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Oct
24
2011
Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned at School
About the author
Permanent link to this article: http://andrewhallam.com/2011/10/order-millionaire-teacher-book/
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Welcome to My Blog!
I'm Andrew Hallam. Many people aren't comfortable talking about money. It's not usually a conversational dinner-time topic, and its principles are rarely taught in schools. My goal is to have a "conversation" about it here, on this blog. If you read something you find intriguing, please comment or ask your questions!
I am also the author of the book, Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned at School
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70 comments
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FFN says:
November 21, 2011 at 3:05 pm (UTC 8 )
Hi Andrew,
Thanks for your reply. After reading your book and this comment, it has given me added confidence to become like you. I have got more questions to bombard you with.
What age were you when u started off? What were your average returns for the 18 years with both index investing and stock picking? Why don’t u do stock picking anymore even though u were doing well picking individual stocks as seen from your book and articles? Most returns from picking stocks comes from dividends and index investing gives lesser dividends imo. In your book, you have said that people can’t go on beating the market all the time by picking stocks so to minimize the allocation to 10%. But if you were to pick fundamentally strong companies with no debt, good free cash flow, with a wide moat and huge margin of safety especially during a crash, then there is minimal risk like index investing but with higher returns to boot. Dividend yield is also higher with these companies. Looking forward to your answers and views. Thanks!
Andrew Hallam says:
November 22, 2011 at 12:18 am (UTC 8 )
Hey FF,
To be honest, I don’t think I’ll ever personally know anyone who is able to beat a diversified balanced portfolio of indexes by buying individual stocks. So I choose to go where the odds are highest. Too many people try to make it look easy. But it isn’t. And ten year track records are nothing…just blips in time. Over a lifetime, indexing gives far better odds of success
Mike says:
November 28, 2011 at 1:49 am (UTC 8 )
Hi Andrew,
Just finished the book. Great read, thank you for it. With respect to the Canadian index funds, do they pay dividends? I’m hopeful they do and that it may be possible to setup a reinvest dividends with no additional charges from the management company. Thanks again!
Mike
Andrew Hallam says:
November 28, 2011 at 9:09 am (UTC 8 )
Hi Mike,
Yes, they pay dividends. By virtue of what they are, they must always pay dividends. Indexes are collections of stocks, and most stocks pay dividends.
Mike says:
November 29, 2011 at 10:21 pm (UTC 8 )
Thanks Andrew! I really appreciate the reply. Great book!
Mike
youngandthrifty says:
December 14, 2011 at 2:40 pm (UTC 8 )
Great book!!! It has inspired me to get to work and try to open a TFSA eseries fund. Or just put more money in my couch potato ETFs.
Thanks for writing it- it was a great read.
PS I didn’t know you worked for BC Transit! That’s cool
Nick says:
January 7, 2012 at 11:57 pm (UTC 8 )
Hi Andrew,
Is it possible to even begin investments with indexes with a few hundred dollars? I’m Singaporean and I am really new to this.
Thanks in advance for your help. I have read the good, good read, but I’m afraid there is little to really guide the beginner in this world of investments. As you said, we’re not taught in school about this.
Warm Regards,
Nick
Andrew Hallam says:
January 8, 2012 at 7:15 am (UTC 8 )
Hi Nick,
To save on commissions, you may want to look into the purchase fees associated with Standard Chartered. DBS Vickers has a flat fee commission for purchases below roughly $40,000. That fee is $30 U.S. per purchase.
If you were buying an ETF with just $200, you could do it, but you would be giving away $30 U.S. as a commission to do so.
SC, I believe, has a commission rate that’s far kinder to small purchases.
Nick says:
January 9, 2012 at 8:07 am (UTC 8 )
Hi Andrew,
Thank you for the reply. Yes I had just opened an SC e-savers account in order to facilitate the opening of the Online Trading Account. It charges 0.20% for trading in SGD and 0.25% for USD.
The only stumbling block now is the questionaire regarding transaction experience, history and knowledge of the mechanics of the market. As I have said, I am taking my first step into investment, hence I wonder if there are other firms that are more willing to open an account for a complete newbie like myself.
Also, because I am a Singaporean living in Singapore would you still recommend Vanguard?
I had just read your book, excellent read! It inspired me to take this first step to grow my future.
Warm Regards,
Nick
Andrew Hallam says:
January 11, 2012 at 3:38 pm (UTC 8 )
Thanks for the kind words about the book Nick. I’d be thrilled, of course, if you would write a review for the book on Amazon, if you have an account with them.
