Passive Income Expert: Buying A House Makes You Poorer Than Renting! Crypto Isn't A Smart Investment

**Steven Bartlett** (0:00)
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**JL Collins** (1:07)
If your goal is to become financially independent at a young age, this is a very controversial thing to say. You probably don't want to go buy a house, because people typically buy a house they can't possibly afford. The bank wants you to do that, because that's how they make the most money. So you're putting your capital into that house, and now it's not going to be a earning thing. It's going to be sitting idly. Some people say, well, you know, I can buy this house, because my mortgage is the same as my rent. Well, yeah, but your mortgage is just the starting point.

**Steven Bartlett** (1:34)
So what comes to mind if I want to be financially wealthy?

**JL Collins** (1:37)
Okay, so we've got a lot to go through.

**SPEAKER_3** (1:39)
Jl Collins is a renowned financial expert known for his book The Simple Path To Wealth.

**Lucas Jones** (1:43)
He's teaching millions a straightforward and realistic avenue for achieving wealth so that anyone can have financial security.

**Steven Bartlett** (1:50)
What is The Simple Path To Wealth?

**JL Collins** (1:52)
So first of all, avoid debt, because you can never be financially independent if you're carrying around debt. Next, live on less than you earn. But the problem is the way our culture has taught us to think about money is solely in terms of what can you buy with it. But the more must-haves you have in your life, the less likely you are to become wealthy. And then the final one, invest the surplus. So stocks are the single most effective, strongest wealth building tool that's ever been created. But the biggest pushback I get is from people who say, well, that's great. I mean, if you got a big income, $100, $200, $300,000 a year, then yeah, the Simple Path to Wealth will work for you. That's not the truth. For instance, a friend of mine, he was making a million dollars a year and he was broke because people have large incomes, are much more likely to be drawn into the competing with the Joneses. Whereas the people who make less money probably don't have those same social pressures and are more readily able to do it.

**Steven Bartlett** (2:45)
So let's talk about investing then. Where do you think we should be investing our money at this moment of time? Should I buy Bitcoin? Do I need a financial advisor?

**JL Collins** (2:51)
So my advice, and this is a little different than the more common advice out there, would be.

**Steven Bartlett** (2:58)
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