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Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School Paperback – January 4, 2017
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From the Inside Flap
Become a Millionaire on a Middle-Class Salary
Here's the secret that most financial advisors and Wall Street firms don't want you to know. Peer-reviewed, financial academic studies say you can beat most investment professionals with a simple strategy. It takes just an hour a year. You don't need to search for a bunch of hot stocks or winning mutual funds. You don't need to pay attention to investment news, economic trends, or the market ups and downs. Nobel Prize winners in economics have been saying this for years. Warren Buffett echoes it. Andrew Hallam brings it all to life with Millionaire Teacher, Second Edition.
With clarity and humor, Andrew shows how any patient, middle-class income earner can build a million dollar investment portfolio. He provides a guide for Americans, Canadians, Australians, Singaporeans, and British investors. You can spend responsibly, invest effectively, and build a solid financial future. Let Millionaire Teacher, Second Edition show you how.
From the Back Cover
"Contrary to financial services industry mythology, saving and investing for your future doesn't have to be difficult. You'll learn just how easy it can be in Andrew Hallam's Millionaire Teacher, Second Edition. With nine simple rules, he gives you easy, step-by-step instructions. Follow them and you'll be on your way to a successful (and possibly early) retirement."
Scott Burns, US Syndicated Finance Columnist
"In the second edition of Millionaire Teacher, Andrew Hallam shows how the son of a mechanic who became a high school teacher could become a financially independent millionaire by following a few simple, albeit difficult to follow, common sense rules. If more young people followed his advice, it would be a richer, more stable world."
Michael O'Higgins, author of Beating the Dow, Beating The Dow With Bonds, O'Higgins Asset Management, Inc.
"Andrew Hallam's Millionaire Teacher, Second Edition. is full of wisdom and wita combination that makes the book an easy read. This is not another writer's set of opinions, this is an evidence-based project and draws on the wisdom of many Nobel Laureate winners. Their work is translated and distilled into easily understandable chapters. The basic principles espoused in the book should be required educative reading for every investor."
Ben Sherwood, director for and on behalf of Satis Asset Management Ltd, principal, Hillier Hopkins LLP
"There are lots of books on personal finance but blessed few that discuss the topic with wit and even fewer that do so with soul. Andrew Hallam's second edition of Millionaire Teacher is to my mind the best. Read it. You'll be entertained. You'll also be richer in every sense."
Ian McGugan, The Globe and Mail
"Andrew is a rare breed. He makes complex financial topics easy to understand for the masses, but his in-depth knowledge also ensures that even the most well-versed can learn a thing or two. Whether you're a millennial, approaching retirement, or already retired, his second edition of Millionaire Teacher is a must-read for anyone looking to take control of their finances."
Jason Heath, CFP, Fee-Only Financial Planner, Financial Post and MoneySense columnist
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That said, I will take exception with his suggestion to put what I consider lots of your money into bond funds. Since interest rates peaked in 1981 when money market funds were paying about 14%, owning bond funds has been a good thing. But with interest rates near zero, we may be looking at a 20 or 30-year bear market for bonds. The great Peter Lynch the author quotes to support his suggestion to put money into index funds also said put all your money into stocks and none into bonds. Warren Buffett is also quoted, but the fact that he recommends individual investors put all their money into stock index funds with none in bond funds is also ignored. Lynch did say to sell all stocks and go 100% into 30-year US Bonds if the yield on them hits 9%, but we are a long way from that.
Ignoring half of what these two great investors said is why I give 4 stars instead of 5. I can't tell you that you are wrong to put half of your money into bond funds, but two really great investors do.
The Expat Teacher's Property Guide
The ninth chapter is like advanced investing introduction. It disclaimers over and again that you are not going to beat the index investing benchmark, but nonetheless it is good to understand the fundamentals of economics. He does an excellent job of describing common ratios and acronyms used in finance. If anything, it demonstrates why the market is so complex and another reason to invest in index funds.
Loved the book! Every chapter. I will read it again and give my highest recommendation to all my friends.
Some particularly notable good things about the book:
-His set of arguments for index funds over actively managed funds is flawless. He really puts the nail in the coffin of actively managed funds. Not only does he make extremely effective arguments backed up by statistics, history, and reasoning, he even counters the expected counterarguments made by people who wish to sell you those funds anyway. His devastating arguments against the enormous self-serving financial services industry should be clear to any rational mind.
-The 184 page book is an elegant read. This isn't a financial guru writing a book; it's a self-made millionaire English teacher. It can be read in a weekend, is easily accessible to a multitude of different types of readers, and the "nine rules of wealth" that the book is organized as break it up into easily read chunks. He artfully blends personal stories, humor, facts, and images to create a rather effortless reading experience. He has a significant amount of international experience, and so the book is appropriate for people from many countries.
My only criticism of the book and its advocacy of index funds is the loss of shareholder voting rights that accompanies index funds, mutual funds, and ETFs. I disagree with a primarily indexed portfolio, and instead believe indexes are great as portfolio supplements. But, for those that invest in actively managed funds, index funds are a much better solution.
Millionaire Teacher is an excellent, easy-to-read book. In my opinion, this should be on the reading list for every high school student in the world, considering how lacking financial education is for most students. In addition, I suggest that everyone who currently invests in actively managed funds should read this, since I couldn't agree more that index funds in almost every case are far more rational to invest in than actively managed funds.
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This should be taught in school and handed out to all new employees.
I am acting on it now. Never too late.Read more