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Afford Anything | Make Smart Money Choices

Andrew Hallam (Part Two): The Nine Rules of Wealth You Should Have Learned in School

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 6 September 2019

⏱️ 104 minutes

🧾️ Download transcript

Summary

#213: 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. If you missed the last episode, you might want to listen to it before diving into this one, as Andrew and I go into the finer points of investing here. Seriously. This is one of the most in-the-weeds shows I’ve done to date. If you’re playing catch up: Andrew Hallam is a teacher who became a millionaire in his 30s and reached FIRE in his 40s. His starting salary was $28,000 - net. If you want to know how he did it, and what his first three rules of building wealth are, then listen to episode 212. Otherwise, tune into this episode, where we review his six other rules that can turn middle-class people into millionaires: Understand your inner psychology. Conquer the enemy in the mirror. Learn how to build a balanced, responsible portfolio. Create an indexed account, no matter where you live. Don’t resign yourself to taking this journey alone. Inoculate yourself against slick sales rhetoric. If it sounds too good to be true, it probably is.a While these rules sound simple on the surface, Andrew and I go way beyond that, talking about hedge funds, human psychology, and casinos. This was a favorite among listeners back in 2017 and it’s one of the most enjoyable interviews I did. I hope you enjoy! P.S. - We’ll return to our regular podcast production schedule in October! For more information, visit the show notes at http://affordanything.com/episode213  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.

0:10.0

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

0:13.5

just apply to your money.

0:14.9

It applies to your time, your focus, your energy, your attention.

0:17.4

It applies to anything in your life that is a scarce or limited resource.

0:20.7

And that leads to two questions. Number one, what matters most to you? Not what does society

0:25.6

say ought to matter most? Who cares? What actually matters most in your life? Number two, how do

0:32.4

you align your day-to-day decisions in accordance? How do you live on a daily basis in a way in which your

0:38.4

spending decisions and your earning decisions align with your priorities?

0:42.8

Answering these two questions is a lifetime practice, and that is what this podcast is here

0:47.1

to explore and facilitate.

0:48.9

My name is Paula Pan.

0:49.9

I am the host of the Afford Anything podcast, and I am on what I am referring to as the September sabbatical.

0:56.5

So in the month of September 2019, I am taking the month off and I'm traveling.

1:01.2

I was in Croatia for a week, Slovenia for a week.

1:03.9

And now I'm spending one week in Washington, D.C.

1:06.2

I am recording this from on stage at a conference called FinCon, which is a conference for people who create

1:13.1

digital media around personal finance and financial independence. So I'm recording this from

1:18.1

the conference room floor in Washington, D.C. What you are about to hear in today's episode is

1:24.9

an interview that I have done with a guy by the name of Andrew Hallam.

1:30.0

Now, Andrew Hallam is a school teacher who became a millionaire.

1:34.6

On Monday's episode, so the most recent episode that just aired prior to today's episode,

...

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