ChooseFI

036 | Community, Chatauqua & AMA with JL Collins

5 snips
Aug 14, 2017
JL Collins, author of 'The Simple Path to Wealth', dives into the vibrant world of Chautauquas and the power of community in achieving financial independence. He emphasizes the benefits of in-person events like Camp Mustache, fostering connections and collaboration. Collins critiques annuities and reverse mortgages, highlighting their hidden costs, while advocating for a stock-focused investment strategy. He also touches on the nuances of inflation and its impact on investing, encouraging listeners to adapt their financial plans to align with their personal risk tolerance.
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ANECDOTE

Finding Your FI Tribe

  • Chautauqua events give attendees their first chance to fully connect with like-minded people who "get it."
  • Many attendees say the coolest part is finding their tribe and community rather than the talks or activities.
ADVICE

Why Avoid Annuities

  • Avoid annuities due to high fees, loss of principal, and insurer risk despite their guaranteed income appeal.
  • Use stocks and bonds in balanced allocations to achieve similar goals with more flexibility and inheritance potential.
ADVICE

Skip Separate International Funds

  • Don't hold separate international equity funds; owning US total market funds gives major international exposure via multinationals.
  • This approach reduces fees and lowers risks from less transparent foreign markets, especially emerging economies.
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