Millionaire ExpatHow To Build Wealth Living Overseas
Build your strongest-ever portfolio from anywhere in the world Millionaire Expat is a handbook for smart investing, saving for retirement, and building wealth while overseas. As a follow-up to The Global Expatriate's Guide to Investing, this book provides savvy investment advice for everyone—no matter where you're from—to help you achieve your financial goals. Whether you're looking for safety, strong growth, or a mix of both, index funds are the answer. Low-risk and reliable, these are the investments you won't hear about from most advisors. Most advisors would rather earn whopping commissions than follow sound financial principles, but Warren Buffett and Nobel Prize winners agree that index funds are the best way to achieve market success—so who are you ready to trust with your financial future? If you want a better advisor, this book will show you how to find one; if you'd rather go it alone, this book gives you index fund strategies to help you invest in the best products for you. Learn how to invest for both safety and strong returns Discover just how much retirement will actually cost, and how much you should be saving every month Find out where to find a trustworthy advisor—or go it alone Take advantage of your offshore status to invest successfully and profitably Author Andrew Hallam was a high school teacher who built a million-dollar portfolio—on a teacher's salary. He knows how everyday people can achieve success in the market. In Millionaire Expat, he tailors his best advice to the unique needs of those living overseas to give you the targeted, real-world guidance you need.
ForewordIan McGugan xix Acknowledgments xxiii Introduction 1 Chapter 1: Grow Big Profits without Any Effort 5 Why Average Returns Aren’t Normal 9 Stocks Pound Inflation 11 What Has the Stock Market Done for You Lately? 13 Undressing Stocks with 50 Shades of Gray 14 The Stock Market Stars as the Great Humiliator 17 Fast-Growing Economies Can Produce Weak Returns 19 Bonds Are Protective Nets for Jumpers 21 Can You Lose Money with Bonds? 23 Chapter 2: Don’t Start a Fight with an Escalator 27 Yes, the Financial District Loves You! 28 Global Investors Getting Fleeced 29 Chapter 3: Where Are the Customers’ Yachts? 33 Global Investors Bleed by the Same Sword 34 American Expatriates Run Naked 37 Why Brokers Want to Muzzle Warren Buffett 38 Financial Advisors Touting “The World Is Flat!” 40 Hedge Fund Money Spanked for Its Con 42 Why Most Investors Underperform Their Funds 50 Why Do Financial Advisors Lie? 54 Chapter 4: Don’t Let a Fool or a Psychopath Wreck Your Future 59 The deVere Group Faces Trouble 62 Expats Pay the World’s Highest Investment Fees 63 A Canadian Investor Gets Bled 65 Investment Schemes That Cripple Like a Virus 66 British Expats: Can I Trade You That Diamond for a Big Lump of Coal? 68 Featuring the Rip-Offers 69 The 10 Habits of Successful Financial Advisors . . . Really? 70 When Your Advisor Is a Sales Commando 71 Welcoming Sharks into the Seal Pool 72 Misled Investors Pay the Price 76 Would You Like a Band-Aid for That Bleeding Gash? 76 Masters of the Insured Death Benefit Illusion 77 Free Fund Switching Isn’t a Perk 77 Making Millions off the General Public 78 Fooling the Masses with Numbers 79 Regulators Making an Effort 80 Record Complaints in the UAE Are Gaining Some Attention 83 Can Squeaky Wheels Gain Redemption? 83 Should You Ditch Your Offshore Pension? 84 When High Fees Meet Gunslingers 86 A Son’s Inheritance Gets Plundered 87 Canadian Teacher Gets Scalped 90 Investor in Thailand Makes the Great Escape 97 Poor Performance Packs a Three-Way Punch 101 Responsible Savers Often Pay a Big Price 102 Chapter 5: Self-Appointed Gurus and Neanderthal Brains 109 Why Most Investors Should Hope for Falling Markets 110 Are You Cheering for the Right Team? 111 If You’re Just Starting Out, Pray for Stocks to Sputter 113 Should You Worry When Stocks Hit All-Time Highs? 