The Simple Path To Wealth

Robo-advisors are a relatively new entrant into the investing market, and it'd be hard to find a simpler way to invest.

- they automate the process of investing
- they have low fees
- they create diversified portfolios of index funds 

Charlie Munger, Warren Buffett's right hand man, once said, "Take a simple idea and take it seriously," emphasizing the power of simplicity in life and investing. Munger often spoke about how successful investing shouldn't be complicated, but rather understanding simple, sound principles and sticking to them rigorously.

I love this book.

"The Simple Path to Wealth" by JL Collins advocates for financial independence through a simple strategy: spend less than you earn, invest the surplus in low-cost index funds, and avoid debt.

That's the big idea, but some more specific takeaways are listed below.

1. Spend Less Than You Earn: live below your means, save a significant portion of your income and invest the rest.

2. Invest in Low-Cost Index Funds: invest in broad-market index funds such as Vanguard's Total Stock Market Index Fund (VTSAX) or its ETF (VTI).

3. Avoid Debt: debt is a major obstacle to financial independence, so either avoid it or pay it off quickly.

4. Long-Term Perspective: never forget that investing is a long game – stay the course even during market volatility.

5. Financial Independence, Not Retirement: the goal of financial independence is not just to retire early, but to have the freedom to choose how you spend your time and live your life.