Your question about the account opening, as it pertains to your experience is definitely timely. It appears that the Singaporean brokerages are closing doors to new investors. In fact, a friend of mine who has used DBS Vickers for years, recently had to fill out a form to continue using the brokerage. It seemed (from what I could see) that she needed to be an accredited investor (someone very rich or experienced) to be able to continue using the account. This is an account with more than $400,000 in it, but she felt compelled to fudge the form today, suggesting that she had a net worth (assuming assets somewhere) exceeding $2 million.
Only Americans can use Vanguard, so unless you’re from the U.S., this won’t be an option. It sounds like your brokerage is closing doors to newbies as well, or at least making life difficult. Perhaps some of my other readers can help shed some light on this. I’ll soon be doing a thorough bit of researc on the matter, but perhaps somebody else has the info I’m looking for.
Anyone?
Thanks again for the kinds words about the book Nick!
Andrew
FFN says:
January 11, 2012 at 6:14 pm (UTC 8 )
Hi Andrew,
DBS Vickers is not really closing doors to newbies. It’s just that if they want to buy ETFs and a few others, they need to fill up a form. SGX came up with this ruling to protect the new investors and it came into effect from Jan 1, 2012. It applies to all brokers in Singapore. I googled “SGX SIP” and I found a site at http://hongjun.blogspot.com/2011/12/sgx-online-education-on-sgx-specified.html. Hope this helps.
Sean McHugh says:
February 27, 2012 at 5:47 pm (UTC 8 )
Hi Andrew,
A mutual friend is hopefully making her way towards you this very eve clutching a fistful of dollars so I can claim your book as my own.
I’m a teacher in Singapore as well, and I started out in this path on my ownio a few years ago, but was left a little bewildered by the sheer number of ETFs available and whether to purchase them through the SGX or the USA, I’m using DBS Vickers. The costs with SGX are less, but which do you advise? Feel free to ignore this question of it’s obviously answered on your book.
About the new regulations from MAS, anyone in Singapore who wants to trade has to undergo their online quiz – but it’s not so bad, and I’m guessing after they’ve read your book they will find it even easier. One top tip though, you can run the test in two browsers concurrently, so enabling you to ‘cheat’ as in refer to the relevant teaching material when answering the MCQs. I learn quite a bit, and passed the test. Hooray!
But … I’m still clueless about what ETFs to choose, but I’m hoping that will all change once my friend returns with our wise words clutched betwixt her slender digits!
AMG says:
January 10, 2012 at 1:04 am (UTC 8 )
Hi Andrew – purchased the book and read it this weekend. Thoroughly enjoyed and appreciate the links (kindle version). I feel empowered, and wrote my MLynch financial advisor and gave him a summary. Here’s his response below – think you and others will find of interest.
“Interesting, however, the timing of this now I believe is terrible with interest rates at the level they are at with bonds.The big question is would you stay with a strategy if it was down 10-20% when the market might be up 20%? Most would not.”
Andrew Hallam says:
January 11, 2012 at 3:42 pm (UTC 8 )
AMG,
I’m glad you liked the book.
Your advisor’s word choice reveals plenty. He used the word “timing”.
Research “market timing” and see what you can find.
Then find a reputable investment book that suggests people shouldn’t have bonds as part of a responsible portfolio. I don’t think you’ll find one.
There are good advisors who are compelled (for whatever reason) to sell expensive products. But there are uneducated advisors selling their ability to time markets and ignore the diversification of assets. Your advisor, unfortunately, sounds like he falls under the latter category.
AMG says:
January 10, 2012 at 12:22 pm (UTC 8 )
I’m looking at my company (Viacom) 401k options.
They offer a low-fee bond index plus a S&P 400 index…but the only intl funds have 0.65% and 1.10% fees. Would you ever invest in a fund with fees this high?
Andrew Hallam says:
January 11, 2012 at 3:45 pm (UTC 8 )
401K accounts can be great deals–especially if your employer kicks in a generous amount. You may not be able to get your entire investment account as “low cost” as you would like, based on the available options within the plan. So the only course of action is to ensure that it’s as “low cost” as it possibly can be.
GA says:
January 12, 2012 at 11:42 pm (UTC 8 )
Hi Andrew,
I could not put your book down. Read it in one day and it was amazing! My husband and I have been looking to invest for a couple years now but have been intimidated by the market and where to begin investing. Your book lays it out beautifully. Thank you.
