As long as you own your own home, you can live a meaningful, purposeful, retirement with much less money. After all, we have the amazingly good fortune to be living in the greatest country on earth, with a strong social safety net based on the aged pension plus subsidised medical and aged care. Virgin Atlantic is not the same as Virgin Money. It’s just another one of Richard Branson’s many Virgin brand extensions. (He once tried Virgin Brides — a wedding dress business that didn’t survive its honeymoon). Virgin Money is actually owned 100% by the Bank of Queensland. First, there are people who are using it for the purpose it was intended: maybe they’ve been laid off or have lost hours and they want a cushion for what promises to be a very long winter. The Barefoot Investor for Families: The only kids' money guide you'll ever need". Australian Broadcasting Corporation. Spring 2018 . Retrieved 3 September 2018. Postcode povvos’ are the people that live in places like Balmain and Toorak. They live in trophy suburbs but they don’t have enough money for a coffee. These are the most financially insecure people I meet. They are borrowing too much to get in to one of these suburbs.”

Most of the advice assumes you’re working fulltime while someone else looks after the kids. The idea of freelancing or working extra hours etc is fine for people without disabilities or caring responsibilities but as a parent of a young child it’s just an infuriating reminder of how everyone else is getting ahead while we clean weetbix off the floor. As with any holy text, the book is based on a few core tenets. Readers are instructed to embark on monthly date nights, replete with garlic bread and wine, to discuss their finances and put the Barefoot theology into practice. Yet, while I’ve got the tin-foil hat on, let me tell you that for well over a decade the super industry fought tooth and nail against laws that required them to disclose to investors where they were investing their money.Splurge. Set up an automatic transaction so that 10% of your salary goes here, this money is for short term use (think a night out with your partner, a round of drinks for your friends or a small luxury item/service). Look, I'm not great with money. I have managed to save some when I've needed to, but usually I'm the kind of person that wants to spend, spend spend. As I found myself unemployed, borrowing money to pay for rent and food and feeling bad about life, I also found Scott's book. This book motivated me to take control of my finances more so than I ever have before. It showed me the mistakes I've made in the past with money and how to correct them. It taught me how to structure my bank accounts and how to be smart with my income so I'm able to handle financial fires when they happen (like not having a job). It taught me the importance of superannuation, allowed me to weigh up the benefits and negatives of property and introduced me to the world of investing. If you only ever read one personal finance book, make sure it is this one. Scott Pape once again blows every expectation out of the water with his latest book, a definitive introduction to personal finance. Mojo. An account with a separate bank, where all extra cash goes, for example from overtime hours or a garage sale. Also don't let the use of the word investor in the title fool you, very little of this book is about investing.

With house prices at a record high the year the book came out, should young people even try and enter the housing market? “I meet a lot of people in their 60s, 70s and 80s and if you don’t own a home then, life is really tough,” he says. “So: yes. Just get a mortgage that you can manage.” Not only are their figures much more attainable, they’re based on ABS research on what Aussie retirees actually spend.

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This is the best non-fiction book I've read in a long time - and I actually didn't intend to read it. I only started reading out of boredom eating my breakfast where my sister had left it from the day before. This is a really great read. It’s a finance book but just so... altruistic. It’s sure to make a lot of financial planners and bankers mad, with clear explanations of all the ways we’re getting ripped off. It’s also really easy to read and the author clearly has a good understanding of what average Australians are like, based on the thousands of people he’s talked to about their finances. I also like that it applies to almost anyone who has a job, from teenagers to those about to retire. My hubby was a fan of Scott Pape's newspaper column, though I've never read it. He tells me that used to have a nice line of humour in it too. You’re an awesome, well-meaning dad trying to help out your kid, and it’s a disgrace that it’s this hard. Expenses. This is an everyday trading account that all your bills come out of. Internet, Netflix, phone, utilities, rent, etc. Have your salary go into this box.

First, with seven kids you know you’re setting an expensive precedent: if one kid gets a Hollywood smile, they all do, right? Thank you Scott Pape for sharing such insight and knowledge. I have a feeling it's going to become a bit of a Bible.Most of the stuff we buy ends up in the garage/garbage in a landfill and is a waste so stop buying so much stuff Mojo. A place for long-term savings in case of a bigger financial rough patch. Should ideally be 3 months of expenses. Ways to make more income - 'career compounding' - set goals that matter with your boss, every week branch out how to work on them, pay raise by end of year, climbing the corporate ladder. Or do your own thing and freelance doing stuff you're good at You'll get a step-by-step open this account, then do this; call this person, and say this; invest money here, and not there. All with a glass of wine in your hand.