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The Barefoot Investor $9.47 (RRP $32.95) + Delivery ($0 with Prime / $39 Spend) @ Amazon AU

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The Barefoot Investor $9.47 (RRP $32.95) + Delivery ($0 with Prime / $39 Spend) @ Amazon AUAffiliate
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nutcracker007 on 16/03/2023 - 16:55 amazon.com.au (2505 clicks)
Last edited 19/03/2023 - 11:39
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SCOTT PAPE is the Barefoot Investor. Since 2002, he has reached millions of Australians through his email newsletter, national weekend newspaper columns and appearances on TV and radio. In 2014 Scott and his family lost everything in a bushfire?but what they did next?that?s the real story.

This Classic Edition has been updated for 2022 and beyond

Price History at C CamelCamelCamel.
Books & Magazines Book Paperback Scott Pape Wiley

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closed Comments

    • MuddyClear on 16/03/2023 - 20:22

      I took out $20k from my super during Covid and bet it all on red and guess what happened…

      • Wonderfool on 16/03/2023 - 20:45

        I mean, they do have an upper betting limit to prevent that.

        That being said, I've always wondered what would life be like if people constantly tried to double their money on a 49% chance every 5 years of work. After all, that'll be about how much you'll get in stocks from a pure math pov.

        • MuddyClear on 16/03/2023 - 20:57

          You can’t lose. I’ve worked out the hack. If you lose. You simply double up the bet the next round etc. but let’s keep this between the OzB community so 🤫

          • Korban Dallas on 17/03/2023 - 01:11
            +1

            @MuddyClear: That's the Monte Carlo method. You don't have unlimited money to make this work.

            • syousef on 17/03/2023 - 08:03
              +2

              @Korban Dallas: Monte Carlo method is a kind of probability analysis and while it can be applied to gambling I couldn't find a reference to it used referring to the "double or nothing" technique. Happy to be corrected if I'm wrong.

              And it's a strategy that fails for 2 reasons.

              1. People get greedy and if they do better before they run out of money they are tempted to gamble just one more time.

              2. As you said expontential growth by doubling gets out of hand so quickly you're not likely to actually have enough money to keep going till you break even. A good way to get a person to see this quickly is to take a look at the "Wheat and chessboard problem" - https://en.wikipedia.org/wiki/Wheat_and_chessboard_problem

              • montorola on 17/03/2023 - 09:24
                +3

                @syousef: I think the double or nothing technique you guys are talking about is called the "Martingale Method"

      • syousef on 17/03/2023 - 07:55

        You mean you didn't buy NFTs and Crypto? How do you expect to succeed without blockchain tickets that say you own the rights to pictures of cartoon monkeys on boats?

  • lakes_8 on 16/03/2023 - 20:00

    Let me guess, save money, invest in AFIC and call to get the best deals? Boring pape

  • ginmi on 16/03/2023 - 20:52
    +5

    Rubbish book with Rubbish advice. Anyone who follows the "barefoot rules", especially around investing, is going to learn first hand how much of a rubbish it is.

    Pape has a very extensive property portfolio so definitely doesn't follow his own advice when it comes to asset classes.

    His "Don Bradman strategy" deserves a special mention for the complete rubbish it is.

    He used to have a show on CNBC (the same network that counts the likes of Jim Cramer as their 'talent') which probably tells you all you need to know.

    $9.50 is quite expensive for a door stopper…even with free shipping 😉

    • 811b11e8 on 16/03/2023 - 21:10
      +4

      Warren Buffett is arguably one of the best investors in the world running one of the biggest publicly traded companies in the world.

      Buffet recommends the s&p 500 index to almost everyone, he doesn't even recommend they invest in his own company directly.

      If your giving advice to millions of people your going to for advice that is good for the majority.

      • ginmi on 16/03/2023 - 22:45
        +3

        Buffet is also the second biggest financial contributor to the Bill & Melinda Gates foundation, second only to gates himself.

        He also had some 'business dealings' with one J. Epstein.

        Be careful who you idolise. It may be bad for your health in the most literal sense possible…

        I also assure you Buffet did NOT make his fortune investing in a stock Market index…or even in the stock market in general.

        • Griffindinho on 17/03/2023 - 00:31

          He's good at pulling in the suckers.

        • bargain huntress on 17/03/2023 - 10:33
          +1

          I also assure you Buffet did NOT make his fortune investing in a stock Market index…or even in the stock market in general.

          How did he make it then?

    • adamshere on 16/03/2023 - 22:14
      +3

      Bought my first house following his advice in saving.. Money well spent I'd say.

      • Griffindinho on 17/03/2023 - 00:32

        Can find similar advice online for free

        • adamshere on 17/03/2023 - 06:41

          Can also find the pdf online for free :)

  • ilove on 16/03/2023 - 22:02

    Smelly Foot investor is his next export

  • Daddy Chill on 16/03/2023 - 23:12
    +2

    World's biggest scam

    • supaderp on 17/03/2023 - 11:19

      pretty much, TLDR - save money

  • MuddyClear on 16/03/2023 - 23:45
    +2

    In 2014 Scott and his family lost everything in a bushfire?but what they did next?that?s the real story.

    Did he not have house and contents insurance?

    • scratchy on 17/03/2023 - 12:29

      Covered in the book.

  • BargainBuddy on 17/03/2023 - 00:37
    +14

    Save your $10.. here is what you need to know.