115 The Only Thing That Matters 117 It’s Not Timing the Market That Matters; It’s Time in the Market 118 High Unemployment and High Stock Returns 119 What Can You Miss by Guessing Wrong? 121 When Investors and Advisors Sabotage Their Rides 123 Popular Stocks Underperform 124 How About the Next Big Thing? 127 When Genius Fails 128 Are Index Fund Investors Smarter? 129 Chapter 6: An Employer’s Greatest Challenge 135 Keep the Foxes Out of the Henhouse 136 Is Your Devil Big or Small? 137 Don’t Give a Climber a Flaming Rope 137 Would You Hire a Guy without a License to Drive Your Retirement? 138 Fees—How Much Is Too Much? 140 So What’s the Solution for Global Employers? 141 When Employers Offer Carrots 147 Non-American Teachers: If You Slash Your Bicycle Tire We’ll Reward You With A Push 147 How School Administrators Could Really Boost Savings 148 Chapter 7: Couch Potato Investing 153 Don’t Bonds Tie You Down? 154 Is It More of a Fling than a Real Relationship? 154 Are You Worried That Bond Interest Rates Are Low? 156 Potatoes Growing Globally 158 Bonds Relative to Age and Risk 158 What If You’re Falling Behind? 160 Profiting from Panic—Stock Market Crash 2008–2009 160 Owning the World 161 Where Do You Plan to Retire? 162 Are You Retiring in an Emerging-Market Country? 164 Does This Sound Too Good to Be True? 164 Chapter 8: Investment Advisors with a Conscience 167 Do You Have a Ninja’s Discipline? 168 Qualities of a Great Financial Advisor 168 Investment Professionals Worth Considering 172 British Investors: You Ready for a Hybrid? 182 Crush Your “Sophisticated” Investment Friends 183 Why Many Global Expats Are Naming Their Newborns Mark 189 Conclusion 190 Chapter 9: Choosing Your Offshore Brokerage—For Non-Americans 193 DBS Vickers Securities Opens the Door to Everyone 197 Why You Should Avoid TD Ameritrade Singapore 198 TD Direct Investing International (Internaxx) 198 Saxo Capital Markets—A Jewel with Distractions 199 Swissquote Offers Options 200 Is Interactive Brokers the Dark Horse Winner? 201 Chapter 10: The 30 Questions Do-It-Yourself Investors Ask 205 What’s the Difference between an Exchange-Traded Index Fund (ETF) and an Index Fund? 205 Do Non-Americans Have to Pay US Estate Taxes upon Death if They Own US Index Shares? 206 What’s a Sector-Specific ETF? 207 Should I Buy an Index that’s Currency Hedged? 208 What’s the Scoop on Withholding Taxes? (For Non-Americans) 209 Will You Have to Pay Currency Conversions? 211 Should I Be Concerned about Currency Risks? 212 Do the Unit Prices of ETFs Show Which are Expensive or Cheap? 213 If I Have a Lump Sum, Should I Invest It All at Once? 213 I’m in Some Expensive Products, but They’re Currently Down in Value. Should I Sell Now or Wait? 214 How Do I Open a Brokerage Account and Make Purchases? (For Non-Americans) 215 What If I Find a Higher-Performing Bond Index? 219 What If I Find a Cheaper ETF? 220 Should I Be Most Concerned about Commissions, Annual Account Fees, Fund Costs, or Exchange Rate Fees? 220 How Little Can I Invest Each Month? 221 Stock Markets Are High. Should I Really Start Investing? 222 Should I Buy ETFs from Vanguard, iShares, Schwab or Another Low-Cost Provider? 223 Can Muslims Build a Portfolio of Shariah-Compliant Funds? 223 Could You Build a Portfolio of Socially Responsible Index Funds? 225 Why Doesn’t My Brokerage Offer the Funds I Want? 226 Why Hasn’t My Bond ETF Risen in Value? 226 What If My Bond ETF Is Priced in a Different Currency? 227 Are Cryptocurrencies, like Bitcoin, Good Investments? 228 Should I Buy a Real Estate Investment Trust (REIT) Index? 230 Should I Buy a Smart Beta ETF? 231 Should I Invest in Gold? 232 Don’t Small-Company Stocks Beat Larger-Company Stocks? 