Barefoot Investor for Families, a follow up to the immensely popular The Barefoot Investor: The Only Money Guide You’ll Ever Need. Written by Scott Pape in 2018, The Families edition has been an eye opener for me to gain insightful knowledge and guidance for giving my sons good money habits throughout their lives.
The book is written from Scott’s own narrative perspective and humour. With (for Australians mainly) many Aussie pop culture references throughout. The book takes what would be an otherwise somewhat dreaded topic of financial habits for kids and manages to create a light, humorous plan for developing said habits positively. From reading the book you get the impression that Scott is down to earth, unapologetically honest and genuinely funny. The book starts with a fair amount of introductory explanations, setting the tone for the work to come. Scott explains in colloquial depth for even the most financially illiterate of us how we can prepare our children with good money habits from a very young age until they grow up and eventually leave home.
Our own twin boys born just 1 month ago gave me the drive to start this book. Having never been taught any good money habits myself I hope to do the opposite with my own children now. The book gives me confidence in a foolproof plan laid out through the ‘Barefoot Ten’.
Scott’s Barefoot Ten
The Barefoot Ten is a plan of Scott’s creation that will give you the tools needed to guide your kids into good money habits. Without giving away too much before you pick up the book yourself, a couple of them are:
- Opened a zero-fee, high-interest savings account.
- Learned to cook at least two low-cost, delicious, nutritious meals from scratch.
- Get a part-time job from age 15.
From the outside looking in these 3 could be misconstrued as obvious to any parent. But the book explains to us the importance of them. When to do it and what good money habits they will develop from them. In particular, getting a job is easy right? No. Well it wasn’t for me at a young age anyway. Scott interviews high status employees of reputable businesses that hire young people like Maccas, KFC and a small business owner. He does so to find out what it is exactly they look for. How to interview and what our teenagers can expect when they join the workforce.
I would also like to acknowledge Scott’s honesty when recommending financial products throughout the book. With his popularity rising since his best selling first book I’m sure he would have had plenty of opportunity to cash in on endorsements should he recommend them in his literature. He does not. The financial products he recommends are from personal experience and his own research. He also mentions repeatedly that he does not receive any kick backs for his recommendations.
For anyone with a family, preparing to grow a family or just want to be able to influence the younger generation with good money habits I would highly recommend reading this book. It is easy to read, not too long (around 250 pages) and a fun non fiction book.
Five Stars from us.
I have been recommended Scott’s first book a few times over the years since he first wrote it in 2016. Having now read the family edition I am excited to finally pick up his other book from my local library and dig into the financial knowledge he offers.