JL Collins: The Art of Buying Freedom, Not Things!

Join us as JL Collins, the acclaimed author of "The Simple Path to Wealth," dives deep into the philosophy that underpins the Financial Independence Retire Early (FIRE) movement. Unpacking the societal pressures to spend and the allure of materialism, Collins offers an alternative roadmap to true wealth and happiness through smart investing and prioritizing financial freedom over luxury possessions. This video isn’t just about money management; it’s about reshaping your life’s priorities to find genuine satisfaction and independence. Whether you're new to the FIRE movement or seeking deeper insights, JL Collins' wisdom will guide you towards a richer, more fulfilling life beyond the consumerist cycle.
Want to learn more about the FIRE movement and how you can achieve financial independence? Watch the documentary Playing with FIRE today!
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Thanks for watching!
*Links above include affiliate commission or referrals. Sometimes I receive compensation from partnering websites, products and services at no cost to you. Thank you for your support! The video is accurate as of the posting date but may not be accurate in the future. DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am sharing what I've learned in an effort to inspire you. Please seek professional help when needed.

[@tonysilke]

One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $200k of my savings in stocks this year, and I hope I make profits.

[@PatrickLloyd-]

You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.

[@PhilipDunk]

That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.

[@JefferyDuns]

I really want to get in with a financial advisor this year, especially as all markets are hitting highs. I don't want to be too optimistic and end up losing everything.

[@PhilipDunk]

Sharon Ann Meny is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@JefferyDuns]

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@wendyorides8337]

I need to watch this everyday, to counter the daily marketing attacks.

[@PlayingwithFIREco]

I approve this message. 🙌

[@jeaniemarquette5101]

I read a book called "The Year of Less." It was a personal growth and financial independence story all rolled into one, but the whole point was someone made a decision to put freedom of life over credit card debt and restrictive obligations. She chose to not buy anything at all other than absolutely necessary for the term of a year, and that allowed her to pay down her debt and have money for travel. It comes down to choices and deciding to choose what is more important in the grand scheme of things rather than the immediate moment of gratification.

[@id10t98]

I haven't owned a TV since 2009 and don't miss it.

[@KennethGLee-wf6lw]

We used to hunt for food, build our homes, make our things...life was simple..now we need to get educated, waste time at school , and eventually hunt for money.

[@FinancialSelfReliance]

Consumerism is the killer of wealth. Turning income to wealth requires frugal living and disciplined spending.

[@PlayingwithFIREco]

🙌

[@tombkk1322]

So true

[@goonerinSP]

What do I invest in? I can't afford to get on the property ladder here in England. The deposit required is too steep.

[@tombkk1322]

@@goonerinSP check into an index fund. I think that would be the best way for you to go.

[@alaminm182]

Totally Agree. But i’d hate to wake up wealthy at 80 and never bought this things i wanted young.

[@kevintorrence639]

Right up there with freedom is your health. Pay attention to your body. Freedom and good health should be the goal.

[@rdtradecraft]

I forget where I heard it, but the following has always stuck with me: The poor spend their money on consumables, save nothing, and will probably retire broke, homeless, and/or cared for by the state. The middle class spends its money on debt, squanders its savings making bankers rich with interest payments, and tends to retire to a vastly downgraded lifestyle, all the while hoping they don't outlive their money. The rich spend their money on things that make them more money, save constantly, and tend to retire young, rich, and envied by the first two groups. Mr. Collins is a living example of the last.

[@nynick716]

Needed this 20 years ago... Better late than never

[@PlayingwithFIREco]

Same here!

[@tombkk1322]

I completely agree but better late than never. I didn’t get this message until 61 and 65 now. Hopefully I’ll hit 7 figures by 68 or 70.

[@shashankchaudhary6917]

People don't realise but as a seasoned finance professional I can tell u he is the only few people worth listening to amidst all those garbage investment gurus.

[@moodahs]

I have come to this conclusion as well.

[@Luben80]

The things you own can end up owning you.

[@whatsstefon]

That’s because people living outside their means. This means they buy things on credit, with loans. Cars, houses. Etc. they’re too busy keeping up appearances and keeping up with their friends and neighbours.

