Around 12 years ago, I bought my first ever personal finance book, Scott Pape’s ‘The Barefoot Investor: Five Steps to Financial Freedom’.
Now, over a decade later, The Barefoot Investor has released his second book, ‘The Only Money Guide You’ll Ever Need’.
“Woah!” I thought when I saw the new book title, “‘The Only Money Guide You’ll Ever Need’? That’s a bloody big call Scott Pape!”
However, unlike most movie sequels, this book is actually, well… good.
Scott’s ethos is one that I share: those that get into debt to maintain a façade of wealth and status by buying fancy cars and houses they can’t afford will never be financially independent.
How does it work?
Far from providing readers with unrealistic goals or vague motivational speaker type babbling, The Barefoot Investor puts you in a position to live life on your own terms, or to use Scott Pape’s own phrase, “tread your own path”.
‘The Only Money Guide You’ll Ever Need’ is divided into three sections: planting, growing and harvesting your wealth. These sections will help you tackle banking, superannuation, insurance and debt through a series of regular date nights (with yourself or with your partner) coupled with Scott’s own quirky suggestions of what type of restaurant to go to and what food to order.
There’s nothing vague about Scott’s plan, and this is what makes the book different. He tells you what bank account he uses, which super fund he invests with and how to decide what insurance you actually need and who to buy it from.
The Barefoot Investor advocates for Australians buying their homes in order to “get the banker off your back” and salary sacrificing superannuation not only for the tax benefit, but so you will live a comfortable retirement.
Who should read it?
While probably best aimed at people in their 20 and 30s, The Barefoot Investor also offers valuable advice for those closer to retirement, with a plan to live comfortably even if you haven’t taken control of your finances at an earlier stage.
This book is super easy to read and contains tangible steps that will make a substantial difference to the future of any motivated reader.
Should you buy it?
I have lent my copy to multiple friends, and have bought copies as gifts (you owe me Scott Pape). I can’t give a better endorsement than that.
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