https://www.amazon.com/Printers-Error-I ... 0062412310
Printer's Error - Rebecca Romney + J.P. Romney
A fascinating look at the history of printing and production of books. Unfortunately, somewhat marred by the author's adding frequent attempts at pre-teen humour to the text - really dragged down the quality of what is otherwise a hugely engaging read.
Search found 502 matches
- Tue Apr 09, 2019 6:30 am
- Forum: Personal Consumer Issues
- Topic: What Book Are You Currently Reading? Part VI
- Replies: 7638
- Views: 1712787
- Fri Dec 14, 2018 5:15 am
- Forum: Non-US Investing
- Topic: Portfolio review (New Zealand - but please don't be put off by that)
- Replies: 18
- Views: 2250
Re: Portfolio review (New Zealand - but please don't be put off by that)
One complication for investing in New Zealand is the tax situation applying to equities: 1. NZ equities which have paid tax can pass through an imputation credit for the tax the company has paid effectively meaning that the dividend is tax free in the hands of the shareholder (or close to it as there may be difference between the company tax rate (28%) and the individual investor's personal marginal tax rate) 2. Overseas equities are subject to tax at the investor's marginal tax rate (tops out at 33%). I suppose the question is whether the tax saving on the dividends is enough to justify sacrificing some (not all) of the diversification benefits of investing outside New Zealand's very small domestic sharemarket. To complicate matters, inve...
- Fri Dec 14, 2018 5:01 am
- Forum: Non-US Investing
- Topic: Portfolio review (New Zealand - but please don't be put off by that)
- Replies: 18
- Views: 2250
Re: Portfolio review (New Zealand - but please don't be put off by that)
One complication for investing in New Zealand is the tax situation applying to equities: 1. NZ equities which have paid tax can pass through an imputation credit for the tax the company has paid effectively meaning that the dividend is tax free in the hands of the shareholder (or close to it as there may be difference between the company tax rate (28%) and the individual investor's personal marginal tax rate) 2. Overseas equities are subject to tax at the investor's marginal tax rate (tops out at 33%). I suppose the question is whether the tax saving on the dividends is enough to justify sacrificing some (not all) of the diversification benefits of investing outside New Zealand's very small domestic sharemarket. To complicate matters, inve...
- Fri Dec 14, 2018 4:45 am
- Forum: Personal Consumer Issues
- Topic: Retired in your late 40s or early 50s?
- Replies: 87
- Views: 17302
Re: Retired in your late 40s or early 50s?
I FIRE'd five years ago at age 47. I'm keeping myself busy with a number of things - and that's the reason I stepped away from my profession (big law): 1. I still do some very part-time consulting because I find the law interesting. 2. I've done one post-grad degree and am working on a second one. 3. I've written and self-published a novel (second one in progress). 4. Plans to improve my health/fitness failed due to some physical/medical issues (one resolved, two ongoing). 5. Plans to do more travel have come up short for a variety of reasons but will pick up in a couple of years. I live in HK where good health care is a lot cheaper than in the US (and we are covered under my wife's employer plan in any event). We still have 2 children in ...
- Fri Dec 14, 2018 4:42 am
- Forum: Personal Consumer Issues
- Topic: Living Abroad - Who's done it?
- Replies: 90
- Views: 13852
Re: Living Abroad - Who's done it?
I came to Hong Kong in 1992, intending to stay for a year (maybe two if I was enjoying myself) before going on to the UK to do postgraduate studies.
26 years later, I'm still here with no plans to move back or move on. Even though I cannot get citizenship because I am not ethnically Chinese, I feel as comfortable here as I do back in New Zealand. I had a good career, meet my wife here, our children were born here and I'm enjoying my retirement here. It's a very easy city to live in ... if you have a decent income.
26 years later, I'm still here with no plans to move back or move on. Even though I cannot get citizenship because I am not ethnically Chinese, I feel as comfortable here as I do back in New Zealand. I had a good career, meet my wife here, our children were born here and I'm enjoying my retirement here. It's a very easy city to live in ... if you have a decent income.
- Sun Dec 09, 2018 7:08 am
- Forum: Non-US Investing
- Topic: Portfolio review (New Zealand - but please don't be put off by that)
- Replies: 18
- Views: 2250
Re: Portfolio review (New Zealand - but please don't be put off by that)
One complication for investing in New Zealand is the tax situation applying to equities: 1. NZ equities which have paid tax can pass through an imputation credit for the tax the company has paid effectively meaning that the dividend is tax free in the hands of the shareholder (or close to it as there may be difference between the company tax rate (28%) and the individual investor's personal marginal tax rate) 2. Overseas equities are subject to tax at the investor's marginal tax rate (tops out at 33%). I suppose the question is whether the tax saving on the dividends is enough to justify sacrificing some (not all) of the diversification benefits of investing outside New Zealand's very small domestic sharemarket. To complicate matters, inves...
