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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

#60: Andrew Hallam grew a million-dollar investment portfolio on a schoolteacher's salary by his mid-30's. In his bestselling book, Millionaire Teacher, he describes these nine lessons in detail. He shares these nine rules on this podcast, and his ideas are so substantive that -- for the first time -- I decided to release his interview as a two-part series. In last week's episode, Andrew shared the first three rules of building wealth. This week, Andrew dives into the final six rules that can turn middle-class people into millionaires. Here's a sneak peek:     •    #1: Learn how to think and spend like a millionaire.     •    #2: Start investing early. Time is your greatest investment ally.     •    #3: Choose low-cost index funds. Small fees pack big punches.     •    #4: Understand your inner psychology. Conquer the enemy in the mirror.     •    #5: Learn how to build a balanced, responsible portfolio.     •    #6: Create an indexed account, no matter where you live.     •    #7: Don't resign yourself to taking this journey alone.     •    #8: Inoculate yourself against slick sales rhetoric.     •    #9: If it sounds too good to be true, it probably is. These rules may sound simple, but our discussion took an advanced turn. Andrew and I dive deep into thorny topics like hedge funds, casinos, and human psychology. Enjoy this two-part series, and don't forget to check out Andrew's excellent book, Millionaire Teacher. 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.

0:10.8

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

0:13.6

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.

0:22.6

Number one, what matters most to you?

0:24.6

Not what does society say ought to matter most, who cares?

0:28.8

That actually matters most in your life.

0:31.2

Number two, how do you align your day-to-day decisions in accordance?

0:35.0

How do you live on a daily basis in a way in which you're spending decisions and your

0:39.6

earning decisions align with your priorities?

0:43.0

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

0:47.1

to explore and facilitate.

0:49.0

My name is Paula Pant.

0:50.0

I am the host of the Affordable Care Foundation.

0:52.6

And I am on what I am referring to as the September sabbatical.

0:56.6

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

1:01.2

I was in Croatia for a week, Slovenia for a week, and now I am spending one week in Washington

1:05.9

DC.

1:06.9

I am recording this from on stage at a conference called FinCon, which is a conference

1:12.1

for people who create digital media around personal finance and financial independence.

...

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