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

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These super funds invest based on your age. In simple terms, they automatically reduce the amount of riskier assets, like shares, in your portfolio as you get older and closer to retirement. The Barefoot Blueprint – Take the Next Step". Archived from the original on 10 August 2013 . Retrieved 7 October 2013.

Pape has also hosted and produced the shows Money School and Money Movement for Foxtel. [6] Newspaper column [ edit ]They happen, after all, on average every 10 years, and the last one (discounting the Covid-induced flash-crash) was 14 years ago.

Many readers have achieved amazing results by following the Barefoot Investor system — for young families looking for a straightforward guide to achieve financial freedom or simply improve their bank balance in the short term, Scott Pape’s money guide has proven to be a game changer. Many finance books make the bold claim that their system can produce life changing results — but in this case, there is plenty of proof behind the claim, as the many loyal followers of the book can attest. Gain control over your money His weekly finance column, syndicated in News Corp papers, and his newsletter (sent to clients in his financial advisory firm) helped with book sales, but Pape’s approach to publishing has been novel from the start. He put his current book out to tender, paying publishers to print and distribute it, but he retained ownership of all the rights. This is in contrast with a typical publishing deal, where authors get an advance on royalties but a much smaller cut of any profits. Invest for your kids or grandkids, by starting early and adding small amounts regularly, compound interest can give them a great head start in life when they're ready to be financially responsible. It’s another nail in the coffin for hopeless funds that should have been shut down long ago … and that’s good news in my book. It’s not perfect, and only covers MySuper products at this stage (more funds will be added over time). And the data on the dud funds won’t be out until later in the year … but it’s a great first step. 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.

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. And that one bit of information is incredibly valuable: it can stop you from having hundreds of thousands of dollars of your retirement savings smoked by high fees and poor performance. 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. It works like this: our 17-year-old apprentice would start out aggressively invested in shares to build her nest egg, and then throughout her working life the fund would gradually – and automatically – become more conservative to protect her nest egg by beefing up her defensive assets like cash and fixed interest as she nears retirement. It is an inspiring book, well-written with a wonderful sense of purpose, and most importantly imparts practical and easy-to-implement advice, which is what we are after in the first place.

In 2016, Scott released a new book, The Barefoot Investor: The Only Money Guide You'll Ever Need, which has become the best selling finance book in Australia. [ citation needed] 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. 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. Not only are their figures much more attainable, they’re based on ABS research on what Aussie retirees actually spend.

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I meet a lot of old people who end up at the end of their life owning their home, but have nothing else to live on. I also meet a lot of older, divorced women who don’t have a home or enough super. 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. This is a really great read. It’s a finance book but just so... altruistic. It’s sure to make a lot of financial planners and bankers mad, with clear explanations of all the ways we’re getting ripped off. It’s also really easy to read and the author clearly has a good understanding of what average Australians are like, based on the thousands of people he’s talked to about their finances. I also like that it applies to almost anyone who has a job, from teenagers to those about to retire. 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.