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The Barefoot Investor: The Only Money Guide You'll Ever Need

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I think this book was OK. If all you were going to do to try and sort out your personal finances was to read one book, you could do much worse than this. With house prices at a record high the year the book came out, should young people even try and enter the housing market? “I meet a lot of people in their 60s, 70s and 80s and if you don’t own a home then, life is really tough,” he says. “So: yes. Just get a mortgage that you can manage.” 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

Still, that’s how most of our biggest super funds roll: they throw everyone – young and old – into a one-size-fits-all investment pot.Splurge. Set up an automatic transaction so that 10% of your salary goes here, this money is for short term use (think a night out with your partner, a round of drinks for your friends or a small luxury item/service). Most of the advice assumes you’re working fulltime while someone else looks after the kids. The idea of freelancing or working extra hours etc is fine for people without disabilities or caring responsibilities but as a parent of a young child it’s just an infuriating reminder of how everyone else is getting ahead while we clean weetbix off the floor.

They’re actually higher than you state: you left off the investment fee (0.116%) and indirect fees (0.09%). As I drove up to the gates, I realised this was no ordinary bunch of blokes: it was an exclusive private club in a wealthy suburb of Melbourne.And, so long as he’s invested in decent, low-cost products (no expensive actively managed funds), he’ll be fine. The key to building long-term wealth is to spread your money around: property and shares (through super).

Either way, for far too long the super industry has played to the millionaires in the members’ stand. What these figures do is give the average Aussie a fighting chance at scoring 100 (not out!). My hubby was a fan of Scott Pape's newspaper column, though I've never read it. He tells me that used to have a nice line of humour in it too. 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 of his advice is a bit questionable. Does one really need 6 bank accounts? probably not. Is it wise to put all your money in joint bank accounts with your partner? Definitely not. Private health insurance is a rip off, I’d rather pay the Medicare levy surcharge because putting my money into the public health system is a better investment than private health funds which are profit based and further fleece me when I try to use them. It sounds like you have an awesome dad. So learn from his wisdom, plan for the worst, and hope for the best. My dad and I are classic doomers. Dad would often speak around the dining table about the looming subprime mortgage crisis — among other things, like public debt, and the devil in credit cards — when I was a teen. Now I am a Millennial who turned 30 this year.

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