That’s because “You own the things you own and they in turn own you,” Collins says. I’m sure you too know someone who should have more than enough but somehow keeps complaining about how much they have to work - a symptom of wearing golden handcuffs. He mentions Mike Tyson, one of history’s greatest boxers, who made over $300 million (!) yet still wound up bankrupt. “If your lifestyle matches-or god forbid exceeds-your income, you are no more than a gilded slave,” Collins says. If you want to save this summary for later, download the free PDF and read it whenever you want.ĭownload PDF Lesson 1: Always spend less money than you earn.
Ready for a simple path to wealth? Let’s look at J. Invest everything that’s left over into index funds.According to him, building wealth is almost inevitable if you follow three steps: Part of its appeal is that Collins’ approach is as simple as the book’s title promises. What initially began as a series of letters to his then-teenage daughter eventually became a bestselling book, selling some 400,000 copies.
Collins thinks your freedom is the most important thing you can buy, and in this book, he offers a straightforward path to get there. Collins tells in The Simple Path to Wealth, and it is meant to make a single point: Wealth is not about power, luxury, or idling.
But the monk only replies, “If you learned to live on rice and beans, you wouldn’t need to serve the king.” “If you learned to serve the king, you wouldn’t need to live on rice and beans,” he tries to advise him. When they meet years later, the minister feels bad for his friend. One became a powerful advisor to the king, the other a monk. Two childhood friends grew up and went their own ways. 1-Sentence-Summary: The Simple Path to Wealth is a three-step template for achieving financial freedom in a straightforward way, passed from a wealthy man to his teenage daughter through a series of letters.
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