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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
Author interviews, book reviews, editors picks, and more. Read it now
Top customer reviews
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If you want to skip the book let me just summarize it for you quickly - start saving early, when young live off someone else's couch and if you're near the ocean dig up clams for every meal, invest in Vanguard index funds, the percentage of bonds in your portfolio should equal your age....and that's the long and short of it.
Rule 1. Spend less than you make. The author referenced stories from a book I read many years ago, The Millionair Next Door. Most million dollar homes are NOT owned by millionaires. And most millionaires DON'T live in million dollar homes.
Rule 2. I wish my parents had taught me the power of compound interest when I was in high school. I learned it later in life, but I lost out on some of the power. One of my grandsons has $300 saved up. I'm going to teach him and his brothers that if he adds $30 to it every month and earns 10% for the next 48 years, he'll have $375,000 at age 60! How can he achieve 10% interest? See rule #3.
Rule 3. Invest in Index Funds. The author explains that spreading your money over three index funds ... home country, international & government bonds ... as Warren Buffet does, a 10% annualized return over a long period of time is very achievable. The author says "It's not timing the market; it's time in the market".
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.
1. Millionaire Teacher - Andrew Hallam is an easy to read & understand guide to achieving your financial goals. His 9 rules explain what to invest in, how to deal with banks & financial advisors, how to balance your portfolio & a lot more, while spending only a few hours per year reviewing & correcting.
2. Barefoot Investor - Scott Pape, explains how to structure your finances & discipline yourself to control your spending with ease, how to deal with debt, save for holidays, invest in your future by saving for a home, & investing in you superannuation. It written based on living in Australia but the principles can be applied to living anywhere.
These 2 books complement each other very well, & I highly recommend you read both.