Off shore banking
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Re: Off shore banking
Actually that's not true, he had a deal with the publisher where he can discretely update the book periodically without the fanfare of a second or third edition. The Mllionaire Expat book you bought five years is not the same as the one you would buy today. I know this because I'm in it and my info has been updated after I supplied additional info.
That said, and I think it was mentioned above, the basic information has barely changed. What has changed is, he has become a better writer with experience and he has adjusted parts of the book to better suit and inform his audience.
That said, and I think it was mentioned above, the basic information has barely changed. What has changed is, he has become a better writer with experience and he has adjusted parts of the book to better suit and inform his audience.
Re: Off shore banking
Thanks "He ll and back". lol Love the handle by the way.
PsyGuy, I completely agree with your first 2 suggestions, being zero cost index fund, and real estate (although, I haven't seen any kind of index fund that has absolutely zero cost for trading. Not sure what you mean by that).
Your third point has me scratching my head a bit. When you say "social pension", I'm assuming you mean some kind of retirement social security fund. My original post stated that I have no intention of ever returning to Canada. That said, in order to receive any pension you need to pay into what is called "CPP" in Canada. If I'm not living there, how on Earth am I supposed to contribute, and therefore benefit from this later in life? Furthermore, If I move countries, say, every 3-5 years, I am not there long enough to reap any substantial social pension benefits. I'm not sure what you mean by this. Maybe you can elaborate?
PsyGuy, I completely agree with your first 2 suggestions, being zero cost index fund, and real estate (although, I haven't seen any kind of index fund that has absolutely zero cost for trading. Not sure what you mean by that).
Your third point has me scratching my head a bit. When you say "social pension", I'm assuming you mean some kind of retirement social security fund. My original post stated that I have no intention of ever returning to Canada. That said, in order to receive any pension you need to pay into what is called "CPP" in Canada. If I'm not living there, how on Earth am I supposed to contribute, and therefore benefit from this later in life? Furthermore, If I move countries, say, every 3-5 years, I am not there long enough to reap any substantial social pension benefits. I'm not sure what you mean by this. Maybe you can elaborate?
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Re: Off shore banking
I think he means, in an ideal world, if you can pay into a government pension scheme, you should. I agree with that, but obviously it's not possible for everyone. Brits, for example, can continue to pay National Insurance even if they are non-resident. Also, teachers in Europe should be able to contribute to to their chosen country's social welfare scheme.
I believe zero cost means low cost.
I believe zero cost means low cost.
Re: Off shore banking
Ok, that makes more sense. Unfortunately, as a Canadian, I can't pay into any pension as a non-resident, unless I have some type of Canadian sourced income. In other words, I need to live and work there to pay into a pension fund.
Low cost makes more sense as well, but zero cost? Sheesh...on what planet?
Thanks!
Low cost makes more sense as well, but zero cost? Sheesh...on what planet?
Thanks!
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- Joined: Fri Dec 28, 2012 4:16 pm
Re: Off shore banking
Fortunately for me I'm a British Canadian hybrid, do I get the best of both worlds. 😜☺️
Discussion
@Helen Back
No, actually it is true. Online updates arent new editions or publications. The third edition was published in 2022.
@just.the.truth
I didnt write zero cost I wrote zero expenses. Expenses is a category of costs that includes management fees, commissions, etc for the portfolio. You want to avoid expenses.
Yes, I mean a retirement or social security type of program. You do not have to return to CAN. There are many countries mostly in the WE and NE that will provide you a social pension. Though there are some in Asia. Its why you need to find a place youre happy in by about 50.
No, actually it is true. Online updates arent new editions or publications. The third edition was published in 2022.
@just.the.truth
I didnt write zero cost I wrote zero expenses. Expenses is a category of costs that includes management fees, commissions, etc for the portfolio. You want to avoid expenses.
Yes, I mean a retirement or social security type of program. You do not have to return to CAN. There are many countries mostly in the WE and NE that will provide you a social pension. Though there are some in Asia. Its why you need to find a place youre happy in by about 50.
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Re: Discussion
PsyGuy wrote:
> @Helen Back
>
> No, actually it is true. Online updates arent new editions or publications.
> The third edition was published in 2022.
I think Helen meant that with a new print run (not a new edition) there can be small updates to keep it up to date.
He just won't call it a new edition, because they're small edits.
So that third edition would have multiple print runs, all of which will contain small updates, and the one most recently printed will be most up to date of course.
It's actually not very uncommon.
> @Helen Back
>
> No, actually it is true. Online updates arent new editions or publications.
> The third edition was published in 2022.
I think Helen meant that with a new print run (not a new edition) there can be small updates to keep it up to date.
He just won't call it a new edition, because they're small edits.
So that third edition would have multiple print runs, all of which will contain small updates, and the one most recently printed will be most up to date of course.
It's actually not very uncommon.
Re: Off shore banking
Lucky you! lol
As for Heliotrope and PsyGuy...man. You 2 are like yin and yang, Tweedle Dee and Tweedle Dum. I don't see many conversation where one of you doesn't chime in to undermine the other. Why? Life is too short for the need to feel right all the time. Get on with it!
