Reddit Reddit reviews Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School

We found 36 Reddit comments about Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School. Here are the top ones, ranked by their Reddit score.

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Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School
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36 Reddit comments about Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School:

u/WiseStacks · 20 pointsr/PersonalFinanceCanada

Sorry for your loss..

Given your financial position (able to support yourself through school without borrowing) I would invest in ETFs, something like a Vanguard ETF with a minimal MER. I'd also transfer that mutual fund over to the same ETF as the management fees are typically too much, eating away at your returns. Even though the management fees may seem small, compounded over X years to retirement at age 21 is seriously significant..

If you invest this inheritance at your age and follow something like the 4% rule, you'll be retired before most people even start saving for retirement..

If you don't really follow what I'm saying, I highly suggest reading Millionaire Teacher.

https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069

u/hippotatobear · 16 pointsr/financialindependence

Hello! Also from Ontario Canada! The best advice I can give you is.... Spend less than you make (create a budget and stick to it), pay off all your credit cards in full every month, try to keep the life style creep to a minimum, and live in a low cost of living (LCOL) area (if you can).

In terms of buying vs renting there are calculators for that and it's personal choice, but try not to buy more house than you can handle (we live in the GTA so house prices are crazy right now...) If you can live with your parents for a while, you can save a lot of money that way too (just contribute to the household!! If not in cash, at least do the dishes and laundry or something...!).

If you want to buy and do nice things, budget and save for them! Striving towards FI doesn't mean you have to live like a pauper... But be reasonable and have your ultimate goal in mind.

Some nice books to read (that are Canadian!) Would be Millionaire Teacher by Andrew Hallam and The Wealthy Barber/The Wealthy Barber Returns by David Chilton (you can just borrow from the library as an e-book or actual book!).

Since you are unionized and have a pension, I would say max out your TFSA first (check out the index fund model portfolios from Canadian Couch Potato and then your RRSP (whatever room you have left after your pension adjustment) and once you still have money left over open a marginal account (if you you are married by then,max out both those accounts for your spouse before you open any marginal accounts).

Also, read the side bar and the stickied posts. Enjoy your journey to FI. It's important to plan for the future, but you shouldn't forget to enjoy the present as well!

u/Lynart · 8 pointsr/PersonalFinanceCanada

Take some of that money and invest it into some good books because Redditing will not give you anywhere near the amount of information a well thought out book will.

The one listed below covers a ton of information everyone should know involving the stock market, including mutual funds, bonds and etfs

https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069

u/elbyron · 6 pointsr/PersonalFinanceCanada

It really depends what you want to save for. Are you planning to buy a new car soon or go on a nice vacation? Saving up for a downpayment on a house? Saving for retirement? Some combination of these?

For any portion that is shorter term (car, vacation, house) you're probably good with just keeping it in savings accounts, though you might want to check out some high-interest TFSA accounts that probably pay a much better rate than what you're currently earning.

For retirement savings, you should invest in stock markets and bonds, though not directly. Mutual funds or exchange-traded funds are your best bet, ideally sticking with low-cost "index funds". There's a lot to be learned before you begin this journey, and so I suggest you start out by reading these great personal finance books:

  • The Wealthy Barber Returns, by David Chilton. You can still get a free copy here even though it says the free eBook offer expired Dec 31.
  • Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School, by Andrew Hallam. Check your local library, or buy it on Amazon in paperback or Kindle.

    Both of these provide solid coverage of all the basics of personal finance, and a good intro into investing. They are somewhat lacking in the actual implementation of the investment strategies they discuss, so for that I recommend an eBook called The Value of Simple, which you can get from Chapters, Amazon, or from the author's website.
u/jacobheiss · 5 pointsr/investing

A lot of this comes down to how actively you want to engage in the process, how much of an "enterprising investor" you want to be as opposed to a defensive investor.

