Interview With J.L. Collins, the Godfather of Financial Independence

This is an interview with J.L. Collins, the author of "The Simple Path to Wealth," where he discusses his approach to financial independence (FI). Collins defines "F.U. money" as an interim step towards full FI, providing the freedom to make bold decisions. He advocates saving 50% of income, investing primarily in a total stock market index fund like VTSAX, and views market downturns as buying opportunities. Collins shares his perspective on the FIRE movement, emphasizing financial independence for optionality rather than strict early retirement. He also touches upon wealth preservation through bonds and the 4% rule as a guideline for safe withdrawal, stressing flexibility and enjoying wealth along the way. He recounts how his friend Tom found happiness despite financial ruin, reinforcing the idea that money isn't everything and worrying excessively is a waste of time.