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Barefoot investors book, thoughts?

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#1 Charli73

Posted 21 January 2017 - 07:31 PM

So I do love to read The barefoot investors column each week and it all common sense..
Anyone read his latest book?
I think I could change to a lower free super fund but setting up 3/4 extra bank accounts right now seems crazy as I can't do anything with the mortgage as it's fixed too..
hubby isn't interested in a date night to discuss money either, he says it's just my job to manage it (even though he makes more $ than I do)...

Any feedback if all the changes have made a difference?

Edited by Charli73, 21 January 2017 - 07:31 PM.

#2 galba

Posted 21 January 2017 - 07:42 PM

I joined up on the website and it gives you access to the facebook page where you can ask lots of questions.

#3 No Drama Please

Posted 21 January 2017 - 07:56 PM

I haven't read the book but since I don't know anything about shares etc I subscribed for a year to the Barefoot Investors club.  While I didn't end up doing much of the stuff he recommended I did find it interesting as there were a lot of other financial things I didn't know about. I really like the way he explains things and they also have podcasts, recommended shares and newsletters etc.

#4 Bearynice

Posted 22 January 2017 - 05:53 PM

My DH has the book and is currently reading it. Im not sure that it would be something that I would buy if your husband isnt interested in working together on the budget.

It seems like there is lots of relevant info for us in there [mid 30's couple with kids]

We havent implemented much yet.. but have discussed a few things along the way.

Personally I cant wait for DH to finish reading it so I can have a read!

#5 Amy 1976

Posted 22 January 2017 - 08:50 PM

My DH and I just bought and read the book. We love having date night and are putting in place all of the suggestions so far as they apply to our circumstances.

It is good advice and if followed will put you on the path to financial freedom.

#6 sandgropergirl

Posted 22 January 2017 - 08:54 PM

I haven't bought the book but do read the columns, i think his advice is very sensible

#7 Charli73

Posted 22 January 2017 - 09:57 PM

I'm going to make some calls tomorrow about our super, that's the only thing I can change right now..

Even though DH and I are with low cost industry super funds they still charge fees which are kind of high so that's one starting point I guess..

#8 Jaffacakes

Posted 22 January 2017 - 10:34 PM

Just finished reading it and relieved to know that we are doing most of the basics. I would like to get more into shares though so will be re-reading that section and I'm also considering setting up salary sacrifice for super (have recently restarted back in the workforce so haven't gotten around to it yet).

With regards to the multiple bank accounts, I'm going to have a better look at the interest rates on the accounts he recommends but as we have an offset account I'm not sure if it will be worth it (plus too confusing). I already use his principles though and have money put aside for emergencies, for splurging, long-term goals etc. within the offset account (I use YNAB to keep track of what is what) - with long-term savings (ie. do not touch money) transferred directly to the loan account.

#9 Overtherainbow

Posted 24 January 2017 - 06:04 PM

If you want to learn more on shared, try the ASX share game for free when it comes up.  Also try and find Anita Bells pocket guide to shares.  When you sign up for etrade, most sites have recommendations to help.

I'd try and get the book through the library, it's free :-). If you find it's one you want to keep referring to, then buy it.

#10 nom_de_plume

Posted 24 January 2017 - 06:13 PM

As someone who works in finance, I find he is great at distilling often complex information and making it understandable for the lay person. Definitely worth a read and his advice is relevant and applicable to most people.

#11 Rilee's~Mama

Posted 30 January 2017 - 10:56 AM

Thanks for starting this thread OP, I was coming in to do the same!!

I ordered the book from book depository after seeing it mentioned in multiple threads in EB. Just finished reading it over the weekend and looking forward to getting started.

I was looking at the Barefoot Blueprint on the website, but can't really justify the $400 for a year's subscription. I think I'll see how I go with the Date Nights and implementing the Stages.

As a single parent with a mortgage I really need to do something with my finances, so I'm pretty excited to see how it all comes together.

#12 goody2shoes

Posted 30 January 2017 - 03:07 PM

If you are looking for some good solid financial information for everyday people, Noel Whittaker's books are excellent.

#13 ~river song~

Posted 02 February 2017 - 08:41 AM

I'm a total convert to this book and Barefoot. I've become the equivalent of an evangelical bible bashed lol. I read the book in one day and finally feel I've found a system that actual is simple and works for us. Even just a few weeks in we've smashed through some debts that were hanging over us, got a better deal on our insurance and banking. Adjusted our super and started putting more away in savings.
It's not a 'get rich quick' load of rot it's about being smart with your money so you can have some security and not be stressed out about finances all the time. Sensible and simple advice.

#14 AsperHacker

Posted 02 February 2017 - 09:01 AM

I bought it too thanks to this thread! Also read it in a day. Loving the simplicity and no bs. Our finances are pretty ok but that's only by fluke so the simple, structured format has really clicked with me.

Thanks for the recommendation!

#15 Sunshine streaming

Posted 04 February 2017 - 07:04 AM

May I ask if anyone has signed up to the yearly membership and actually used the investing advice with success?