- Sun Dec 09, 2018 6:42 am
- Forum: Personal Consumer Issues
- Topic: Retired in your late 40s or early 50s?
- Replies: 87
- Views: 17302
Re: Retired in your late 40s or early 50s?
I FIRE'd five years ago at age 47. I'm keeping myself busy with a number of things - and that's the reason I stepped away from my profession (big law): 1. I still do some very part-time consulting because I find the law interesting. 2. I've done one post-grad degree and am working on a second one. 3. I've written and self-published a novel (second one in progress). 4. Plans to improve my health/fitness failed due to some physical/medical issues (one resolved, two ongoing). 5. Plans to do more travel have come up short for a variety of reasons but will pick up in a couple of years. I live in HK where good health care is a lot cheaper than in the US (and we are covered under my wife's employer plan in any event). We still have 2 children in s...
- Tue Nov 13, 2018 1:32 am
- Forum: Personal Finance (Not Investing)
- Topic: Stop paying on life insurance policy?
- Replies: 33
- Views: 3094
Re: Stop paying on life insurance policy?
I cancelled my life insurance when I retired on the basis that if there is enough money to support myself + family in retirement then there is more than enough to support the family without me.
It helps that there is no estate duty where I live and my wife is financially astute and able to manage the family finances without me.
We did carry a mortgage into retirement but, after discussion, decided that we did not need life insurance to pay off the balance – my wife was comfortable with servicing the remaining balance from our investments.
Once the policy had served its purpose, the premiums were just wasted money.
It helps that there is no estate duty where I live and my wife is financially astute and able to manage the family finances without me.
We did carry a mortgage into retirement but, after discussion, decided that we did not need life insurance to pay off the balance – my wife was comfortable with servicing the remaining balance from our investments.
Once the policy had served its purpose, the premiums were just wasted money.
- Thu Nov 08, 2018 11:12 pm
- Forum: Investing - Theory, News & General
- Topic: Whats your number to walk away?
- Replies: 360
- Views: 63870
Re: Whats your number to walk away?
From observing my elders I figured out that when you "walk away" from engaging in the work that gave your life meaning you are almost certain to deteriorate. Everyone I watched in the generation above me who retired had grandiose plans. They were going to write books. They were going to do executive work in volunteer organizations. They were going to take college courses, etc. etc. They didn't. Most just did a lot of luxury travel where they spent their time with other retirees impressing each other with what they used to do back when they were doing things. You could see the brain deficits grow from year to year. Eventually they ended up in assisted living or worse. The few people I saw who did not deteriorate were those who kep...
- Thu Nov 08, 2018 2:49 am
- Forum: Investing - Theory, News & General
- Topic: Whats your number to walk away?
- Replies: 360
- Views: 63870
Re: Whats your number to walk away?
I FIREd at 47 from a career that had been rewarding both financially and otherwise but which prevented me from pursuing other activities. My "number" was an amount sufficient to generate income at least equal to 120% of our annual expenses + a debt free home + an emergency fund with the proviso that most of our savings had to be in assets that had a reasonable expectation of generating rising levels of income over time (i.e. mostly equities and real estate). In other words, there had to be at least some chance of keeping up with inflation. I'm sure this was overkill, but I'd rather front end load a few extra years in a high-paying career than risk looking for a job in my seventies. In effect I was planning for our savings to last ...
- Mon Aug 13, 2018 8:10 am
- Forum: Personal Finance (Not Investing)
- Topic: Private Banking is a trap. Don't do it!
- Replies: 55
- Views: 9632
Re: Private Banking is a trap. Don't do it!
I actually find this quite surprising.
I have an account at a private bank, after a discussion regarding my needs, they only send me stuff I ask for. The only time I get calls is (i) to roll over loans - picking tenure and applying cash balances against the outstanding loan balances and (ii) when my portfolio has exceeded risk headrooms decided by me.
They know I have no interest in front end loaded funds (and a few other things) and don't offer them.
I have an account at a private bank, after a discussion regarding my needs, they only send me stuff I ask for. The only time I get calls is (i) to roll over loans - picking tenure and applying cash balances against the outstanding loan balances and (ii) when my portfolio has exceeded risk headrooms decided by me.
They know I have no interest in front end loaded funds (and a few other things) and don't offer them.