My husband and I live in beautiful British Columbia where as you know the housing market is quite expensive. Would you recommend putting more towards your mortgage or investing in stock indexes? Also, I was doing some research online and noticed that VanGuard has opened up in Canada. Would you recommend to invest with VanGuard or still stick with the TD e-series index stocks if we are looking to invest 25k? Ideally, we would like to invest a small chunk of money every month or even twice a month so it is taken out of our bank account right when we get paid. Your advice would be greatly appreciated.
Andrew Hallam says:
January 13, 2012 at 7:52 am (UTC 8 )
Hi GA,
I’m thrilled that you found the book so useful!
Vanguard hasn’t really come to Canada in the same way it’s in the U.S., unfortunately. They have just offered some exchange traded funds on the Toronto Stock Exchange (ETFs). These are very similar to the products that my friend Keith owns, whom I mentioned in my book’s fifth chapter.
The e-Series funds are far more flexible, but the account won’t be easy to set up. TD bank will make it difficult for you, unfortunately. That said, it’s worth it.
Go to TD bank and open a RRSP investment account, using their regular indexes (they are more expensive than the e-Series funds). Then, once you have bought them and set up regular contributions, fill in the online paperwork to convert them to the e-Series funds. When setting up an appointment with the bank, tell them that you would like them to have the e-Series paperwork waiting for you when you open your account. They will print it off (as they did with my sister last month, in Victoria) and you would fill it out and patiently wait a short while for the indexes to be converted to e-Series products. Don’t let the rep scare you. He/She will NOT want you doing this.
Are you maximizing your RSP contributions each year? If so, and you have extra money (beyond the $5000 you can put in a TFSA account annually) then I would certainly put any extra surplus on your mortgage, rather than invest in non-tax sheltered accounts. Many aggressive savers/investors don’t do this. They open taxable investment accounts, hoping for better returns than they would make by (in comparison) paying off their mortgage.
I love what you said about my book. If you get a chance, would you mind writing a brief Amazon review? You could just cut and paste from what you wrote above! I’d love it! Thanks, and here’s the link: http://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069/ref=sr_1_1?s=books&ie=UTF8&qid=1324994093&sr=1-1
Novice Investor says:
January 18, 2012 at 1:21 am (UTC 8 )
Hi Andrew – My husband read your book, and then I read your book (in one day, I might add) and I’m riveted. Your book was so clear, compelling and empowering – thank you for sharing this! I want to do some reallocations now and cut some of the fat off my portfolio. I have a question – does it matter the type of account (IRA, brokerage, etc) for which you should be putting money away? I mainly have Roth IRA and my retirement funds and didn’t know if there is an advantage over either. Thanks!
Andrew Hallam says:
January 19, 2012 at 8:24 am (UTC 8 )
Hi Novice,
I’m glad you liked the book. I get really excited when someone finds this stuff out for the first time, and then they act on it to ensure the likelihood of a more prosperous future. It’s a thrill to hear that I’ve helped. Thank you!
Of course, maximize any IRA or 401K contributions you can make first. Those are taxed at friendly rates. Then, when you have added all that you’re allowed to add, then ensure that you put money into a standard non retirement investment account. They call them “non retirement” account, but essentially, you’re likely still saving for retirement. The non retirement account won’t be taxed as leniently, that’s all. This is why you fill up your contribution room in a IRA or 401K first (if your employer offers one).
In each account, you could have the same indexed portfolio, essentially. With some employer 401K accounts, unfortunately, they have restrictions, based on what you can invest in. If they don’t have an option to use Vanguard, you might want to politely ask your employer for that option. You’re not really a novice now–only by name on this blog. Talk to your friends and colleagues about this stuff, and you’ll find that you know much more than most of them.
Thanks so much for the really kind words about my book. If you wouldn’t mind, do you think you could paste them into an Amazon review? I’d love to see a review like that! Thanks Novice! Here’s the link: http://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069/ref=sr_1_1?s=books&ie=UTF8&qid=1324994093&sr=1-1
Novice Investor says:
January 19, 2012 at 10:32 am (UTC 8 )
Thanks for the response Andrew. This totally makes sense!
I’m going to write your review on Amazon right now. It’s the most I can do to repay you for this knowledge!
Andrew Hallam says:
January 19, 2012 at 11:07 am (UTC 8 )
I love the review! Thank you Novice!
I’m thrilled that you’re a teacher too. Whether you recommend my book in the future or a multitude of similar books, you’ll be educating other people. Teachers like doing that, and they’re good at it. That’s what we do. Thanks again!
