I originally got a copy of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School through a book review and give away hosted by Nelson at Financial Uproar. I was so excited when I received the book that I started it right away. Then I misplaced it, and just recently rediscovered it hiding under my bed.
I posted recently about finally becoming a bit more interested in investing, and retirement savings. This is probably because I only have around $12,000 left owing in debt, and after that’s gone, I plan on starting a retirement fund. This newfound enthusiasm just happened to coincide with my re-starting Millionaire Teacher for the second time, and I’m so glad I had this book to pique my investing interest.
About the Author
This book is written by Andrew Hallam. This guy has managed to become a millionaire, on just a teacher’s salary. He went to some pretty extreme lengths to achieve this, but it does make him a bit of an authority on amassing wealth. He started investing at age 19 and draws from his personal experience with frugality throughout the book.
Even though I don’t want to become a millionaire by the time I’m 40, I do think that his experience with accumulating wealth can by applied to the regular goals of the average Gen Yer.
A Great Book for Beginner Investors
Usually when I read about investing or any associated topics, my eyes glaze over, and I just can’t stay interested in the topic at hand. Not so with this book. Hallam delivers his information through “Nine Rules of Wealth” that, in his opinion, we all should’ve been taught in school. The rules build on each other in a way that flows easily and makes sense to even a complete beginner like me. There are many examples to back up his points about living frugally and investing early and often.
Finally, Some Clarity
Perhaps my favourite part of this book is that Hallam is bold enough to give concrete investing advice. Often, blogs or articles that I read will give vague advice like “Invest in index funds” or “tailor your portfolio to your own risk tolerance”. This kind of advice drives me up the wall because, for a complete newbie like me, this advice contains absolutely no actionable material that I can put to use. Invest in index funds, sure, but where? Buy a mix of stocks and bonds, ok, but what’s the right mix?
In contrast, Hallam gives numbers, websites, examples of portfolio allocations and even walks through a step by step guide to investing in different countries. Instead of spouting vague rhetoric, he actually lays out portfolio samples for people at different parts of the investing lifecycle. He’s a proponent of index investing for newbie investors, and spends a good portion of the book laying out why this is a good choice.
Finally, he provides solid advice to people looking to speak intelligently with their financial advisors. He highlights that most financial advisors make a commission on the products they sell you and therefore shouldn’t be completely trusted to make decisions on your behalf.
I would recommend Millionaire Teacher to anyone who has no clue about saving for retirement or investing in general. This book provides a good introduction to these topics and provides information that is both easy to understand and to apply yourself.
I originally had planned to give away my copy of this book as part of this review, but it’s such a good reference that I’m keeping it. You can, however, find details on how to purchase it through Hallam’s website.
Have you read this book? What did you think?