- Thu May 17, 2018 8:23 am
- Forum: Personal Investments
- Topic: Margin debt ratio
- Replies: 41
- Views: 4626
Re: Margin debt ratio
Not quite the question OP asked, but we have total gross debt to total assets of around 9.8% at present - all debt is either mortgages or a margin facility secured against a portfolio of index funds/stocks/bonds. Given where interest rates are we get a positive carry on our debt.
FWIW, I am retired and am comfortable with a modest level of debt even if I am still figuring out what "modest" means.
FWIW, I am retired and am comfortable with a modest level of debt even if I am still figuring out what "modest" means.
- Sat Apr 28, 2018 8:22 am
- Forum: Personal Consumer Issues
- Topic: How did you tell the boss you're leaving/retiring?
- Replies: 129
- Views: 20104
Re: How did you tell the boss you're leaving/retiring?
I told my local managing partner + another partner I was close to about a year before I FIRE'd.
They were fine with it - congratulated me. We'd worked together for 20+ years and still socialise on a regular basis. Both have since followed me into retirement.
I gave the firm about nine months notice - and everyone was fine with that. The advantage of the longer notice period was I was able to avoid a lot of admin type work during the notice period, which left more time for other things.
They were fine with it - congratulated me. We'd worked together for 20+ years and still socialise on a regular basis. Both have since followed me into retirement.
I gave the firm about nine months notice - and everyone was fine with that. The advantage of the longer notice period was I was able to avoid a lot of admin type work during the notice period, which left more time for other things.
- Tue Mar 27, 2018 6:09 am
- Forum: Personal Finance (Not Investing)
- Topic: Retirees: How does your retirement spending compare to pre-retirement spending?
- Replies: 48
- Views: 9415
Re: Retirees: How does your retirement spending compare to pre-retirement spending?
Post retirement in 2013 (age 47), our spending has fluctuated due to a number of factors: 1. increase as I returned to university to do anther degree – this cost will disappear mid 2019 when I finish the degree 2. one daughter started boarding school overseas – this cost will disappear ... probably never since we will fund her and her sister through university 3. we renovated our apartment - one off but will be repeated at some point in the future 4. cheaper medical insurance as DW returned to work and we are covered under a free-to-us policy 5. I am spending less on eating out and transport 6. the HK government has given rates waivers (i.e. one off cuts in property taxes) in most of of the last several years Other changes to come: 7. our y...
- Wed Jan 10, 2018 4:49 am
- Forum: Personal Finance (Not Investing)
- Topic: What age did you become debt free and what opportunities did it create?
- Replies: 142
- Views: 30185
Re: What age did you become debt free and what opportunities did it create?
Not debt free and no plans to be so. I decided to carry a mortgage on our home into retirement. The interest rate is below the rate of inflation and below the dividend yield on the local equity index fund. When its paid off, I'll most likely take on a new mortgage. I'm happy to accept the higher risk involved for the additional return. We also have mortgages on our investment portfolio. No plans to pay those off early either. Sounds like you're living in here & now. Post back when we have another housing crash or market crash :wink: Probably true, but I'm old enough to have been through several market and housing crashes and, based on those experiences, believe that my cash flow is sufficiently resilient to see me through the next down...
- Wed Jan 10, 2018 4:42 am
- Forum: Non-US Investing
- Topic: (Hong Kong) How to do monthly (automatic) investment with Vanguard ETF?
- Replies: 11
- Views: 1264
Re: (Hong Kong) How to do monthly (automatic) investment with Vanguard ETF?
I looked into this several years ago and concluded that for a non-US person/taxpayer, investing in onshore US funds was sub-optimal because of the withholding taxes on distributions and the potential difficulties with estate duties.
I opted for purchasing ETFs listed on exchanges outside the US.
I opted for purchasing ETFs listed on exchanges outside the US.
- Sun Oct 29, 2017 7:44 am
- Forum: Personal Finance (Not Investing)
- Topic: Appropriate Life Insurance in late 40’s – nearing retirement
- Replies: 18
- Views: 2722
Re: Appropriate Life Insurance in late 40’s – nearing retirement
I waited until I retired before taking action - and cancelled my life insurance altogether.
The rational was that if there was enough money to support the family then there should be more than enough to support the family minus me. At that point, life insurance was a needless expense.
FWIW, there is no estate duty where we live.
The rational was that if there was enough money to support the family then there should be more than enough to support the family minus me. At that point, life insurance was a needless expense.
FWIW, there is no estate duty where we live.
- Sun Oct 29, 2017 7:36 am
- Forum: Personal Finance (Not Investing)
- Topic: What was the main reason you retired?
- Replies: 210
- Views: 23595
Re: What was the main reason you retired?
