There a large number of books about Wealth Creation, often with very dry and elaborate budgeting methods. I share the following book review because this author provides a ‘financial strategy drawn up on the back of a serviette’. It is that simple. It is an Australian book however the principles shared, I believe, particularly the serviette budgeting strategy can be applied anywhere.
This Book Review of ‘The Barefoot Investor’ will include:
- Who the book is for?
- An Invitation for You
- Next Steps
- Your Commitment
Summary The Barefoot Investor by Scott Pape
The Barefoot Investor (TBI) book published in 2017 is written by Scott Pape.
This book claims to be ‘The Only Money Guide You’ll Ever Need’ showing you how to create a financial strategy drawn up on the back of a serviette. Which it actually does.
Part 1: Plant
Step 1: Schedule a Monthly Barefoot Date Night
Step 2: Set Up Your Buckets
Step 3: Domino Your Debts
Part 2: Grow How to Double Your Income
Step 4: Buy Your Home
Step 5: Supercharge Your Wealth
Step 6: Boost Your Mojo to Three Months
Part 3: Harvest
Step 7: Get the Banker off Your Back
Step 8: Nail Your Retirement Number
Step 9: Leave a Legacy
However, you need to keep in mind: While it is very helpful and with easy, practical strategies you can implement immediately. I would recommend implementing within the context of consulting a financial planner that supports your goals, dreams and aspirations. What I mean by that is, if one financial planner is not really ‘into’ property investment but you love it then perhaps a planner that is more open to this as an investment strategy would be a better match for you. But I digress, back to Scott’s book. Noting, Scott too regularly advocates to consult a financial planner too throughout the book. It is a book and therefore some of the content will date over the years as tax, superannuation and banking products change. Again the author, Scott Pape highlights therefore focus on the strategies he provides.
Grab this easy to read book to find out what these ‘buckets’ and bank accounts mean and how to use them:
BlowDaily Expenses Splurge Smile Fire Extinguisher Grow MOJO
Listen to a message from the author, Scott Pape:
Who the Book is for?
I believe this book is for Business Professionals that are:
- Seeking financial change
- Disatisfied or unhappy with their current financial situation
- Ready to take control of their financial goals
- Committed to their own success and reaching financial independence
- Understand they don’t need to go through this journey alone. There is a community of ‘Barefoot Investors’ which suits those that have ‘dominoe their debts’ and those that are already financially independent.
What is great about this book is it is:
A simple step-by-step guide that works
Simplifies personal financial education
Includes practical examples and case studies for you to identify with
An easy read
Some of the specific financial strategies may not be suitable to everyone. Therefore, I believe that consulting your own financial planner that has an understanding of your individual situation is appropriate. The everyday strategies to budget and domino your debts and to achieve being mortgage free are fantastic and I’m sure in alignment with your own financial planner. The details on some insurances, particularly life insurance and superannuation, I would consider in consultation with a trusted financial planner. This is what I personally have done and am on track to recover from a devastating 2 years in business in 2016 and 2017, on track to achieve full financial recovery in 2018 thanks to the simple strategies in this book.
What is your commitment to creating and achieving your financial independence? Remember, this is a commitment to yourself. Even if this book is simply a starting point for you to take control and make a personal financial plan. Then the book has been a success. Are you ready to take action nnow? I encourage you to share your level of commitment or experiences in the comments below this post… And Let’s Go!
Are you ready for change?
- The first step is… you will need a copy of the book:
- Set aside time in your routine to read a chapter of the book. Schedule in what works for you. Daily, Weekly, Fortnightly or Monthly. I was on holiday when I first purchased the book and so I read the whole book in 2 days. However, I then went back over each chapter, as he suggests, one each week.
An invitation for you:
Now that you have a copy of the book. I invite you to commeit to the journey, the author, Scott Pape suggests. Then share the love. I have now bought 6 additional copies to give as gifts to those I am close too and want to enjoy financial freedom as I do. One copy, I have forwarded on as a gift that keeps giving, a way of paying it forward. In that, the purpose, is once it is read, for it then to be passed onto another person to read. Discussing your financial situation is something that is not always easy or accepted to discuss. Therefore, I have found this book a great way to give people the knowledge without having to offend or confront people. After all, none of us actually knows each others financial situations, nor do we need too.