The Barefoot Investor: The Only Money Guide You'll Ever Need

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Just understand a couple of things: first, the term ‘ethical’ is about as loose as an over-28s nightclub, so you need to dig in and see what they’re actually investing in, and whether it fits with your worldview. If you have read Pape's previous books you may be disappointed as this book is a lot of the same, however the influence of Pape's own experiences in life have clearly shaped the changes in this edition as we can see his perspective is now far more family focused with new chapters on leaving a legacy for your children and notes on insurance that will protect your family if something happens to your income. Most of the stuff we buy ends up in the garage/garbage in a landfill and is a waste so stop buying so much stuff Every country has their own version of Dave Ramsey’s Total Money Makeover. Australia has Scott Pape, also known as The Barefoot Investor. He grew up on a farm, where he learned to love the simple life. Pape tries to get his readers into the position of the secure middle class, which in these days of insecure, short-term contract work and bloated house prices can be a lot more difficult than it looks. How can ordinary Australians buy a house, take an annual holiday, enjoy treats like going out for dinner, save some super for their (increasingly) old age, have a buffer for tough times and invest when they have some leftover cash? When you see all your worldly possessions burn in front of you, it changes your perspective on ‘stuff’ Scott Pape

This book is amazing. It's clear, practical, effective and an easy read. After reading Unshakeable and MONEY Master the Game: 7 Simple Steps to Financial Freedom, this was a bit more easy to implement as it is specifically targeted towards Australia, where the above two books are targeted towards the American economy. Additionally, Scott provides advice that is easy to action. Depressingly, Treasury figures show that almost half a million people under the age of 30 have accessed their super. Now I understand the motivation to own a home, but I don’t really like raiding your super to do it. In this case, if you’ve satisfied the requirement for early release, it also means you need to work on boosting your income so you can get a loan. Pape avoids complicated Jargon that can often be off putting to new comers and instead lays out a set of simple yet actionable steps that anyone can follow. He argues that with just a few minutes each month and a few small tweaks to the readers lifestyle and money management habits anyone can begin to build long term wealth by following his principles. I strongly encourage any reader to put his steps into place as the immediate effect of these actions will hardly be felt yet the long term benefits will see you living a healthier, wealthier and generally leas stressful lifestyle. He also fails miserably when talking about the "average wage", and bases some of his advice around the idea that a lot of his readers will be (or should be) earning around that amount of money, which is obviously wrong. Use the median wage, perhaps? There were other instances in the book where he distorts the truth to get his message across. Probably well intentioned but ultimately not helpful.Last month they received regulatory approval to launch a super fund. They're still fine tuning things, but later in the year they expect to launch a target date index super fund that will automatically adjust your portfolio all the way through to your 85th birthday.

He's big on people freelancing and giving up massive amounts of their time to try and pull in some extra money and very dismissive of the criticisms that not everybody can or should freelance. I work in healthcare, I can't exactly start running a clinic out of my garage now can I? and why would I want to? Money is awesome and all but honestly, living within your means and having free time to spend with friends and family is more awesome. Mojo. An account with a separate bank, where all extra cash goes, for example from overtime hours or a garage sale. Scott Pape OAM (born 1978) [ citation needed] is an author, television presenter and radio commentator focused on personal finance. He is best known through the persona, The Barefoot Investor. The key to building long-term wealth is to spread your money around: property and shares (through super). I think this is great news for every Australian – regardless of whether you switch to Vanguard or not.

Smile. Send 10% of your salary into this savings account with the high interest. This is for long term saving on something that'll make you smile. Think travel, some high end experience or perhaps a more expensive luxury item/service. The main message I took from this book is that small actions (such as changing superannuation company or your bank) can have a big impact on your long term financial well being. It sounds like you have an awesome dad. So learn from his wisdom, plan for the worst, and hope for the best. First, you should only raid your super as a last resort: if you’re in genuine hardship and you can’t pay your bills.