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Another barefoot investor question. Sorry lol

Bought the book yesterday and I’m about half way through. There’s a few questions i have. We aren’t in crazy debt, 20k car loan and currently saving to buy so wanted to see how we can boost our savings. We bank with anz and have no account fees and a high interest savings account. We get this because my employer also banks with them. So won’t be changing to ing. And I don’t see the point having several accounts? We have our every day account and house savings. We just want our money to go further and save more. How did you budget? Between us we earn about 1600 per week. Did you modify the barefoot investor to suit you? I am interested in the super aspect of the book.


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Answers (6)

See your local barefoot cult leader 😉😂

 Omg you kill me 😂😂😂
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 Too funny
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 Sadly this us true. The Facebook groups are crazy
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 Pity about this attitude though. He gives unbiased financial advice and guidance to both sexes. I went to a financial planner. A workmate (male), sitting next to me went to the same financial planner.
We were on the same pay, same situation. we went to the planner a couple of days apart.
We compared notes on what advice we were given.
The guidance he got was different, and much better in that he got told a few useful things that I didn't, that would have been very useful to me.
Treatment of women being different to the treatment of men did not come out as an issue in the banking enquiry, but I have found finance and banking men to be as sexist as car salesmen and many mechanics.

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That book was useless to me. Why should I pay my kids their ages in dollars every week for doing chores they should be doing anyway and then force them to give some of it to charity? I’m wanting to save money not give it away. My sister uses it. She pays her kid $11 a week to take the bin out. A whole 1 minute of his time. He’s a spoilt brat.

 Tha'ts the specialist book for kids. He has one designed for adults. That's the one you should be reading.
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 I’m good thanks. Doing very well with money management.
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 If you are doing well with money management I imagine that book would be a waste of money.
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 I borrowed the book from my sister because she said it was awesome. Glad I didn’t buy it myself.
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 Hope you don't have much to do with your nephew with an attitude like that. Just because he gets pocket money doesn't mean he is a spoiled brat. He is learning to budget and more importantly to delay gratification. I've given my kids pocket money since they could understand that you need money to pay for stuff. They are both adults now and are fantastic money managers.
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We'll have our mortgage paid in 2021 since starting barefoot last year instead of 2039 like we had previously budgeted, which is pretty huge.
The book is a whole lot of blah blah but the point is the percentages you follow. It's made a massive difference to our lives, particularly having all the different accounts for things, you could do the exact same thing with any bank though or even in cash with envelopes.

I am sure they have a tonne of fb pages, specific forums for these questions... or finish reading the book 😂

 I came here because it’s anonymous 😂 but thanks babes.
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I used the advice but tailored it to suit us. I don't have all the banks accounts and we have a bit more money each week and put less into our happy account (or what ever the holiday saving account was called)

I have modified it a bit. For years I had a redraw facility on my home loan, but you have to have iron will not to spend too much if you have such easy access.
So my blow budget was parked in my home loan account, reducing loan interest.
By the way, he would probably tell you to stay with ANZ because of the deal you have got.
I have a credit card, and I know that earlier in my life I did spend too much on it. Now I use it purely to track my spending. I have not paid a cent in interest for 10 years.
But I grew up in poverty, so I am very conscious of every cent I spend.
Overall his advice is very good. There is nothing wrong with adapting it to suit you.
But it is worth re-reading periodically to check that you are still on track to getting where you want to be.

I have saved an enormous amount by analysing the bills as he recommends: health and other insurances, home loan interest deal etc
Also knowing where your money bleeds out of your account is an eye opener.
His advice on Superannuation will be a life saver for a lot of young people. It is critically important. I was lucky enough to be in a good super fund by default because of my employer. No thanks to my good management. But his advice has made me realise exactly how lucky I was.
Overall I have gained so much more awareness of money management skills.
It has encouraged me into other areas of savings with more awareness of balancing value versus cost.