The Simple Path to Wealth: Your road map to financial independence and a rich, free life

Collins lays out a 10-year financial roadmap he designed for his daughter that also serves as a practical blueprint for anyone seeking financial independence. The plan starts with foundational values: avoid debt, steer clear of financially reckless partners, and commit the first decade of adult life to disciplined saving, investing, and professional growth. He stresses a 50% savings rate, investment in low-cost index funds like VTSAX, and leveraging tax-advantaged accounts such as Roth IRAs and 401(k)s, depending on income levels. Collins reinforces that market downturns are welcome opportunities during the accumulation phase and discourages attempts to time the market.

Once financial independence, which Collins defines as having 25 times one’s annual expenses, is reached, he advises optional lifestyle expansion, continued investing, or transitioning to new life goals like parenting, giving, or buying a home.

Collins’ tone is both paternal and motivational, aimed squarely at young, financially literate readers with stable incomes. This framework assumes a level of privilege—access to employment, education, and savings capacity—not universally available. Indeed, with nearly 80% of Americans living paycheck to paycheck, those positioned to invest any amount of income, let alone half of it, are a distinct minority (Batdorf, Emily. “Living Paycheck to Paycheck Statistics 2024.