The Barefoot Investor: The Only Money Guide You’ll Ever Need – Scott Pape
This has to be one of the best financial books I’ve read to date. Scott, (I feel like I can now call him Scott), cuts through all the motivational jargon and creates concrete financial rules in an interesting and easily understandable way whilst being fiercely independent and insightful.
Scott’s approach of easy reading whilst displaying a great deal of passion lead me to look forward to reading and not want to put it down. Rather than messing around with difficult terminology, he instead lays out a set of simple, yet actionable steps that anyone can follow. He states that with even just a few minutes each month and a few achievable changes in money management habits - anyone can build long term wealth.
The core of the message boils down to a few key points. Firstly, take the discipline out of money by setting up automatic streams for your income as it reaches your bank accounts. This method sees part of your money being whipped away into savings and investments without any ongoing involvement from you (the reader). This effectively reduces the chances of you blowing your pay check without any money reaching long term savings, while still leaving spending money that you can use completely guilt free. Secondly, utilise the power of compound interest via hands off investment vehicles like index funds to steadily grow your wealth over time.
He also talks on Insurance, retirement and small little ways of saving money by changing things you never really thought would make a difference.
I won’t spoil too much more, but for me this is a must read. It definitely helped both my fiancé and me, whilst boosting my interest in finance further