Book Review: The Barefoot Investor by Scott Pape

Personal Finance
Book Review: The Barefoot Investor by Scott Pape | Personal Finance | The Chronicles of Carly

Book Review: The Barefoot Investor by Scott Pape

If you are anything like me, The Barefoot Investor has been sitting in your ‘Reading Wishlist’ for a really long time. I recently made the time to sit down and dedicate some time to my personal finances. Something everyone should do, especially you 20- and 30-somethings.

Wait, I haven’t heard of ‘The Barefoot Investor’ before…

If you haven’t heard of The Barefoot Investor before than you need the book more than you realise! Any discussion in Australia on the topic of personal finance and personal wealth building will inevitably result in you hearing the words ‘Barefoot Investor’ and/or ‘Scott Pape’.

His Barefoot Investor brand has existed long before the book and he is one of the most nationally recognized personal finance figures. You can find him in newspaper columns, on the news reporting finance, and across the internet (besides Instagram). The man is one Instagram account away from Australian takeover.

Scott Pape, if you ever for some unknown reason find yourself reading this, do us all a favour and get Instagram to spread #TheBarefootInvestor word.

Now, to the book…

I read the 257-page book in under two working days. The language is fun and conversational (because f*** reading any book with heavy finance jargon, no thanks) and it just feels like you are having a conversation with an old friend over dinner. If your old friend was a personal finance genius.

Another thing I love, love, LOVE about this book is that it is practical advice. “Set up X account” “Complete this step and then move your focus to this step.” “Don’t worry about your HELP debt for these reasons.” A lot of personal finance books I have picked up are heavy on the theory and lacking in the actionable advice for everyday people. Plus, it is Australian! A massive amount of personal finance resources I use are American-based and guess what? Their financial system is vastly different and far crappier than ours. Having an Australian-expert, giving Australia-specific advice for an Australian-person is a massive win!

My three key takeaways…

  1. Scott Pape’s book has helped me relax on my HELP debt. I have had it in my debt snowball plan for as long as I knew what I ‘debt snowball plan’ was but as Scott Pape put it “[your HEC-HELP debt] will look after itself.” And that “there are better things to do with your money.”
  2. Commbank Dollarmites is the best marketing ploy + most evil setup to hit our schools. To be honest, I already knew this but it really reaffirmed it reading it from an expert. (Can I tell you a secret? I am a Dollarmites kid and have Commbank accounts to this day – as we speak though they are being phased out as part of my Barefoot Plan).
  3. The amazing effects of ‘set and forget’ – our society (me included) is so used to instant gratification so kicking those financial goals can feel like a glacially slow process. I am constantly checking in on my finances and losing motivation because nothing is moving as quickly as I want them to. My goal for the next month is to tailor my spending habits, set all my Barefoot steps in place and stop checking everything every goddamn day. All it does is de-motivate me. I need to take a step back and trust in the process (especially now that I know the process can work – thanks Barefoot Investor case studies).

If you are wanting to give your personal finances an overhaul and set yourself up for financial success then this book is a great resource for you! The Barefoot Investor is available everywhere, I got my copy from Kmart ($19). (Don’t go to an actual bookstore – the same book goes for $29+)

Tip: don’t borrow this book out from the library. This is a book you are going to want to splash your cash on because it will prove to be an invaluable tool that you refer back to time and time again.

Thank you so much for reading,
Carly xx

Note: I will do a 6-month and 12-month update as to how my Barefoot steps are tracking. So stay tuned. Make sure you subscribe to my newsletter to be kept in the loop.