The Barefoot Investor: The Barefoot Investor's Step-By-Step Guide to Financial Freedom by Scott PapeMy rating: 2 of 5 stars
Scott Pape is pretty funny and entertaining :P Richard Branson was right that he makes finance fun lol BUT... this whole book is based on Australian rules, government rules, finance rules, culture, housing marking, etc which is completely useless to me and the majority of the world lol =/
One thing I disagreed with him on was he believes that paying off the smallest debt is always the best way. This might work on people with mounds of debt that feel hopeless and need a confidence boost on paying off one of the debts and cutting up the credit card. BUT... rationally and logically it's always best to pay off the debt with the highest interest rate first...
Some tips I noted:
- Get rid of bank fees no one should be paying that
- Most of the stuff we buy ends up in the garage/garbage in a landfill and is a waste so stop buying so much stuff
- Ways to make more income - 'career compounding' - set goals that matter with your boss, every week branch out how to work on them, pay raise by end of year, climbing the corporate ladder. Or do your own thing and freelance doing stuff you're good at
- Scott Pape is the one who helped Richard Branson launch Virgin Money in Australia
- Invest into an index fund not specific stocks. I agree but it’s fun to bet on some specific companies too
- Put your investing program on autopilot
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