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

Product Information

Freelance and earn money through others stream, if it's your passion that you're working on or the opportunity arises to let go of your current job in favour of the freelance work, go for it, but at the right time. Working for yourself is favourable to working with a boss, so when your side hustles get to the points that they can match your 9-5, let go of the 9-5 and double down on your hustles. So let’s hope the top-performing funds – who collectively invest for millions of Aussies both young and old – take heed of this new type of offering and build something even better for their members. Losing everything changes your focus,” he says. “When you see all your worldly possessions burn in front of you, it changes your perspective on ‘stuff’. It made me realise the only thing left is memories and experiences. Everything else is replaceable.” The financial advice is basically common sense. There is nothing in it that is particularly groundbreaking or revolutionary. It's essentially reduce debt, save your money and invest in your future. Mojo. An account with a separate bank, where all extra cash goes, for example from overtime hours or a garage sale.

Virgin Atlantic is not the same as Virgin Money. It’s just another one of Richard Branson’s many Virgin brand extensions. (He once tried Virgin Brides — a wedding dress business that didn’t survive its honeymoon). Virgin Money is actually owned 100% by the Bank of Queensland. 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. 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. 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.In 2018, Pape released a financial book aimed at children's finance titled The Barefoot Investor for Families. [4] And I still have PTSD from the GFC. People on the verge of retirement wrote to me in tears as they watched the value of their super dissolve in front of their eyes. They had no idea how much risk their super fund was taking … until the market crashed. I say ‘almost’ because most of the current funds have their target date set at age 65, when you retire. (If I was a cynic I’d say it’s set at that age so you go see a financial planner.) Fire Extinguisher. Send 20% of your salary into this high interest savings account. This is called the fire extinguisher because the idea is to point it wherever you want and let it work its magic. Think eliminating debt or saving for a house.

First, there are people who are using it for the purpose it was intended: maybe they’ve been laid off or have lost hours and they want a cushion for what promises to be a very long winter. So the beginning of this was a bit 'rah rah' motivational for me... with lots about the author's personal scenarios on his farm (there was a fire) and more to do with alpacas and planting trees. Once we got past the metaphorical though, this book got extremely useful, very practical, and it got there fast. Personally, as a strictly low-cost index fund investor, I have very little sympathy for super funds that underperform the benchmarks over the long term. Even so-called ethical funds like Christian Super. Fact is, there are low-cost index funds that will screen out unethical companies. Use them instead. Then donate the extra money you make to causes that you’re passionate about. The option to invest your money into a high-growth index fund.And no life insurance until you have dependents (cats don’t qualify). This is, admittedly, a little higher than my Don Bradman figure, but that’s mainly because I encourage retirees to keep working at least a day a fortnight to supplement their income.)

Let’s Chat …

Yet what’s also true is that your mother is not “an ordinary Australian” and she does not have a “little nest egg”. She’s got more cheese stuffed in her super than 99.5% of the population! 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.