Andrew Hallam - Millionaire Expat

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Third Edition

Andrew Hallam

Copyright © 2022 by Andrew Hallam. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging‐in‐Publication Data:

Names: Hallam, Andrew (Teacher), author. | John Wiley & Sons, publisher.

Title: Millionaire expat : how to build wealth living overseas / Andrew Hallam.

Other titles: Global expatriate's guide to investing

Description: Third edition. | Hoboken, New Jersey : Wiley, [2022] | Includes index.

Identifiers: LCCN 2021044853 (print) | LCCN 2021044854 (ebook) | ISBN 9781119840107 (paperback) | ISBN 9781119840152 (adobe pdf) | ISBN 9781119840145 (epub)

Subjects: LCSH: Finance, Personal. | Investments. | Retirement income—Planning.

Classification: LCC HG179 .H238 2022 (print) | LCC HG179 (ebook) | DDC 332.024—dc23

LC record available at https://lccn.loc.gov/2021044853

LC ebook record available at https://lccn.loc.gov/2021044854

Cover Design: Wiley

Cover Images: U.K. passport © Jeff Fullerton/Getty Images; U.S. Passport © S.Perry/Getty Images

Only a fool would take his wife on a multi‐month cycling tour…while trying to write a book. An even bigger fool would attempt the same thing during a 17‐month adventure in a camper van (trying to drive from Canada to Argentina). I have done both. Note to all single women: if you believe your future spouse might try such a stunt, run. Fortunately for me, my wife didn't just stick around she helped with every aspect of this book's production (and every other book I've written). Named after the Hawaiian fire goddess, Pele sometimes spewed lava in my general direction while I pretended it was normal to write books from bicycles and vans. And although I'm not fully rehabilitated, I'm a better man for it. So Pele Hallam‐Young, this book is dedicated to you. You're amazing. I love you more every day.

If I were hit by a bus, I can imagine my wife eventually venturing back onto the dating scene. But I'm pretty sure she wouldn't date a writer. I can hear the checklist in her head right now: adventurous, check; handsome, check; caring, check; intelligent, check; writer…oh shit. Writing is an anti‐social gig. The best part (for me, anyway) is gleaning stories from people that I can share and learn from. But then, as all writers do, I spend thousands of hours trying to make sense of it all. Only 0.01 percent of authors earn enough compensation to exceed a minimum hourly wage. I made that up. But it's probably true.

So, I have to thank my wife, Pele Hallam‐Young, for helping me with this book. She encouraged me. She helped with edits and ideas. And she worked tirelessly as my time manager, taking on tasks that I was “too busy” to do because I was writing a book. OK, so writing this thing did have some perks.

I would also like to thank the publishing team at John Wiley & Sons, with an especially deep bow to Kevin Harreld. I don't really know what to call Kevin. Is he my publisher? My editor? My marketing specialist? After writing that last sentence, I looked up his title on LinkedIn (and no, I'm not lying). It reads, Senior Acquisitions Editor. All I know is that he's my man on the ground at John Wiley & Sons who seems to put everything into motion.

Thanks also to John S. Woerth, Senior Communications Advisor at Vanguard. John always helps me with charts and he cheerleads my efforts. He's one of those behind‐the‐scenes brilliant guys whom Vanguard founder, John Bogle often praised. John Woerth also co‐wrote More Straight Talk on Investing , with former Vanguard CEO, John J. Brennan.

Thank you, also, to Vanguard's Mike Nolan, who John introduced me to. Upon request, Mike sent me charts faster than I could make my next cup of tea.

I would also like to thank the American fee‐based financial advisor Tony Noto. He was my go‐to guy for information on US taxes, with respect to IRAs for American expats. The Australian financial advisor, Jarrad Brown, also helped me with tax information for Australian expats. Thank you for your help, Jarrad.

Several Financial Independence (FI) warriors also deserve my heartfelt thanks. Several years ago, I met the impossibly good‐looking Sebastien Aguilar in Dubai. He founded SimplyFI a UAE‐based financial education group. Jen Lincoln began a Facebook group by that name and encouraged reams of people to join and organize events with Sebastien and his FI‐minded friends. This is now the largest FI‐oriented expat organization in the world. I profiled several of the group's members in this book. I couldn't include everyone who volunteered their time and stories, but I wish I could. Reading posts from SimplyFI's Facebook group continues to help me understand what questions people have.

The group includes several warriors for the cause, of which there are far too many to list. But I want to acknowledge Tuan Phan, whose name alone likely draws shivers from the creeps who sell investment linked assurance schemes. The tireless Facebook poster and presenter might know more about these products than anyone in the Middle East. He knows far, far more, in fact, than the people who sell them. I'd bet my portfolio on that.