#1 and #9
My career in a big law firm was good, but I've only got one life to live - once I had "enough" it was time to move on and do other things before I got too old to do them.
My career in a big law firm was good, but I've only got one life to live - once I had "enough" it was time to move on and do other things before I got too old to do them.
- Sun Oct 22, 2017 7:48 am
- Forum: Personal Finance (Not Investing)
- Topic: Does anyone here with net worths north of $1 mil use financial advisors?
- Replies: 454
- Views: 86824
Re: Does anyone here with net worths north of $1 mil use financial advisors?
One of my concerns as I get older is the risk that I may "lose the plot" and start making some dumb decisions. As insurance against that risk, I have placed a portion of our assets with a financial adviser subject to a fixed 60/40 asset allocation + prohibition against using debt or derivatives. I view the fees as a form of insurance to ensure that my wife and daughters will have at least something if I go off the rails.
- Wed Oct 04, 2017 8:23 am
- Forum: Personal Finance (Not Investing)
- Topic: What age did you become debt free and what opportunities did it create?
- Replies: 142
- Views: 30185
Re: What age did you become debt free and what opportunities did it create?
Not debt free and no plans to be so.
I decided to carry a mortgage on our home into retirement. The interest rate is below the rate of inflation and below the dividend yield on the local equity index fund. When its paid off, I'll most likely take on a new mortgage. I'm happy to accept the higher risk involved for the additional return.
We also have mortgages on our investment portfolio. No plans to pay those off early either.
I decided to carry a mortgage on our home into retirement. The interest rate is below the rate of inflation and below the dividend yield on the local equity index fund. When its paid off, I'll most likely take on a new mortgage. I'm happy to accept the higher risk involved for the additional return.
We also have mortgages on our investment portfolio. No plans to pay those off early either.
- Sun Sep 24, 2017 8:56 am
- Forum: Personal Finance (Not Investing)
- Topic: Age you retired
- Replies: 112
- Views: 13926
Re: Age you retired
Age 47 in 2013.
Could have gone a couple of years earlier but preferred the peace of mind with knowing that I've over engineered my retirement finances.
Could have gone a couple of years earlier but preferred the peace of mind with knowing that I've over engineered my retirement finances.
- Wed Oct 19, 2016 9:49 pm
- Forum: Investing - Theory, News & General
- Topic: Retirees: Where are you going for income?
- Replies: 102
- Views: 22273
Re: Retirees: Where are you going for income?
No pension or social security safety net where I live. With a potential 50 year time horizon, I worry more about long run inflation than I do about market volatility so we put most of our retirement money into real estate and equities in the hope/expectation that we will see some growth in net rents/dividends over time. The cash and bond allocation is very small and is primarily there to cover potential multi-year periods where there is disruption to the cash flows from our main investments and/or large unexpected expenses. As interest rates on mortgages are lower than both the local inflation rate and the distribution yield on the local equity index fund, we decided to carry mortgages on our home and investment properties into retirement. ...
- Wed Aug 24, 2016 2:38 am
- Forum: Personal Finance (Not Investing)
- Topic: Did you use Real Estate to build wealth?
- Replies: 45
- Views: 6883
Re: Did you use Real Estate to build wealth?
Yes. The biggest contributor to our early retirement planning was savings from our day jobs but investing in leveraged real estate helped get us there faster. We purchased a few apartments near the bottom of the last bust - prices had fallen 60%, yields were attractive and interest rates were low and expected to head lower. At the time we made our first purchases, the P+I payments on a 70% mortgage + lost bank interest on the 30% down was less than the rental. We stopped buying when prices became less attractive and put our savings into (mostly) equities after that. RE is not risk free, it is not hands off and it is not low cost, but it worked in a large part because we timed our purchases well and used leverage. If/when there is another do...
- Sun Oct 25, 2015 8:41 pm
- Forum: Personal Finance (Not Investing)
- Topic: More advice for BigLaw Survivor, please?
- Replies: 233
- Views: 39150
Re: More advice for BigLaw Survivor, please?
Congratulations from one "big law" survivor/early retiree to another. :beer Before I pulled the plug on my career, we took a long hard look at our expenses starting with tracking them in detail for several years. We cut a few things even before retirement and drew up a list of things that could be cut if we ever started to lose sleep over the long term sustainability of our finances. The two things that were cut immediately were (1) life insurance - on the theory that if we have enough money to support the family with me being still around, then there is more than enough to support my wife and children without me (there is no estate duty where I live) (2) choosing cheaper holidays (e.g. staying in Asia instead of going further afi...
