I’ll break down these lessons individually. Accelerate your retirement planning through using index funds.Knock out your credit card debts first before paying off the rest.
Use various bank accounts to better manage your money (I do this).The more practical elements of the book are, surprisingly, very simple. Even today he continues to live the simple life in the country, despite having a substantial net worth. It’s clear that Scott’s farming background is evident inside his book. Harvesting the returns in many years to come.Planting the seed for your financial future.Scott Pape has organized The Barefoot Investor in 3 core sections: I’ve reviewed the book quite extensively over the past 11 years. You don’t need to see your best mates new car or trip overseas in business class. I use my modest online income to stack on the side.įurther still, I regularly recommend people to disconnect from social media. Today I still own a sub $10k car with all the features I need (cruise control, cold aircon for Queensland, 5-star ANCAP safety rating) and my weekly expenses are very marginal. If starting a business requires you to put it on a credit card, then simply don’t do it. While I recommend starting a side hustle or home-based business, going into debt is almost a terrible idea. While there are many quotes worth sharing from the famous Scott Pape, I believe this one takes the cake:Īin’t that the truth. That’s still just roughly 4% of our population. Now today, more than 500,000 copies have been sold across the country. That is – you still need to work to achieve the results you’re looking for, which for most people, is the reduction of debt and financial freedom (this definition varies massively between individuals).Īs one of the early adopters of The Barefoot Investor, I’ve seen this book influence tens of thousands of lives. Scott’s book is on the back of the tried and tested formula of WORK. We’re talking those driving unaffordable luxury cars with big houses.) You won’t find Scott proposing that you can “manifest your riches” or “the universe brings you everything” 😅, instead he proposes the simple life without the need to keep up with the Jones’s. The Barefoot Investor is purely no-BS or fantasy. If you’re ready for a new journey through life, then you’ve found just the place. This book in addition to several others has, without a doubt, literally changed my life. I first picked up Scott Pape’s book in 2009 while living in Adelaide. The Barefoot Investor Book Summary by a local reader The five accounts are for different purposes, but all have a common requirement - no fees! Open up Frollo and under the Accounts Tab, tap on the Transactions Header.25 Word Summary: The Barefoot Investor book brings forward a simple system where its readers can eliminate debt, live presently and retire comfortably. You might have been putting this first step off for years, but as Scott says “.if you’re going to create an amazing life that isn’t dictated by financial fears, you’ve got to work together…There’s no time for indecision, you’re fighting for your family.” Barefoot bankingīy the end of the first date, Scott wants you to have five accounts set up for different purposes - which ordinarily would be a lot of work - so let Frollo make it easier:ġ. Make sure you’ve linked up all your accounts - including those easy to forget Super and Investment accounts. Take Frollo with you on your first money date night - you can’t talk about where you want to be in the future with an incomplete picture of where you are today. (And like Scott, we don’t get a referral for our recommendation!) Your first (barefoot) date
If you haven’t heard of Scott’s work - then buy the online version of his book right now - it’s worth it and an effortless read.
#Barefoot investor daily expenses how to
So let’s start at the beginning, and we will show you how to put in action the two main sections of “ Step 1 - Schedule a monthly barefoot date night” with a little help from Frollo. Scott’s book is ordered into a highly effective nine-step plan and as he says “they are intended to be nine steps, followed one by one.” At Frollo, we’re huge fans of the Barefoot Investor - in fact, we love anyone helping Australians get ahead with their money.
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