Author: Mr DDU.
It’s not long until Christmas, so from Dividends Down Under we wish you a happy holiday season and a happy New Year.
You may remember a few months ago that we posted an article contemplating the pros and cons of advising family with their finances.
Money is an important topic for every person and couple and for those who have/do struggle with money – how do they keep themselves from falling into the same money problems as before?
It isn’t a simple fix, it requires a huge mental change. So instead of trying to be some millennial kids telling their elders how to behave, we thought we’d give them a book from one of Australia’s best personal finance people – The Barefoot Investor. We’ve been following Scott Pape (he’s the Barefoot Investor) for a few years and we think his stuff is really good, even though his message is not really to do with retiring early per se. He’s about putting yourself in a great financial position as well as being able to have no stress about money.
So what’s the book about?
Without giving away the whole book, it’s a very comprehensive book about money, how to get yourself thinking about money and is very easy to read. Scott is the most personable mainstream finance writer we’ve ever come across and he’s at his very best in the book.
He lays out how disaster struck his family and how he calmly dealt with it. The main idea behind the book is a (great) step by step guide on how to first get in control of your money, then how to achieve big goals like paying off debt and buying your home and finally grow wealth for you and your family in a stress free way.
We have read many finance books, countless blogs and websites, this book was by far one our favourite to read. Any Australian could follow his steps and become quite wealthy (whether you’re 60 or 20).
Who we think this book is suited for
We think the prime audience for this book are couples who want to become better financially, but aren’t really sure how. But we enjoyed reading this book and have been on the financial path for a few years now. So whether you’re brand new to your financial transformation or several years along, it has a lot of great advice and strategies.
It’s particularly aimed at couples because he suggests going on date nights to talk about different financial tasks/changes that should be done to put yourselves in the best financial position, all whilst having a nice meal together. Working on goals together will definitely bring couples closer.
Our family would definitely benefit from reading this money guide book, even if they don’t follow it word for word. Creating an emergency fund (or ‘mojo’ as Scott calls it) is an idea we can all get behind.
A little (big) taster – it’s worth the read
Now, we want to share a prelude of the book. The whole book reads as well as the below passage, except the rest of the book is more about money and steps:
What we learned from the book
We are always slightly adapting our financial thinking, honing what we want to do in our lives. There isn’t a perfect answer and doing what works best for us is always evolving.
This book really reaffirms that money needs to be a couple goal (if you’re in a couple), money can be fun, money can be about the future and security rather than splurging and debt.
If you’re just starting learning about money, Scott provides a lot of extremely easy to understand tips, anecdotes and explanations about what to avoid and what to do.
If you already know a lot about money, it’s a good read that’s fun and explores things you may not have thought of. We can always learn more no matter what stage of finances we’re at and keeping an open mind will help us grow financially and as people even more.
We’re happy to spread the word about Scott’s The Barefoot Investor book (don’t worry, we’re not being paid a cent for this!). We think this is the best ‘modern’ book that’s perfect for Australians of any age or financial position.
Even if you think you don’t need the book, there could be some family members that would get a huge amount out of it.
Anyway – we hope everyone has a happy holiday season, enjoy time with your family and rest well.
Hopefully next year can be the best year yet for us and for you!
Merry Christmas and Happy New Year,
Mr & Mrs DDU