The Top Personal Finance Books for Canadians, is Andrew Hallam's Millionaire Teacher: the Nine Rules of Wealth You Should Have Learned in School. Choi called it an "almost [. . .] modern day version of The Wealthy Barber," so after reading The Wealthy Barber I was intrigued. So on payday I bought it for myself on Kindle (it's not available at the local library).
Millionaire Teacher is Hallam's explanation of nine rules he believes everyone should have learned in school about personal finances. Hallam is a teacher who taught personal finance. He laments that high schools teach advanced geometry but not basic personal finance, so Millionaire Teacher is really his attempt to spread his knowledge. Most of what he says is pretty similar to what other people have been saying in the personal finance books (spend less than you make, invest as early as you can, invest in low-cost index funds). But then he really gets into the nitty-gritty, looking at how you can build your own portfolio, or find good help in building your portfolio no matter where you live (he specifically focuses on the US, Canada, the UK, Australia, and Singapore). He has loads of data that he shares, all backed up by studies. And the studies overwhelmingly support low-cost index funds.
I learned a lot from reading Millionaire Teacher. So much so that my head was left spinning during a few chapters and I definitely feel like I need to eventually reread the book to better take everything in (and also once I have a slightly better understanding of some things he talks about). But don't let my need to reread Millionaire Teacher scare you off: it's a fantastic book on personal finance that I really think every Canadian should read.
Oh wow: as a side note, I have now read Choi's top three personal finance books for Canadians: Millionaire Teacher, Wealthing Like Rabbits, and Stop Over-Thinking Your Money! I don't think I'll be getting through the other two honourable mentions any time soon though because there are a few other finance books I'm interested in reading first.
6 days ago