Seriously, why weren't we taught this? + Why Didn't They Teach Me This in School? by Carl Siegel
- Montana Houston
- Jun 23, 2021
- 2 min read
In this post: The primer we need to understand IMPORTANT personal finance concepts, including credit cards, insurance, investing, student loans, and renting vs. buying. The complementary precedent to Millionaire Teacher.
Category: Money
Ramiah Recommended?
Yes! First, the review is finally here. Thanks for hanging with me so long after it was mentioned in Millionaire Teacher's review.
Second, this book is a great primer for (and overview to) the topics discussed in Millionaire Teacher.
Third, this book is as practical as they come. Please see the book notes for some great content from this book. In exchange, my actual review of Why Didn't They Teach Me This in School? is shorter than usual.
Whether it's renting vs. buying, credit cards, student loans, investing, insurance, and more, Siegel explains what they are and how to do them in fiscally responsible ways.
The book is structured in parts (e.g. Insurance) and 'chapters' in the form of principles. Most principles are 1-2 pages, so when I say it is a primer, I mean it.
In that same vein, this makes for a short and less intimidating read. These topics can be very overwhelming to read about, credit cards and interest rates alone have been the source of many of my chills. To get the quick & dirty in a few paragraphs make those chills seem like they should have been unwarranted.
Some of the most meaningful principles I found:
"Principle 15: Save/Invest 50 Percent of Every Salary Increase. 50 percent of your salary increase goes toward living a better lifestyle and 50 percent to save/invest more money for the future." 38
"Principle 16: Save 90 Percent of Every Bonus (or Non-Planned Income). Take a little bit of it (10 percent or less) and buy something you really want (not need!). Take the other 90 percent and save/invest it." 40
Something to be aware of, however: Siegel's advice, rather his delivery of the advice, will not sit well with everyone. At least, it didn't sit well with me.
Recall that Millionaire Teacher's Andrew Hallam had a more understanding demeanor. He breaks down concepts and encourages readers without judgment. I can't same the same for Siegel. In example, Siegel is pretty matter-of-fact: "There are really 'savers' and 'spenders.' Some people say they are 'spendaholics' and could never change. I beg to differ with them. They don't want to change" (pg 50). Siegel presents that the grasping and practice of these subjects are as easy as a flip of a switch, but to change one's money habits takes intention and patterned effort. Hallam conveys his understanding of this and doesn't convey as rash a judgment as I interpret Siegel has.
Regardless, you can't beat the brevity yet breadth of Why Didn't They Teach Me This In School? I recommend starting here then jumping into Millionaire Teacher.
Ramiah Reflects
My New Favorite Life Quotes:
(no life quotes here, folks).
Questions to Ask Yourself (and answer!):
What are your short-term financial goals? (See Principle 10/page 16)
What are your long-term financial goals? (See Principle 11/page 18)
Food for Thought:
What kind of tone from an author are you most receptive to when receiving advice?
Ramiah's Re-read When
Re-read when:
Making short term and long term financial goals
Renting an apartment
Buying a house
Purchasing insurance
Needing to negotiate rates
Needing a reminder to be fiscally responsible
Making your net worth statement
See below for my book notes:
Check out my other posts and book notes here.
Until next time!
Montana Houston
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