- Wed Mar 25, 2015 7:36 am
- Forum: Personal Consumer Issues
- Topic: Improving English Language Proficiency- Please suggest Books
- Replies: 51
- Views: 6275
Re: Improving English Language Proficiency- Please suggest B
I would recommend Stephen Pinker's "A Sense of Style" over Stunk & White.
I also agree with the recommendations to read a wide range of novels good authors; Neil Gaiman, Philip Roth, Jane Austen, Hemingway etc. but would also suggest some good non-fiction writers as well: Niall Fergusson, Robert Masse, Bill Bryson are all excellent writers.
I also agree with the recommendations to read a wide range of novels good authors; Neil Gaiman, Philip Roth, Jane Austen, Hemingway etc. but would also suggest some good non-fiction writers as well: Niall Fergusson, Robert Masse, Bill Bryson are all excellent writers.
- Thu Jan 15, 2015 7:11 pm
- Forum: Investing - Theory, News & General
- Topic: High Net Worth Investing
- Replies: 84
- Views: 15338
Re: High Net Worth Investing
You may (or may not) find some of the ideas in Strategy for Wealthy Family to be helpful: http://as.wiley.com/WileyCDA/WileyTitle ... 23100.html
FWIW, the main things that change as your financial net worth goes up is the potential to invest in a wider range of assets and to potentially preserve your chosen lifestyle against a wider range of adverse circumstances. The basic principles of diversification, cost minimization and not thinking you are smarter than either the markets or all the other really smart people out there don't change as you become wealthier (IMHO).
FWIW, the main things that change as your financial net worth goes up is the potential to invest in a wider range of assets and to potentially preserve your chosen lifestyle against a wider range of adverse circumstances. The basic principles of diversification, cost minimization and not thinking you are smarter than either the markets or all the other really smart people out there don't change as you become wealthier (IMHO).
- Wed Jan 14, 2015 7:50 pm
- Forum: Personal Consumer Issues
- Topic: Retirees: Do you work part-time for pay?
- Replies: 58
- Views: 9018
Re: Retirees: Do you work part-time for pay?
I retired from my legal career at the end of September 2013 (age 47).
I still do a bit of part time consulting (250 target hours a year). While a bit of extra money is nice, it's not needed - I am doing this because I enjoy it. If I stop enjoying it, I'll stop doing it. If something more interesting comes up, I'll switch. If it interferes with my retirement activities, I'll stop.
I still do a bit of part time consulting (250 target hours a year). While a bit of extra money is nice, it's not needed - I am doing this because I enjoy it. If I stop enjoying it, I'll stop doing it. If something more interesting comes up, I'll switch. If it interferes with my retirement activities, I'll stop.
- Tue Jan 13, 2015 11:34 pm
- Forum: Personal Finance (Not Investing)
- Topic: If your net worth is over $3 million, how did you do it?
- Replies: 913
- Views: 239042
Re: If your networth is over $3 million, how did you do it?
1. good education followed by a good career (law)
2. LBYM without feeling deprived (we don't own a car because they are unnecessary here)
3. spouse who is on the same page and is happy about it
4. living in Hong Kong (effective tax rate less than 15%, no tax on dividends, interest or capital gains)
5. buying properties with mortgage financing at or near the bottom of a real estate cycle
6. only debt is mortgage debt used for buying properties
7. doing lots of dumb things - and learning from them
I mostly retired in 2013 (age 47).
2. LBYM without feeling deprived (we don't own a car because they are unnecessary here)
3. spouse who is on the same page and is happy about it
4. living in Hong Kong (effective tax rate less than 15%, no tax on dividends, interest or capital gains)
5. buying properties with mortgage financing at or near the bottom of a real estate cycle
6. only debt is mortgage debt used for buying properties
7. doing lots of dumb things - and learning from them
I mostly retired in 2013 (age 47).
- Mon Jan 05, 2015 5:49 pm
- Forum: Personal Consumer Issues
- Topic: WHY is retirement enjoyable / something to look forward to?
- Replies: 237
- Views: 29058
Re: WHY is retirement enjoyable / something to look forward
I took "early" retirement in 2013 (aged 47). It was something I had been looking forward to and apprehensive about for a long time. You don't retire from something you retire to something better. FIREing isn't about escaping the work force. FIREing is about the things I could do if I wasn't working full time. It's knowing that, with my life being a wasting asset, I would have far more regrets late in life if I continued working than if I retired. It wasn't about leaving the working world behind (my job wasn't bad - at times it was pretty good), it was about creating space to move forward and do other things before I became physically or mentally incapable or simply ran out of time. Spending more time with my daughters was an impor...
