You have probably heard of Scott Pape “The Barefoot Investor”, he has been around for a few years now and many who have implemented his financial advice have been singing his praises from the roof tops. Scott has the ability to make finance seem easy and financial success achievable so it is no surprise that his books “The Barefoot Investor” and “The Barefoot Investor for Families” have been so well received.
I came across “The Barefoot Investor” at a time when I was looking for something that was written with Australians in mind. As most of the clients I work with are based in Australia like myself I really wanted something that took into account our individual financial systems and made suggestions that could be easily implemented here.
Since then I have recommended his books to clients, friends and in my Facebook Group (Financially Empowered Women). Today I wanted to share with you the top reasons why this book is on the top of my list.
I also have a copy of The Barefoot Investor to give away to one lucky reader, you can enter for your chance to win here.
So, let’s get down to why this book is so valuable:
- Scott doesn’t get paid by any businesses to promote certain products. I think this is so important, any product or strategy that he recommends is based on his own homework on the pros and cons. We live in a society where every second person is an influencer or affiliate and is getting paid to sell to their audience. Scott has made a point of only endorsing products and services that he strongly believes in and refuses to take money from the company for doing so.
- The advice is actionable by anyone. Have you ever come across money saving advice that gives you tips like “Give up those expensive dinners out” and you think “Hey, if I was having expensive dinners out I wouldn’t be searching for money saving tips”? Well the tips in “The Barefoot Investor” are not anything like that, they are able to be implemented whether you are heavily in debt or sailing along quite nicely financially.
- He takes you back to basics. There are so many things that we are not taught about our finances when we are younger. Things like which banks to use and how to make the most of your super. Scott takes us back to basics and really explains in simple language how to make sure you have a secure financial footing.
- He puts financial power back in your hands. And not just the person reading the book, Scott is well aware that often in couples there is that one person with the excel spreadsheet and the other person trying in vain to avoid any discussion about it. His unique Date Nights tackle this problem putting the financial power back to both partners. You both end up feeling Financially Empowered – see what I did there 🙂
- His spending advice is in line with my philosophy on spending and budgeting. Whilst named the “splurge” account Scott’s advice for those “want” purchases puts the focus back on budgeting and making conscious consumer choices. He doesn’t advise that you have to save every dollar but he does set you up with a sensible system for both saving and spending.
- There is a simple process to work through. One of the best things about this book is you don’t have to read the whole thing and try and absorb it. You can work through one chapter at a time, solving one financial area before moving onto the other. This means you can go as fast or as slow as your circumstances allow.
- It is Australian based. This is such a plus for me as it means the strategies are simple to implement. Scott talks in Australian lingo and all the products and services are available right here.
- He uses simple language. This is so in line with my approach, there is no point getting advice from someone that leaves you reaching for the dictionary (or google…do people still own dictionaries?). Scott’s advice is easy to understand and implement.
What about “The Barefoot Investor for Families” I hear you ask? Well, when this was first released I gifted a copy to my VA Sharon Pegrum who has 2 young children as I knew she followed similar philosophies to me when it came to money. So, I checked in with her about how she found this book.
“As a homeschooling mum I am always looking for ways to teach my kids lifelong skills. Financial literacy is something that can be a bit tricky at a young age so when Grace gifted me “The Barefoot Investor for Families” I was eager to see what all the hype was about. And it definitely lived up to it. Whilst we have only worked through the first few chapters we are already seeing a difference in our kid’s awareness around money. At age 4 and 7 they love nothing more than new toys but after implementing Scott’s pocket money system they understand the value of earning a dollar and already make smarter choices with their money and ask for less “stuff” from us. It was so simple to implement and we did away with our previous convoluted pocket money system and know this will be a long term system for us. I am looking forward to implementing the other strategies in the book. I went on to purchase the original book as well and have made wonderful changes to our finances and feel so much more in control. In fact, I haven’t put a single item on my credit card in the last 2 months!”
You don’t have to go and spend hours researching with “The Barefoot Investor”. As I mentioned above Scott doesn’t take kickbacks for any products or services. This doesn’t mean he doesn’t make recommendations though. Of course, as he tells readers you are welcome to go and look for your own products and services (he even gives you guidelines to do this) but he also shares what he has found that works personally for him.
The one thing I would suggest when reading any financial advice book is that things may change over time and you still need to do your own research. There are also areas where you should get personalised advice for example superannuation – speaking to a Financial Planner is advisable for everyone to take into account personal circumstances such as growth strategies and individual risk.
If you have been following my blog you would know that I am a huge advocate for financial literacy and I believe that “The Barefoot Investor” gives families and individuals very practical and actionable tools to take charge and really understand how their money is working for them. Both books are fantastic and you can read them in either order, they are also available online as an eBook or audio book if you prefer that to the paper version. And don’t forget you can win your own copy of “The Barefoot Investor” by entering our giveaway here.
Have you read either of these books and implemented the strategies? Comment below and let me know what you thought.