Have been looking for this book specially with current price hikes and how to survive, hence hoping this would give me wisdon on to survive this tought imes.
CamelCamelCamel.
What are you doing step-toe?
(Actually I thought it was funny)
xhanatos -> Nailed it on the head, the aim of the book is to make you a savvy consumer, not to make Scott Pape richer.
In true OzB spirit, and to make Scott Pape proud by demonstrating that we have learned the lesson will be not to buy any new book but instead share/give away if you have already read your existing copy.
$19 was the best money I have ever spent in relation to finances. This was 3 years ago. I swear by it. Changed my life.
It’s all common sense, but he spells it out for you in simple, bite sized chunks.
Pape should be teaching financial literacy in schools and not dollamites who brain wash kids and set you up into a credit trap when you turn 18.
This book is more annoying than anything to anyone that actually works in finance. You have to debunk the dumb shit and ask someone why they have 19 bank accounts.
@Vote for Pedro: Who is the target market? Do you think I could sell a book to these people that said drink water instead of sugary drinks and get 8 hours sleep? It's all very basic and if you don't know that as an adult you are probably already in for a world of hurt. The book isn't good and I have read it to make sure I am having a non-bias opinion. Yet it is my opinion so doesn't mean it is fact…
@sprucemoose92: i have a bank account for my day to day, my home and my investment properties. This means i can use them as offset accounts and all transactions relating to that property are organised and easy to follow up for tax time an accounting purposes.
@jt0505t: yeah, I can see how that makes sense nor would I disagree with that logic as to why you have three accounts. I'm talking about when someone has a rego account, a gift-giving account, and some other bs things that honestly should be in one account.
@sprucemoose92: It helps with discipline seeing different buckets. We are visual creatures.
When my cash was going into one bucket I was not saving. Now there are separate buckets, it just stays put.
And I consider myself financially savvy. I compare prices and am on the best deals for home loan, electricity and so on. The book was a godsend.
You really think this is the book, at $19 a pop, that will make him that much richer vs the financial advice aspects of his business and trading?
*I think he’s called it quits on advice and trading and is spending time on financial literacy education.
Don't even have to walk to a library.
Libby app -> add your local Australian library -> lookup and borrow -> save $19
I'm sure he'd like me to torrent it instead.
Any important differences with the 21 and 20 editions?
ING no longer the recommended savings account.
(j/k, never read)
TL: DR
-salary sacrifice and more super,
- don't buy discounted shit over christmas or it'll be rubbish around feb,
-don't eat out, buy a house,
-buy stocks, buy crypto?,
-retire and enjoy your 5% annually.
die?
Respectfully, I wholeheartedly disagree with your simplification/summary. 4 years ago my wife and I read this book, followed the very specific advice chapter-by-chapter and now find ourselves in a far better financial position as a result. Every time this book comes up, invariably comments follow to the tune of "this is all common sense".
It occurs to me that some of the people who neg this book (in vote or comment) already know what Scott Pape is trying to teach, but (unfortunately) assume that the ideas contained within should be obvious to everybody else.
We didn't benefit from the "common sense" of our well-wishing friends, colleagues and family for the first 30yrs of our lives. We didn't even benefit from hearing generalisations or summaries such as the one you've provided above. We benefitted immeasurably from the advice and specific plan/instructions in this book.
YMM definitely V
Being on OZb probably not good for your bank balance?
Nah, love OZb. But now I only spend my 'splurge' $ 😉
@MattyD: MattyD I assume also the ‘smile’ account, like me? 😁
Great to hear you’ve benefited from barefoots plans/instructions. I find the seperate bank accounts very useful to help with financial discipline.
A tip I have for barefoot peeps or anyone who want to avoid impulse purchases on OZb, and want to intentionally obtain discounts on sales items. Is to set periodical schedule, rather than checking the site impulsively.
I check OZb once a week, on Saturdays (today, right now 😉). Plus also utilise the search alert/email alerts by setting the products brands your interested in (e.g. I’m waiting for ubiquity UniFi Wifi 6 Access points to go on sale).
