This is a book review I wrote right after I first read this book back in 2013. I did end up getting a copy of the book for the house and gifted it to my parents.
This book is a guide on how to build wealth on a middle class salary. It is very well written, the author has an earnest way of sharing his insights and does not come across as preaching.
Some of the topics are reiterated in millions of other financial blogs and personal finance books:
– Pay off high interest debt (ex. credit card debt!)
– Start investing early and let compound interest work its magic
– Be frugal
Some more interesting topics:
– Don’t give your kids free money: I do agree with this, being the only child, I have to say I have been at the receiving end of a RESP account built by my parents. I felt secure in knowing my parents will help me out if it was needed. Somehow when I had my $30K+ student loan, I knew I needed to pay them off mostly by myself. Perhaps it was my instincts telling me I am a grownup so act like it. If I can dig myself into a hole, then I sure as hell can dig myself out. Whenever something is given freely, it almost always seems less valuable.
– Index investment and financial advisors’ conflict of interest: I can speak from personal experience, it is not easy to buy TD e-series! When you open a mutual fund account at TD, the advisor will do all he/she can to talk you out of it.
– If you love to stock pick as a hobby, it should be no more than 10% of your portfolio and how to pick the businesses to invest in: Andrew gave some great guidelines. Though after dabbling in stock picking and losing money, I have concluded that I should just stick to index investing, and read about others’ exciting stock picking stories.
This is an excellent beginner’s money guide book. I found this book to be an enjoyable read and a great reminder of what I need to do to stay on track and achieve financial freedom.
For those of you doing your Christmas shopping. This will make a good Christmas present for someone who’s just started learning about money.
The author Andew Hallam also wrote a book for Expats called the Global Expatriate’s Guide to Investing. It’s the only book I’ve seen on this topic, and if anyone has read it, any thoughts? I’ve got an expat friend who could probably benefit from reading this book.
Have you read Millionaire Teacher by Andrew Hallam? What did you think?