Brian says:
January 30, 2012 at 6:02 am (UTC 8 )
I just finished your book and I’d like to thank you for the valuable lessons and concepts you presented. Like many people I did not know much about this important topic. I was ready to walk down the street and start investing with the “professionals” before I found your book… thanks again!
I am a recent graduate working as an engineer and I am now in position to invest. I am investing in my company’s 401k plan with an additional Roth 401k with Prudential. However, I know little about it. I looked at the allocations of the funds and I really don’t know enough to make logical changes. After reading your book I’m contemplating transferring that money out so it can grow through index funds. Is that wise or would having the 401k be a good supplemental investment? Also, my company does match to a yearly predetermined amount.
I do not have enough money right now to comfortably buy all three suggested index funds (as they are each $3,000 minimum with Vanguard). Which should I start off with while I save money? My instinct would say to start with the bond index, as it is stable.
Thanks, Look forward to hearing back.
Brian says:
January 31, 2012 at 1:56 am (UTC 8 )
I just finished your book and I’d like to thank you for the valuable lessons and concepts you presented. Like many people I did not know much about this important topic. I was ready to walk down the street and start investing with the “professionals” before I found your book… thanks again!
I am a recent graduate working as an engineer and I am now in position to invest. I am investing in my company’s 401k plan with an additional Roth 401k with Prudential. However, I know little about it. I looked at the allocations of the funds and I really don’t know enough to make logical changes. After reading your book I’m contemplating transferring that money out so it can grow through index funds. Is that wise or would having the 401k be a good supplemental investment? Also, my company does match to a yearly predetermined amount.
I do not have enough money right now to comfortably buy all three suggested index funds (as they are each ,000 minimum with Vanguard). Which should I start off with while I save money? My instinct would say to start with the bond index, as it is stable.
Thanks, Look forward to hearing back.
Andrew Hallam says:
February 1, 2012 at 11:24 am (UTC 8 )
Hi Brian,
I’m glad you liked the book. If you have a couple of minutes, and you wouldn’t mind posting an Amazon review, that would be awesome! Here’s the link: http://www.amazon.com/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069/ref=sr_1_1?ie=UTF8&qid=1328066430&sr=8-1
As for your question, 401K plans are superb, and you need to take advantage of it to its fullest. If there’s not a low cost option to invest with Vanguard through your 401K, see if you can ask your employer to offer it in the future. It would be the best thing for you and your colleagues. Having said that, even if they don’t offer such an option, the fact that your employer matches contributions is more than enough incentive to take advantage of the employee 401K plan as it is.
As for an additional investment, how about a Target Retirement fund. I mention them in Chapter 6 of my book. The minimum starting investment is just $1000 for that fund. And within that fund, you would have full diversification. Check out my 6th chapter again.
And thanks for the kind words about the book. If you have time, I’d love a review on Amazon, as mentioned. It really helps a lot. http://www.amazon.com/Millionaire-Teacher-Wealth-Should-Learned/dp/0470830069/ref=sr_1_1?ie=UTF8&qid=1328066430&sr=8-1
Thanks,
Andrew
Brian says:
February 4, 2012 at 1:25 am (UTC 8 )
Andrew,
Check amazon for my review. Glad to help spread the word!
Thanks for the response and advice. Thanks, I reread the chapter and for some reason overlooked that type of fund. The Target Retirement Funds will be a great way to save until I have enough money to manage the stocks/bonds to the allocations I’d prefer. I’m curious as to how they come up with the allocations of stocks to bonds versus the retirement dates they have established.
As for the 401k, you seem very keen on this investment, is that because of the tax benefits (plus the employer contribution which through my company amounted to $1,000 last year)? Historically are 401k returns comparable to or better than the index fund approach? I’m having trouble believing that the 401k will stack up against index funds managed they way described in your book and the given historical returns. Also, within the 401k are seven or so allocations which I know very little about. Can you point me in the right direction as far as making the most of them?
I can’t recall of the top of my head any 401k information in your book, but this would be a great topic for your next book!
Thank you,
Brian
Andrew Hallam says:
February 7, 2012 at 9:17 pm (UTC 8 )
Thanks for the review Brian!
As for the 401K, many employers actually give employees some options about where they want to invest. Vanguard is usually on the list. If Vanguard is not on the list, then I suggest that you collect a few workmates to petition for it. Once you have the Vanguard option, you can enjoy the employer contribution AND invest in the manner that’s suggested in my book. It becomes a double bonus.