For the more defensive position, a lot of /r/investing appreciates Graham's approach emphasizing value, even if a substantial quantity of capital is devoted to playing the market itself (something Graham called speculating). If that approach is interesting to you--which seems likely given your stated desire for low to medium risk with steady growth--then the main adjustments you'd need to make are as follows:

  • Quit sinking the majority of your capital investment into just a couple stocks and stay away from actively managed mutual funds, too. For upwards of 80% to 90% of your capital, go with a balance of indexed stocks and bonds. A common way to do that is to subtract your age from 100 and let the difference be the percentage of stocks; in your case, we're talking 76% of your capital in indexed stocks and 24% in bonds if you did not set aside anything for more speculative forms of investment. If you set aside, say, 10% of your capital for speculation, then we'd be talking about roughly 68% of your total capital in indexed stock and 22% of your total capital in bonds. Periodically buy / sell to maintain this balance; some people who are really disinterested in closely playing the market do this only once or twice per year with long term success. Your goal here is to diversify your capital outlay in one of the most boring yet demonstrably low risk / consistent growth ways out there, and that is a portfolio heavily biased towards indexed stock and bonds. For a text that develops the logic and details of this approach, read The Millionaire Teacher.

  • There are tax advantages to contributing to a 401k; so, a lot of people would council maxing this out. Nevertheless, a 401k is just a type of account; you would still want to follow the principle in the previous point in deciding specifically what sort of investment you want to "point" your 401k towards. (I say this because some people are under the mistaken impression that a 401k is itself a form of investment, e.g. "I have some capital in stocks, some in bonds, and some in a 401k.")

  • With whatever quantity of capital you chose to devote to more speculative activity, say, 10% of your total capital outlay, think of this as your chance to experiment. If you like KO and WEN, great. As frequently as you want to play the markets, whether you want to go long on this stock or short on that, this (and only this) portion of your capital is yours to do with as you please. Have fun, but don't ever allow yourself to pull capital from your more secured forms of investment over to speculative activity if your goal is "low to medium risk with steady growth." Speculation is inherently risky; that's the way it works. And it's not something you can just do every once in a while with consistently solid results; it takes serious devotion.

  • Since you mentioned holiding a normal savings account and/or a CD, I'm going to mention that most folks council retaining upwards of 3 to 6 months worth of expenses in a totally liquid form of savings. This won't make you any money whatsoever (well, unless we wind up with a nice drop in inflation and you can take advantage of some pretty crazy rates select credit unions offer, like Baxter's "Rainy Day Savings" at 3.0% APY). But that's okay; the goal here is to have cash on hand for an emergency. CD rates are pretty terrible across the board right now; so, you're better off going with a high interest online savings account like ING Direct Savings or Discover Online Savings if you don't want to bother with or cannot get credit union membership enabling you to snag those nicer savings account rates.
u/dumbguy5689 · 4 pointsr/IWantToLearn

The following two books are highly recommended and also suggest Index fund investing. My wife and I just swapped everything over to this strategy as well.

Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School
http://www.amazon.com/dp/0470830069

The Wealthy Barber Returns
http://www.amazon.ca/Wealthy-Barber-Returns-David-Chilton/dp/0968394744

u/pfdean · 3 pointsr/PersonalFinanceCanada

Hey dude, kind of in a similar position as you. Started reading about PF a little more than 2 months ago and wish I had started 10 years earlier, haha!

Take some time and read before jumping into anything! Here's what I started with:

Wealthy Barber

then read

Millionaire Teacher

and now I'm working through

Guide to Investing

and

Random Walk Down Wall Street

You will learn a crazy amount about investing with these few books.

I also keep my eye on the RFD Personal Finance forum along with Canadian Money Forums, the latter being a lot more mature.

Cheers!

u/ehcu0d · 3 pointsr/DaveRamsey

Got it.. 1st, find out from your employer if they offer an employer match. Make sure you capitalize on that because that is free money. 2nd, 15% of your income should go into retirement (pref. after tax- better to get taxed on ex. $5,000 now, then to get taxed on $2 million when you retire and withdraw). There are two types of mutual funds, actively managed (have higher expense ratios) and index funds (lower expense ratios). Vanguard has tons of low cost index funds (thats what the author in millionaire teacher advises. He shows data in their also on how index funds have outperformed actively managed throughout history.

Dave recommends the current mix of funds:
Growth and income: These funds create a stable foundation for your portfolio. Brant describes them as big, boring American companies that have been around for a long time and offer goods and services people use regardless of the economy. Look for funds with a history of stable growth that also pay dividends. You might find these listed under the large-cap or large value fund category. They may also be called blue chip, dividend income or equity income funds.

Growth: This category features medium or large U.S. companies that are still experiencing growth. Unlike growth and income funds, these are more likely to ebb and flow with the economy. For instance, you might find the latest it gadget or luxury item in your growth fund mix. Common labels for this category include mid-cap, large-cap, equity or growth funds.

Aggressive growth: Think of this category as the wild child of your portfolio. When these funds are up, they’re up. And when they’re down, they’re down. This volatile growth usually accompanies smaller companies. "So small-cap funds are going to qualify—or even a mid-cap fund that invests in small- to mid-sized companies," Brant says. But size isn’t the only consideration. Geography can also play a role. "Aggressive growth could sometimes mean large companies that are based in emerging markets," he adds.

International: International funds are great because they spread your risk beyond U.S. soil. That way your retirement fund doesn’t totally tank if America goes through an unexpected downturn. It also gives you a chance to invest in big non-U.S. companies you already know and love. You may see these referred to as foreign or overseas funds. Just don’t get them confused with world or global funds, which group U.S. and foreign stocks together.

source: https://www.daveramsey.com/blog/how-to-invest-in-right-mix-mutual-funds

Hope this helps. If you would like more details on how to invest I'd be glad to send you millionaire teacher free (https://www.amazon.com/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069). Was actually written by a school teacher lol. I've been in your shoes and have always enjoyed guiding people. Seriously considering turning this into something I do on the side where I can help more people achieve financial freedom.

u/karenet · 3 pointsr/ottawa

I was going to recommend /r/PersonalFinanceCanada as well. I also recommend the following books:

  • The wealthy barber returns (only $10 and is sooo good!, I think it should be part of the high school curriculum)
  • Millionaire teacher

    They are both super easy to read and I can almost guarantee they will make you hate high MERs enough to switch to DIY investing or robo-investing.
u/bman2017 · 3 pointsr/PersonalFinanceCanada

There are a few books by Andrew Hallam that I found useful.

https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069

https://www.amazon.ca/Global-Expatriates-Guide-Investing-Millionaire-ebook/dp/B00N99IK74/ref=sr_1_sc_1?s=books&ie=UTF8&qid=1483884205&sr=1-1-spell&keywords=millionaire+exapt

Other than that, questions asked on Reddit and the CCP have been helpful. Other books often recommended on this sub that I have read are often on personal finance in general, and what I like about Andrew Hallam's books is they are more on simple investing.

Once I found out how to view ETFs names and see what they meant, I googled ETF-A vs ETF-B. This helped me learn the difference.

The 3 largest ETF creators:

  1. Vanguard (all ETFs start with a V)
  2. ishares by blackrock (all ETFs start with an X)
  3. BMO (All ETFs start with a Z)

    I ended up just going with Vanguard. There is no reason you cant mix an match (BMO bond, Vanguard Canadian Equities, etc.) but you need to be aware of the different holdings of different ETFs.

    Example: iShares has south korea listed as a developed nation, where vanguard has south korea as developing. So if you buy the vanguard developed and the ishares developing nation ETFs, you would not own any south korea and you would lose exposure to companies like Samsung, LG, etc. You could also go with an ETF for all contries excluding canada (example: VXC - Vanguard excluding canada). You pay slightly higher MER but it keeps things simple. So you would hold VXC, A bond Fund (VAB for Vanguard), and a Canadian equities ETF (VCN for vanguard). If you wanted to break up VXC into 3 new etfs (you would have to manage 5 ETFS at that point), you would need to buy a US equities ETF (VUN), a Developed country ETF (VIU), and a developing nations etf (VEE). Or you can just keep it simple and manage 3 ETFs. CCP talks about transaction costs in some of the links i posted below, so there could be potential savings by paying a higher MER for the 3 ETF portfolio instead of managing the 5 etf portfolio.

    I would recommend the following posts on the CCP website:

    Posts on rebalancing:

    http://canadiancouchpotato.com/2011/02/22/why-rebalance-your-portfolio/
    http://canadiancouchpotato.com/2011/02/24/how-often-should-you-rebalance/
    http://canadiancouchpotato.com/2014/06/23/rebalancing-with-cash-flows/


    On ETFS:

    http://canadiancouchpotato.com/model-portfolios-2/
    http://canadiancouchpotato.com/recommended-funds/

    On Asset Allocation:
    http://canadiancouchpotato.com/2011/08/09/do-you-have-the-right-asset-allocation/
    http://canadiancouchpotato.com/2010/03/09/how-much-risk-do-you-need-to-take/
    http://canadiancouchpotato.com/2010/11/10/ready-willing-and-able-to-take-risk/

    How much canadian, US, Developed, or Developing equities should you have (no right answer, you will need to decide yourself):

    http://canadiancouchpotato.com/2012/05/22/ask-the-spud-does-home-bias-ever-make-sense/

    VXC (Vanguard Equities excluding canada) contains USA, Developed, and Developing - but these are not weighed equally in the index. So if you break it down into 3 ETFS - you should have a lot more of the USA ETF than the Emerging market. 56% of VXC is USA.

    https://www.vanguardcanada.ca/advisors/mvc/detail/etf/overview?portId=9548&assetCode=EQUITY##overview

    But once you finish your research and determine what ETFs, and the portfolio %s it is easy (2 hours/year to buy ETFs and rebalance).

    If you have concerns, or would like your portfolio reviewed - you can post it on this website. Personally, my breakdown is as follows:

    5% VAB (Vanguard Bond Fund)
    30% VCN (Vanguard Canadian Equities)
    The next 3 funds can be replaced by VXC - Vanguard equities excluding canada - but i opted for the cheaper more complex approach:

    40% VUN (Vanguard USA equities index fund)
    20% VIU (Vanguard Developed Nations equities indexed fund)
    5% VEE (Vanguard Developing nations equities indexed fund)


u/jetez_vos_sabots · 3 pointsr/PersonalFinanceCanada

No worries! Learning this stuff can be fun so I do encourage you to read, at least the CCP website and guide. It's easy to get lost in a lot of the finance noise on the Internet so the CCP site is about all you need for basic knowledge of getting started. For books, Millionaire Teacher was the first book I read and it provides a solid understanding of passive/index investing (I actually gave a copy of this book to a friend today and she's loving it so far). The Value of Simple is the next book I read, which provides a straightforward description of the technical aspects of investing. When you get to the end of The Value of Simple, you'll make an investment plan, open a DI account, and you're off to the races. If you don't know the answer to something, search the CCP website or this sub and you'll probably find an answer (or an entertaining discussion thread).

These few websites and books are the totality of what I had when I got started. Now I also read Garth Turner and Mr. Money Mustace pretty regularly, partly for the finance talk but mostly for the entertaining writing styles. I've adopted a variation of Garth's millennial portfolio for myself but it's arguably more complicated than it needs to be: a CCP portfolio covers you globally and for fixed income and equities.

u/philocrash · 2 pointsr/financialindependence

Congrats on cleaning out that debt! I know the great feeling I had when we finished off my wife's student loans, you really can't beat it.

Just putting in my two cents here. The book "The Millionaire Teacher" has a great section on things to watch out for in Financial Advisers (link). They also list typical things Financial Advisers will say and how to respond to them. Great ammo for any meeting with one.

That being said, if you are confident in your principles of investing (indexing, expense ratios, stocks/bonds mix) AND you understand HOW the Edward Jones guy is being compensated, then you may consider the meeting.

Even with all that, I wouldn't allocate any significant portion of my stash with anybody from Edward Jones.

Personally I like to meet with people like this. I like to bust their balls and see how well they know investments, early retirement, tax law, picking stocks, what their personal investments look like, insurance (for early retirees), education level, trading experience, net worth, etc. It's like being a black belt in personal finance and checking out a rival school to see what they have to offer (or not offer).

u/hanksredditname · 2 pointsr/AskReddit

Finally - some decent investing information on reddit. For anyone who is looking for more info, I recommend you check out Millionaire Teacher - its a simple investing book for low-mid income earners and its written so anyone can understand it.

u/CJOttawa · 2 pointsr/PersonalFinanceCanada

Read this book first: "Millionaire Teacher." Seriously, run, don't walk, to the nearest Chapters and buy it. GO. NOW. Before the internet hoards descend on you! ;)

Next book: "The Wealthy Barber Returns." (skip the first "Wealthy Barber" book which, having been written in the 1980s, the author admits is out of date)

Those books will give you the "what" and "why." The Canadian Couch Potato website will give you the "how."
http://canadiancouchpotato.com/couch-potato-faq/

http://canadiancouchpotato.com/model-portfolios-2/

u/carnifex2005 · 2 pointsr/PersonalFinanceCanada

Since you're just starting out, highly recommend you read Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School.

u/maverick_235 · 2 pointsr/CanadianInvestor

Read the The Millionaire Teacher, it’s all you really need to know.

Check out Canadian Couch Potato

Check out Bogleheads forums to learn more.

Simplicity is best.

u/rhunter99 · 2 pointsr/PersonalFinanceCanada

Read some books like millionaire teacher. It's easy to read and it will give you a good place to start

https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069

u/MrVercetti · 2 pointsr/personalfinance

Millionaire Teacher is the book I wished that I had read before I started investing and that I like to recommend to beginning investors.

The Little Book of Common Sense Investing is the book that opened my eyes and set me on the right path.

u/rocketman19 · 2 pointsr/PersonalFinanceCanada

I only bought them in December, but all of them track only one index (except the bond one), so it would be rather simple to calculate.

I'm guessing they are e-series versions of their regular mutual funds, I would stick with the indexes - lower MER and minimum investment.

Here's a great link:

http://canadiancouchpotato.com/model-portfolios/

Global Couch Potato option 2 is basically what I have with a lower bond allocation (I hold ETFs/Stocks in a BMO account).

This was also a really good read:

http://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069/

u/legrandcourt · 2 pointsr/PersonalFinanceCanada

Depends, but basically you should try to balance through contributions rather than sales. If the TFSA is your only account:

  • if it's already full, balance with your contribution next January (the proportion of each fund you buy will bring it back in balance);

  • if it's not full, you can balance with each contribution by focusing on the underperforming assets at the time of your contributions.

    It's not crucial that you stay in balance all the time, especially if you're doing automatic contributions. One of the selling points of the couch potato is that it's easy and you only need to spend a few minutes, once per year, to bring it back into balance.

    More details found down this rabbit hole. (Also, read Millionaire Teacher if you haven't already.)
u/CPCPub · 2 pointsr/AusFinance

Growth is good, but you can do better by getting directly into the underlying funds themself. However, if you just choose 'growth' option, you'll be doing a lot better then most people who just ignore super completely and waste away a lot of potential earninigs.

It would be easy for me to say to you "just invest in X Y & Z", but the problem is that it would be much better for you, if you took the time to understand why I would be telling you that in the first place. Learning about investments properly and having a competent understanding will change & improve your life a great deal and will give you a big edge over other people your own age.

I highly recommend that you find & read this book:- https://www.amazon.com/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069

I recommend this book specifically because I have found it is very easy to read and not intimidating for anyone from a non-financial background. I used to give this book to staff members who worked for me in a previous job where I had a lot of 18-25 year old staff members reporting to me, and they all said they wish information like this had been taught in high school.

There are other books you could read of course, but I have found this one is the best for people who are "newbies" to dealing with finance, wealth & investments.

Of course, I'm happy to answer any other questions you might have.

u/B-A-H · 2 pointsr/PersonalFinanceCanada

http://canadiancouchpotato.com/couch-potato-faq/

http://www.theglobeandmail.com/globe-investor/investment-ideas/actively-managed-funds-vs-the-index-once-again-no-contest/article21580578/

http://canadiancouchpotato.com/model-portfolios-2/



Start by reading these,

https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069/ref=sr_1_1?ie=UTF8&qid=1465920829&sr=8-1&keywords=millionaire+teacher

Then pick up a copy of this book.

Dont feel like you need to manage your own funds...this is a personal choice that a lot of people here like to do (you can make your expenses 0.17-0.2%). If you are not comfortable managing your own funds, there is nothing wrong with sticking with Tangerine's Indexed mutual fund (1.07%).