233 What If You and Your Spouse Represent Different Nationalities? 235 Could Index Fund Investing Become Too Popular? 236 What If I Need Help Building My Portfolio? 238 Let’s Go! 239 Chapter 11: Portfolio Models for American Expats 243 Do You Currently Invest with Vanguard? 244 Couch Potato Investing with Vanguard 245 Couch Potato Investing with a Vanguard Stick Shift 247 When Investors Binge on Speculation 248 Socially Responsible Investing 255 Interactive Brokers Offers a Great Deal 255 Doing the Couch Potato with Interactive Brokers 257 Socially Responsible Couch Potato Portfolio 260 Don’t Contribute Illegally to Your IRA 260 What Exactly Is an IRA? 260 Roth IRAs Are Different 262 Chapter 12: Portfolio Models for Canadian Expats 265 Canadian Funds Earn an “F” for Costs 266 Brokerage Options for Expatriate Canadians 269 Brokerages for Canadians in Capital Gains–Free Jurisdictions 269 Building a Canadian Couch Potato Portfolio 270 ETF Canadian Price War 275 What About RRSPs and TFSAs? 275 Swap-Based ETFs—The Ultimate Legal Tax Dodge 276 Chapter 13: Portfolio Models for British Expats 281 Expensive Firms Performing Like a Virgin 282 Couch Potato Investing for British Expatriates 283 How Do You Rebalance a Multicurrency Portfolio? 287 Socially Responsible Investing for British Expats 290 Shariah-Compliant Investing for Muslims 291 Are You Really Ready to Do This? 294 Chapter 14: Portfolio Models for Australian Expats 297 Fancy an Australian Couch Potato? 299 Socially Responsible Investing for Australians 302 Now Look Deeply into That Mirror 303 Chapter 15: Portfolio Models for New Zealand Expats 307 Socially Responsible Investing (SRI) 308 Do You Have What It Takes? 312 Chapter 16: Portfolio Models for South African and South American Expats 315 South African Investors 315 South Africans Fry Up the Couch Potato 316 South American Investors 319 Are You Having Troubles Selecting Your Portfolio? 320 Chapter 17: Portfolio Models for Irish and European Expats 323 The European Cheapskate Couch Potato Portfolio 326 Socially Responsible Investing for Europeans 329 Don’t Get Suckered by the Sirens 329 Chapter 18: Portfolio Models for Asian Expats 333 Speculators Suffer 336 Chapter 19: Setting Your Bull’s-Eye 339 What’s a Better Definition of Wealth? 341 What’s This Ailment Expatitis? 341 Cheating Conventional Retirement Rules 342 Married Couple Lives Well on Just $20,000 a Year 343 Could You Retire on Less than $15,000 a Year? 345 The Home-Country Retirement Plan 345 How Much Money Will You Need? 348 British Teacher in Japan Aims to Retire in Style 349 Single Canadian Woman Lights Her Investment Fire 351 Dubai-Based Pilot Plans to See His Savings Soar 353 Now It’s Your Turn 354 Chapter 20: How Much Money Should You Be Saving? 357 How to Never Run Out of Money 358 Could You Cleverly Withdraw More than 4 Percent? 361 Third-Culture Kid Sets Her Savings Goal 363 How Much Money Will Rosanna Need? 365 Where Can International Teachers Save a Lot of Money? 366 Robert and Yik Consider Thailand or New Zealand 367 Should This Couple Stress? 369 Couple Plans for a Two-Country Retirement 370 Now It’s Your Turn 376 Conclusion 379 Index 381
ANDREW HALLAM is a personal finance columnist and former international high school teacher. He built a million-dollar investment portfolio on a teacher's salary. He is the author of the bestselling book, Millionaire Teacher, and writes a regular finance column for Canada's national paper, The Globe and Mail. A former columnist for Canadian Business magazine, he also writes a weekly column for the U.S.-based financial services company, Assetbuilder. Andrew is a regular on TV and radio, and his website, andrewhallam.com, has become a beacon for expatriate investors around the world.