#16 Charli73

Posted 04 February 2017 - 08:15 AM

I didn't as I don't really have the spare cash right now and my only shares were a failure but I would be interesting to hear of anyone's successes too..

#17 spr_maiden

Posted 08 February 2017 - 04:50 PM

Is his new book very similar to the old one?

eta: by old book, I mean the five steps to financial freedom book

thank you!

Edited by nasty_maiden, 08 February 2017 - 04:52 PM.

#18 ~ Ohana~

Posted 27 February 2017 - 08:03 AM

Another one who smashed it out in one day. I couldn't help myself, it was such an easy, thought provoking, read. I've so far set up an additional bank account, saved $1300 a year by reducing my extras cover (which, as it turns out, we were only using $300 in basic dental check ups a year), bundled electricity/gas saving at least 20% a year, and saved $40 a month on changing our internet plan. Basically it's given us a kick up the butt to start focusing on our finances (particularly embarrassing considering I'm an accountant and should know better).

Next on the cards will be changing DH's super fund to a low rate one, as he is currently being slugged huge fees, putting my daughters savings into an investment bond rather than a bank account and paying off that mortgage baby lol

My sister is also reading it and has consolidated multiple super accounts, which is awesome.

I must admit, before I read the book I wa feeling quite insecure about of financial future. I was too busy comparing myself to others. I feel much better now though!

How is everyone else going? Anyone made any good savings or changes lately?

#19 Toby_

Posted 27 February 2017 - 01:25 PM

Really enjoyed the book. Very sensible.

I have shares (some that Scott has recommended in the past) and decided to update the plans so the dividends are reinvested rather than taking them as cash.

Planning on investing some $ into bonds for our kids rather than having it in savings.

We already put extra $500 into the mortgage every fortnight but I'm going to try and increase this if we can.

#20 IamzFeralz

Posted 04 March 2017 - 11:17 AM

Just started reading it now.  Pleased that he recommended doing something I have been doing since becoming a single parent - doing the ING accounts and having multiple accounts.  Its not hard at all - much easier than having a stupid excel spreadsheet budget.  I've managed to save a pleasing amount with this method but I am still starting from quite far behind, hence why I'm keen on this book.

I'm at the super fund chapter now.

#21 hotsonfornowhere

Posted 24 March 2017 - 05:57 PM

I've just started reading this book, so has my DH :)

Can anyone provide any further details or information on the changing of super funds? I'm with qsuper (Qld government employee) and I checked and I'm paying ~$2300 in fees a year.

My personal death/TDI/income protection are also through my super.

Organising any type of appt with a financial planner is going to be difficult, so I was wondering if it is even worth considering a change to a different super fund?

This change freaks me the most for some reason!

#22 Libster

Posted 24 March 2017 - 06:36 PM

Woah $2300 is a LOT in fees!! Have a look at the PDS of a few different super funds, it'll tell you the fees. The Barefoot Investor uses the Hostplus Indexed Balanced Fund as it charges only 0.02% management fee. The PDS is here:

If changing your super fund means saving money then I'd do it ASAP - I changed from Plum Super to Australian Super recently and it was easy peasy. I used this tool to compare super funds, it was very helpful. I just put in blank details when it asked me to register.


#23 Nrsnat

Posted 30 March 2017 - 06:23 AM

We were already with ING, and we're with good super funds. Just got to the chapter where our daily expenses should be around 60% of our income and started laughing.  Rent and childcare is 53% of our income, don't think we'll fit food, bills, insurance in the remaining 7%. I shudder to think if we had the kids in more than two days a week!

#24 ~river song~

Posted 30 March 2017 - 06:53 AM

View PostNrsnat, on 30 March 2017 - 06:23 AM, said:

We were already with ING, and we're with good super funds. Just got to the chapter where our daily expenses should be around 60% of our income and started laughing.  Rent and childcare is 53% of our income, don't think we'll fit food, bills, insurance in the remaining 7%. I shudder to think if we had the kids in more than two days a week!

He does say the percentages can be played around with. We've done that. Although we've got our expenses down to 65% most of what is left is going to our house deposit with a small percentage for splurge

#25 Overtherainbow

Posted 31 March 2017 - 10:16 PM

I've used our ynab to set up the save, splurge and safety categories and it even charts it using a pie graph to show how we're going on percentages.  I also added giving as I'm a big believer in using what we have to help others.

I found towards the end when it talked about getting your mojo up to three months living expenses plus adding extra into super was a bit much for us. (Oops, plus other investments).

Right now, I want to increase mojo and continue to invest for the future, but until kids finish school, I'm reluctant to lock additional money into super.

With a house full of high schoolers soon and all high up on extra curricular activities (interstate travel required) the next 6 years will be our most expensive.  I need to know back up is available if we need it and super doesn't offer that.  

I also don't want to ditch credit cards.  I did the sums and for us the points, offset account and high frills loan package actually works.  One fee per year covers any loans, offset and other accounts and cc.  Points help with kid's flights.

I did like the easy read and took quite a bit out of it.  It also supported my own view of shares.  I'm not into Day trading, I think timing the markets isn't worth the stress.  Dollar cost averaging and buying to balance is more my plan.

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