New Delhi, Nov. 1 -- JL Collins believes building wealth is simple although following the plan can be difficult. His approach uses low-cost index funds to help people become financially independent. His examples are American and need to be adjusted for other countries.

JL Collins says debt weakens your ability to build wealth. Interest payments reduce the income available for your needs and investments. List your debts, reduce unnecessary spending and pay every minimum amount. Use extra money to pay off the debt with the highest interest rate.

Repay debts above 5% quickly. Those charging 3-5% can wait longer. Below 3%, Collins prefers investing the money instead. Remember, the book was published a decade ago. These rates may need to be ...