Few expats realize how much they're giving up when they choose to work abroad. For example, many public sector workers in the U.S., Canada, U.K., and Australia earn generous government benefits. As a result, they retire with more disposable income than most career expatriates. But it doesn't have to be that way. Andrew Hallam shows expats how to build stock market wealth. And he shows where dangers lurk. Financial salespeople abroad often slither into expat workplaces. They cold-call you at home. They e-mail you at work. They sell the worst financial products in pursuit of huge commissions. Millionaire Expat shows how to avoid such snakes. It shows how to spend just 90 minutes a year on an investment portfolio and beat most professional investors. Nobel Prize winners in economics agree with Hallam's strategy. Warren Buffett does too. Whether you're from the United States, Canada, United Kingdom, Australia, New Zealand, South Africa, South America, Ireland, Europe, or Asia, Millionaire Expat has a tailored portfolio for you. But many people are terrified to invest on their own. If that describes you, there's no need to worry. Millionaire Expat also shows how to find the right kind of advisor. These aren't the typical, financial snakes in suits. These are certified experts, trained to follow the principles that are outlined in this book. Hallam's final two chapters offer a hands-on activity. Using your personal goals, he shows how much money you'll need to save for retirement. You don't need a massive income to build the retirement you deserve. Let Millionaire Expat be your guide.
"Wise investment advice delivered with clarity and humor." —Burton G. Malkiel, author of A Random Walk Down Wall Street, 11th Edition Praise for MILLIONAIRE EXPAT "Millionaire Expat pulls the cover off a septic 'investment' industry overseas. Andrew Hallam brilliantly explains how armies of untrained financial salespeople service expats the way Bonnie and Clyde used to service banks. No responsible employer would let a new expatriate begin working without first handing them a copy of this important book." —Sonny Wadera, MBA, financial security advisor, Kelson Financial "I like to think of Andrew Hallam as the Johnny Appleseed of Index Investing. He travels the world, introducing his fellow expats to the humble miracle of low-cost investing. That same investing is the best path to a well-funded and independent future. If he comes your way, make every effort to meet him. Listen carefully. Whether you meet him or not, read this book. First, you can use it as a shield against blood-sucking sales people. They will gladly drain the return on your savings to line their pockets. They will happily deprive you of a well-funded future. But there is a more important use for Millionaire Expat: It will be your detailed road map. It tells you exactly how to save and invest for your future while living in the growing tribe of expats." —Scott Burns, U.S. syndicated finance columnist "Andrew's book is about dismantling myths, making complex things easy and answering those questions one would have always liked to ask…but didn't dare. Based on a thorough analysis, tons of data and evidence, Andrew provides the easiest formula for financial planning: a clear set of very simple do's…and an even simpler set of don'ts. Follow these rules. It is simple. It is easy. It is rewarding right from the start." —Alberto Pamias, Director, Delta Partners Group "In Millionaire Expat, Andrew Hallam removes the complicated jargon of investing, helping readers understand the importance of sound, proven retirement strategies. With nearly two decades of living and working internationally, Andrew teaches readers how to avoid the financial sharks preying on unsuspecting expats. Regardless of whether you're new to the international scene or a veteran, whether you live in Chincha, Peru or Sim Reap, Cambodia (the world's two furthest cities apart), this book is an indispensable guide to investing and retiring well." —Jeff Devens, PhD, International School Psychologist and author of A Parent's Guide to Raising Kids Overseas
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