Millionaire Teacher

Millionaire Teacher
The Nine Rules of Wealth You Should Have Learned in School
Andrew Hallam

Obviously, being a former teacher, there is no chance I would pass up a book with the title Millionaire Teacher!

I was not disappointed.

I know a lot of people have a desire to invest in shares but have a road block because they don’t understand it or don’t have any clue as to where to start.

This book is your answer.

Millionaire Teacher is an excellent guide for learning about investing in shares. Andrew doesn’t try to teach you how to ‘beat the market’ or how to ‘pick the best shares’. This book teaches simple strategies for how to invest in the share market without having to be a financial expert. Andrew explains how the share market works and how to invest in a simple and systematic way that minimises risk and maximises returns.

There are no fancy strategies or trading going on here. In simple laymen’s terms, Andrew explains index funds, bonds and exchange traded funds (ETF) and how to invest in them.

He outlines specific strategies and funds that can be invested in, in America, Canada, Great Britain, Singapore and Australia.

What surprised me was how simple investing can be, and Andrew has such a relatable and down to earth nature.  I especially enjoyed how he uses Willy Wonka and the Chocolate Factory as an analogy for how the stock market works.

I found this book very practical and informative. I especially appreciated the information on why it is important to invest in low cost funds and how paying higher fees can have a significant effect on the return of your investment.  Maybe I’m a little bias because of my former occupation but I love love love that Andrew was a school teacher and not only did he educate himself and take responsibility for his own finances he also went out of his way to educate others. What a guy!

Seriously ladies, if you want to learn how to invest in the share market and do it in a simple and effective way that minimises risk, get this book.

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

The Little Book of Common Sense Investing

The Little Book of Common Sense Investing
The only way to guarantee your fair share of stock market returns
John C. Bogle

John C. Bogle was the founder and former chairman of the Vanguard Group. In 1975 Vanguard created the world’s first index mutual fund and still offers low cost index funds today. This is a book about investing in low cost index funds and the reasoning behind why this is an effective long-term investment strategy. If you don’t know what index funds are or have little or no knowledge of the basics of investing in shares this book is not quite right for you yet. I would suggest studying up on the basics firsts by visiting the ASX website and doing one of their free online courses in shares or start by reading the Millionaire Teacher by Andrew Hallam to understand the fundamentals. I personally think investing in low cost index funds is a great strategy and Warren Buffet one of the most successful investors of all time also favours it.

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

Rich Bitch

Rich Bitch
A Simple 12- Step Plan for Getting You Financial Life Together…Finally
Nicole Lapin

This book is aimed at young aspiring American women who want to take control of their finances. If you’re a young aspiring American women then this book is for you. If not, there may be other personal finance books better suited for you. Not to discredit Lapin, a former anchor of the popular business network CNBC, she provides a lot of valuable information in this book. However, it is very focused on the American finance system, which knocks out chunks of the book that focus on American specific finance for example their retirement vehicles such as the 401k.

She does break down some essential investing concepts into very easy to understand examples such as even if you are doing a great job saving your money, if it’s sitting in a bank account earning 1% interest and inflation is at 3% you are effectively losing money.

Let’s say you invest $10000 in a 1% savings account. In ten year, you’ll have about $11000 but in ten years you will need more than $13000 (accounting for an average 3% inflation) to get the same amount you got today for $10000. P258

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

Your Money Milestones

Your Money Milestones
A guide to making the 9 most important decisions of your life
Moshe A. Milevsky, PH.D.

I read this book very quickly. Partly because it was interesting and partly because I had to return it to the library in 3 days!

I love Milevsky’s take on human capital “The most valuable asset class for most people during their working years is their human capital.”  He presents the idea that human capital should be viewed the same as other assets such as a gold mine or oil well. When preparing a person balance sheet to define our net worth our human capital should be included. He calls it a ‘Holistic Person Balance Sheet’. You can find out your human capital investment potential by using the a calculator he created at www.qwema.ca [edit- this is the link he published in his book but it didn't work when I tried it].

I also took a lot from his chapter on tax. He likened the government to a business partner. You might not like them but you have signed a contract and they are your business partners for life. “ If you earn $100, you must share the appropriate sum with your business partner, but if you lose $100, the business partner will subsidize a portion of the loss. And so, just as your partner keeps a close eye on your activities to make sure you pay your fair share of the agreement, you must ensure that your partner is not taking too much.”

What he says about insurance: make your excess as high as possible, save the difference in a savings for insurance reserve fund. Some events like a broken phone are likely to happen but inexpensive and therefore not worth insuring for. Insure for events that are unlikely to happen but would have a significant effect on your family and standard of living for example the death of the main income earner.

Please note as an affiliate of Amazon Associates I receive a commission if you make a purchase by clicking through the Amazon links on this website.  This is at no extra cost to you.

Financial Secrets Revealed

Financial Secrets Revealed
Collective wisdom from business gurus, financial geniuses and everyday heroes
Amanda Cassar

Amanda Cassar is a financial adviser from the Gold Coast in Queensland. She is a qualifying member of the international group the Million Dollar Round Table, which is where it appears she has met many of the people she interviewed in this book.

It’s no secret that hearing about other peoples’ life journeys and how they manage their finances is of high interest to me. Hence, I found this book to offer a lot of value in that regard. She interviews a good spread of women and men, which I like and more importantly for us Aussies most of the interviewees are from Australia. No offence to other nations intended, I just find that many of the great personal finance books and personalities tend to be American which means some of the information presented is not relevant to our financial environment.

One interesting take away was David Batchelor’s ( The Wills & Trusts Group, UK) comments about learning early the benefit of personal development. He follows Jim Rohn’s advice from his book The Art of Exceptional Living. Live on 70 percent of what you earn. Break the other 30 percent into three pots: 10 percent for long-term savings, 10 percent for future financial independence and not to be touched. 5 percent to give to charity and finally the last 5 percent for spending on what ever you want.  Not a bad strategy.

I Will Teach You To Be Rich

I will teach you to be rich
Ramit Sethi

Oh Ramit,

I love a no bullshit kind of guy.

I love this book.

It is a great starting point for those who want to set up some simple systems for automating their money management.   Ramit Sethi covers all the basics of good money management from saving, paying down debt, conscious spending- such a goodie, investing and how to maintain and grow your financial infrastructure.

The only downside for us Aussies is that some of the topics he covers are US specific such as the investment options for index funds they have in America that are not available to us here and credit card usage and conditions that are also different. But having said that I think he presents a great overall system that you can set up for yourself regardless of what country you live in. Just be mindful of the American-centric advice he gives.

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