Book Review: The Barefoot Investor
Updated: May 24, 2021
Scott wasn’t lying when he published on the front of his novel ‘The only money guide you’ll ever need’. The Barefoot Investor truly is the ultimate book for anyone who wants to get their s*** together and start saving. Author and financial advisor Scott Pape
Essentially Scott Pape, author and financial advisor, lays out in layman’s terms a simple blueprint to achieving wealth. In no way is the book a ‘get rich quick’ guide, but instead, Pape lays the foundations for a solid, steady financial plan, whether you’re reading it at age 16 or 60.
Pape narrows down building wealth into 9, easy to follow steps, which include;
Schedule a monthly Barefoot date night
Setup your buckets
Domino your Debts
Buy your home
Supercharge your wealth
Boost your mojo (savings account)
Get the banker off your back
Nail your retirement number
Leave a legacy
Obviously some of the above isn’t going to make much sense without having read the book, but you get the idea. Simple, straight forward, and broken down into adorable little date nights wither either your partner or a trusted friend/ family member.
The only time in which I became sceptical on the book was in the building your wealth section. Pape advocates the shares market and is somewhat opposing to investments in housing. Whilst I don’t disagree, I don’t agree either. I think this is very dependent on the individual and have known a lot of people who have made their successes through property investment.
Some of the major points that I personally took away from the book included;
Credit cards are the devil. Cut them up. Huge interest rates and fees, particular for the younger, ‘care-free’ generation (me), can completely mess up your finances for years, even decades.
Strict budgeting ISN’T the only way. Anyone who has tried it knows that it almost always fails. Instead, build a realistic financial foundation.
It’s all about making smart changes to your finances today, in order to forget about them tomorrow. Want to spend your whole life worrying about money? Neither. Start getting it together today and you’ll thank yourself tomorrow.
Along the way, Pape uses some very witty comments, anecdotes, humour and tidbits, al of which makes the book much less of a finance book and easier to read than those endless investment books. The Barefoot Investor is certainly not the book for everyone, however I would say that if you’re a 20-30-something year old wanting to get on the right track, it’s definitely worth the read.
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