Tuesday, June 27, 2017

A Must Read Book about Money

Scott Pape is an Australian Money Guru who has a new book out in 2017 called "The Barefoot Investor".  I decided to order it from the library so I could save my $$ however there was 295 holds on the book so I bought it instead from The UK Book Depository where I have ordered all my on-line books for the past 8 years or so.  The prices are competitive and there are no shipping costs which is music to my ears.

The name of the book might put you off into thinking it's only about investing however it's not.  It's a simple to read step by step guide about what to do about your bank accounts, compound interest, credit cards, saving for a deposit for a home, paying off your debts, home loans, health insurance and how much you really need for retirement.  I'm going to get my 13 year to read the book and although some of it might be a bit over his head at the moment I want him to learn the method of money, income, savings and credit cards early.

He encourages couples to go on a date night once a week for 5 weeks to put his steps into place using your iPhone while at dinner and then continue with date night once a month to discuss finances.

Feeling in control of your money and finances bring security even if you don't have enough money for a deposit for a home or retirement.  All the steps are in the book.  These types of books are so valuable and I wish I was able to read these types of things when I was 20.  I highly recommend you invest in this book and I read it from cover to cover yesterday and it's brilliant.  

You will remember I wrote a post about money and budgets in January 2016 and I still stand by this method of managing my money.  I love my spreadsheets.  Scott says you don't need to use spreadsheets or micro manage your money but gives you simple steps to ensure you get set up at any age.