Expat Financial Independence Winning Out Over Risky IFA Advice

Following the seemingly endless media reports of dodgy IFAs, Ponzi schemes and fraudulent cold-calling financial scammers, the new buzzword in the worldwide expat community is financial independence.

The online Financial Independence world, usually referred to simply as FI, contains many bloggers describing their own experiences and passing on tips to those who’ve had enough of being cash cows for unscrupulous IFAs at best and downright fraudsters at worst. One Dubai-based expat founder of a non-profit community entitled SimplyFI told the media blogs are the best way to complement study as they’re unique, personal views rather than scripted advice columns.

Peter Adeney’s Mr Money Mustache blog was born in 2011 out of sheer frustration and exasperation with friends who lived the high life including buying new cars and frequenting exclusive restaurants whilst complaining about being broke. His blog features his personal experiences as well as tips on how to drastically reduce your outgoings and improve your quality of life at the same time. DIY solar panels and building projects are documented, and guest bloggers who’ve achieved financial independence are also featured.

David Cox, a former Dubai-based accountant, retired at 47 and has a portfolio of 12 properties netting him and his teacher wife some £5,500 a month. He publishes his monthly outgoings, keeping to a deliberately conservative spending target. For expats working in the UAE, the blog is relevant and has reams of data. His personal blog highlight is ‘Don’t Do What I Did’ which describes how he lost £427,000 due to investment mistakes.

Mr Free at 33 is actually Jason Fieber, now an expat resident in Chiang Mai, Thailand after deciding he wanted ‘a life rather than a job’. He’s a dividend expat and teaches financial independence whilst living below his means. The blog itself is the what and why of achieving financial freedom and the happiness which comes with it. He also publishes his individually crafted portfolio, at present containing 110 companies and doing very well.

Perhaps the most effective blog of all is run by Andrew Hallam, whose crusade against fixed-term investment plans with hefty charges and commissions has saved untold numbers of investment novices from financial disaster. Many people, he states, aren’t happy about talking money, which is why his blogging style starts conversations before laying out the key principles in achieving financial freedom.