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Very good price (half price) for this popular book, enjoy!
The Barefoot Investor 2019 $9.50 @ Big W
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jackychen on 09/10/2019 - 07:18 bigw.com.au (2723 clicks)
Last edited 09/10/2019 - 10:38 by 3 other users
Last edited 09/10/2019 - 10:38 by 3 other users
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Like you can talk.
I remembered my shoes though…
Now read the comments again in a Peter Griffin voice, and the words "ya cheap bastid!" to the end…
Price beat at Officeworks
Thanks for the reminder, got one at Officeworks with the price beat. It's good that they'll beat any price, even items that are on sale.
Sorry but why is this book so popular/posted every few days/weeks?
Because most people aren't taught how to manage money
your comment sounds like an insult but it's true. People are supposed to be taught this shit growing up but aren't.
Instead we know trigonometry, pythagoras, religion etc. Good times.
@onlinepred: I'm sure if you learnt those subjects you would have also learnt about compound interest and the Australian tax brackets. I've only just finished school 2 years ago and I hate when people say this. It's not the systems fault you didn't pay attention in class.
@mooseca: Australian Tax brackets, no. definitely was not taught in school, maybe if you did business studies as your electives for year 11 & 12.
@WhatWhoWhyUsername: Sorry, but for NSW at least, you're wrong. Finance is suggested to be done in Mathematics Year 9 for the last term and a half and I definitely did it myself. There is a copy of the scope here if you would like to see. https://educationstandards.nsw.edu.au/wps/wcm/connect/88e709… I was in a top math class thought so I can't comment on what the lower classes may have learnt.
@mooseca: Not disagreeing with your point but I think financial maths is only in general maths in nsw. Maths isn't even compulsory. We should take important life skills and put it into a dedicated civics subject.
@Thaos: If you are smart enough to be in the higher maths classes, you should be able to comprehend basic financial planning.
@miicah: Being smart enough has nothing to do with it. If you are not taught it, then you need to learn it yourself later on. It's like saying if you are smart enough, then no need to go to school right? Common sense doesn't come with intelligence, nor does logic etc.
@Thaos: See above for the higher classes in NSW it is meant to be taught in year 9 and I did myself. As for year 11 and 12, I know my friends who did General Mathematics had to do questions regarding car loans, although I'm not sure to what extent. In Mathematics there was an entire chapter on compound interest which they used questions about mortgages to show how drastic it can be. There were also questions about super I'm pretty sure to actually show how you can use it to your advantage which was pretty cool.
The compound interest subject really piqued my interest in school and really shocked me how much people pay over their lifetimes as basically dead money. It kinda triggered me in to researching money so maybe that's why I don't agree with the above comment. I don't know what was taught in the past so all I can do is speak for myself and others of my age, and it just bugs me. All the information we could need is basically at our fingertips now but they want to blame their time at school.
There is definitely subjects I don't agree with (ENGLISH) but that's probably because I don't enjoy them or see a need for it in my everyday life, stage 6 English that is.
@mooseca: I never learnt about super, mortgage, credit cards, instant credit systems, investment options, how to save money. Did you?
I learnt this myself in my early 20's from necessity.
I did finish school 17 years ago, I'm not sure what they teach these days. Do they teach everybody before year 10 about these subjects?
@onlinepred: I remember learning about the tax brackets, wages and doing GST calculations in year 9/10. Super and mortgages I learnt about in Year 12 as I explained in a previous comment. Credit cards are basically the same principle with interest but you shouldn't be signing up to a product in the first place if you don't understand it.
Investing I feel should definitely be touched on. I don't think anyone needs to be taught to save money it's pretty simple, don't spend more than you earn? Being taught to save money, however should be taught, although I don't think that should be left up to an education system. I understand we may not all be brought up in the best environment, but we're talking about later high school here. We choose who to hang out with and you're starting to become your own adult now. There is no reason you can't do your own research or talk to a friend who may know more than you at this point.
@mooseca: Your naivety is cute. If it was taught at school, and if you think people don't do things without understanding things, then why are more and more people in debt from gambling, taking out 3rd or 4th credit cards to pay off credit, using credit providers, taking car loans, not adding to their super etc.
Not everyone is like you or me, you need a system that works for most, and clearly the system has failed, perhaps it's something that is changing with your generation - maybe - although I doubt it as I work closely with builders, and they don't know jack.
