I love all things money. My kids often see me reading finance books and browsing real estate blogs. They hear me talking about money with my wife. They watch us negotiate deals to buy houses with cash, and they overhear our discussions on retiring early.
I explain what I’m doing with money in simple terms to my kids, but I can’t be sure it’s sinking in. They are 10 and 6. It is my job to prepare them to navigate money and life. I wonder how I’m doing.
I’m in the military. People around the office ask me for for financial advice. They know I’m a “money guy” and word gets around that I like talking investing and real estate.
I warn people they won’t like my advice. They usually don’t.
This guy didn’t.
Recently a co-worker told me he’s got $20,000 burning a hole in his pocket, and what I think about investing in the British Pound. With the Brexit, it seems like a sure thing!
I told him this kind of speculation in currency isn’t for everyone. Even those who devote their lives to studying this are wrong more often then right. I warned him this would be a fun way to lose money quickly on something he doesn’t understand. It seemed like he took that to heart.
Guy: “Ok, I got a better idea! What about gold!?!?!?”
First, a little about me and my website:
My website is all about helping others to get out of debt and create passive income from real estate.
But you can not mess with real estate until your finances are on a solid basis. You gotta go get Jim’s book! (or at least read his website)
“Spend less than you earn–invest the surplus–avoid debt”
The central theme of Jim’s website and book.
It’s hard to believe the Path to Wealth can be this simple.
But in his book, you’ll see it is.
I got to admit. I love this book! My review is going to sound a little over the top, but it’s a damn good book!
I’ve been big into finance and real estate books my whole life. I’ve read them all.
Ok, way more than this!
About a year ago, I stumbled across financial independence and early retirement websites and it opened up an entire new world to me!
I began seeking out all the top blogs in this field, and one that kept coming up was jlcollins.com.
To put it bluntly, his Stock Series was the most comprehensive explanation of investments I have ever read. There is so much noise and confusion out there in the finance world, and he slices right through it and tells you what’s really important.
He makes it easy to understand the complex world of money. His approach to investment is so simple, it’s alarming!
I followed his blog closely and eagerly awaited new posts.
When he sent out an email explaining he was writing a book and soliciting help from his readers for proofreading, I jumped at the chance!!
The only reason I volunteered was because I wanted to read the book ASAP!!!
As luck would have it, I was selected to be a proofreader, and had the opportunity to read the book before publication. (Actually, I’ve read it about 20 times. Occupational hazard!)
The book is exactly what I was hoping it would be.
Every blogger gets to write an obligatory post on how they cut corners to get out of debt and accumulate wealth.
Here is how I do it.
I’ll start by saying any success I’ve had with saving money is 99% attributable to my wife. She is Chinese and grew up in Taiwan. She has no formal training in investments or finance. She has never read a personal finance book in her life. But she came from a family and, to a certain extent, a society that frowns on debt.
She freaked out when she realized I had $32,000 in student loans and several credit cards while in my last year of college.
The sad thing was, I didn’t really need the loans, I just wanted some extra money to live a little larger. I was on a full scholarship and had a job in the dorms that gave me free room and board (Yes, I was stupid). One of the many reasons I married her was her attitude towards money and her ability to keep me straight.
This is a fairly basic look at my thoughts on getting out of debt, saving, and investing. Good to read if you are getting started with investing. If you are an advanced investor, you may find it basic.
Among acquaintances, friends, and co-workers, my thoughts on money seem extreme. I don’t have many among those groups to share and discuss with.
I’ve been devouring books about money my whole life. I was soooo happy when I found the world of FI, real estate, and investing blogs. I feel like there is a community of people out there that understands me.
I love the blogs where the average person shares their struggles with real estate, investing, and life in general.
When I was in college, I got a job at Fidelity Investments as a stockbroker. It was a 3rd job, a side hustle to pay back my student loans. It was a great introduction to the world of finance. It made sense for someone like me to get a job like this. I’ve always had an interest in the stock market.
My name is Rich. I like to talk about money.
Let me tell you my story.
How do you summarize your financial life in a blog post?
What if it’s your first post ever?
I’ll give it a shot!
I met my wife in college and quickly realized she was the right person for me. Before she married me, she asked me a question that I didn’t know the answer to. It was a question that I also did not want to know the answer to.
“How much money do you owe in student loans?”
(Very blank look from me)
Thinking back through the last 3 1/2 years of college, I remembered getting some grants and a partial scholarship from the military for majoring in Chinese, how bad could it be? I remember taking out a few student loans to help make ends meet (a.k.a. always eating out and vacations with rich friends).
I paid off our $280k mortgage in six years. Paid of $32k in student loans in 1 year. I flipped houses and purchased rental property with cash while living overseas in the military. I currently own several rental properties mortgage free. Read More…
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Rich
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Zach
"Rich, Do you typically see a house in person before making an offer? I ..."
Aramis Realty
"Thank you for elaborating the structures in investing and real estate! This is ..."
Rich
"That's awesome. It's a great book. You are well on your ..."
Donta
"Thanks for sharing your story. Unlike you (or countless other super smart people ..."