Also checkout Harry Browne's Permanent Portfolio if you want a passive investment strategy that yields similar results to a buy-and-hold index fund with much less volatility.
Golden Rules of Financial Safety (1999)
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Re: Golden Rules of Financial Safety (1999)
#12Harry Browne would be considered an enemy of the state and excommunicated by most of the members on this site.
Re: Golden Rules of Financial Safety (1999)
#13> Your investment plan should be aimed, first and foremost, at preserving what you have—preserving it from investment loss, government intervention, or mismanagement.
The advice is decent and normal, but I really love how regular advice is "colored" with libertarian perspectives.
Re: Golden Rules of Financial Safety (1999)
#14Advice: Just do dollar cost averaging in an index ETF. Question: Why? Answer: This article.
What advantages do index ETFs have over a comparable index mutual fund against the same benchmark?
Or, to ask another way, is there any reason to prefer anything other than Vanguard's Index500 vs anything else attempting to replicate the SP 500? (I call out the Vanguard fund because the fees are very low, .14% iirc.)
Re: Golden Rules of Financial Safety (1999)
#15Might be risk averse but great advice.
Rule #2: Don't assume you can replace your wealth.
The fact that you earned what you have doesn't mean that you could earn it again if you lost it. Markets and opportunities change, technology changes, laws change. Conditions today may be considerably different from what they were when you built the estate you have now. And as time passes, increasing regulation makes it harder and harder to amass a fortune.
Re: Golden Rules of Financial Safety (1999)
#16#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.
Browne wrote this at at time when regular people holding international accounts was no big thing. Also, he was quite wealthy himself, so I'm not sure he had any idea what "regular people" could do or not do since most of those firms would laugh you out the door if you wanted to park $10K there.
The powers that be don't want any of us to be financially stable. They want us powerless and broke, while they themselves enjoy all the benefits of international mobility and freedom from taxation and accountability. Same as it ever was.
Re: Golden Rules of Financial Safety (1999)
#17#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.
Why not store the money in Bitcoin instead? It's outside of government control and you should get a nice return on your investment.
Re: Golden Rules of Financial Safety (1999)
#18#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.
This is one of the rules I don't believe to hold water, unless you're a multi-millionaire or better.
Re: Golden Rules of Financial Safety (1999)
#19#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.
If it's a reasonable amount of money, the Swiss will hold onto it for you. They'll even speak German down the phone to you!
Re: Golden Rules of Financial Safety (1999)
#20#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.
Why not store the money in Bitcoin instead? It's outside of government control and you should get a nice return on your investment.
...or it might go to 0? Bitcoin is many things, but it certainly is not a savings account.