Friday, 24 February 2017

Book Notes: "The Barefoot Investor" by Scott Pape

The Barefoot Investor: The Only Money Guide You'll Ever NeedThe Barefoot Investor: The Only Money Guide You'll Ever Need by Scott Pape

My rating: 3 of 5 stars


I wan't going to write anything about this book. It is written much like a blog, with no real paragraphs, corny humour, "literally", "totally", "like", Americanised adverbs, and sometimes corny drawings. But the central message is important, and after some hesitation I thought it right to record some of the highlights. In my journal, I wrote down this quote from Warren Buffet:
Stay away from debt. If you're smart, you don't need it. If you're dumb you got no business using it.
Pape writes about precisely what he does, including the companies he uses in implementing his financial strategy. There is a story about two alpacas that will bring a tear to your eye, and this adds moral impetus to Pape's purpose in writing. His personal story is an important part of the work. The only part that I was not comfortable with concerns earning additional income through side businesses or freelance work. I have worked more than one job since leaving the regular army in 1997 until 2012. Admittedly, I was doing so to maintain a self-constructed treadmill of stupid decisions, but these days I am content with my earnings and have no desire to increase these more than "natural increase" brings. That said, it would have made no difference to my 18 year old self if I had received this book back then. Fools must learn from their mistakes. But it may be helpful for a disciplined parent to develop themselves as a financial role model for their children or grandchildren, if one finds their time has come and gone. I have taken many of the steps mentioned in this book - indeed, some I took as I arrived at the precise location of the advice on the page. Much of the other advice has confirmed and given me confidence in the steps I have already taken, but I am too shy to reveal this side of my existence. I was sceptical about this book, but now I am glad I read it anyway.



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