Hasan Minhaj Doesn't Know Financial Literacy for Dummies (Like Me) with JL Collins
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Jun 20, 2025 
JL Collins, a personal finance guru and author of "The Simple Path To Wealth," joins to share insights on financial literacy. He discusses why many struggle with money and the importance of basic principles like diversification. Collins emphasizes the psychological aspects of financial behavior and the need for informed decision-making to achieve financial freedom. He also advocates for simple index fund investing and provides practical tips for smart car purchasing, steering clear of the pitfalls of modern investment trends.
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Spend Less Than You Earn
- Spend less than you earn to achieve financial freedom, not out of deprivation but by prioritizing your money use.
- Choose spending that aligns with your values, like affordable transport over a fancy car to save money for bigger goals.
Buy Cheap Cars Outright
- Avoid leasing or car payments to build wealth; buy a reliable, cheap car outright and keep making payments to yourself.
- Drive inexpensive cars like Honda Civic or Toyota Corolla to avoid debt and build savings for future purchases.
Invest in Broad Index Funds
- Invest your surplus money in broad-based, low-cost index funds like Vanguard's VTSAX for reliable wealth growth.
- Avoid costly, complex investment products and stock picking which rarely outperform indexes long term.
