His second recommendation—renting instead of buying—challenges conventional wisdom about homeownership. Collins told Minhaj that his daughter successfully avoided becoming “house poor” by choosing to rent, which provided her with the flexibility to make bold career decisions. She recently quit her corporate job, having accumulated what Collins calls “f–k you money”—enough financial cushion to make career changes without being dependent on a paycheck.
Collins emphasizes that while homeownership can provide lifestyle benefits such as stability or space for children, it shouldn’t be viewed as a wealth-building strategy. “If your key goal is building wealth, then owning a house is not gonna contribute to that,” he said in the interview. Instead, he frames real-estate purchases as lifestyle decisions rather than financial investments.
For millennials facing economic challenges including student debt, housing costs, and uncertain employment prospects, Collins’ advice offers a straightforward path forward: invest consistently in low-cost index funds while avoiding the financial burden of homeownership until wealth accumulation goals are met. As he demonstrated through both his own experience and his daughter’s success, this approach can provide the financial freedom to make career and life choices based on personal fulfillment rather than economic necessity.
You can watch the full conversation between Hasan Minhaj and JL Collins below:
