You may think that spending only one hour per year on investments cannot possibly make anyone rich. Schoolteacher-turned-millionaire Andrew Hallam would beg to differ. In his book titled “Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School,” he lays out a strategy for anyone to achieve the same financial success that he has. His goal is to teach you everything that he wishes would be taught in schools. Although he stresses that “easy money is wasted money,” following his nine rules helps ensure that all your financial efforts count toward growing your investments.
In this guide, Hallam adopts the Hippocratic Oath from medicine into finances to address excessive spending habits. In order to keep that oath, he explains, you will have to learn to appreciate having less. He spends quite a few pages just on teaching readers how not to lose a lot of money on cars. You can expect that same attention to detail in most of the advice that he gives in this book. For example, he also covers ideas on getting housing for less and how to cash in on others’ mistakes. He further advises readers to invest in index funds for steady gains and stay away from “seductive” hedge funds and the like.
This book provides surprising statistics and factoids about how millionaires live. Hallam asserts that an average millionaire’s lifestyle is plenty accessible to most people. Most millionaires do not live glamorous lives surrounded by fancy things. He introduces readers to some real millionaires; one worked as a mechanic, which most would argue is not a prestigious career. For young investors, he says to follow the path of Warren Buffett and harness the power of compound interest. While Hallam admits that not everyone can do everything that he did, he believes that most people can learn to live cheaper than they do now and grow their investment funds faster.