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. Yet, while I’ve got the tin-foil hat on, let me tell you that for well over a decade the super industry fought tooth and nail against laws that required them to disclose to investors where they were investing their money. Here’s the deal. There are two ways to invest ethically within super: by choosing a dedicated ethical fund, or by selecting an ethical investment option within your existing fund. Now, no one can predict the future, yet you should internalise the real message your old man is giving you:

Wally leaned in … and it went on … and on, and on, and then took some weird tangents about Bill Gates. (Why is it always about Bill Gates?) Regardless, there’s a very good chance your super fund has dumped any Russian assets it was holding. Since the start of the crisis, most funds have written off hundreds of millions of dollars of Russian investments. Yet the only way to be really sure is to call your fund and ask them. Also, he continually brings up how he had a fire and lost his house and had to start from scratch. But at one point he says he had insurance for all that and was handed a very large payout. So honestly he never had to use his "fire extinguisher" and start again with nothing. That's rubbish. Pape is out of touch. He has a 'pull yourself up by your bootstraps' mentally that is unrealistic. For example, he recommends a side-hustle (feeding into the toxic work culture that already exists around buying a house). He specifically calls out my profession - teaching. I should start tutoring. Okay, with a) what time? and b) what students? I am already putting an insane amount of hours into my job. Taking on extra responsibilities would mean sacrificing my teaching standards. I also live in a rural area. The kids here can't afford tutoring. This is just one example.Scott Pape grew up in Ouyen, Victoria, where he held odd jobs – once being paid by his father with a single BHP share. [1] He later attended La Trobe University, receiving his Bachelor of Business degree in 2001. In 2003, Pape presented a weekly finance show for young people on SYN Radio in Melbourne. Hopefully now that one of the world’s biggest fund managers – with a relentless focus on lowering costs – has set up shop, they’ll keep everyone on their toes. In 2004, Pape wrote a book, The Barefoot Investor: Five Steps to Financial Freedom, which was released in Australia in November of that year. [2] It has since been republished, revised (as recently as 2020) and is now sold throughout the world. [ citation needed] Also, not a fan of all these different bank accounts he says to make for this and that. It makes it so much more complicated than it needs to be. Much easier to keep it all in one good interest account and make sure there's enough there for emergencies (which he calls mojo) etc. You’re an awesome, well-meaning dad trying to help out your kid, and it’s a disgrace that it’s this hard.

One thing I disagreed with him on was he believes that paying off the smallest debt is always the best way. This might work on people with mounds of debt that feel hopeless and need a confidence boost on paying off one of the debts and cutting up the credit card. BUT... rationally and logically it's always best to pay off the debt with the highest interest rate first... I also couldn't stand all his hypothetical 'this is me, this is you' dialogue throughout, and I'm unconvinced about using Tinder as a metaphor for the best approach for finding a financial advisor. And Barefoot 'date night' as a single person? Taking yourself out for dinner to look at your own bank accounts and superannuation and calling it a 'date' is kinda just sad - although, granted, it is probably a more exciting way to spend an evening than going on a date with Scott Pape himself. Well, you won't be overwhelmed with a bunch of 'tips' … or a strict budget (that you won't follow). The Barefoot Investor has a weekly spot on the Triple M Melbourne's The Hot Breakfast. [7] He also appears on ABC Radio's Nightlife program, [8] and appears on SYN Radio from time to time.

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Scott Pape is pretty funny and entertaining :P Richard Branson was right that he makes finance fun lol BUT... this whole book is based on Australian rules, government rules, finance rules, culture, housing marking, etc which is completely useless to me and the majority of the world lol =/

Still, that’s how most of our biggest super funds roll: they throw everyone – young and old – into a one-size-fits-all investment pot.Save a 20% deposit using your fire extinguisher to avoid paying Lender's Mortgage Insurance. If in a serious relationship, live off one income, and allocate the second income purely to saving for the house. 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. You'll get a step-by-step open this account, then do this; call this person, and say this; invest money here, and not there. All with a glass of wine in your hand. He also appeared as the financial expert on the SBS show The Nest in 2008. Pape was also previously a regular guest on The 7pm Project. The key to building long-term wealth is to spread your money around: property and shares (through super).