Scan barcode
tomstbr's review
5.0
I can see why everyone is buying this! Easy to read and straight forward to implement.
lewreviews's review against another edition
5.0
I was convinced I’d never read this because the cover made me cringe whenever I saw it - however, this was an extremely beneficial read. As someone who was pretty inept with their finances and had a bad relationship with money, I’m already implementing the changes and feel much more secure and prepared for the future. A lot of it wasn’t relevant to me because of my age but it was just good stuff to know anyway.
Also, the author, Scott Pape, just seems like such a great guy - super authentic and you can tell he cares about his readers. Good stuff.
Also, the author, Scott Pape, just seems like such a great guy - super authentic and you can tell he cares about his readers. Good stuff.
tatterededges's review against another edition
3.0
Financial advice with a giant heaping spoonful of misogynist crap. Between the half a page devoted to Kim Kardashian's arse, the fifty shades of gray references and the constant condescending remarks, it's pretty clear that Scott Pape does not think very highly of women.
He doesn't half like to waffle on about himself and make crap jokes. I really don't care that he shops at Harvey Norman, what kind of pillow he has or that he didn't care for his wife's first oven. Is is a finance book or a biography?
There is an absolute fuckton of product placement. From start to finish. Sure he says he doesn't get kickbacks but the only other person I've ever seen do that much "free" advertising was Oprah.
It's about this point that I start to understand why he encourages the reader to drink so much. You need a glass or two under your belt just to get past all the bullshit.
Also don't let the use of the word investor in the title fool you, very little of this book is about investing.
So about the finances...
The financial advice is basically common sense. There is nothing in it that is particularly groundbreaking or revolutionary. It's essentially reduce debt, save your money and invest in your future.
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.
He's big on people freelancing and giving up massive amounts of their time to try and pull in some extra money and very dismissive of the criticisms that not everybody can or should freelance. I work in healthcare, I can't exactly start running a clinic out of my garage now can I? and why would I want to? Money is awesome and all but honestly, living within your means and having free time to spend with friends and family is more awesome.
Some of the advice is really vague, specifically the stuff around investing for your kids. He talks a little bit about shares and a little bit about bonds but there's few specifics and if you want to invest in shares or bonds, you'll definitely need to read something else. Probably because he offers a subscription service for just under $400 that goes into shares in more detail and he is about to start peddling a second book for families (so um... apparently NOT the only financial guide you'll ever need)
And then there are things he just doesn't address at all. He suggests spending 60% of your income on all your daily expenses but doesn't acknowledge the incredibly high cost of accommodation, childcare and travel expenses for people living in capital cities. It's not possible for everybody to move to the country, and if they did, what do you think would happen to the cost of these things in rural areas? I would have liked to see him include a bit of breakdown of daily expenses.
He does provide some good examples of how to reduce your debt, decrease your interest rates and pay off your mortgage faster and includes some handy scripts to follow when talking to banks and insurance agents.
Overall, it's an easy to read and fairly sound financial strategy, if a little unnecessarily convoluted in places. He is a pig though so you'll need to get past that.
Three stars for the financial advice. Zero stars for the shitty attitude towards women.
He doesn't half like to waffle on about himself and make crap jokes. I really don't care that he shops at Harvey Norman, what kind of pillow he has or that he didn't care for his wife's first oven. Is is a finance book or a biography?
There is an absolute fuckton of product placement. From start to finish. Sure he says he doesn't get kickbacks but the only other person I've ever seen do that much "free" advertising was Oprah.
It's about this point that I start to understand why he encourages the reader to drink so much. You need a glass or two under your belt just to get past all the bullshit.
Also don't let the use of the word investor in the title fool you, very little of this book is about investing.
So about the finances...
The financial advice is basically common sense. There is nothing in it that is particularly groundbreaking or revolutionary. It's essentially reduce debt, save your money and invest in your future.
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.
He's big on people freelancing and giving up massive amounts of their time to try and pull in some extra money and very dismissive of the criticisms that not everybody can or should freelance. I work in healthcare, I can't exactly start running a clinic out of my garage now can I? and why would I want to? Money is awesome and all but honestly, living within your means and having free time to spend with friends and family is more awesome.
Some of the advice is really vague, specifically the stuff around investing for your kids. He talks a little bit about shares and a little bit about bonds but there's few specifics and if you want to invest in shares or bonds, you'll definitely need to read something else. Probably because he offers a subscription service for just under $400 that goes into shares in more detail and he is about to start peddling a second book for families (so um... apparently NOT the only financial guide you'll ever need)
And then there are things he just doesn't address at all. He suggests spending 60% of your income on all your daily expenses but doesn't acknowledge the incredibly high cost of accommodation, childcare and travel expenses for people living in capital cities. It's not possible for everybody to move to the country, and if they did, what do you think would happen to the cost of these things in rural areas? I would have liked to see him include a bit of breakdown of daily expenses.
