Book Review: Barefoot Investor

Barefoot Investor

Barefoot Investor is a personal finance or financial freedom book written by Scott Pape, with Australian readers in mind. You must be wondering why I’m reviewing a book meant for Australian readers right? Read on…

There are thousands of personal finance books out there and I have read scores of them. Most of them range between bad to mediocre. They use high sounding words and difficult to understand formulas and calculations or the language used is dry. Most of them give very general and often conflicting advice and we get bored by the time we read a few pages.

The book we are reviewing though is refreshingly different. Instead of general advice, Scott gives very specific advice- even specifying which bank account to choose, what specific mutual fund to choose etc. Also, he recommends only the products that he himself is using – something close to my heart.

The language used is uncomplicated, witty and holds your attention which is a big plus.Though the products he recommends are for Australian readers, the concepts that he explains can be used by anyone – including Indian readers.

The key concept that he explains is called the “bucket strategy” which is a modified form of envelope budgeting method though he never uses the word “budgeting”.The bucket strategy, in brief, is to have various “buckets” or accounts into which your income gets saved based for specific purposes.

The advice in the book is simple, with baby steps that anyone can follow to achieve financial independence.Highly recommended.

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