- File Size: 1147 KB
- Print Length: 86 pages
- Page Numbers Source ISBN: 1508614784
- Publication Date: February 22, 2015
- Sold by: Amazon Digital Services LLC
- Language: English
- ASIN: B00TX02K7Y
- Text-to-Speech: Enabled
- Word Wise: Enabled
- Lending: Enabled
- Amazon Best Sellers Rank: #545,504 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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The Wealthy English Teacher: Teach, Travel, and Secure Your Financial Future Kindle Edition
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"I recommend waiting until you have $10,000 to begin investing...." & "You do not want to have all your eggs in one basket and with less than $10,000, it is simply too hard to diversify without paying too high of a proportion in fees." There are SEVERAL fund companies that will allow you to begin investing in no-load, broad index funds for just a few hundred dollars. Many of these no-load funds offer such as the Total Stock Market Index Fund through Vanguard or the Spartan Total Market Index Fund through Fidelity have expense ratios of around just 20 basis points (0.2%) and offer diversification across the entire US stock market with minimums far below $10,000. On top of that, there are no fees for buying or selling these funds. This sum of money is way off the mark, and her statement that it's "too hard to diversify" with anything less is misleading.
"Reason number two why mutual funds are bad news is loads that you have to pay when you buy or sell them." Just a bit of research would reveal that there are TONS of no-load mutual funds out there (as I mentioned above). Many of the most popular ones are through Vanguard, a company that she even mentions as a good place to buy ETF's. Many of these funds have minimums as low as $1,000. If you go through a company like Schwab, some of the minimums are even lower. Where she gets the idea that MF's are mostly actively managed with steep fees is beyond me. With a U.S.-based address for those who are U.S. citizens, these accounts are very easy to set up.
Another glaring part of the book is her mention of buying securities on margin (i.e. borrowing money you don't have to purchase stocks). She takes great lengths to talk about the evils of debt and how to get out of debt which are fantastic. But then she brings up margin which is totally inappropriate for the types of investors that are reading this book.
"...it [Malaysia] is perhaps one of the least attractive ones for a variety of reasons including lack of tourist infrastructure...., food, and a high prevalence of Islam and the negative things associated with that, especially for women." I think this quote speaks for itself and says volumes about her tolerance of the 1.5 billions Muslims in this world. I don't even need to say more other than the fact I was perplexed when she then mentioned other Muslim countries such as Saudi Arabia are great places to work and save money in a short amount of time.
Again, I think Jackie is a great teacher from what I have read of her teaching books and online material, but she really should leave investing advice to the experts and stick to just giving advice on teaching.
I wish I had read this book many many years ago.