He does provide some good examples of how to reduce your debt, decrease your interest rates and pay off your mortgage faster and includes some handy scripts to follow when talking to banks and insurance agents.
Overall, it's an easy to read and fairly sound financial strategy, if a little unnecessarily convoluted in places. He is a pig though so you'll need to get past that.
Three stars for the financial advice. Zero stars for the shitty attitude towards women.
waqasmhd's review
3.0
mostly common sense which most people fail to see. will be good for people who are terrible with their money and want to learn. but as i said mostly common sense.
- don’t live beyond your means.
- try to live in 60% of your income.
- divide remaining 40% in saving, investment and occasional splurge.
- avoid unnecessary bank loans.
- use debit card instead of credit card.
- in case of loans, get the cheapest interest rate.
- don’t buy unnecessary stuff.
- sell stuff that you don’t need.
- in short, save and invest is the key.
- don’t live beyond your means.
- try to live in 60% of your income.
- divide remaining 40% in saving, investment and occasional splurge.
- avoid unnecessary bank loans.
- use debit card instead of credit card.
- in case of loans, get the cheapest interest rate.
- don’t buy unnecessary stuff.
- sell stuff that you don’t need.
- in short, save and invest is the key.
mischief_in_the_library's review
2.0
Look. I've only just finished reading it and haven't tried much of his advice yet, so I can't comment on how helpful the actual advice is - some of it seems good, and there are some steps that I am likely to implement. That said, overall, the advice seems particularly helpful for a certain type of person. This book should be marketed for that certain type of person: someone who is in a financial black hole and desperately needs help to get out of it. As a psychologist, I will tell you that people who are in crisis mode need clear, directive advice. This is clear and directive. People who are not in crisis and just want a bit of help to make their lives better do not need directives, they need guidance and support to make their own decisions. I did not like him telling me which brand of pillow to go out buy, or to chop up my credit cards (which have so far been an extremely neutral accessory), or to go have sex with my partner instead of getting dessert(??). Telling someone who is overwhelmed by money issues which bank to open an account can be helpful, but a bit condescending to someone who has more financial competence than he thinks you could possibly have, particularly as he - for some reason - thinks that anyone who has the time to research good bank rates must live at home and have their mum do their ironing.
Scott frequently mentions the average Australian salary (around $78,000) as evidence of how good we have it, as a country. It frustrates me quite a bit when people imply that the average Australian salary is what the average Australian earns. The median salary of full-time workers - what 50% of people earn over - is only $66,000. And that's only full-time workers. When including part-time and casual workers, it gets lower. This is not to say you can't follow the Barefoot steps on lower salaries, but I think it's important to recognise.
Some of his advice borders on unethical and possibly dangerous - likely just because he hasn't quite thought it through from another perspective. Putting your money in shares of the biggest companies is probably very profitable, but not necessarily the most ethical place to invest. Telling married people that they should have one joint account and no separate ones ignores the fact that women are in a much more financially dangerous position if they do this. Simultaneously telling people to get in control of their money so they can spend time with their kids and also get a side-hustle and work more hours on top of your main job seems like a rehash of Joe Hockey's advice on saving money for a house - "get a better a job".
Overall, if you're in a lot of debt or otherwise very concerned about your financial situation, this could be a good book for you. If you are not, this book may have a few useful nuggets but be prepared to swallow it with a bit of condescension.
Scott frequently mentions the average Australian salary (around $78,000) as evidence of how good we have it, as a country. It frustrates me quite a bit when people imply that the average Australian salary is what the average Australian earns. The median salary of full-time workers - what 50% of people earn over - is only $66,000. And that's only full-time workers. When including part-time and casual workers, it gets lower. This is not to say you can't follow the Barefoot steps on lower salaries, but I think it's important to recognise.
Some of his advice borders on unethical and possibly dangerous - likely just because he hasn't quite thought it through from another perspective. Putting your money in shares of the biggest companies is probably very profitable, but not necessarily the most ethical place to invest. Telling married people that they should have one joint account and no separate ones ignores the fact that women are in a much more financially dangerous position if they do this. Simultaneously telling people to get in control of their money so they can spend time with their kids and also get a side-hustle and work more hours on top of your main job seems like a rehash of Joe Hockey's advice on saving money for a house - "get a better a job".
Overall, if you're in a lot of debt or otherwise very concerned about your financial situation, this could be a good book for you. If you are not, this book may have a few useful nuggets but be prepared to swallow it with a bit of condescension.
chlosophis's review
5.0
Super simple, straight-forward financial advice with tons of inspiration and real-life stories. The writing it not only entertaining, but informative while the tone remains as though your chatting with the author over a beer.
hoadjie's review
5.0
It was a great read. Really easy to read and follow Scott has a good sense of humor
I'll be reading it again
I'll be reading it again