For those of you who don’t know, Scott Pape is the best selling author of the book entitled ‘The Barefoot Investor’ – a book written for 20 somethings who are wanting to get motivated and begin shaping their financial future young. These days you will often see him as the finance commentator on a number of TV shows, radio shows and newspaper columns.
Ok, so as some of you may know, I’ve been running Savings Guide since 2007 and have seen many people come and go in the world of personal finance. I’ve seen TV shows like ‘Money for Jam’ appear on Channel 9 overnight only to be met with disappointing ratings as lets face it – many people seem to care very little about their money (against better advice) and seem to find it unsexy for some reason (as if money ain’t sexy?!?).
My early interaction with Scott
I was looking through my emails from many many years ago recently and found one that stood out. An email from an up and coming author Scott Pape requesting that I check his book out and whether I would be open to potentially reviewing it and accepting some content from him on my blog. I think this was around the time I was running Savings Guide and working two jobs at the same time, so for some reason or another I never really initiated the conversation to go further. My point here is that fast forward over 7 years and Scott is still around. Something must be going right here.
Scott Pape is now the go-to money guy, well done sir
Since this email many years ago I have seen Scott appear on multiple TV channels and become the go-to man for personal finance. I have to commend him for his efforts – he has pushed, shoved and earnt his way into the circles of personal finance as a respected author, commentator and THE person for honest money advice.
While watching Scott go from win to win, it only just occurred to me – I’ve never actually read his book. I really should see what all the fuss is about. I have been burnt so many times by personal finance books (books that like a business consultant does, will borrow your watch only to tell you the time) which is probably why I have never read ‘The Barefoot Investor’.
Finally, I read The Barefoot Investor
I did however recently borrow it from the library (sorry Scott!) and must say that it was quite good. Even for someone who lives and breaths personal finance, the book inspired me further. It’s all about making smart changes to your money today, in order to forgot about it tomorrow.
The main things I took from reading The Barefoot Investor were to set clear goals, invest today for your tomorrow (namely in shares which Scott explains make long term sense) while slowing the debt and saving more money into what Scott labels as a ‘Mojo Account’ – “yeah baby!” *Austin Powers Voice*
But seriously, what I really took from this was that I am stupid to not use my money to build more money. How do I expect to create wealth if I am not actively trying to grow my money in some way? Paying my mortgage and bills is one thing, but if I EVER want to relax from working one day, I am going to need to be smart today to make my money grow for tomorrow.
Who would get the most out of The Barefoot Investor?
Pretty much anyone. I thought at first the topics looked quite basic, however as I read on I realised the book serves a far greater purpose. Regardless of how good you are with money today, this book will motivate you to improve or start your journey to real wealth building. Something that helped even me who was quite unsure whether or not The Barefoot Investor could actually help me.
It is however best suited to people in their 20’s to 30’s though.
Do I recommend you read The Barefoot Investor by Scott Pape?
Yes. Read it (only takes a few hours as quite easy to digest) and take some notes as you go about your plans.
Personally it motivated me to get back into investing my money (to grow my money) and I have a newfound idol – Warren Buffett. Don’t follow? You will have to read the book to understand. Thank you Scott for writing a book that kept me entertained & sorry it took me so long to read. Here is to some serious long term investing.