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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Millionaire Teacher summary
Andrew Hallam
The Nine Rules of Wealth You Should Have Learned in School
16 mins
Brief summary
Millionaire Teacher by Andrew Hallam is a financial guide for anyone seeking to become a millionaire. It teaches readers to invest wisely, avoid fees, and think long-term to build wealth through low-cost index funds.
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Millionaire Teacher
Summary of 6 key ideas
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Key idea 1 of 6
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.
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What is Millionaire Teacher about?
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.
Millionaire Teacher Review
Millionaire Teacher (2011) by Andrew Hallam presents a refreshing approach to personal finance and investing, making it a must-read. Here's why this book stands out:
- Offering practical strategies and a simple roadmap, it empowers readers to take control of their financial future and build wealth.
- By drawing on Hallam's experiences as a teacher-turned-investor, the book provides real-life examples that are relatable and applicable to anyone.
- With its accessible explanations and engaging storytelling, Millionaire Teacher manages to simplify complex financial concepts, stripping away the jargon and making it an enjoyable read.
Who should read Millionaire Teacher?
- Middle-income workers looking to grow wealthy
- Financial novices who want a simple guide to investing
- Anyone who needs to start saving for retirement
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Millionaire Teacher FAQs
What is the main message of Millionaire Teacher?
The main message of Millionaire Teacher is the importance of low-cost, long-term investing for financial independence.
How long does it take to read Millionaire Teacher?
The reading time for Millionaire Teacher varies, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Millionaire Teacher a good book? Is it worth reading?
Millionaire Teacher is worth reading for its practical advice on personal finance and investing. It provides valuable insights for individuals looking to build wealth.
Who is the author of Millionaire Teacher?
The author of Millionaire Teacher is Andrew Hallam.
What to read after Millionaire Teacher?
If you're wondering what to read next after Millionaire Teacher, here are some recommendations we suggest:
- Everyday Millionaires by Chris Hogan
- The Millionaire Dropout by Vince Stanzione
- The Next Millionaire Next Door by Thomas J. Stanley & Sarah Stanley Fallaw
- Thou Shall Prosper by Daniel Lapin
- I Will Teach You To Be Rich by Ramit Sethi
- A Short History of Nearly Everything by Bill Bryson
- Building Your Money Machine with ChatGPT by Larry Wheeler
- The Millionaire Next Door by Thomas J. Stanley and William D. Danko
- The Bogleheads' Guide to Investing by Mel Lindauer
- Be Useful by Arnold Schwarzenegger