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Has anyone read and followed the Barefoot Investor?


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Answers (9)

Yes we have. And it's worked. We now have $7,000 in the bank. May not be alot to others but for us it's amazing.

 Awesome. I bought the book ages ago so i think its time to read it x
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Yes and now I wish I hadn't. This book does t cater for unique situations. Just those who seem to earn a lot more than the average joe

 Maybe you didn't read it correctly. It absolutely caters for everyone. It all depends on your income.
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 Sure thing love
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 Some people are a little deluded about how much money some people live off.
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Did anyone else change supers to hostplus? I did & i'm pretty happy with it I'm

 Silence 🙉
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I have the book and have just flipped through it, was turned off when i read ‘put $2000 in an account, if you dont have $2000 look around your house see waht you can sell to get $2000, everyone has $2000 laying ariund their house’

🙄🙄 book is for rich people i think.. Although readung some of the comments here, i might give it another chance over the holidays.

 Sorry about my typing!!
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 Lol yeah my furniture is all salvos crap and if I sold it my kids wouldn't have beds or plates. So def wouldn't work in my house.
Spose I could sell my car but then I wouldn't have one lol

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 It's still worth reading, just use the bits that are relevant to you.
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 Yeah I’m with you there! Sell what? And then I have a friend that try to pressure me into selling stuff to get to that $2000... no mate take a chill pill! My budget is very very different from your house hold with 2 incomes.

But I want to start again in the new year and just use the bits that will help me and just gradually build up it.

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 I guess the point they are trying to make is, in general people overspend (yes it’s a generalisation) or the fact that most people accumulate stuff over the years. If you are ah absolute minimalist and ruthlessly get rid of u used items than the advice isn’t appropriate. That’s my take anyway. On what you have said :)
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 I just counted the money in my house and I got 2k laying around. I'm certainly not rich but smart with money. It's not what you got it's how you use it. living within your means and not having 4 children when you can only afford 2
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 $50 notes shoved in the pillows hey? That doesn't seem comfy.
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It's too jargony for my liking. Mojo. Fire blah blah.

Dave Ramsey gives more simple easy to follow steps. Although American it can be applied to Aussies..

Save a 1k emergency fund (2k more appropriate)
Pay off debt (except home loan)
Save 3 to 6 months of expenses
Invest 15% into retirement savibgs
Save for children's education (I don't do this)
Pay off mortgage
Be generous with money

Thats a basic guide to his 7 baby steps ..

We followed this but now have 12 months expenses and are focusing on paying down the homeloan...

we have no other debt than the mortgage.

We aren't rich. Just your average family of 2 adults and 2 children under 6...

We have a monthly budget and put money in a bill account to cover all our monthly and yearly bills. Bill's always paid on time. Money is always there.

We live within our means and save every month.

You can save money everywhere if you really want to.

Contact insurers ask for a better deal
contact utility providers ask for a better deal
Change mobile carriers or ask for a better deal
Call mortgage provider ask for a better rate
Pre plan meals for a week and only shop for those items
Take lunch to work
Don't buy coffee or bottled water
Eat at home or invite friends over instead of going out.
Run your heating on 19 to 21
Run Aircon on 25
Don't leave lights on and save electricity.

Make your money stretch and go further be ruthless and don't take no for an answer.

You control your money and don't let your money control you.

 Cool so if you already do all these things & still no luck. Cut expenses further - eating healthy has to go - baked beans on toast for the next 30 years, now you can save money - have fun!
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Don't waste your money you can get it for free on spotify podcasts

I kinda want to read it but I don't want to pay for it.
Is it about investing and stock market things? Cos i don't think that's my scene anyway.
But I don't want to waste $20 on the book 😂

 It's not investing. It's for people who need help managing their day to day budget. It uses basic strategies like different accounts for different things like bills, savings & spending but never using specific amounts. If you already manage you money well it's not particularly helpful. Its too simple for me. I like specific amounts & we automate everything.
The ironic thing is it's not his system. It's a modernised version of another strategy from the 60's.
If you want to read it, borrow it from your library. You may even be able to get an ebook version from their app without going in. I think it's on mine.

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 Borrow it from the library and copy the pages you want
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I read it but am waiting til after Xmas to get it started... Don't have $5 spare this week to start off the mojo 😫 hopefully next year will be our year!

 Im starting it in the new year too but it's not a new years resolution as i never stick to those lol
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Yes. Changed our lives and saved our marriage (we fought and there was quite a lot of resentment around money). We are in a much better position because of it!