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Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School Paperback – 23 Dec 2016
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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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The summary is:
* Spend only what you need to, in order to have a reasonable life style. Save as much as possible to invest for the future. Eliminate debt before you make new investments.
* Start investing as early as possible, to enjoy the benefit of compound interest.
* Invest in low-cost index funds.
* Split your investments into two segments: bond indexes and stock indexes. Weight the bonds according to your age, so if your are 38 years old, hold 35-40% of your entire portfolio in bonds.
* Over time the bond component will grow/fall at a different rate than the stock component. So when you invest new money, buy more of the under-performing component. For example, if stocks have done really well so your portfolio is now weighted 30% bonds and 70% stocks, buy bonds with the new money. Then every year, rebalance the portfolio, selling enough of the higher performing component to buy more of the worse performing component. Note that most people would do the opposite, and buy more of high performing component.
This strategy forces you to sell high but buy low. That's exactly what you'd do when buying and selling any other product.
I can't recommend this book highly enough. If I could, I'd give it ten stars. Buy it, read it, digest it, follow its advice. Ignore almost everything else.
No, I'm not related to the author, I'm totally independent of him.
I have bought 2 copies of this as gifts for others and cannot recommend it enough, it is the single greatest investment I have ever made.
However, I think very parent should purchase this book for their child. It is one of the best presents you could ever give them.
I have read the 'Intelligent Investor' and a few other highly recognised investment books but for me this book gives me confidence that I can now trust my investment decisions.
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Would have liked an example case for people in the € zone