On a portfolio of 30k, tangerine would charge $321/year. If you took on DIY investing in ETFs, you could get this cost down to $60 per year + trading commissions. There is nothing wrong with paying a bit extra to keep things simple.


The Canadian Couch Potato blog puts some guidelines on how much you should have invested before switching to ETFs, but this info is outdated. Questrade (a discount brokerage) came to Canada since 2014 (I believe). With questrade you dont have to pay any fees to purchase ETFs, you can start low cost ETFs with a portfolio as small as $1000. ETFs are the cheapest form of indexed investing


Some other terms you might want to understand:

Dollar cost averaging http://www.investopedia.com/terms/d/dollarcostaveraging.asp?layout=infini&v=5B&adtest=5B&ato=3000


Investment re balancing
http://www.investopedia.com/terms/r/rebalancing.asp?layout=infini&v=5B&orig=1&adtest=5B
http://canadiancouchpotato.com/2011/02/24/how-often-should-you-rebalance/


u/morridin19 · 2 pointsr/PersonalFinanceCanada

Depending on what you are looking to do I would recommend reading Millionaire Teacher, and then The Value of Simple.

Those two combined with reading some stuff at the Canadian Couch Potato Blog was enough to get me from 0-to investing.

u/Bizkitgto · 2 pointsr/jobs

Are you saving/investing everything? Geez man....what kind of savings/investments do you have? You could easily pull back and work part time - if not now, maybe in five years? Are you single? I'd seriously consider downsizing/simplifying your life, save everything and invest like a shark. Have you read The Millionaire Teacher and lurked on r/financialindependence?? I don't make as much as you, but I'm re-evaluating my finances and seriously looking at taking a lower stress/lower pay job in a few years. Life is too short to waste away in Corporate America.

u/upachimneydown · 1 pointr/japanlife

> every time I get an idea to invest and start reading about it I get frustrated and give up.
> It can't be that hard because it seems like everyone and their baby has investments in one thing or another but I'm too dumb to figure it out.

Read one book: The Millionaire Teacher.

u/jstbcs · 1 pointr/personalfinance

A "rule" I have heard over and over is keep a 6 month emergency fund. If you cut it down to that you free up 80k, I enjoyed this book. http://www.amazon.com/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069

TL:DR. put 80k into an index fund.

u/[deleted] · 1 pointr/PersonalFinanceCanada

1000 dollars at 5% rate of return is $7000 in 40 years. Leave it invested.

Read Millionaire Teacher to learn more about investing.
http://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069

u/someuname · 1 pointr/vancouver

[Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School] (https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069/ref=sr_1_1?s=books&ie=UTF8&qid=1481135004&sr=1-1&keywords=Millionaire+Teacher%3A) seriously this has been a bit of a godsend and has changed a lot about the way I think about personal finance.

u/cdnson · 1 pointr/vancouver

> Is it silly to ask a professional for their help on my first trades and pay them for their service?

Not at all, plenty of smart and well-paid people do it.

The thing is, there is plenty of evidence that paying someone to manage your portfolio is just not worth the fees. IMO, internet_poster is right about buying index funds.

I highly recommend this book:

Millionaire Teacher

It is available at the public library.

u/Berries_Cherries · 1 pointr/politics

The top 1% pays 47% of all taxes, here are some sources TaxFoundation, Wall Street Journal, CNBC, and finally The IRS.

Now I want the bottom half who [pay 2% of all taxes] to pay their fair share.

Now the question becomes what is someone's fair share? Is it proportional to the amount of wealth someone has, The top 1% have 34.6% of the wealth but as I pointed out earlier they pay 47% of all taxes.

My solution is to take away voting rights for people who are net negatives when it comes to taxes; that is, you should not be able to vote to take more of someone's money because you feel you deserve it.

____

Millionaire flights are already happening in The US, France, and in the UK (three sources there) to the tune of billions in lost tax revenue.

____

Read this book called Millionaire Teacher It’s true that many millionaires have earned their money by starting (or selling) their own businesses or finding high-paying positions within organizations. But this certainly isn’t the only way to amass $1 million. In his book “Millionaire Teacher,” Andrew Hallam explains how he saved over $1 million as a teacher well before retirement age, outlining how he used low-cost index funds and a disciplined approach to saving, investing and living on a budget to build a nest egg most of his fellow teachers would envy.