As for the point of this thread, thank you PsyGuy. Your point about the pension is more clear now, and makes sense. As for the "zero expense" vs "zero cost" exchange. Yes, my apologies. You did say that. However, I have still never heard of an index find that doesn't have zero costs in any form associated with it. Maybe you can enlighten interested people by writing your own book? :-)
As for Heliotrope and PsyGuy...man. You 2 are like yin and yang, Tweedle Dee and Tweedle Dum. I don't see many conversation where one of you doesn't chime in to undermine the other. Why? Life is too short for the need to feel right all the time. Get on with it!
As for the point of this thread, thank you PsyGuy. Your point about the pension is more clear now, and makes sense. As for the "zero expense" vs "zero cost" exchange. Yes, my apologies. You did say that. However, I have still never heard of an index find that doesn't have zero costs in any form associated with it. Maybe you can enlighten interested people by writing your own book? :-)
Reply
@Heliotrope
What @Helen Back described are corrections. Correcting grammar, structure, spelling. Correcting no longer accurate addresses, links, contact information. Yes those are common between printings. If your ego/pride has to call them updates because corrections hurts too much, than you do you.
@just.the.truth
What you ideally want to do is have the real estate pay for itself in 20-30 years when youre ready to retire to either live in it or sell it and buy a home where you do plan to retire out of. Live off the portfolio and whatever social insurance you can. Have the social insurance provide for medical/health care.
I am unaware of a truly zero cost index fund. You want the management expenses as low and close to zero as you can get. Thats not unreasonable as many indexed funds have management costs that are a few base points (a base point is 1/100 of 1% or .0001). What you dont want are managed portfolios with commissions, high activity (activity means trading and trading generates expenses), or premium expenses and fees whether is for market/technical - or whatever. These are often highly advertised, marketed and 'pushed' investment products. You see these tables set up at fairs/REs as retirement plans for ITs but their costs are half a percent or higher. You dont want those, they dont do well enough over the long term to justify their costs.
Writing a book on investing for ITs. It would be a pamphlet, because of the ITs that care (its a small number, many ITs get to 50 and realize they have nothing) about 80%-90% of those just want to know where to go to put their coin, and then they want to be done with it except for knowing how much theyre worth at years end. The remaining 10%-20% that want a book really just want to sound smart about investing and know where to put their coin. Anyone thats putting in the time to actively manage their own portfolio or is day trading either is that rare unicorn whose one big mistake was getting into edu when they could have banked major coin going into finance or they dont realize their time would be better spent generating extra income with private ESOL lessons than the transaction costs and cost of their time combined arent worth the reallocation.
As to writing a book on IE....
What @Helen Back described are corrections. Correcting grammar, structure, spelling. Correcting no longer accurate addresses, links, contact information. Yes those are common between printings. If your ego/pride has to call them updates because corrections hurts too much, than you do you.
@just.the.truth
What you ideally want to do is have the real estate pay for itself in 20-30 years when youre ready to retire to either live in it or sell it and buy a home where you do plan to retire out of. Live off the portfolio and whatever social insurance you can. Have the social insurance provide for medical/health care.
I am unaware of a truly zero cost index fund. You want the management expenses as low and close to zero as you can get. Thats not unreasonable as many indexed funds have management costs that are a few base points (a base point is 1/100 of 1% or .0001). What you dont want are managed portfolios with commissions, high activity (activity means trading and trading generates expenses), or premium expenses and fees whether is for market/technical - or whatever. These are often highly advertised, marketed and 'pushed' investment products. You see these tables set up at fairs/REs as retirement plans for ITs but their costs are half a percent or higher. You dont want those, they dont do well enough over the long term to justify their costs.
Writing a book on investing for ITs. It would be a pamphlet, because of the ITs that care (its a small number, many ITs get to 50 and realize they have nothing) about 80%-90% of those just want to know where to go to put their coin, and then they want to be done with it except for knowing how much theyre worth at years end. The remaining 10%-20% that want a book really just want to sound smart about investing and know where to put their coin. Anyone thats putting in the time to actively manage their own portfolio or is day trading either is that rare unicorn whose one big mistake was getting into edu when they could have banked major coin going into finance or they dont realize their time would be better spent generating extra income with private ESOL lessons than the transaction costs and cost of their time combined arent worth the reallocation.
As to writing a book on IE....
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- Posts: 242
- Joined: Fri Dec 28, 2012 4:16 pm
Re: Off shore banking
No they're not corrections, although that might be part of it, they are updates, rewritings and addition of information, including new sections. It has nothing to do with ego, although being challenged might be damaging to yours.
But, at the end of the days the basic idea remains the same.
By the way, you brought up zero fee index funds, no one else, when of course you meant low fee. Vanguard and iShares might be cheap, but they ain't free.
But, at the end of the days the basic idea remains the same.
By the way, you brought up zero fee index funds, no one else, when of course you meant low fee. Vanguard and iShares might be cheap, but they ain't free.
Reply
@Helen Back
No, they are corrections. Rewriting something that was poor to something better is a correction so is everything else.
My ego is fine with challenges, especially when Im right.
No I didnt, I stated "zero expense" not cost, not fee. For example, the four Vanguard ZERO funds (large cap, etc.) have zero expenses, but they do have transaction fees.
No, they are corrections. Rewriting something that was poor to something better is a correction so is everything else.
My ego is fine with challenges, especially when Im right.
No I didnt, I stated "zero expense" not cost, not fee. For example, the four Vanguard ZERO funds (large cap, etc.) have zero expenses, but they do have transaction fees.