What is not to like?
I’ll admit it’s a boring plan, and not all DIY will embrace it. But I love my boring plan and it’s exactly where the power of what we can do lies, after setting up our plan we must be patient.
Collins writes much about psychology, for good reason. The power lies with us, not us versus the big intimidating stock market.
With time and experience, we learn to be psychologically tough for long periods of time.
The hard part is the unfair and counterintuitive psychology. Thinking long-term is the best antidote. Over time the growth will pay enough of a return to meet or beat the inflation rate. Meeting or beating inflation is a simple, realistic goal, and psychologically attractive.
This book shows you how to like saving with minimal time and effort to discover the investing process.
Patience, psychology, and philosophy are a difficult sell. Many investing aficionados are more interested in the adrenaline rush and chasing the opposite sex than building wealth over time. The market is not something to conquer or control. It is simply made up of wonderful organizations of hardworking people, called publicly traded corporations. The author explains how to harness all of that positive corporate energy, and just flow with it, whether it goes up or down, and over time it goes up. The author addressed the tough sell challenge with elegance and subtle toughness.
My favorite chapters are “Why I don’t like Investment Advisers” and “Some final thoughts about risk.”
Financial advisers are an easy target with hundreds of reasons not to like. Most of us DIYers will never need a financial adviser, for two good reasons:
Collins writes “Nobody cares about your money more than you do” and “you can learn to manage your money yourself with far less cost and better results”
From my personal experience, knowing how to save investment costs alone was enough to pay cash for the Tesla Model S.
Are we really arrogant enough to think it’s going to happen in the geological eye-blink we’ll be around? That we’ll be the ones to witness it?
Not likely.” Economic Armageddon is not going to happen either.
There are a few minor omissions. The author is not well known, so he needs to talk more about himself about what he did. I felt like he had more to say as examples of his fears of risk and the mistakes he made.All of that would have made the book even more authentic and organic.
In sum, if any author self-publishes a book about investing, I think it is important to readers to know that the message is organic — no other agenda item hangs in secret, other than to explain and layout a simple plan which will connect with new investors and get those results.