    • Automate your finances by setting up multiple bank accounts for bills, savings, and spending.
    • Create a weekly spending plan to track your expenses and avoid overspending.
    • Pay off debt as quickly as possible, starting with the highest interest rate debts first.
      Invest in low-cost index funds for long-term financial growth.
    • Shop around for better deals on financial products, such as credit cards and mortgages.
      Prioritize paying off your home loan as quickly as possible.
    • Protect your assets and ensure you have adequate insurance coverage.
    • Teach children about money and set them up for financial success.
    • Simplify your financial life by focusing on what really matters in the long term.
    • bargain huntress on 17/03/2023 - 10:35

      Thank you for your actually useful post!

    • ntt on 17/03/2023 - 11:50
      +2

      Oh wow amazing, you still forget about the pillow advice too

    • MuddyClear on 17/03/2023 - 12:33

      What about the business of setting up a family trust. Apparently that’s how the rich stay more rich.

    • RQNinja on 17/03/2023 - 22:25

      "Prioritize paying off your home loan as quickly as possible."

      I wonder if that is still good advice and pay off fully or until a certain amount?

  • deme on 17/03/2023 - 07:46
    +2

    Where is rektrading saying this is bad advice and you should withdraw your super and put it all in Bitcoin?

  • AN Other on 17/03/2023 - 09:27
    +4

    It's a really good book. The thing is, you will already know most of the stuff in this book, but it's set out in a way that makes you realise the time for action is now.

    You won't get rich quick from reading it. He offers no fanciful investment insights and the basic premise is save today to be secure tomorrow. That advice in itself is more or less foolproof. In a nutshell:

    • Spend less than you earn
    • Don't borrow frivolously
    • Have a savings plan
    • Put more in to your superannuation
    • ginmi on 17/03/2023 - 10:42
      +2

      That last point especially (around putting more money in Super than mandated) is especially bad.

      While super is a great tax dodge, it also carries with it MASSIVE sovereign risk as the recent super reforms have proven beyond any reasonable doubt.

      Do you really want the government to tell you what to do with this money until you reach "preservation age" (which they can change at any time anyway) just to save a bit on tax?

      Do you still trust your government (regardless of which side of politics it is) with anything after the events of the last few years?
      If so, I have a 'hidden treasure' from a 'Nigerian Prince' that I can offer you for a nominal "handling fee". PM me for details ;)

  • bargain huntress on 17/03/2023 - 10:39

    The fundamental problem I've had following his advice is that my income is very small. Theres a limit to how thin you can spread money.

  • GenghisGun on 17/03/2023 - 12:01
    +3

    OzBargain should have a ChatGPT API; would be good for asking about deals, historical pricing, technical details, summary of related info etc.

    Summary by ChatGPT:

    "Scott Pape's The Barefoot Investor is a comprehensive personal finance guide that aims to help readers take control of their finances and improve their financial wellbeing. The book is structured around five key areas of focus, which include creating a financial safety net, setting up a system for managing money, investing, real estate, and retirement planning. Here's a closer look at each of these areas and some of the specific recommendations made in the book:

    • Creating a financial safety net: The first step in taking control of your finances is to establish a financial safety net. This involves setting up an emergency fund, paying off high-interest debt, and obtaining adequate insurance coverage. Pape recommends that readers aim to save at least three months' worth of living expenses in an emergency fund, and suggests using a high-interest savings account for this purpose. He also recommends paying off high-interest debt, such as credit card debt, before focusing on other financial goals. Finally, he advises readers to obtain adequate insurance coverage, including health insurance, home and contents insurance, and income protection insurance.

    • Setting up a system: The author recommends setting up a "bucket" system for managing money, which involves dividing income into different accounts for different purposes. Pape suggests using three main accounts: a bills account, a splurge account, and a fire extinguisher account. The bills account is used to pay for essential expenses like rent, utilities, and groceries. The splurge account is used for discretionary spending, such as entertainment and dining out. The fire extinguisher account is used to save for unexpected expenses or to pay down debt.

    • Investing: The book recommends investing in low-cost index funds and diversifying one's portfolio. Pape suggests using a mix of Australian and international index funds, with a bias towards Australian funds. He also recommends diversifying across different asset classes, such as stocks, bonds, and property. Pape emphasizes the importance of keeping investment costs low, and advises readers to avoid high-fee investment products like managed funds.

    • Real estate: The author suggests purchasing a home as a long-term investment, but warns against overstretching oneself financially. Pape recommends that readers aim to save a 20% deposit before purchasing a home, in order to avoid paying lender's mortgage insurance. He also advises readers to consider the total cost of home ownership, including mortgage repayments, insurance, and maintenance costs, when deciding how much to borrow.

    • Retirement planning: The book provides guidance on setting up a retirement fund, choosing the right superannuation fund, and planning for retirement. Pape recommends choosing a low-cost superannuation fund, and suggests comparing funds based on fees, performance, and investment options. He also advises readers to consider additional retirement savings options, such as salary sacrificing and investing in shares outside of superannuation. Finally, Pape emphasizes the importance of having a retirement plan in place, and suggests seeking professional financial advice to help create a tailored retirement plan.

    Overall, The Barefoot Investor provides practical and accessible guidance on managing personal finances, with a focus on simple, achievable steps that anyone can take to improve their financial wellbeing."

  • rob2018 on 17/03/2023 - 14:04

    If you want to hear from the author on a weekly basis, for free, you can try his newsletter

    I recommend the book however, it may seem like simple/common advice, but he does explain practical things to do which may or may not help you (everyone has specific circumstances…)

    https://jppdvw2l.r.ap-southeast-2.awstrack.me/L0/https:%2F%2…

  • CandyMan on 20/03/2023 - 18:19

    Can someone ask him how ozbargain affects your wealth

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