[@imdoc7872]

There is no material possession more precious than your freedom. I became financially free last year. Now I only work when I need or want to.

[@diane.moore-]

Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.

[@mikegarvey17]

Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $150K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.

[@mariaguerrero08]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@ThomasChai05]

@@mariaguerrero08Is it possible to get in contact with someone like that?

[@mariaguerrero08]

Yes indeed.... *Gertrude Margaret Quinto* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

[@Grace.milburn]

Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.

[@tombkk1322]

JL has such an unassuming likable style. Never pushing his message just relaying the points to a different lifestyle.

[@searchersearcher8286]

Gave up 1 million $ income for 25 years freedom, no regrets

[@drr5117]

I would love to hear that story.

[@searchersearcher8286]

@@drr5117 By retiring at age 50 instead of 65 I gave up 15 years 70k income, but gained my freedom. Now age 75 and thriving.

[@eddieslittlestack7919]

Makes perfect sense to me! Thanks for sharing.

[@Yabadabado1234]

I also walked away from a $300k a year job at 38 for my freedom. Zero regrets.

[@eightsprites]

That’s really inspirating. I really hope it turns out the same for me when Im 75. Good done!

[@GerardoDelValle.]

I retired when I was 27 , since then I do what I want. Still make money but doing what I like. Wearing shoes and sneakers 8 years old, not buying a laptop, changing my phone every 4 years, driving my trustful old car, if I ever buy anything it's a fruit tree for 3 bucks. No snacking ..Man Freedom is something!!

[@patty109109]

Nobody really believes you retired at 27

[@GerardoDelValle.]

@@patty109109 ok

[@corbetcheung2919]

How ？ at 27 ?😂

[@bobbyjames4300]

I think he meant 17 .

[@RedLegPiper]

8 year old shoes? Bruh be either getting pushed around everywhere in a wheel chair or You HAVE to be single because your woman be with Chad with that stank raptor feet.

[@fugu4163]

I always reinvest my money into stocks or financial funds rather than spending them on stuff i dont need. While others are spending their money i rather think of it like cultivating my money.

[@EcomCarl]

It's refreshing to see the Financial Independence community challenging the societal norm of equating spending with happiness. 💸 Investing in freedom and choice through financial independence is truly empowering and offers a more fulfilling path to long-term satisfaction.

[@kaoticmind09]

What's worse than the daily marketing is your peer/family/neighbor pressure.

[@thetakeaway7825]

💯 Until we are old enough to think clearly for ourselves. We need to stop marketing to children. It creates a toxic sense of self. ❤

[@varmastiko2908]

But most of us will never be old enough to think for ourselves - let alone clearly.

[@Fanotesemara]

I agree but there is also the question of enjoying things at the appropriate time in your life. Remember, we don’t have a lot of time. I have a rather balanced view of this approach. Get a good education, work reasonably hard, and enjoy the fruit of your labor in this great USA 🇺🇸

[@cardesigner]

Totally agree. There are various levels of FIRE; lean fire, fat fire, barista fire etc. all cater to different mindsets while sharing the goal of independence.

[@farmoboy83]

agree, for example i love riding motorbikes but i dont need an expensive 20000eur motorbike to enjoy riding, an old cheap 4000eur one does the same to my soul.

[@searchersearcher8286]

Learning years ,Earning years, Leisure years

[@RedLegPiper]

#1 key to financial freedom.....dont have children and marry a spouse on the same vision or dont get married at all. Stay single.

[@GruncleJohn]

Already read his book. Need to read his book every year. Also his video at Google Talks.

[@venuswealth6]

I am on obsessed path to FI now. He is one of greatest teachers I really admire when it comes to investing & FI.

[@id10t98]

Double a penny every day for 30 days and you'll have $5.3+ MILLION! GLTY!!!

[@sakacocox267]

Spending money on Freedom! Everyone around is consumering a lot! if you stay away you are already distinguished you bought your freedom. Nothing more important than buying your FREEDOM!! I am okay to live in a neighbour where no crimes happening. I dont want to live next door with billionaire, to hustle like them and earn a lot. All I need is freedom, then work on things I want to work on and dont burn my ass in the process

[@michalbednarek6233]

Very smart talk and very truth. Buying freedom is top tier achivement in life.

