University of Minnesota - UMN Executive Leadership Insights
Millionaire Teacher
Book

Millionaire Teacher

The Nine Rules of Wealth You Should Have Learned in School

Andrew Hallam
Wiley, 2017
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Editorial Rating

8

Qualities

  • Applicable
  • Overview
  • For Beginners

Recommendation

To become wealthy, says investment adviser Andrew Hallam, heed nine rules about managing your money. His primer offers sound, basic, practicable advice. He favors index funds, opposes certain types of financial advisers and advocates commonsense investing. He covers the basics, like if you consume less, you will have more money to invest. Avoid scams and fads. Understand how your feelings can undermine your savings strategy. And remember that most people have a greater chance of beating Roger Federer in a tennis match than they have of successfully “timing the market.” While never offering investment advice, getAbstract recommends Hallam’s clear, solid guidance to those who are just starting to invest or seeking to improve their current investments.

Summary

What You Didn’t Learn in School

Schools don’t usually teach money management, and most people grow up with a limited knowledge of how to invest, save and get rich. Many people spend most of what they make and have little left to invest – even if they knew how to invest. Often, people take advice from the wrong people. They make ruinous mistakes. But it’s never too late to learn.

To build your investment portfolio and wealth, follow nine rules:

1. “Spend Like You Want to Grow Rich”

If you want to become wealthy, promise yourself to “do no harm.” Create “assets, not debts.” You should spend wisely, but you don’t have to scrimp.

Growing wealthy requires a strategy. You must carefully watch how you use your money so you will have some left over to invest. If you consume less than you earn, you will dramatically increase your odds of becoming financially secure. Change the way you look at your life, so you can be happy with what you have and less inclined to spend recklessly. As you build your savings, you’ll be able to make long-term investments in the stock market. With the right returns, you could create a healthy...

About the Author

Andrew Hallam worked as a high school teacher and taught personal finance and English. Now, he writes investment columns. He and his wife travel around the world speaking on investing. 

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