'Tie yourself to the mast': Godfather of financial independence JL Collins tells Hasan Minhaj how to build wealth

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Is achieving fiscal state thing anyone tin do, careless of their income?

If you’ve work JL Collins’ book, The Simple Path to Wealth, you cognize helium believes the reply to that question is yes.

Known successful the FIRE (Financial Independence, Retire Early) assemblage arsenic the “Godfather of FI” — Collins' New York Times Best Seller has shed airy connected each things idiosyncratic concern since its merchandise successful 2016. Recently, Collins appeared connected comedian Hasan Minhaj’s podcast, Hasan Minhaj Doesn’t Know, to sermon his 3 rules for fiscal occurrence (1).

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Minhaj was candid astir his implicit deficiency of cognition astir wealth erstwhile helium was breaking into the drama scene, mentioning that his archetypal roommate successful LA was acrophobic that helium kept each his wealth successful a container successful cash.

“I had astir $3,200 to my name, and he's like, ‘Are you selling drugs?’ And I go, ‘I committedness I'm not selling drugs. I'm serious. I americium a comedian. I'm not selling drugs retired of this apartment,’” Minhaj said.

“And helium goes, ‘Do you person a checking account?’ … ‘Do you person a 401k? Do you person a Roth IRA? Do you person a status account?’ He's utilizing each these terms, but it started my Google travel into buying this book.”

Minhaj past laid retired the rules Collins explains successful the publication — walk little than you earn, put the surplus successful an scale money and debar debt.

He asked Collins astir the archetypal regularisation — walk little than you earn. “So, you're saying beryllium cheap?” Minhaj joked.

The FIRE question initially gained a estimation for followers surviving arsenic frugally arsenic imaginable (2), but that has changed successful caller years, according to the New York Times (3).

“One of the things that I propulsion backmost connected is this thought of being inexpensive oregon that this way is 1 of deprivation, right?” Collins replied.

“I don't spot it that way. I ne'er felt that I was depriving myself erstwhile I took wealth that I saved and invested it. What I was doing was spending my wealth connected the azygous astir important happening to me, which was my fiscal freedom.”

Collins elaborate the value of gathering up “f--k you money” — capable saved up to discontinue a atrocious occupation oregon instrumentality extended clip disconnected without going into indebtedness — connected the way to FIRE, and however that became his driving force.