To become wealthy, says investment adviser Andrew Hallam, heed nine rules about managing your money. His primer offers sound, basic, practicable advice. He favors index funds, opposes certain types of financial advisers and advocates commonsense investing. He covers the basics, like if you consume less, you will have more money to invest. Avoid scams and fads. Understand how your feelings can undermine your savings strategy. And remember that most people have a greater chance of beating Roger Federer in a tennis match than they have of successfully “timing the market.” While never offering investment advice, getAbstract recommends Hallam’s clear, solid guidance to those who are just starting to invest or seeking to improve their current investments.
In this summary, you will learn
- How to implement nine rules that can help build your investment portfolio,
- Why long-term investments are more effective,
- Why index funds are a better investment choice than actively managed funds and
- Why an adviser might try to talk you out of index funds.
About the Author
Andrew Hallam worked as a high school teacher and taught personal finance and English. Now, he writes investment columns. He and his wife travel around the world speaking on investing.