Golden Rules of Financial Safety (1999)
harrybrowne.org
Golden Rules of Financial Safety (1999)
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Re: Golden Rules of Financial Safety (1999)
#2[deleted]
Re: Golden Rules of Financial Safety (1999)
#3Manafort indicted for keeping money overseas that he did not report, among other reasons. Just a fact to bear in mind, as one of the points suggests keeping cash overseas
Re: Golden Rules of Financial Safety (1999)
#4> Rule #1: Your career provides your wealth.
I mainly disagree with the first rule. Your career should not provide your wealth. Your career should keep your bills paid, provide security for the future, and allow you to live a comfortable life. Investments in financial endeavors like real estate, businesses, stocks, etc, education, and family is what provides wealth.
Update: Not sure why this post is getting downvoted? A career provides MONEY not WEALTH. There is a big difference. It is up to you to convert that money into wealth
Re: Golden Rules of Financial Safety (1999)
#5Advice: Just do dollar cost averaging in an index ETF.
Question: Why?
Answer: This article.
Re: Golden Rules of Financial Safety (1999)
#6Manafort indicted for keeping money overseas that he did not report, among other reasons. Just a fact to bear in mind, as one of the points suggests keeping cash overseas
He never said try to hide it. Pay your taxes on it, do what you have to do so that it is legal. Just have it somewhere where "the man" cant seize it.
He specifically went out of his way to say NOT to try elaborate overseas schemes to avoid paying taxes.
Re: Golden Rules of Financial Safety (1999)
#7Just for context, this is from Harry Browne, who was famously (and perhaps not entirely fairly) labeled as a "gold bug" throughout his career. He was something of a hero figure among those who subscribe to Austrian economic theory, and actually the candidate for the US Libertarian party for president several cycles back.
Off-topic (?) from that article, I'd be interested to hear what he would have made of the current cryptocurrency craze, given his views on gold, inflation, and portfolio stability.
Re: Golden Rules of Financial Safety (1999)
#8He missed rule #0:
Wealth is what you save, not what you earn or what you spend.
There are many people with very high income but spending as high (or even higher!), so they have little or no wealth.
Re: Golden Rules of Financial Safety (1999)
#9#13 - Keep some money overseas
How exactly is this possible? I am a german citizen and resident, and after hours of reaearch a few months ago i couldn’t find ONE bank in the world I could open a bank account with. I always have to be at least a resident. Did anybody figure this out?
My partner is from Canada and I would love to park some money there, but I couldn’t figure out a way to do so.
Re: Golden Rules of Financial Safety (1999)
#10Advice: Just do dollar cost averaging in an index ETF. Question: Why? Answer: This article.
And maybe two index funds from different companies. If you really want to not have a single point of failure, use two different brokers.