Money-Smart Monday

with John Lanza

Hello, friends,

Today I get to share a wide-ranging conversation I’ve been hoping to have since finishing The Simple Path to Wealth. For my 80th podcast, I interviewed the “Godfather of Financial Independence,” JL Collins, and his daughter, Jess, who inspired his writing.

What is “The Simple Path to Wealth”?

I hope you’ll listen to the full episode. But if you do just one thing, please watch JL and Jess explain how simple “The Simple Path” really is. It’s delightfully direct—and oddly familiar. You might even hear echoes of this newsletter in JL’s words. That’s no accident. His wisdom now flows through my work.

Beware the “tyranny of must-haves”

In this eye-opening clip from our conversation, Jess shares the moment her dad’s teachings clicked. A friend resigned herself to a lifetime of student debt because she “had to” move to the city, get her own place and buy a new car. JL calls this desire the “tyranny of must-haves.” It’s a tyranny many of us know all too well.

We think we own our stuff, but it often owns us. True wealth may just be learning to want what we already have—before our desires run the show.

The challenge (and opportunity) of habits

In another insightful clip, JL explains how he saved 50% of his income—not as an act of sacrifice, but as a conscious choice to buy something priceless: freedom.

50% of one’s income might sound wild, but here’s the twist: When your values line up with your savings, it doesn’t feel like deprivation. It feels like purpose. Whether you’re helping your kids build habits or reflecting on your own, this reframing is worth considering.

Giving JL the last word

Here are my notes on The Simple Path to Wealth, along with three of my favorite quotes from JL’s book:

“You can’t pick winning stocks. Don’t feel bad. I can’t either.”

“The great irony of successful investing is that simple is cheaper and more profitable. Complicated investments only benefit the people and companies that sell them.”

“The market always recovers. Always. And, if someday it really doesn’t, no investment will be safe and none of this financial stuff will matter anyway.”

More curious discoveries

➡️ Tyler Cowen and Alex Tabarrok’s Marginal Revolution blog explores AI, economics and everything in between.
➡️ A dozen memorable quotes packed with bookfuls of wisdom (Scroll down to not miss these gems.)
➡️ Take a digital stroll through dozens of world cities—beautiful, calming and oddly addictive.

As always, enjoy the journey!

John,
Your Chief Mammal

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P.S. Please consult with a financial or investment professional before making any decisions that might affect your financial well-being.