The Simple Path to Wealth by J.L. Collins: Lessons on Money, Happiness, and Freedom

Dear Grace and Steven, 

As promised, here is the first of many letters I’m going to send you with the hope that some percentage of what I say will resonate with you. None of this is meant to tell you what to do. It’s just important lessons I’ve learned over the years through listening, reading and my own mistakes.

These letters are inspired by my new friend, J. L. Collins, who wrote a book called “The Simple Path to Wealth”. J.L. has a 27 year old daughter. For years he wrote letters to her with advice about finances, saving and investing. After all those letters, he had himself a book. I don’t plan on having a book at any point. Much of what I send you will be snippets directly from his brilliant writings.

J.L. says, “this is a complicated world and one of the most important things we can use to navigate ourselves through this world is money.”

He’s right. Having money doesn’t necessarily make you happy, but not having it, and especially having debt, will almost assuredly make you unhappy. So, take this and all the future letters for what they are, your dad and future father-in-law who loves you and wants the best for you simply wants you to learn some really important lessons that very few people in our society know and even fewer live out.

Having that money will give you things way more important than stuff you want. It will give you freedom, security and the ability to live your lives on your own terms. Believe it or not, by doing some very simple things that won’t deprive you of being happy now, you can easily have a million dollars by the time you reach my age. I wish I had a million dollars right now. I started too late. You should really consider starting now.

Love, 

Dad

- Paul Mollenkopf is the author of Once Upon a FI