Late start working toward a retirement
Re: Late start working toward a retirement
If you want some entertainment go to a conference session that Hallam is presenting and just sit back and enjoy. The last one I saw pitted two financial advisors against him. The fireworks were pretty spectacular.
Discussion
Do NOT become a trader, the first thing anyone in market education learns is you can not predict the market, and you can learn how to predict future performance (unless your learning how to use a crystal ball). The risks and motions can leave you busted and broke in a very short amount of time and professional traders have clients to get more capital from to continue, you dont.
Professional portfolio managers consistently fail to outperform the average of the market, and the ones that do either benefited from random outcomes (luck) or it was a scam (take a hundred people divide them in groups of ten, construct a portfolio for each group, and based on the statistics one of them will do well, then you pitch that group for more coin, because you look like you know what your doing).
Ive read Andrew Hallam, its okay, I wouldnt buy the book, but borrow it from your library, it mostly debunks a lot of financial wizardry that appeals to the greedy nature of getting rich quick and that financial wizards have secrets (they dont).
Professional portfolio managers consistently fail to outperform the average of the market, and the ones that do either benefited from random outcomes (luck) or it was a scam (take a hundred people divide them in groups of ten, construct a portfolio for each group, and based on the statistics one of them will do well, then you pitch that group for more coin, because you look like you know what your doing).
Ive read Andrew Hallam, its okay, I wouldnt buy the book, but borrow it from your library, it mostly debunks a lot of financial wizardry that appeals to the greedy nature of getting rich quick and that financial wizards have secrets (they dont).
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Illiane_Blues
Re: Late start working toward a retirement
Don't do what @falconeer recommends.
What @Heliotrope says (and @PsyGuy then repeats) is very, very, very true.
Does this forum automatically change the word 'm i l l i o n a i r e' into 'poor', or did @Heliotrope make an amusing mistake?
The title of the book mentioned is 'Expat M i l l i o n a i r e', not 'Expat Poor'.
Let me test it: if you have 1,000,000 USD, you're a poor.
Anyway: buy it, read it, and draw your own conclusions. He makes a compelling case.
EDIT: yes, it does get changed. Weird, but funny.
What @Heliotrope says (and @PsyGuy then repeats) is very, very, very true.
Does this forum automatically change the word 'm i l l i o n a i r e' into 'poor', or did @Heliotrope make an amusing mistake?
The title of the book mentioned is 'Expat M i l l i o n a i r e', not 'Expat Poor'.
Let me test it: if you have 1,000,000 USD, you're a poor.
Anyway: buy it, read it, and draw your own conclusions. He makes a compelling case.
EDIT: yes, it does get changed. Weird, but funny.
Reply
@Illiane_Blues
Not weird its adverse content filtering for spam against all those get rich quick scams, by substituting 1*10^6 in alpha format for "poor" in ALL cases its much easier than mediating those types of scam emails for context.
Still wouldnt buy it, its a one time read, borrow the digital from a library.
Not weird its adverse content filtering for spam against all those get rich quick scams, by substituting 1*10^6 in alpha format for "poor" in ALL cases its much easier than mediating those types of scam emails for context.
Still wouldnt buy it, its a one time read, borrow the digital from a library.
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Illiane_Blues
Re: Late start working toward a retirement
Wouldn't it still get posted, despite the change? My reply got posted, without intervention.
And spam of that kind is easy to spot anyway, regardless of if a word has been changed.
It might very well be the reason, but I'm not sure for what purpose besides entertainment value.
And in my experience, forums where you have to join before you can post don't get hit with that kind of spam anyway, or not often at least.
I personally would recommend buying the book. I've gone back to it a couple of times to look up certain details, was very useful. And it's not expensive. The people I lend it to always came back to borrow it again to reread certain parts a few months later.
Make sure you get the latest edition though. And never rely on one source, so do some more research before you invest all your money.
And spam of that kind is easy to spot anyway, regardless of if a word has been changed.
