{"id":32817,"date":"2021-04-19T18:10:04","date_gmt":"2021-04-19T22:10:04","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=32817"},"modified":"2021-04-26T23:21:43","modified_gmt":"2021-04-27T03:21:43","slug":"barefoot-investor-tips","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/barefoot-investor-tips\/","title":{"rendered":"The Barefoot Investor: 5 Tips From Scott Pape"},"content":{"rendered":"\n<p>Do you want to apply the lessons from <em>The Barefoot Investor<\/em>? What are some <em>The Barefoot Investor <\/em>tips for personal finance management?<\/p>\n\n\n\n<p>In <em>The Barefoot Investor<\/em>, Scott Pape offers practical tips to <a href=\"https:\/\/www.shortform.com\/blog\/how-to-manage-your-finances\/\">manage your money<\/a> so that you can eliminate debt and start <a href=\"https:\/\/www.shortform.com\/blog\/building-wealth\/\">building wealth<\/a>. The was written for an Australian audience, but the following <em>The Barefoot Investor <\/em>tips are universally applicable.<\/p>\n\n\n\n<p>Here are five personal finance <a href=\"https:\/\/www.shortform.com\/blog\/management-tips\/\">management tips<\/a> from <em>The Barefoot Investor.<\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\"><em>The Barefoot Investor<\/em>: 5 Tips for Personal Money Management<\/h2>\n\n\n\n<p>Many people <a href=\"https:\/\/www.shortform.com\/blog\/feeling-helpless-in-life\/\">feel helpless<\/a> when it comes to managing their money. They\u2019re consumed by debt or worry that they&#8217;ll never be <a href=\"https:\/\/www.shortform.com\/blog\/financially-secure\/\">financially secure<\/a>. Here are five tips from <em>The Barefoot Investor<\/em> to get you started on your barefoot journey.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tip 1: Switch to a Low-Cost Bank<\/h3>\n\n\n\n<p>Many people bank with a high-cost bank without realizing it\u2014for instance, they might have an account at the same place that their parents did, or they might have received a bank account with their home loan. But there\u2019s good reason to switch: Switching to banks with no fees can save you thousands of dollars over the course of your lifetime. <\/p>\n\n\n\n<p>In <em>The Barefoot Investor<\/em>, Scott Pape recommends setting up five bank accounts: two checking accounts, two savings accounts, and a backstop account. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tip 2: Scrutinize Your Insurance Options<\/h3>\n\n\n\n<p>Life comes with losses, such as losing a job or becoming disabled. Having insurance helps protect you from the financial costs of these losses. However, finding appropriate insurance can be tricky. Here are some common insurance pitfalls:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>We pay for coverage we don\u2019t need.<\/li><li>We pay too much for insurance.<\/li><li>We fail to get the coverage we <em>do<\/em> need.<\/li><\/ul>\n\n\n\n<p><em>The Barefoot Investor<\/em> gives these two pieces of advice to follow when choosing and managing insurance:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>If losing it won\u2019t affect your financial situation, don\u2019t insure it. <\/strong>For example, if you damage your phone beyond repair, you\u2019ll be able to get a new one without putting yourself at a financial disadvantage, so don\u2019t insure it. On the other hand, if your house burns down, you\u2019ll want to recoup the value of the house itself and the possessions within. Here are some other common items or scenarios to consider insuring against:<\/li><\/ol>\n\n\n\n<ul class=\"wp-block-list\"><li>Losing the ability to work, or becoming disabled<\/li><li>Death<\/li><li>Theft<\/li><li>Car accidents<\/li><li>Health insurance (more on this below)<\/li><li>Becoming ill and needing medical care while traveling abroad<\/li><\/ul>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\"><li><strong>Negotiate your annual insurance premiums down. <\/strong>Companies want to retain your business. If you call them and tell them you\u2019re thinking about switching, they\u2019ll likely be willing to negotiate a better deal for you. You can also offer to pay more money, or excess, which is the initial amount of money you\u2019re willing to pay toward a claim. By increasing the amount of excess you\u2019re willing to pay, you can decrease your insurance cost. Since you now have a Backstop account, you\u2019ll have the extra money to pay if something catastrophic happens.<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Tip 3: Pay off Your Debt<\/h3>\n\n\n\n<p>Having debt can take an emotional toll. You might feel as though you\u2019ll never be good with money, and climbing out of debt can feel impossible. To rebuild your self-esteem and financial security, Pape advocates paying off your debts and getting rid of your credit cards.<\/p>\n\n\n\n<p>Follow these steps to pay off your debts one by one:<\/p>\n\n\n\n<p>1.<strong> List your debts.<\/strong> Use a table like this one to list your debts from smallest to greatest.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Debt<\/strong><\/td><td><strong>Total<\/strong><\/td><td><strong>Interest Rate<\/strong><\/td><td><strong>Minimum Monthly Payment<\/strong><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td>Total:<\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>2.<strong> Renegotiate your interest rates. <\/strong>Tell your bank that you\u2019re considering transferring your credit balance to another bank that will charge you no fees for 18 months. Ask them to renegotiate your interest rate and waive your annual fee. This is the best course of action for most people because it helps you avoid spending on a new card. However, if you really can pay down this debt in 18 months, and avoid spending on a new card, consider switching to a bank with this type of transfer program.<\/p>\n\n\n\n<p>3.<strong> Get rid of your credit cards. <\/strong>Cut them up and post a photo on Barefoot Investor\u2019s Facebook page.<\/p>\n\n\n\n<p>4.