- Sun Sep 07, 2014 10:52 pm
- Forum: Personal Consumer Issues
- Topic: Deleted
- Replies: 262
- Views: 24700
Re: A 'really good book' you did NOT enjoy
Only somewhat surprised to see some of my favourite books getting a mention (The Sun Also Rises and Pride and Prejudice being two that I have reread often). Just shows how diverse people's tastes are.
Another vote for Life of Pi (I didn't get past the second chapter).
David Foster Wallace - Infinite Jest was a major disappointment. I loved the short stories (Girl With Curious Hair) but am really struggling to maintain interest in 1079 pages of ultra dense impenetrable prose.
On the nonfiction front, The Power of Now, The Celestine Prophecy and Who Moved My Cheese all vie with Rich Dad Poor Dad for the worst pieces of garbage ever to have disgraced the best seller lists - how they got so many favourable reviews is beyond me.
Another vote for Life of Pi (I didn't get past the second chapter).
David Foster Wallace - Infinite Jest was a major disappointment. I loved the short stories (Girl With Curious Hair) but am really struggling to maintain interest in 1079 pages of ultra dense impenetrable prose.
On the nonfiction front, The Power of Now, The Celestine Prophecy and Who Moved My Cheese all vie with Rich Dad Poor Dad for the worst pieces of garbage ever to have disgraced the best seller lists - how they got so many favourable reviews is beyond me.
- Tue Jul 29, 2014 7:44 pm
- Forum: Personal Finance (Not Investing)
- Topic: Landlording for long-term wealth? Who's doing it?
- Replies: 68
- Views: 11723
Re: Landlording for long-term wealth? Who's doing it?
Another longish term property investor.
We have a sizeable chunk of our retirement savings in residential property. Yes, it's more work than our fairly passive equity/bond portfolio but even with most of the properties still mortgaged, I sleep very well at night. The properties provide a degree of diversification, monthly cash flow and the comfort of owning something tangible. My only regrets are (i) buying almost all residential instead of a mix of property types and (ii) not buying more.
We have a sizeable chunk of our retirement savings in residential property. Yes, it's more work than our fairly passive equity/bond portfolio but even with most of the properties still mortgaged, I sleep very well at night. The properties provide a degree of diversification, monthly cash flow and the comfort of owning something tangible. My only regrets are (i) buying almost all residential instead of a mix of property types and (ii) not buying more.
- Sat Mar 08, 2014 7:02 am
- Forum: Investing - Theory, News & General
- Topic: Retirees: About your retirement
- Replies: 55
- Views: 8067
Re: Retirees: About your retirement
Financial independence was both a goal in its own right and a means to an end.
We only get one shot at life and there are a lot of things I want to do before I get too old to do them and I can't do them while working full time.
I mostly quit the legal profession last year (age 47). Currently doing an MFA in creative writing (which is of no practical value whatsoever), spending time with my daughters, some mostly unpaid consulting and some volunteer work.
We only get one shot at life and there are a lot of things I want to do before I get too old to do them and I can't do them while working full time.
I mostly quit the legal profession last year (age 47). Currently doing an MFA in creative writing (which is of no practical value whatsoever), spending time with my daughters, some mostly unpaid consulting and some volunteer work.
- Fri Feb 07, 2014 7:20 am
- Forum: Personal Finance (Not Investing)
- Topic: When did you dump your life/disability ins?
- Replies: 10
- Views: 1984
Re: When did you dump your life/disability ins?
Once we decided I had enough to retire, by definition we did not need life insurance - if there is enough to support myself and my family while I am alive there should be more than enough to support my family without me. At that point, it was just a wasteful expense. There is no inheritance tax out here.
- Thu Jan 16, 2014 7:52 am
- Forum: Personal Finance (Not Investing)
- Topic: High Earners - What's Your Profession?
- Replies: 1217
- Views: 222978
Re: High Earners - What's Your Profession?
As a lawyer, I was probably in the 1% based on income. But only briefly - as soon as I had enough to retire, I pulled the plug and took early retirement (last year at age 47).
Life is about accumulating more experiences (especially time with my children), not more money.
Life is about accumulating more experiences (especially time with my children), not more money.
- Thu Jan 16, 2014 7:47 am
- Forum: Investing - Theory, News & General
- Topic: "Gold to tank in 2014: Goldman Sachs"
- Replies: 112
- Views: 15336
Re: "Gold to tank in 2014: Goldman Sachs"
I really, really do not understand how anyone can credibly predict the price of gold over the shorter term. It' just as easy to make a prediction that the price of gold will appreciate based on (among others):
(i) fall in Comex inventories v\http://www.24hgold.com/english/interact ... decom=GOLD
(ii) Chinese imports: http://www.reuters.com/article/2014/01/ ... 8N20140115
(Just for the record, I have no views on the price of gold - only point out how easy it is to make a prediction for the upside to contrast with views held by some to the downside.)