It might very well be the reason, but I'm not sure for what purpose besides entertainment value.
And in my experience, forums where you have to join before you can post don't get hit with that kind of spam anyway, or not often at least.
I personally would recommend buying the book. I've gone back to it a couple of times to look up certain details, was very useful. And it's not expensive. The people I lend it to always came back to borrow it again to reread certain parts a few months later.
Make sure you get the latest edition though. And never rely on one source, so do some more research before you invest all your money.
Reply
@Illiane_Blues
Yes, it would get posted for a short time anyway but it would defeat the purpose of the posting. Spotted by whom and when. If spam monitoring was efficient and effective there wouldnt be spam. This forum gets hit with it on occasion.
Its an okay book, but I have a strong enough background in investment that the book wasnt particularly useful, but thats me, and if an IT had a similar background, the book is less worthy of purchase, but I can absolutely see an IT who isnt even remotely savvy about it, having more of a reliance and use for it. It may be worth a buy for one demographic, and from my position its not.
Yes, it would get posted for a short time anyway but it would defeat the purpose of the posting. Spotted by whom and when. If spam monitoring was efficient and effective there wouldnt be spam. This forum gets hit with it on occasion.
Its an okay book, but I have a strong enough background in investment that the book wasnt particularly useful, but thats me, and if an IT had a similar background, the book is less worthy of purchase, but I can absolutely see an IT who isnt even remotely savvy about it, having more of a reliance and use for it. It may be worth a buy for one demographic, and from my position its not.
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Heliotrope
- Posts: 1168
- Joined: Sun May 13, 2018 1:48 am
Re: Reply
I actually am 'remotely savvy about it'. It's still a useful book.
Basically, if you take Hallam's advice, this book is all you need.
If you were already planning to go with index funds, you wouldn't need it, no, although it could still be useful.
And you don't *need* any book if you don't want to spend any coin, but any book that you would read cover to cover is worth a purchase in my opinion, especially one that can save you from getting in bed with certain financial snake oil salesmen.
But you can go to the library instead of course, if they carry it.
And I agree with @Iliana Blues about getting the latest edition, it has some updates that are useful.
Basically, if you take Hallam's advice, this book is all you need.
If you were already planning to go with index funds, you wouldn't need it, no, although it could still be useful.
And you don't *need* any book if you don't want to spend any coin, but any book that you would read cover to cover is worth a purchase in my opinion, especially one that can save you from getting in bed with certain financial snake oil salesmen.
But you can go to the library instead of course, if they carry it.
And I agree with @Iliana Blues about getting the latest edition, it has some updates that are useful.
Reply
@Heliotrope
Im more than remotely savvy, I didnt find it useful, good read, just not one I would buy. My position differs, there are plenty of books, many books that I have read cover to cover that I would not buy simply as I will never read them again or if I do I will just borrow it again.
I also concur with @Iliana Blues, that the latest edition is the one to read.
Im more than remotely savvy, I didnt find it useful, good read, just not one I would buy. My position differs, there are plenty of books, many books that I have read cover to cover that I would not buy simply as I will never read them again or if I do I will just borrow it again.
I also concur with @Iliana Blues, that the latest edition is the one to read.
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Heliotrope
- Posts: 1168
- Joined: Sun May 13, 2018 1:48 am
Re: Reply
It will be useful for 95% of ITs who are wondering on how to invest their savings.
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Heliotrope
- Posts: 1168
- Joined: Sun May 13, 2018 1:48 am
Re: Late start working toward a retirement
You purchased an index fund without paying any fees?
Please share.
50% seems very, very low based on the feedback I've heard round me, and read online, but I guess that's your personal experience.
Please share.
50% seems very, very low based on the feedback I've heard round me, and read online, but I guess that's your personal experience.
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Heliotrope
- Posts: 1168
- Joined: Sun May 13, 2018 1:48 am
Re: Late start working toward a retirement
Yes, we agree to disagree.