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Build your strongest-ever portfolio from anywhere in the world
Now in its third edition, Millionaire Expat is the world's most trusted, bestselling guide for expat investors. It shows readers how to protect themselves from financial sharks and build effective portfolios that maximize profits and tax efficiency. This updated guide includes model portfolios of ETFs or index funds. It recommends subtle differences for investors based on nationality, while explaining why all-in-one portfolio funds are even simpler and more profitable than individual ETFs. Millionaire Expat also provides investment models for socially responsible funds.
Best of all, this book is specific. Author Andrew Hallam doesn't just offer theory. He shows you exactly what to buy and where to buy it from. He explains how much you should sell each year, upon retirement, and discusses repatriation: showing how different countries deal with the taxation of portfolios that were built abroad.
And if you're looking for a hands-free approach, Millionaire Expat offers something for you as well: lists of roboadvisors and full-service financial firms that offer guidance and build portfolios of ETFs and index funds.
But what if you started investing late and can't afford to retire? In that case, Andrew Hallam has you covered. He profiles several low-cost countries that are popular with expats. He explains what countries are great for Global Nomads and for retirees looking for tax breaks, safety, solid health care systems and a low-cost, enjoyable standard of living.
Millionaire Expat (3rd edition) is an entertaining guide, showing readers how to maximize their money and their life satisfaction based on simple, smart investing and their choice of retirement destination.
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.
Contents
Acknowledgements xiii
Introduction 1
Chapter 1: Grow Big Profits Without Any Effort 7
Why Average Returns Aren't Normal 11
When the Stock Market Beats Real Estate 12
What's Inside a Global Stock Market Index Fund? 13
Undressing Stocks with 50 Shades of Gray 13
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 Take-Away 25
Chapter 2: Don't Start a Fight with an Escalator 27
Yes, the Financial District Loves You! 28
Global Investors Getting Fleeced 30
Chapter Take-Away 32
Chapter 3: Where Are the Customers' Yachts? 33
Global Investors Bleed by the Same Sword 34
American Expatriates Run Naked 36
Why Brokers Want to Muzzle Warren Buffett 37
Financial Advisors Touting "The World Is Flat!" 38
Hedge Fund Money Spanked for Its Con 40
Why Most Investors Underperform Their Funds 42
Are Most Financial Advisors Bad People? 43
Chapter Take-Away and Tips 45
Chapter 4: Expats Should Avoid Snakes In Suits 49
The deVere Group Faces Trouble 57
British Expats: Can I Trade You That Diamond for a Big Lump of Coal? 58
The 10 Habits of Successful Financial Advisors . . . Really? 59
When Your Advisor is a Sales Commando 60
Welcoming Sharks into the Seal Pool 61
Masters of the Insured Death Benefit Illusion 65
Free Fund Switching Isn't a Perk 66
Making Millions off the General Public 66
Fooling the Masses with Numbers 67
When High Fees Meet Gunslingers 68
Chapter Take-Away and Tips 69
Chapter 5: Self-Appointed Gurus and Neanderthal Brains 73
Why Most Investors Should Hope for Falling Markets 77
Are You Cheering for the Right Team? 77
If You're Just Starting Out, Pray for Stocks to Sputter 79
Should You Worry When Stocks Hit All-Time Highs? 82
The Only Thing That Matters 82
It's Not Timing the Market That Matters; It's Time in the Market 84
High Unemployment and High Stock Returns 85
What Can You Miss by Guessing Wrong? 87
Should You Invest a Windfall All at Once? 89
When Investors and Advisors Sabotage Their Rides 89
Are Women Better Investors Than Men? 90
Collar Your Inner Neanderthal 91
Chapter Take-Away and Tips 92
Chapter 6: Investment Advisors with a Conscience 95
Do You Have a Ninja's Discipline? 96
Qualities of a Good Financial Advisor 96
Investment Professionals Worth Considering 98
Why Many Global Expats are Naming Their Newborns Mark 111
Why are the Entry Points Often High? 113
Chapter 7: Thirty-four Questions Do-It-Yourself Investors Ask 115
1. How do I Purchase ETFs or Indexed Mutual Funds Through a Brokerage? 115
2. What's the Best Brokerage To Use? 116
3. What's the Difference Between an Exchange-Traded Index Fund (ETF) and an Index Fund? 117
4. Do Non-Americans Have to Pay US Estate Taxes upon Death if They Own US Index Shares? 118
5. What's a Sector-Specific ETF? 119
6. Should I Buy an Index that's Currency Hedged? 120
7. What's the Scoop on Withholding Taxes? (For Non-Americans) 121
8. Will You Have to Pay Currency Conversions? 123
9. Should I Be Concerned about Currency Risks? 124
10. Do the Unit Prices of ETFs Show Which are Expensive or Cheap? 125
11. If I Have a Lump Sum, Should I Invest It All at Once? 126
12. I'm in Some Expensive Products, but They're Currently Down in Value. Should I Sell Now or Wait? 126
