Ray Hoger | Chair , Pension & Financial Wellness Committee , ARTA

Andrew Hallam is a former schoolteacher who has written the international best-selling books Millionaire Teacher and Millionaire Expat . He has written columns for numerous financial publications in North America .

Balance is full of humorous stories , references to various scientific studies ( over fifteen pages of notes ), and numerous tables full of numbers . All these reports , statistics , and wonderful stories are threaded together to make a compelling and entertaining read .

Hallam introduces us to his philosophy of a successful life — he sees it as a four-legged table . Those four legs are enough money , strong relationships , and solid physical and mental health , all wrapped together to provide a sense of purpose .

In the first few chapters Hallam examines what he sees as society ’ s views of money and the pursuit of material things like fancy cars or bigger homes . According to Hallam , those pursuits may be knocking us out of balance . He believes we should focus on creating memorable experiences with friends and loved ones rather than

getting more or bigger “ things .” These beliefs are backed up by some solid scientific studies . He discusses building solid social relationships , and shows how kindness , generosity , and positive social interactions can lead to a longer , happier life . If we take time to appreciate what we have and less time dreaming of keeping up with our neighbours or chasing the next promotion ( at the expense of family time ), we will be happier and healthier . An interesting point ( and chapter ) deals with the idea that we can have anything but not everything ! Hallam discusses the idea of prioritizing spending in a way that allows us to maximize our level of life satisfaction .

The middle chapters , six through ten , focus on how and where you should invest all the money you are saving by following the ideas of the first part of the book . There is no need to spend hours on analysing stocks , tracking the market , or staring into crystal balls . There is no need to interview , evaluate , and pay a broker to recommend individual stocks . There is no need to invest in a savings account that typically pays less than the rate of inflation . Hallam is an advocate of Exchange Traded Funds ( ETFs ) and regular , disciplined deposits into your ETFs . Mutual funds are the traditional vehicle for those with no interest in analysing and picking individual stocks . A mutual fund may invest in multiple companies , in just one country or perhaps multiple countries . It may invest in a specific part of the economy or across a wide spectrum of the economy . Hallam points out that ETFs provide similar qualities ( broad based , multi-country , etc .) but at a fraction of the cost of traditional mutual funds . The book dedicates several chapters to explaining in an easy , simple to understand manner why ETFs are superior to mutual funds . Hallam also discusses who you should talk with to buy the ETFs . There are many options available such as full-service brokerages , discount brokerages , and fee-only financial advisors .

These middle chapters also discuss Robo-advisors

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