(i) fall in Comex inventories v\http://www.24hgold.com/english/interact ... decom=GOLD
(ii) Chinese imports: http://www.reuters.com/article/2014/01/ ... 8N20140115
(Just for the record, I have no views on the price of gold - only point out how easy it is to make a prediction for the upside to contrast with views held by some to the downside.)
- Thu Jan 09, 2014 6:05 am
- Forum: Personal Finance (Not Investing)
- Topic: Do you oversave for retirement or not?
- Replies: 70
- Views: 9204
Re: Do you oversave for retirement or not?
If "oversave" means saving more for retirement than FIRECalc etc tells me is necessary, then yes but I sleep well at night so I would answer "no".
- Thu Jan 09, 2014 1:52 am
- Forum: Investing - Theory, News & General
- Topic: when you reach"your number"
- Replies: 84
- Views: 13122
Re: when you reach"your number"
Other: I worked one more year to provide a larger safety margin and then retired.
It wasn't hard to conclude that there more things I wanted to do outside of the office than I could do while continuing to work. Even though I had a good well paying job, it was still a very easy decision to make.
It wasn't hard to conclude that there more things I wanted to do outside of the office than I could do while continuing to work. Even though I had a good well paying job, it was still a very easy decision to make.
- Sat Jan 04, 2014 1:33 am
- Forum: Personal Consumer Issues
- Topic: How much do you spend on books a year?
- Replies: 47
- Views: 4187
Re: How much do you spend on books a year?
Easily USD1500.
This is for a family of four and includes my MFA course books. We read a lot .... and the local library doesn't save all that much because my daughters are chronically incapable of returning books on time.
This is for a family of four and includes my MFA course books. We read a lot .... and the local library doesn't save all that much because my daughters are chronically incapable of returning books on time.
- Sat Dec 28, 2013 7:28 am
- Forum: Personal Consumer Issues
- Topic: What Book Are You Currently Reading? Part V
- Replies: 3372
- Views: 1561063
Re: What Book Are You Currently Reading? Part V
The Luminaries - Eleanor Catton
Hands down the best piece of fiction I have read in 2013. One of those books you inhabit rather than merely read.
Hands down the best piece of fiction I have read in 2013. One of those books you inhabit rather than merely read.
- Tue Dec 03, 2013 3:57 am
- Forum: Non-US Investing
- Topic: Need advice for a non-US investor (expat Brit in HK)
- Replies: 9
- Views: 1423
Re: Need advice for a non-US investor (expat Brit in HK)
While the range of funds available in HK has improved hugely from the 1990s when you were lucky to find anything that did not come with a 5.5% front end load and expense ratios of 3+% for equity funds (and you had to work it out yourself), the range of funds is still quite limited and the expense ratios are still higher than Vanguard etc offers US investors. Liquidity is also an issue for some of them. There is a list of ETFs listed in Hong Kong here: http://www.aastocks.com/en/stocks/etf/d ... s=0&o=0&i=
I suspect that you will do better with London/Dublin listed ETFs.
Hong Kong will not tax you on your investments (unless you carry on a business of investing in securities) wherever they happen to be.
I suspect that you will do better with London/Dublin listed ETFs.
Hong Kong will not tax you on your investments (unless you carry on a business of investing in securities) wherever they happen to be.
- Sun Nov 24, 2013 6:59 pm
- Forum: Personal Finance (Not Investing)
- Topic: would you feel comfortable "retiring" ?
- Replies: 30
- Views: 3020
Re: would you feel comfortable "retiring" ?
If it were me, I would pull the trigger and retire so long as I was confident (i) that I was retiring to something that was more enjoyable or more meaningful than my current job and would not end being bored (ii) that I had the self discipline not to inflate my lifestyle to an unsustainable level.
- Sun Nov 24, 2013 6:22 pm
- Forum: Personal Consumer Issues
- Topic: Advantages to Dual Citizenship?
- Replies: 34
- Views: 14197
Re: Advantages to Dual Citizenship?
Our children had the right to obtain three citizenships which we did for the following reasons: 1. none of the countries impose taxes based on citizenship (very few countries do this) 2. under current laws, it gives them the right to travel to and live and work in a number of countries without needing employment visas or similar. In some cases they may be treated as local students for the purpose of paying school/university fees 3. apart from countries which sell passports for money, the rights to citizenship have (in general) become more restrictive over time. In my own case, I lost the right to obtain an Australian passport becuase of a law change a number of years ago I felt that these benefits outweighed the relatively minor cost of app...