13. What If I Find a Higher-Performing Bond Index? 127
14. What If I Find a Cheaper ETF? 128
15. Should I Be Most Concerned about Commissions, Annual Account Fees, Fund Costs, or Exchange Rate Fees? 128
16. How Little Can I Invest Each Month? 129
17. Stock Markets Are High. Should I Really Start Investing? 130
18. Should I Buy ETFs from Vanguard, iShares, Schwab or Another Low-Cost Provider? 131
19. Can Muslims Build a Portfolio of Shariah-Compliant Funds? 132
20. What Percentage Should You Have In Stocks and Bonds? 133
21. Could You Build a Portfolio of Socially Responsible Index Funds? 139
22. Why Doesn't My Brokerage Offer the Funds I Want? 140
23. Why Hasn't My Bond ETF Risen in Value? 141
24. What If My Bond ETF Is Priced in a Different Currency? 142
25. Are Cryptocurrencies, like Bitcoin, Good Investments? 142
26. Should I Buy a Real Estate Investment Trust (REIT) Index? 144
27. Should I Buy a Smart Beta ETF? 146
28. Should I Invest in Gold? 147
29. Don't Small-Company Stocks Beat Larger-Company Stocks? 148
30. What If You and Your Spouse Represent Different Nationalities? 150
31. Why Should I Rebalance My Portfolio? 151
32. What Are The Best ETFs To Buy? 152
33. What's the Difference Between an Accumulating ETF and a Distributing ETF? 153
34. Should I Buy An ETF or Index That Pays High Dividends? 153
Chapter 8: Couch Potato Investing 157
Don't Bonds Tie You Down? 158
Are You Worried That Bond Interest Rates Are Low? 159
Where Do You Plan to Retire? 160
Are You Retiring in an Emerging-Market Country? 162
The Magic Of All-in-One Portfolio ETFs and Index Funds 162
Chapter 9: Model Portfolios for American Expats 167
Do You Currently Invest with Vanguard? 168
Couch Potato Investing with Vanguard 169
Simple Investing with a Vanguard Stick Shift 172
Vanguard's Admiral Series Global Two-Fund Portfolio Solutions Socially Responsible Investing 174
Americans Using Interactive Brokers 176
ETF Portfolios with Interactive Brokers 176
Socially Responsible ETF Portfolios 176
Don't Contribute Illegally to Your IRA 176
What Exactly Is an IRA? 179
Could You Retire And Never Pay US Taxes Again? 180
Chapter 10: Portfolio Models for Canadian Expats 183
Socially Responsible Investing for Canadians 185
Swap-Based ETFs—The Ultimate Legal Tax Dodge 186
What About RRSPs, TFSAs and RESPs? 188
Children's Education Savings Plans 189
Canadians In Europe 191
European Country Residents not Affected By This Rule 191
For Most Canadians Living In an EU Country 192
One Drawback To Non-Canadian Listed ETFs 193
Repatriation: If You Decide To Move Back 194
Chapter 11: Portfolio Models for British Expats 197
Are The Extra Commission Fees Worth It? 200
The Downside of Vanguard's LifeStrategy Index Mutual Funds 203
Portfolios of Individual ETFs: For Walking British Buddhas 204
How Important Is UK Stock And Bond Market Exposure? 206
Socially Responsible Investing For British Expats 208
Are You Really Ready To Do This? 210
Chapter 12: Portfolio Models for Australian Expats 213
Socially Responsible Investing For Australians 214
What If You Don't Want High Exposure to Australian Shares? 217
The Repatriation Benefit of Aussie-listed Shares 218
Tax Laws: Created By The Rich For The Rich? 219
Now Look Deeply Into That Mirror 220
Chapter 13: Portfolio Models for Europeans and Other Nationalities 223
The Home Currency Bias 224
Investors Who Might Not Want Any Home Currency Exposure 226
Socially Responsible Investing 229
Chapter 14: Setting Your Bulls Eye 231
What's a Better Definition of Wealth? 233
What's This Ailment Expatitis? 233
Three Decades And Counting With The 4 Percent Rule 234
You and Your Money Can Both Last Longer 237
Part II Retirement or Semi-Retirement In A Low-Cost Country 239
This Personal Decision In Not For Everyone 240
When It's Not About The Money 241
Chapter 15: Retire A Decade Early In Latin America 245
Mexico: Hot Beaches, Cool Mountains And The World's Best Expat Social Scenes 246
Costa Rica: Happiest People, Best Wildlife And Environmental Leaders 252
Panama: Idyllic Islands, Popular Mountain Towns and Retirement Discounts Galore 256
Ecuador: Friendly People, Great Climate, And An Ultra-Low Cost Of Living 261
Chapter 16: Retire A Decade Early In Europe 267
Portugal: Crashing Surf, Gorgeous Scenery and Europe's Best Weather 268
Home Sweet Home 270
From Canada to Portugal for an Easier Pace of Life 271
Spain: Spectacular Beach Walks and Skiing In The Same Day 274
Aerobatics Pilot Chooses To Fly 275
Couple Enjoys Life on Less Than €9000 a Year 275
If You Don't Have A Pension, How Much Money Would You Need? 277
Eastern Europe: The World's Best Low-Cost Secret 278
Climate and Safety 279
Why Georgia's Becoming The New Hot Spot 280
Chapter 17: Retire A Decade Early In Southeast Asia 285
Retiring In Malaysia: Beauty In The Sun 286
Can You Handle The Heat? 286
Top Quality Medical 287
Retiring In Thailand: The Land of Smiles 289
Conclusion 295
Low-Cost Retirement Country Resources 297
Index 303
