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

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He doesn't half like to waffle on about himself and make crap jokes. I really don't care that he shops at Harvey Norman, what kind of pillow he has or that he didn't care for his wife's first oven. Is is a finance book or a biography?

Look, I'm not great with money. I have managed to save some when I've needed to, but usually I'm the kind of person that wants to spend, spend spend. As I found myself unemployed, borrowing money to pay for rent and food and feeling bad about life, I also found Scott's book. This book motivated me to take control of my finances more so than I ever have before. It showed me the mistakes I've made in the past with money and how to correct them. It taught me how to structure my bank accounts and how to be smart with my income so I'm able to handle financial fires when they happen (like not having a job). It taught me the importance of superannuation, allowed me to weigh up the benefits and negatives of property and introduced me to the world of investing.Reason being, in the current climate there’s a very real possibility that you could be underwater for many years. My dad and I are classic doomers. Dad would often speak around the dining table about the looming subprime mortgage crisis — among other things, like public debt, and the devil in credit cards — when I was a teen. Now I am a Millennial who turned 30 this year. 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.

Ideally, you’ll host your money with a bank that offers you accounts with a zero card and ATM fee, good interest savings accounts, and online-only accounts. These vary from country to country. In The Barefoot Investor book it recommends using ING if you’re in Australia. First, Vanguard has said they’ll look to lower their fees over time as they grow. I’m inclined to believe them, because that’s what they have a history of doing. Neil, a suburban accountant, wrote to me saying: “You’re nothing but a government stooge for promoting their tools. You should be ashamed of yourself. You disgust me.”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. And, so long as he’s invested in decent, low-cost products (no expensive actively managed funds), he’ll be fine. 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. If you only ever read one personal finance book, make sure it is this one. Scott Pape once again blows every expectation out of the water with his latest book, a definitive introduction to personal finance.