I recently had the opportunity to read Andrew Hallam’s book, Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School. I was a bit skeptical of it at first, given the title and the fact that after perusing it, I realized that it was heavily focused on investing (we all know how I feel about investing). I figured there was no way this book could capture my interest or attention but you know what? It did.
The book starts off with Andrew describing how he chose to live post-college. The frugality (okay, let’s call a spade a spade. Extreme cheapness) with which he lived made me cringe at times (living with no heat, in Canada, in winter because he didn’t want to pay for heat? Ridiculous). He’s pretty self-depracating about it and recognizes that a) no one should actually attempt to live like he did and b) it was just a tad extreme. But he makes a good point–no one can get wealthy if he has a cloud of debt hanging over his head.
He also does a great job of telling the story of how he came to have his views on wealth, and what he needed to do to get there (I don’t want to ruin the story for you). He recognized that as a private school teacher, he was not guaranteed the same retirement funds as public school teachers. As a result, he had to take a much more active role in shaping his retirement and the book shares the lessons he learned in socking away money for the day he retires.
But the crux of the book is where he explains investing, why it’s important, how to do it and why he believes investing is really the only true path to wealth. He does an outstanding job of explaining the basics of investing (which, for someone like me, is really helpful), including defining terms, concepts and methods not so much for investing but picking the types of stocks and bonds to invest in. Now, I’m sure just reading that last sentence bored you. I assure you, the way Andrew presents that information is way less boring than it seems and he makes a Prison Break reference (which made me very, very happy)! By weaving personal stories, relatable metaphors and culture references, Andrew makes investing understandable for everyone–including me!
I don’t know that learning this information in school would have made me more interested in investing (at the time). But that’s just me. I think there are plenty of people–kids and adults–who can benefit from Andrew’s story. And his book. So, thanks to the wonderful people at Wiley publishing, I have 2 copies of the book to give away. Just follow the directions on the widget and enter to win your own copy of Millionaire Teacher.
Winners will be announced on Monday, April 9 so get your entries in!
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My best advice on building wealth: Spend less than you make. It’s really that simple.
Looks like a good book! Hope I win. 🙂
Jordann recently posted…Always Be Prepared: Living on One Income Part 1
My advice is to save and be careful with credit cards. (all things I wish I had done!)
bogofdebt recently posted…My late goals for April
Andrew’s really making the rounds! I really enjoyed reading his book. Friendly, approachable, and inspirational!
Invest It Wisely recently posted…Canada’s New Budget: A Paradigm Shift – Although a Small One
Wait, you mean I shouldn’t put it all on red? I love millionaire books, especially the “slow and steady” type. Unfortunately I wasted quite a bit of time w/ stupid “use life insurance and your home equity (what’s that?) to become a millionaire in less than a decade” books. Fortunately I didn’t try it…
Nick recently posted…Getting priorities straight… one stupid decision at a time
I’ve been hearing a lot about this book and am curious to read it. Winning would save me a trip to the library. 🙂
Emily @ evolvingPF recently posted…Dental Care without Insurance
Oh, and my best advice is the oldie “pay yourself first!”
Emily @ evolvingPF recently posted…Dental Care without Insurance
Always pay yourself first
I’ve wanted to read this book for a while now…
lot’s of things about investing I wish someone told me WAY earlier.
My advice… start saving early. and don’t take on more risk than you can stomach!
Well Heeled Blog recently posted…Going on Vacation When You Are In Debt
My advice is to invest wisely, otherwise all the hard work that went into saving money will be wasted.
Invest in something with the lowest fees. In the end it is your money and not the banks.
Just discovered your site… would love to win a copy for my kids..
i used to work at a mutual company..and the fees are so high..i think low-fees ETF is the way to go
Don’t buy what you can’t afford and pay off your credit cards in full each month.
My advice is that you have to be honest with yourself. If you aren’t a good saver, put into place processes that will force you to save. Similarly, credit cards can be useful as long as you are one of those people who can control their spending and need for retail therapy. If you are not, then avoid credit cards like the plague. Etc, etc