- Sun Nov 24, 2013 6:39 am
- Forum: Non-US Investing
- Topic: Living in Japan - Offshore Insurance Wrapper?
- Replies: 14
- Views: 3231
Re: Living in Japan - Offshore Insurance Wrapper?
Greetings from another expat Kiwi. They sell those insurance wrappers in HK too (and lots of other places). Dump anyone who "advises" you to sign up for one of these things. The key features are (i) an extra layer of fees (ii) usually a commitment on your part to pay in for a few years (iii) exit costs. Unless there is a very significant tax benefit which you cannot get elsewhere, there is nothing in these products that you cannot do yourself at lower cost. I would also have huge reservations about some of the statements they are making - the last time I looked at one of these products, they emphasised that there were no charges for switching between funds but completely failed to mention the considerable bid ask spread every time...
- Fri Nov 22, 2013 7:05 am
- Forum: Personal Finance (Not Investing)
- Topic: Not Planning To Retire?
- Replies: 51
- Views: 5089
Re: Not Planning To Retire?
Each to their own.
I retired on 30 September (age 47). I didn't dislike my job - I just concluded that life had more to offer outside the office than inside it and the only reason for staying was making money that I don't need to sustain my lifestyle (famous last words). Put differently, I believed that I would have more regrets on my deathbed if I kept working than if I walked and did other things.
I retired on 30 September (age 47). I didn't dislike my job - I just concluded that life had more to offer outside the office than inside it and the only reason for staying was making money that I don't need to sustain my lifestyle (famous last words). Put differently, I believed that I would have more regrets on my deathbed if I kept working than if I walked and did other things.
- Mon Nov 11, 2013 4:38 am
- Forum: Personal Consumer Issues
- Topic: If you were retired, how would you spend your time?
- Replies: 90
- Views: 12884
Re: If you were retired, how would you spend your time?
I retired early at the end of October. Currently doing an MFA in creative writing part time. Completely out of my depth but having a great time.
- Sat Nov 02, 2013 2:33 am
- Forum: Personal Consumer Issues
- Topic: Pull-ups and Push-ups
- Replies: 678
- Views: 182140
Re: Pull-ups and Push-ups
I only do weights once a week (maybe twice every now and then), but it is amazing how much you can get out of a bodyweight only routine.
Here's a book which I found helpful: http://www.amazon.com/You-Are-Your-Own- ... 0345528581
Here's a book which I found helpful: http://www.amazon.com/You-Are-Your-Own- ... 0345528581
- Sun Oct 20, 2013 5:01 am
- Forum: Personal Investments
- Topic: Wine Investment
- Replies: 28
- Views: 4235
Re: Wine Investment
Collectibles in general should not be treated as an investment, especially those sold with a large dealer markup. It's pretty tough to make money when your item has to double in value for you to break even. About the best you can do is insulate yourself from future price increases by buying what you like when it's immature. Of course, you'll need access to appropriate cellaring and plenty of patience. +1 (edited as I forgot to include the +1) I've been buying wine through some of the UK merchants and keeping it in bonded storage. The market features significant transaction costs, can be highly illiquid and is opaque (although getting a little better on the last point). If you are planning on reselling, being able to show where the wine cam...
- Sun Oct 20, 2013 4:40 am
- Forum: Personal Consumer Issues
- Topic: 48 Hours in Hong Kong -- Recommendations?
- Replies: 4
- Views: 1063
Re: 48 Hours in Hong Kong -- Recommendations?
It depends what you want to do. I second the suggestion of the Peak Tram, followed by a walk around or over The Peak itself and lunch at Peak Cafe (make sure you book) and a visit to some of the markets (the Temple Street night market was my favourite but it has been several years since I was there and it was mostly a Friday/Saturday night thing so you may want to check before you go). For food, this is a good local site that we use: http://www.openrice.com/english/restaurant/ - you can search by location or type of food. Advance bookings are usually recommended. It will also give you an indication of price (excluding drinks). In HK almost all places will add a 10% service charge to the bill but there is no requirement or expectation that y...
- Tue Jul 16, 2013 8:08 pm
- Forum: Personal Consumer Issues
- Topic: The hazards of retiring ...
- Replies: 73
- Views: 12339
Re: The hazards of retiring ...
If it's a choice between a 15% increase in the risk of Alzheimer's and adding another 15 years to my time in the work force (which would probably drive me insane anyway), I'll take the increased risk.
- Thu Jul 11, 2013 7:36 pm
- Forum: Personal Consumer Issues
- Topic: Fitness Wristbands??
- Replies: 13
- Views: 2180
Re: Fitness Wristbands??
My wife has the Jawbone Up. It doesn't work - not even close.