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Afford Anything | Make Smart Money Choices

Andrew Hallam (Part One): How I Became a Millionaire on a Teacher's Salary

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 2 September 2019

⏱️ 65 minutes

🧾️ Download transcript

Summary

#212: It’s September!! If you’ve been listening to the show for the past few months, then you know that I’m on what I’ve dubbed my September Sabbatical, in which I’m taking a break from podcast production and traveling the globe. In light of that, we’re digging through the archives and airing some of my favorite interviews on the show, in between airing interviews I’ve done on other podcasts. First up is a two-part interview with Andrew Hallam, a teacher who became a millionaire in his 30s and reached FI in his 40s. How? Beyond investing small sums (we’re talking less than $100 per month) throughout college, he also saved half of his starting salary of $28,000. This episode is for anyone who thinks it’s impossible to reach FIRE on a low salary. I originally interviewed Andrew in January 2017, and we could not stop talking. Which is why our three-hour interview was divided into two parts. In this first part, Andrew shares his story - how he became a millionaire, and why he wanted to achieve FIRE in the first place. He also shares three principles from his book, Millionaire Teacher: Nine Rules of Wealth You Should Have Learned in School: Rule 1: Spend like you want to grow rich. (Don’t waste money on junk.) Rule 2: Use the greatest financial ally you have. (Time.) Rule 3: Small percentages pack big punches. (Avoid high-fee funds.) As for the other six, they’re coming up in Part 2. :) Enjoy! P.S. - We’ll return to our regular podcast production schedule in October!   For more information, visit the show notes at https://affordanything.com/episode212 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:10.4

Every decision that you make is a trade-off against something else and that doesn't just

0:13.1

apply to your money, it applies to your time, your focus, your energy, your attention.

0:17.1

Anything in your life that's a scarce or limited resource.

0:19.4

That leads to two questions.

0:20.4

Number one, what matters most to you?

0:22.4

Number two, how do you make day-to-day decisions that reflect those priorities?

0:27.8

What are these two questions?

0:28.8

Is a lifetime practice?

0:29.8

That is what this podcast is here to explore.

0:31.8

My name is Paula Pet.

0:32.8

I am the host of the Afford Anything Podcast.

0:34.7

It is the month of September 2019, which means this month we will be featuring two things.

0:41.7

Number one, we'll be featuring some of our favorite interviews and episodes from the archives.

0:47.8

Some stuff that I think was pretty great, but that happened early on in the lifespan of

0:53.0

this podcast that a lot of people haven't heard.

0:55.2

We're going to be featuring that this month and then we're also going to be featuring

0:57.5

interviews that I myself have done on other shows.

1:01.5

Today's episode is one in which we interview Andrew Hallam.

1:06.9

Andrew Hallam is a high school teacher who became a self-made millionaire.

1:12.0

As a little bit of background, when Andrew and I actually did this conversation when we

1:15.6

had this interview, this thing went on for three and a half hours.

...

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