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Zusammenfassung von Millionaire Teacher

Name: Millionaire Teacher
Rating: 4.4 (195 reviews)
Author: Andrew Hallam

Andrew Hallam

The Nine Rules of Wealth You Should Have Learned in School

4.4 (195 Bewertungen)

16 Min.

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Millionaire Teacher
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Kernaussage 1 von 6

What’s in it for me? Learn how to grow rich on modest means.

Money. Some of us work hard to get it. Others marry into it. And some people just get a lucky break.

But what about the rest of us? Do you need a high-income job to get rich? And does becoming wealthy have to be risky and complex?

These blinks say no, and they lay out a simple, low-risk plan to grow wealthy on any income. From cutting your costs to investing while you’re young, you’ll discover just how easy it is to increase your personal wealth.

In these blinks, you’ll learn

which car is favored by most millionaires;
how compound interest can make you rich; and
why varying your investments is like varying your diet.

Cut your spending if you want to grow rich.

Picture a millionaire – someone who’s rich in assets and free of debt. What kind of job do you think this person has?

Probably a lucrative one, right? After all, most rich people are surgeons, investment bankers, and high-flying lawyers – not your average middle-income earners.

Well, if that’s your picture of prosperity, it needs to change. Why? Because wealth isn’t just about how much you earn. Instead, it’s more about how much you spend and how much you save.

The key message here is: Cut your spending if you want to grow rich.

Being smart with your investments is the key to becoming wealthy. But before you can invest, you need to save. After all, if you burn through your salary every month, there’s never going to be anything left over to invest.

So, if you want to become wealthier than the average person, you can’t spend like the average person. You have to spend less.

This is a trick that many rich people already follow. Don’t believe it? Then picture the car you think the average millionaire drives. Is it a Porsche? A Ferrari? A top-of-the-range Mercedes-Benz? If that’s your best guess, you’re miles off. The average American millionaire drives a Toyota.

And what about their houses? If they’re not blowing their money on cars, surely they’re splurging on their homes, right? Think again.

According to Thomas Stanley, an American wealth researcher, most million-dollar homes aren’t owned by millionaires. Instead, those houses usually belong to non-millionaires with high standards and even higher mortgage payments. In fact, only 10 percent of millionaires own homes worth more than a million dollars.

Simply put, wealthy people are generally frugal people, and their lifestyles are often nothing like the lavish ones we associate with the rich. Because they spend little, they can afford to invest a lot. That’s the real trick to growing your wealth.

To capitalize on compound interest, start investing as soon as you can.

So, you’ve cut back on your expenses. You’ve stopped eating out every night and no longer go on expensive weekend breaks. Now your bank balance is starting to rise.

What should you do next? Let the money build up in your account? Hope the interest on your savings keeps up with inflation?

Avoid actively managed funds and opt for index funds instead.

You’ve cut your spending, and you want to start investing right away. Luckily for you, there are plenty of financial advisers to help you put your savings in the best possible place. All you need to do is follow their advice, right?

Well, not quite.

Invest in bonds to make your portfolio more stable.

Managing your investments is like maintaining a healthy diet. That’s because when it comes to nutrition and when it comes to your investment portfolio, diversity and balance are key.

For example, even though you know that green vegetables are good for you, eating nothing but brussels sprouts for the rest of your life would be a bad idea. You also need to eat protein, other carbohydrates, and healthy fats.

Fight the temptation to "time the market."

Jeremy Siegel, a professor of finance at the Wharton School of the University of Pennsylvania in Philadelphia, set himself an interesting task. He wanted to see if he could explain some of the biggest stock-market movements since 1885. So he sat down with the data and began to comb through the history books.

Unfortunately, even with all the records in front of him, he couldn’t account for most of the puzzling fluctuations or explain what caused the market to rise on some days and fall on others. And if a professor of finance can’t explain market changes with the benefit of data, historical reports, and years of hindsight, your chances of predicting future trends are practically zero.

If you can’t resist buying specific stocks, be sure to select them very carefully.

When it comes to investing your money, the best option is to choose index funds and bonds. It’s really that simple – but for some people, it’s a hard program to follow.

For them, the temptation to invest in specific stocks is just too great. And while this isn’t the smartest move, statistically speaking, that doesn’t mean all approaches are equally risky.

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Worum geht es in Millionaire Teacher?

Millionaire Teacher (2011) explains how people with middling incomes can grow rich through clever money management. From the importance of frugality to the value of government bonds, this is a simple guide to growing wealthy on modest means.

Wer Millionaire Teacher lesen sollte

Middle-income workers looking to grow wealthy
Financial novices who want a simple guide to investing
Anyone who needs to start saving for retirement

Über den Autor

Andrew Hallam is an investment speaker and author who made his first million while working as a teacher. Originally from Canada, Hallam now travels the world as a “digital nomad.” He is also the author of Millionaire Expat (2017).

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