The ‘godfather of financial independence’ says young people should do two things to build wealth—and it’s nothing ‘silly’ like buying a house

Core Insights - JL Collins, a prominent financial educator, advises millennials and younger generations to invest in the Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX) and to rent instead of buying a home [1][4][6] Investment Strategy - Collins recommends VTSAX for its broad exposure to the U.S. stock market, featuring an extremely low expense ratio of 0.04% and holding over $1.9 trillion in assets [4][5] - The fund tracks nearly 100% of the investable U.S. stock market, including large-, mid-, small-, and micro-cap stocks, and has a current yield of 1.16% with a five-star Morningstar rating [5] Financial Independence Philosophy - Collins emphasizes the importance of renting to avoid becoming "house poor," allowing for greater flexibility in career choices [6] - His daughter exemplifies this approach by renting, which enabled her to accumulate what Collins refers to as "f–k you money," providing her the financial freedom to leave her corporate job [6]