In addition to investing in the stock market, like Hallam, other millionaires boost their bottom lines by adding second jobs or passive streams of income. For instance, investing in real estate can allow a middle-income wage-earner to develop rental income as a second, reliable income stream. Artists who pay the bills and invest with the income earned through a day job might sell paintings for hundreds or thousands of dollars on the side and bank the extra income. Those who don’t earn million-dollar paychecks can still reach the $1 million mark; it just requires discipline, creativity and focus on the goal.

The largest group of millionaires from 2014 actually came from mediaGraphic chart

____


Our problem with economic growth is that the government pushed everyone to get a college degree so hard that now even the most menial jobs are asking for a degree and years of experience, either internship or volunteer/hobby, or a masters degree for relatively basic work. The government created an education bubble and when our manufacturing jobs went overseas, which was always going to happen due to our short term WWII based monopoly on manufacturing (We bombed nearly all of Europe's manufacturing and China was still agrarian), creating a bubble and popping. So now we have a bunch of college educated kids fighting for minimum wage jobs for two main reasons:

  1. Education inflation

  2. Housing bubble bursting, again the result of government encouraging banks to give out NINJA or No Income No Job Approved loans. Which tanked the market leading people to lose life saving both in the stock market and in home values prolonging, sometimes indefinately, retirement for some workers; for some of our younger workers that means no higher paying jobs because there are no openings and a glut of labor driving wages down.

    The following is from a HUD memo quoted here

    >For many potential homebuyers, the lack of cash available to accumulate the required downpayment and closing costs is the major impediment to purchasing a home. Other households do not have sufficient available income to to make the monthly payments on mortgages financed at market interest rates for standard loan terms. Financing strategies, fueled by the creativity and resources of the private and public sectors, should address both of these financial barriers to homeownership.

    ____


    Cool, so the housing crisis was largely a problem of government telling people to go out and buy houses, in some cases four or five, that they could not afford and the banks that we instructed by HUD to lend them the money anyway. Next, you have the college bubble, both the education bubble and the accompanying debt bubble, which are due to pop within the next three to five years at most, again due to government overregulating and pushing an equality of outcome secnario.


    Now if you want to increase my taxes, which we have already established I pay a disproportionate amount of (47% on total percentage, 34.6% on wealth – which isnt even taxed) to fund what? Another government intervention in social welfare, or even worse social justice, that will cause a new created asset bubble and tank the economy in 20 years for my children?

    No thanks.


u/flashbang123 · 1 pointr/asktrp

Compound interest is the closest thing to magic in this world. You need to at least learn the very basics of investing. Check out r/financialindependence and read this and this.

Never stop exercising. Start doing 5x5's if you aren't already. If you have time to watch TV you have time to lift.

Don't waste your time and attention on mental opiates. Kill your facebook account. Fuck social media.

u/KamikazeEmu · 1 pointr/personalfinance

I recommend you read up on index investing. This is a good book:

http://www.amazon.ca/dp/0470830069

Also understand the power of passive investing. Another good book:

http://www.amazon.ca/gp/product/0470592206/

At the very least read the first recommended book. I feel that index investing is the best way to go, but you should do your research and decide if you think it is as well.

u/MusicalWrath · 1 pointr/personalfinance
u/DivEarner · 1 pointr/investing_discussion

There are a number of books or blogs that you can follow as well.
Millionaire Teacher book
DividendEarner
SureDividends

Start somewhere and you will adjust what you need to learn.

u/martinarcand1 · 1 pointr/PersonalFinanceCanada

>I use her car for work

Shouldn't you have some sort of insurance then?

>(down approximately 6% on the year)clearly i suck at that game.

I recommend you read up on some books! (An index of stocks are up 7.69% in Canada so far this year and 4.16% in the USA)

A good one about investing is "The millionaire teacher". It's a good book for everyone.

Another more 'general' one about finances is "The Wealthy Barber Returns".

Also a general website: http://canadiancouchpotato.com/