[@GeetGaataHoonMain]

Delay the gratification with strong will and patience to activate power of compounding. Buy freedom with assets and not things...

[@Newlinjim]

“I freed a thousand slaves…I could have freed a thousand more if only they knew they were slaves”.

[@matthewlapish1107]

-Harriet Tubman. Deep comment.

[@id10t98]

This hit home hard! I bought a BMW convertible...that was 20 years old, in great condition and only paid $2000 for it! My time is more valuable than working for people who don't care if I live or die.

[@saz6511]

I've just finished reading his book, highly recommend!

[@Encourageable]

I’ve known people that scrimp and save their whole life - and then they get old and can’t enjoy it. They have 10x what they need and it just sits there collecting dust (so to speak).

[@sgchiquita]

I have also seen people that spend all of their money, and suddenly they get old and don’t have savings of any kind. Those are the people that end up eating cat food and can’t enjoy their retirement.

[@jovna5315]

It’s about the freedom that you know have it laying there. I rather have it instead of not having it stressing about money and bills.

[@RedLegPiper]

It's about BOTH. A balance with Both.

[@rjo8500]

My wife and I are sharing a 2015 Nissan we bought used in 2017. It has 147,000 miles on it (thankfully our son is a mechanic) and it’s still going strong. Have you seen the current prices on vehicles and auto loan payments??? No thanks!

[@patty109109]

I literally have payments on three new cars 😂 getting rid of one soon. We do invest a lot but I let this get away from me.

[@Backtoreality1873]

Great perspective thank you 🙏

[@PlayingwithFIREco]

Glad you enjoyed it!

[@vivveene]

I am 50 and have decided not to own a car or a house nor live a 9 to 5 life. Am I wrong for having this mindset?

[@longwhitecloudkiwi]

There is no right or wrong. Each individual decides what’s right and wrong, making a definite right and wrong for any subject nonexistent

[@najmurray1018]

Listening to this guy, reminds me that I need to speak much slower and enunciate better lol Good video JL!

[@Joethebro101]

What a great video! Thank you!

[@0H9D]

If he had one in his hand I would say, “Drop the mic!!!!!!!”💜

[@tyrecarmon20]

The legend

[@ivivivir]

Capitalism is not about consuming. It is about working, saving and investing (Austrian school of economics). First time I visited the States, which I like because of many things, I was absolutely amazed by the too many 'things' (and size of them) an US home has inside/around... The ground floor/garage of family houses looked like a car repair center... Though no real repairs occurred there... 😅 (maybe in Gran Torino movie but Clint was a man of other age). On the other side, I was surprised of the low quality of the walls (some kind of polymer) and structural materials (light wood) of houses costing 600k USD... Houses that can blow up with some strong wind...

[@ln5747]

It's absolutely fine to have a load of stuff if you can afford it, want it and enjoy it. But most can't afford the stuff and the stuff owns them.

[@BUDS228]

Instead of buying that $60,000.00 Ford F150 buy $60,000.00 worth of VTSAX. Boom, you’re now a tiny owner of the Ford Motor Company (amongst 3000 other companies) and receiving the Dividends from all the consumer suckas buying the ridiculously overpriced pickup trucks.

[@tombkk1322]

It’s an addiction like anything else. Difficult to change.

[@no_goo]

Just don’t buy 60k of Ford stock. You’ll get more for your money from the truck.

[@Dividenddream]

​@@no_goo😂

[@bright2915]

VTSAX is good, but I think VOO will serve most people better.

[@jsan48]

Just know you’re not taking anything when you die including your freedom.

[@thomasarbec7242]

I’ve never been influenced by consumerism!

[@mdp4721]

Brilliant non-judgmental insights....

[@AurelioPita]

Music is distracting. No need to add music.