If your employer won’t add Vanguard (they should!) then you should find the lowest cost funds within the 401K and build a diversified portfolio with those funds. But don’t give up on your employer offering Vanguard. Most open-minded employers who learn just a little bit about investing will offer Vanguard as an option. I believe that Vanguard is actually the biggest 401K participant in the U.S. Don’t give up on your employer. They will do the right thing if you show them the light.
Brian says:
February 20, 2012 at 12:44 am (UTC 8 )
Thanks for the 401k advice Andrew.
On a different note, I am looking to purchase a house/property in the near future (2-5 years), as the rental prices in my area are high. What would be the best way to save for this short-term goal while being able to withdraw money with the least fees and best chance of a safe gain?
Thanks again,
Brian
Andrew Hallam says:
February 20, 2012 at 6:37 am (UTC 8 )
Hi Brian,
A high interest savings account or CD would be best for that purpose.
Samuel says:
February 4, 2012 at 1:24 am (UTC 8 )
Hi Andrew,
This is a great site you have going here. I’m an undergrad based in Singapore looking to invest my first $1000 in collecting index funds.
Could I request that you have a look my investment plan to ensure I’m not headed to the rocks? I am currently looking at the iShare S&P 500 index fund which I gather can be bought through a brokerage account with DBS Vickers. I understand I will incur a high commission % (due to my limited investment) but I wish to pull the trigger anyway to build the habit.
But my first investment will be to myself; by buying your book! May I know whether you have it stocked locally (Singapore) or is your publisher in the US?
Warmly,
Samuel
Andrew Hallam says:
February 8, 2012 at 11:54 am (UTC 8 )
Hi Sam,
The book is available in most of Singapore’s bookstores.
As for your initial index (ETF) purchase you might find kinder commission rates for smaller investments at the Standard Chartered Brokerage instead of DBS Vickers. Good luck, and please let me know what you think of the book.
Andrew
Alex says:
February 6, 2012 at 5:39 am (UTC 8 )
Hi Andrew,
I’ve just started reading your book and am really enjoying it. I’m an American teacher working in London the last four years. I’ve been trading and investing for a couple of years now, so your book is ideal for me.
My fiance and I are looking to try to work in Bangkok. I’ve checked into the pay packages and with them paying for accomodation as well, it is what we need to get a start into our savings for a home when we decide to settle. Any advice on the international schools in Bangkok?
I look forward to reading the rest of the book and thanks again for sharing your experiences!
Alex
Andrew Hallam says:
February 8, 2012 at 11:56 am (UTC 8 )
Hi Alex,
ISB is an incredible international school in Bangkok, with one of the best packages available. After the low costs of living are considered, you’ll find that you can save a tremendous amount of money working at that school.
Good luck!
SV says:
February 7, 2012 at 5:22 am (UTC 8 )
Hi Andrew,
Just finished your book! Simple to read and easy to digest for the average person. I loved how your book has multiple examples real investors and how they were able to outperform the largest mutual fund companies.
After reading your book, I began researching index funds with Vanguard and realized they have an ETF option for the same index funds (VGSIX vs. VNQ) for a lower expense ratio. I called Vanguard to ask them the difference and they said you can trade the stock intra-day and must open a brokerage account. Obviously after reading your book I dont plan to trade intra-day but can you shed some light on the ETF’s vs. Traditional Index funds specifically through Vanguard. Would it be worth it to take advantage of the lower expense ratio. They also have an Admiral option but that requires 10,000 minimum.
Thanks
SV
Andrew Hallam says:
February 8, 2012 at 12:01 pm (UTC 8 )
Hi SV,
Vanguard has such low fees with its regular indexes, and such great convenience associated with deposits, reinvestments etc, that I would probably just go with their regular indexes. The differences will be minimal over the long term, and when your account grows large enough, the lower expenses of the admiral shares will kick in. And these expenses are extremely low, very comparable with the ETFs.
Thanks for the kind words about my book. I would be thrilled if you could spare a few minutes for an Amazon review. I notice that I have 49 reviewers. I would love it if you could make it an even 50! Here’s the link, in case you can: http://www.amazon.com/gp/product/0470830069/ref=as_li_tf_tl?ie=UTF8&tag=nextstep07-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0470830069
And let me know if you have further questions.
Andrew
andrew says:
February 29, 2012 at 10:36 pm (UTC 8 )
hi andrew , i read in your book that the price of bonds and stocks have an inverse relationship. but i’m still yet to found a bond that has an inverse relationship with the market as a whole. do correct me if i’m wrong, THANK YOU
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