I didn't learn about any of these topics in school. I went to a good private school, and I did advanced courses/maths/science/etc, I'm a smart bloke with good common sense, but there are things that I am only just learning now in my mid 30's, like negative gearing, using credit cards point schemes for benefit, effective account management when you have to manage an intense amount of bills with children/home ownership/investment property/multiple cars/insurances cars etc etc.
You are 2 years out, you still have much experience to gain, and your financial knowledge will continue to grow. You can always improve on where you are at. Just don't assume everyone else has been lucky enough to have your specific education.
@onlinepred: I have no problem with what you're saying, your generation had no where near as much easy access to information as we do now. It's my generation that bugs me with all this, we spend so much time online and at school and then complain we haven't learnt anything.
I'm currently doing an apprenticeship in plumbing and out of my class of 13 there is one who has taken out a car loan. I feel like the knowledge of saving and understanding finance is becoming more prevalent and the economy is suffering because spending is dropping due to it. I live on my own and I don't have kids or a mortgage so I can't comment on what that's like but I hope I can one day. I read about finance every day and I'm happy to admit I don't know it all and I still have much to learn.
We just can't keep blaming the system for everything when we have the ability to learn and grow ourselves.
@mooseca: We can only hope all schools and children get the same education you go as far as life finances. If that is the case, then it is not the systems fault at all.
You have to take human nature into this, most builders/apprentices see others that have big utes, and they think that they should have a ute, and that they can afford it as someone else has one, then suddenly all these apprentices have utes/leases etc. Then once they get on a job they all go buy jet-skis and boats. Once their project ends they need to sell the jet-skis and boats to afford life. These are guys that are 18/19 right now, so clearly they aren't teaching finances or common sense to everyone at school. My work has financial advisors, and you wouldn't believe the amount of calls they get for blokes under 25 that are in financial stress. They actually say that more and more people are calling each year, and their attitudes haven't changed at all. So we can only assume your class is in the extreme minority. We get blokes in our offices regularly crying, as they can't afford to feed their kids!
@mooseca: They might teach those subjects now but they didn't at the private school I went to 15 years ago.
@Gauntlet: Financial planning should be mandatory in later primary or early high school, not as an elective later in business studies or economics. In all early years math there should be a mandatory lesson or two on how pokies are programmed to make money for the business and the only way you will ever win is if you invest and buy a gaming licence
Absolutely true.
I have the book, and apart from a few interesting facts its all common sense stuff.
It's a shame that from the baby boomer generation onward, that the population is growing ever ignorant on managing money. I wouldn't count on schools teaching any of this either.
It's an easy read, and a good entry point for many different aspects of finance. For me, I already had a pretty good handle on savings, but the book got me to think about who my super is with, and motivated me to learn about investing.
Same here, it’s a great read. Put into perspective a few things.
Agree with you Dangerstomp.
How come you think you had a good handle on savings, but didn't know who was managing your super? Probably the biggest chunk of your saving.
This is a genuine question. I work in super industry and curious to know about this disengagement from someone who consider themselves a savvy 'saver'.
Cheers!
I don't think they were saying they didn't know who their super was with. Rather, the book got them thinking about who was the best super company that they should be trusting with their money.
As someone else mentioned, I knew who my super was with. The book just gave me a kick up the butt to a closer look at fees, performance and insurance options. Though the idea that someone can be good at managing their take home pay while having a largely passive approach to their super doesn't seem too outlandish to me.
@PurchaseAnxiety: Right. Thanks.
Although, that is very interesting point that you think its normal to not care about super actively when it is 10% of your own income. This "normalcy" itself is a problem across.
We care about the $2 cashback more than we think about 10% of our own income.
Cheers!
Anyone noticed they dropped bank interest rate yesterday, what happened?.
The reserve bank of Australia decides every first Tuesday of each month whether to change the interest rate. They've cut the rate almost each month lately to try to stimulate the economy as Australia's economy is going in recession
And it isn’t working.
It is not
Housing prices are skyrocketing again though :/
@Bargaingeek: So are stocks. Thats why its so concerning - Prices are going up without the economy to support it. Less people spending = less jobs = less people being able to pay their excessive mortgages = more fail rates = crash
@k-rokfm: So what is everyone's strategy if they keep dropping the rate, it does not seem to rise any time sooner though
@Yaren24: It's cheap to get money. People borrow money, buy stocks as the returns out weigh the interest rate. Same with houses, inflated prices as people can borrow more and repayments are cheaper. When a recession hits we're in for a bad time.
buy stocks as the returns out weigh the interest rate … When a recession hits we're in for a bad time.
don’t stocks also crash during recession?
