Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School
As the title mentions, the book covers concepts that should have been taught in school at a young age such as saving money, compound interest, investing, stock market, the idea of timing the market, bonds, indexes and much more. This book is great for beginners to understand the importance of saving money and investing for the long run and doing that by using the safest and efficient strategy possible, through index funds. Index funds are exchange traded funds (ETF) that regroup multiple stocks together. For example, the S&P500 is an index fund that regroups a weight of all of the top 500 largest companies in the U.S. that are publicly traded. All nine rules of wealth that are discussed in the books cover all the topics mentioned previously.
Starting to invest at a young age is very powerful over the long run. Even if you are older and/or do not invest, this book is still a great read if you want to learn about investing. The author also mentions other investing alternatives strategies depending on the age and the amount of risk that you are willing to take.
This book would not give any “get rich quick” or trading strategies, instead it focuses on understanding how to manage your money, save money and invest for the long term in the safest way possible. It is not meant to learn about day trading or swing trading.
The author is Andrew Hallam. He is a Canadian personal finance author and speaker. The author is very transparent in his suggestions on investing, and he does not promote any paid products. He also does not provide any “get rich quick” method. The explained methods are very straightforward and realistically possible for anyone to follow. Most of the statements made are also backed up with solid facts from the past performance of the stock market.
· Beginner friendly
· Easy to read
· No prior investment knowledge needed
· Great book to learn about investing as a beginner
· Effective long term investing strategy
· Great nine rules of wealth that should be taught in school
· Risk free strategy by investing in index funds
· Explain the power of investing and compound interest
· For Beginner level investors
· Sometimes the author repeats himself
· The investing method takes time, but it is safe and efficient
What is included in the book?
This book includes nine rules that covers the following topics: saving money, compound interest, investing, stock market, the idea of timing the market, bonds, indexes and much more. It focuses on good financial habits done by wealthy people surrounding the topic of saving money and investing into index funds.
Is the book worth buying?
This book is worth the money for young adults and beginner investors. The reason why is that the nine rules are essential to learning how to manage your own money, something that should have been taught in school. Therefore, it is a great teaching/learning tool to anyone new to the investing world.
This book would not fit someone that has been investing successfully and that is aware of index funds.
We recommend this book to anyone that is new to investing and wants to learn and understand the power of investing safely for the long term. This book is a must read for any young adult since they will have many years ahead of them. If they start young, they will really have a great financial future ahead of them. This book will also make a great gift to any of the young adolescents and young adults to encourage them to adopt good financial habits and better manage their money from a young age.
We also recommended index funds such as mentioned in the book. The book suggests some Vanguard index funds which are a good solution. We suggest the same index but also strongly suggest you take a look at Ark Invests ETFs. They have mult
iple great ETFs in each section that can be more beneficial in the long term for the future.
You can visit ARK Invest’s ETFs in the following link: https://ark-funds.com/active-etfs