<strong> Pay off your debts one at a time, starting with the smallest. <\/strong>Use the money from your Fire account to pay off this debt as quickly as possible, while making the minimum payments on your other debts. Though you won\u2019t likely pay off the debt with the highest interest rate first, once you\u2019ve paid off one debt, you\u2019ll gain confidence and feel motivated to pay off the others.<\/p>\n\n\n\n<p>5.<strong> When you pay off a debt, celebrate. <\/strong>Pape suggests burning your credit card bills with a lighter. Apply the amount you <em>were<\/em> paying on the now paid-off debt toward paying down your next-highest debt.<\/p>\n\n\n\n<p>6.<strong> Repeat until you\u2019ve paid off all of your debts.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tip 4: Pay off Your Mortgage Early<\/h3>\n\n\n\n<p>Due to interest payments, you\u2019ll pay more than the cost of your home over the lifetime of your loan. <strong>To limit how much interest you pay over the life of your mortgage, work to pay it off faster. Besides saving on interest, you\u2019ll be able to direct the money that was going toward your mortgage elsewhere.<\/strong><\/p>\n\n\n\n<p>The first step is ensuring you don\u2019t get sucked into constantly upgrading your home and remaining perpetually in debt.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Avoid the Desire for Another House<\/strong><\/h4>\n\n\n\n<p>Many people yearn to buy things that they think will bring them great enjoyment. When people do this with houses, no house is ever good enough. People may buy one house, and then buy and move to another, and then another, thinking that they\u2019ll land in the perfect home and perfect neighborhood someday. They may take on more debt than they can afford, which can cause stress because money becomes tight and they have to carefully consider every spending opportunity. They may think this is simply the reality of homeownership and wealth-building.<\/p>\n\n\n\n<p>But this isn\u2019t everyone\u2019s reality. <strong>People who successfully build wealth tend to save money, invest in the share market, avoid buying things they can\u2019t afford, and live in modest neighborhoods rather than affluent suburbs.<\/strong> Instead of constantly pining for the next thing and taking on debts you can\u2019t afford, following the steps in this book will position you to buy a home within your means and, ideally, feel satisfied enough to stay there instead of chasing the next best thing.<\/p>\n\n\n\n<p>Follow these two steps to pay off your mortgage faster:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Call your bank and negotiate a lower rate.<\/strong> Tell the bank that you\u2019re planning to switch to another bank with a lower interest rate unless they give you a 0.5 percent discount. If it doesn\u2019t work, try calling them back a few times. However, this step is best attempted when you already own 20 percent of your home.<\/li><li><strong>Direct the money from your Fire account toward your home loan. <\/strong>You\u2019ll now use the funds from this account to put extra payments toward your mortgage. Use a calculator like the <a href=\"https:\/\/moneysmart.gov.au\/home-loans\/mortgage-calculator\">ASIC MoneySmart Mortgage Calculator<\/a> to calculate how long it\u2019ll take you to pay off your mortgage using the extra payments from your Fire account. People are often able to pay their mortgages off seven years early.<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Tip 5: <strong>Choose Financial Advisors Specific to Your Needs<\/strong><\/h3>\n\n\n\n<p><em>The Barefoot Investor<\/em> advises against using a personal financial planner. Financial planners generally skim a fixed percent of your assets, no matter how much money you have. <strong>This is unfair because you\u2019re being charged more for the same service as someone with less in assets.&nbsp;<\/strong><\/p>\n\n\n\n<p>If you need financial advice, look to lower-cost options based on your specific needs. Here are some common options:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Reduce your debt<\/strong> by working with a nonprofit financial counselor or by calling the Australian National Debt Helpline, 1-800-007-007.<\/li><li><strong>Plan for your retirement <\/strong>by calling your super fund and working with one of their financial counselors. After the first appointment, you\u2019ll be charged by the hour rather than an annual fee.&nbsp;<\/li><li><strong>Explore long-term care<\/strong> with <a href=\"https:\/\/www.servicesaustralia.gov.au\/individuals\/centrelink\">Centrelink<\/a>. Their advisors can help you understand how much it will cost and how it might affect your pension.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Do you want to apply the lessons from The Barefoot Investor? What are some The Barefoot Investor tips for personal finance management? In The Barefoot Investor, Scott Pape offers practical tips to manage your money so that you can eliminate debt and start building wealth. The was written for an Australian audience, but the following The Barefoot Investor tips are universally applicable. Here are five personal finance management tips from The Barefoot Investor.<\/p>\n","protected":false},"author":7,"featured_media":32825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,7,31],"tags":[267],"class_list":["post-32817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-books","category-lifestyle","category-money","tag-the-barefoot-investor","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Barefoot Investor: 5 Tips From Scott Pape - Shortform Books<\/title>\n<meta name=\"description\" content=\"Do you want to apply the lessons from The Barefoot Investor by Scott Pape? Here are five tips to get you started on your barefoot journey.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/barefoot-investor-tips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Barefoot Investor: 5 Tips From Scott Pape\" \/>\n<meta property=\"og:description\" content=\"Do you want to apply the lessons from The Barefoot Investor by Scott Pape? 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