@AlexF: There are already ~190B has been wiped out of AU stock market. Chart on https://www.tradingview.com indicates that it hasnt recover yet and wont be in a near future
@frewer: I'm not saying everything is perfect, but that's not really a good way of looking at the Australian stock market. How many $B is it up since the start of the year?
@Autonomic: Im just pointing out the fact that smart people 'has left' the market. If you want to play with stock it is fine…
@Yaren24: The rates will keep dropping, QE is now a very likely possibility for Australia and that means that money is going to be devalued. QE4 has already started in USA and in the Eurozone. Asset prices will rise to new peaks.
If you can afford it, nows a good time to buy high quality assets. If you can't afford it, now's a good time to pay off any debt as prices of everything (living costs) will rise.
Essentially, the worst thing you can do is keep cash in the bank right now… not financial advice, just my humble opinion =)@Yaren24: Vote in a government that actually knows something about economic stimulus instead of aiming for some ridiculous notion of surpluses… it's about all we can do at this point.
@Bargaingeek: The amount of houses available seem to be small though. Once everyone is unemployed the house prices should drop dramatically. Plus, we're sticking the middle finger up at the Chinese so they are less likely to come here.
@Bargaingeek: "Housing prices are skyrocketing again though :/"
Not in nannup, ivy tanks, rubyvale or mandurah
Better ask liberal or scomo the question.
@dts88: But if it happens its labors fault for bad economy management back in the late 2000's right?
Monetary policy is all about the people that own houses, investments and shares, not savings, every interest rate decrease and the talk of quantitative easing hurts people with savings. Could be time to put your money into gold as the bonds market is gone and any borrowing to stocks is risky.
The monetary policy is fighting the government in giving money to home owners, retirees and middle class. Meanwhile companies stifle growth by keeping wage growth stagnated.
Heck even Deloitte and KPMG have come out and said they need to raise Newstart by ~$100 a week because you know who will spend it, the poor, problem is they won't vote for Liberals though and I don't think Labor do anymore because of how the media controls the votes especially on monetary policy.
The wording is we are breaking our social contract by not providing the out of work, which society will always have, we owe them and it would actually help the economy unlike the $1080 and tax cuts they gave of which the majority paid down their debt.
I would get this book if he talk about negative interest rate.
Good book for the basics but his examples are a tad unrealistic for most commoners. Also doesn't state what circumstances these examples are under / take into account variables.
The whole date night thing is rubbish.
In a nutshell: destroy your credit card, pay off your debts, dont buy stupid shit (stay away from ozbargain then) and spend less than you earn.
spend less than you earn.
This. People should start with this.
How do people need a book to know this? Sounds like a needless expense.
@iMagoo: It's strange…I'm in my early 50's…after divorce over 10 years ago & fighting in court over my youngest child's well being…
I lost just about everything…Spent money on absolute rubbish & for the last 10 years I have nothing to show for what I have earnt… :-(
Found this book 6 months ago & as basic & simple as it is…It bloody works
Well, it has for me… I'm actually saving money & within 12 months I will be debt free…
I'm trying to learn about investing as I want to get back into the housing market one day…time is running out but I'm no longer living pay packet to pay packet & damn I feel good about that !!!
If people applied commonsense and self-restraint we would have obesity epidemic.
The only one winning here is the author who is selling his book to the nuffies.
Sorry mate but I don't agree… I'm not stupid but lost myself after divorce… wasted every cent I earnt & this book is saving me…
Yes it's basic & simple but it bloody works & sometimes people just need a kick start or something to push them in the right direction…
This book did it for me
Thanks I’ll give this a read to save some time :)
will add to my reading list, but will save time by not reading it
"The first thing to do is recognize that credit cards are not your friends."
This community disagrees
https://www.ozbargain.com.au/deals/network.americanexpress.c…A car is a bad thing if you ram it at high speed into a pole
Is there anything wrong with having a credit card if I pay it off every month and pay no interest? The act of owning one seems to have boosted my credit score actually.
Plus I get tons of flybuys points I can use on discounted shopping.
No there’s nothing wrong with that
I guess when he says “not your friend” he means don’t get dollar signs in your eyes and go blow your limit on stuff you don’t need just because you feel like it’s free money
They’re given by the banks so they can make money off interest charges not to help people out
For about one third of people credit cards are bad. For many others credit cards are good. It's clear who the barefoot Investor is writing too.
Wow, thanks for that. So it's basically saying don't build up debt and organise your money a bit.
