Scan barcode
A review by tatterededges
The Barefoot Investor: The Only Money Guide You'll Ever Need by Scott Pape
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.