[@byorce]

lol this is literally the most quiet music in a YT video

[@vijayaragavan440891]

Great great great video. thanks

[@heldergomes8074]

You're my hero

[@VictorMartinsPT]

Thank you ❤🙏❤

[@vladioan3078]

It’s funny how you are all stuck on your phone watching KZbin but so free 😂

[@dalila.fakhri]

Very true

[@osu122975]

Financial freedom is what I am working toward but at the same time if money isn't spent, how well do our investments do? We rely on, in a sense, individuals who spend beyond their means. Also, if a majority were FIRE, where is your workforce? Can't make $ on investments without a substantial portion of your population working. In a sense, depending on circumstances, its a bit of a catch 22.

[@JayJay91838]

What make me happy is seeing my bank account getting bigger.

[@georgeginel8932]

Respect

[@BrokeMillionaire1]

🐐

[@hegemondtm]

I started my FIRe journey after listening to JL Collins talk at Google. He's made my life and others who read his blog/book much better.

[@DaleJohnson-q9e]

I totally agree, not having to work is one of the best things in the world! F U money is also a good thing!

[@JohnColorado3811]

I don't trust financial institutions.

[@Rahjiggyblah]

Background music

[@Bigboss-xe6lm]

Great talk. But stop the damn jazz music, sounds horrible. No music is better, right?

[@Politics-vs-Religion]

Oversimplified? The "idea" of investing is empirical because it's an idea. A mental electrical "thought". Achievement from investing itself though is different. Because not all investment vehicles succeed at all times. So "investing success" is not a guarantee like an "idea". Dopamine success achievements are virtually guaranteed. That's partially why consumerism is so rampant/popular. Dopamine is a "guarantee" even if it's only temporary. Even the best investors don't live a "success guranteed" life. There are simply too many variables like health, diet, continuing Ed, spiritual beliefs, money beliefs, level of financial responsibility exposure, DNA inherited components etc. Oversimplification in this short clip can be just as damaging as clever advertising because in a way, that's what this short clip actually does.

[@marcorossi-tl6cb]

gret video but why do you feel the need to have annoying music or any music playing so that it distracts from the message, arggggh

[@deanpapadopoulos3314]

👍👍👍👍👍

[@deanodog3667]

Its all just stuff !!

[@matthewlapish1107]

My wife left me 5 years ago. Instead of fixing everything she broke, cleaning all her mess, having to hear her speak. I now just pay child support. It’s a lot cheaper than to keep her and a lot less headache.

[@joeytrust4393]

This idea of a frugal life until you can retire comfortably seems dehumanizing. What kind of life is one where you’re “free,” but only as a senior? We spend our prime working only to spend our retirement years tending to our health. I say topple the system!

[@ln5747]

Well work more and for longer then and have more stuff in the short term. It seems you want to topple some system that will create a utopia of instant stuff without the work and sacrifice.

[@RedLegPiper]

Do both.

[@omensix]

I want to be free so bad

[@4835SM]

LOL

[@symbioticape]

Useless advice for 2024

[@jackmidst8304]

Yeah Right. I’m gonna take advice from some guy who’re wearing a plaid shirt……..

[@tombkk1322]

I don’t understand your comment. He’s always wearing a plaid shirt.

[@patty109109]

Plaid shirt = final boss

[@tombkk1322]

@@patty109109 don’t understand that comment either

[@jeaniemarquette5101]

Part of the reason the rich are that way is they don't spend money putting on an image of saying im rich by doing such things as a ?? thousand dollar suit. They would rather have that kind of money working and growing for them instead of putting forth an image of wealth. Read a book called "The Millionaire Next Door." It expresses that very same concept.

[@cardesigner]

Left a career at a woke auto maker making a healthy six figure income after accumulating a seven figure net worth. Took an early retirement buyout at age 39 and am a stay at home dad to small kids. Traded literally millions of dollars of income over the next 20 years, not to mention what investments with that money could earn… and I couldn’t be happier.

[@patty109109]

“Woke auto maker”. You sound very childish when you say things like this.

[@ln5747]

​@@patty109109 haha you're absolutely seething and triggered because someone doesn't agree with your 🌈 and green ideology - who is the childish one 😂