle with your holdings the less well you are likely to do. Fill your basket, add as much as you can along the way and ignore it the rest of the time. You'll likely wake up rich.
- A little humility goes a long way in saving your ass and your cash.
- The great irony of successful investing is that simple is cheaper and more profitable. Complicated investments only benefit the people and companies that sell them.
Quotes on Personal Finance
- A crash at the beginning of your investing life is a gift. In fact, any pullback in stock prices is a gift while you are in the process of accumulating your wealth. It allows you to buy more shares for your dollars, on sale if you will.
- Stop thinking about what your money can buy. Start thinking about what your money can earn. And then think about what the money it earns can earn. Once you begin to do this, you'll start to see that when you spend money, not only is that money gone forever, the money it might have earned is gone as well. And so on.
Quotes on Index Investing
- I don't favor indexing just because it is easier, although it is. Or because it is simpler, although it is that too. I favor it because it is more effective and more powerful in building wealth than the alternatives.
- Before you start trying to pick individual stocks and/or fund managers ask yourself this simple question: "Am I Warren Buffett?" If the answer is "no," keep your feet firmly on the ground with indexing.
- I can't pick winning individual stocks and you can't either. Nor can the vast majority who claim they can. It is extraordinarily difficult, expensive and a fool's errand. Having the humility to accept this will do wonders for your ability to accumulate wealth.
Quotes on Money
- Since money is the single most powerful tool we have for navigating this complex world we've created, understanding it is critical. If you choose to master it, money becomes a wonderful servant. If you don't, it will surely master you.
- 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.
- If you have money you have risk. You don't get to choose not to have risk, you only get to choose what kind.
More Quotes
- Life choices are not always about the money, but you should always be clear about the financial impact of the choices you make.
- The older I get the more I hold each day precious. I've become steadily more relentless in purging from my life things, activities and people who no longer add value while seeking out and adding those that do.
- Youth should be spent exploring - building and expanding one's horizons - not grinding away in chains.
- The market is volatile. Crashes, pullbacks and corrections are all absolutely normal. None of them are the end of the world, and none are even the end of the market's relentless rise. They are all, each and every one, expected parts of the process.
- Everybody makes money when the market is rising. But what determines whether it will make you wealthy or leave you bleeding on the side of the road is what you do during the times it is collapsing.
- As individuals we only have one obligation to society: To ensure we, and our children, are not a burden to others. The rest is our personal choice. Make your own and make the world a far more interesting place.
- The best, most effective lies are surrounded by truth. Buried in it.
- If it looks too good to be true, it is. There is no free lunch. Not ever.
- Complex investments exist only to profit those who create and sell them.