I'm doing that anyway, so all good :)
We got given this. It's primarily "dont own a credit card" and other basic guff.
If you want quality advice like how you make money with credit cards, this isn't for you.
If you're a financial struggler, it might be good for you
Credit cards are like alcohol, people who are going to do the wrong thing anyway will do the wrong thing with them.
Not at all. Spending money you don't have is very difficult to do with an empty wallet unless you have credit cards.
The underlying issue is that credit limits are so high compared to incomes that they allow people with problems to get horrifically trapped. If credit limits were more sensible then people wouldn't get trapped.
From my perspective after reading this book recently yes a lot of it I was already doing. I have a fee free bank, no debts and I'd paid off my mortgage. Having said that I still found it helpful in regards to information on Super, shares and other bits and pieces scattered through the book including advice I could give to family and friends that do happen to be struggling.
I'd definitely recommend this book at this particular price even if it's just to have a flick through. It's very easy to read and even if you think you know it all you may still be able to find a few things that are helpful.
I don't think he's selling these books to make a load of money I feel he's trying his best to help a lot of Australians that simply do have no idea about money.
Just trying to put some balance in the negative comments on here.
I have a fee free bank
can people recommend some fee free banks? I get commbank fees all the time.
edit: just discovered commbank aren't supposed to charge fees if you deposit $2000 monthly, which I have been for years. What the actual FCK.
I've found Macquarie's regular account to be really good. No international transaction fees and the rates are generally pretty good too. Their app is also not too bad to use.
Otherwise I think people still go with ING.
fcking hell. Commbank admitted they've been wrongly charging fees, the lady was talking about refunding just ONE YEARS worth, they will get back to me…
I went back on my statements to 2013 (as far back as I could go) and they've been charging me fees BACK THEN despite me depositing $2000 every month.
What the hell.
This could turn out to be a nice savings for you! Get a nice lump sum ;-)
It's possible their 'no fees if you deposit $2000' wasn't in effect in 2013 or even that they've done the same trick a lot of banks do and not automatically changed your bank account type to one with low fees, because different names for accounts mean different conditions. (A friend had Westpac do that to them)
It's possible their 'no fees if you deposit $2000' wasn't in effect in 2013
It was. I've found whirlpool comments talking about it in 2010.
they've done the same trick a lot of banks do and not automatically changed your bank account type to one with low fees
Well they already admitted the fault and that I "should have received a refund". I need to inform them about the exact years this has been happening, but hopefully they will figure it out themselves.
ING is pretty good for flexibility and is few free with no strings attached. You'll get bonuses like no international transaction fees and bonus interest savings if you deposit money and use your card every month though.
If you like having a branch to go in, NAB is good. Otherwise have a look into the online banks or ones with few branches/credit unions.
I was going to switch to Bank Australia but they required minimum deposits for fee free banking - I decided that NAB has a pretty good deal going and am keeping them as my transaction account.
Every council library system would have this, and the ebook too.
Bit weird to think ok, I’m going to take control of my finances. First step – buy a thing!
Unless it is a passive-aggressive Christmas gift for a relative who doesn’t ozbargain.
This is true but sometimes there's a wait list.
Also it's the kind of book you may want on hand to refer back to.Psychologically, you will pay more attention to "something" if you go out of your way to find and pay for it, eg: the contents of this book.
However if some guy at the local train station just handed it to you for free, even though the contents and message are the same, you will most likely not take any of it in, because it was obtained "too easily".
Kind of like when (if your a professional in a certain field) you give advice to family and friends (for free) who basically ignore it, however a few weeks later they pay to go see an expert, who says the same thing, however now they will take in the advice given, even though it is exactly the same as what you said, albeit for free.
Psychologically, you will pay more attention to "something" if you go out of your way to find and pay for it
What about steam library
You still have to pay for (most) steam games, their not free.
Unless it is a passive-aggressive Christmas gift for a relative who doesn’t ozbargain.
The wife will probably be nudged towards divorce if given this book…
I wonder if this author is super rich because of the knowledge he has, not from selling this book.
Yes, he was already rich before this book was published.
It's a good book. My fiancee and I listened to the ebook together. She got a lot out of it, I was already doing most of his suggestions.
Don't agree with him about Credit Cards though, but then I've always paid my credit card in full.
Good for novices and people who never seem to have money even though they have well paying jobs.
Thanks OP, bought one as a gift for one of my mates.
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Perhaps he could invest in some shoes.