I also do the same for social media, checking each maximum once per day. That way we can limit what the clever human behaviour technologists at Instagram, TikTok, Facebook and other social media companies trying to integrate their manipulative products into our emotions and moods like boredom and seeking connection.
Even of what you're saying is so, this plonker brings out a new version every year with little changes to the content.
So ozbargainers could save money by simply reading a copy at their library that fill this guys bank account even further.
I guess that's why i asked above if there are any significant differences. He doesn't appear to push the new edition to people who already have an older one, (unlike apple with the iphone).
I know plenty of people who have a copy of this book, I don't think I know anyone who has more than once. My wife read it, and it was an epiphany for her, did a great job communicating something to her that I had struggled to get across for years. Without having looking at the differences, I suspect that the difference would be something along the lines of what someone else here joked about - being what accounts he recommends and such… It's relevant if you're reading it for the first time, but if you're already knee-deep in this book, you're likely already aware so there's no reason to buy another.
As for owning it - looking at my wife's copy again, it's full of highlights, notes and references… I see it more as a financial cookbook these days, than anything else. She uses it as a basis and builds on what she learns from it. Couldn't do that with the library version.
That doesn't mean 'don't go to the library' it just means, there are reasons why one might want to own it instead.
specific plan/instructions in this book.
Like?
You want me to relay to you (using written words) the advice I read and applied in a best-selling book (a large collection of written words) that you can't be bothered reading yourself?
TL: DR
Yeah nah.
@MattyD: But i have read a past edition, all seemed pretty bog standard, general advice. Not overly prescriptive.
You made.it sound like there was some magical words of wisdom, so I was wondering what missed. But guessing from your response, there wasn't any and you feel the need to belittle others to convince yourself that you have the magical plan to get rich.
Careful of that high horse, it's a long way down.
@M00Cow: For me to answer your original question ("Like [what are the specific plans/instructions in this book]" ) I would have outlined all of the very specific and prescribed steps we followed 4 years ago (as I stated) in regards to setting up accounts/buckets, attacking debt, negotiating interest rates, tweaking insurance and a host of other things that probably really don't change that much between versions.
Hell dude, it even had scripts to read as you talked to your bank/insurers etc step by step. Did we read the same book?
When what you really should have asked - by your own admission - is "What are the main differences between this, and earlier editions?"
So I stand by my response: yeah nah.
Giddyup, Silver, away!
@MattyD I'm in exactly the same position after reading this book 4 years ago.
In a much better financial situation now.
Yes it's common sense stuff but most people don't budget their money using common sense until it's explained to them how. (I was a prime example).
Common sense is not common practice.
It's all about committing to good and healthy habits. He provides a framework to do so which most people don't realise they need/are not capable to implement themselves.
Tbh, financial literacy should be taught at school.
What sort of background did you and your partner come from to benefit from this book? be it religious, economic, cultural etc. I want to get to the bottom of who is finding this book helpful.
Rubbish. It’s none of that and is so simple. If Pape was walking down the street I would endlessly thank him for turning my finances around.
If he’s making a fortune on the book well good, because he has helped me. I will admit to it being hard at the beginning but if you follow it, you will be better off.
HJ coupons getting worse every year…
Milk 2.39 last year vs $3.10 this year.
RBA has left the building
Nahhh RBA has left OZB!!!!
REad the book at BigW, it even reference to OzBargain
Definitely borrow from your local library!
any good stock tips?
Ha ha ha ha ha
Its an updated version. If you have one from 3 years ago, my guess is the principles are still the same just updated for today. Things change (such as the best bank accounts etc).
I’m happy to give a vote for this. I’d even be happy to admit to a cult like admiration for the man. He has turned my life around with this book. Respect.
if i have a copy of it, how do i know which edition/year is the book?
I'd reckon it's quicker, cheaper and cooler to read Mr money moustaches blog.
https://www.mrmoneymustache.com/2013/02/22/getting-rich-from…
hoping this would give me wisdon on to survive this tought imes.
Sure you'll be able to read it?
Available from local libraries. That's $19 in your pocket.