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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Barefoot Investor summary
Scott Pape
The Only Money Guide You’ll Ever Need
10 mins
Brief summary
The Barefoot Investor by Scott Pape is a personal finance book that offers practical advice for achieving financial independence and security. It advocates for a straightforward, realistic approach to money management that emphasizes saving, investing, and minimizing debt.
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The Barefoot Investor
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Key idea 1 of 5
Everyone has the potential to have more money thanks to a little canny planning.
None of us like thinking about our financial situations. We most often do it as a last resort when we’re in trouble. And when we do that, the solutions we come up with aren’t just drastic. They’re often downright silly. We might imagine we have to starve ourselves to save money, or maybe even stop having fun. It doesn’t have to be that way: the best methods for feeling like you have more money are sustainable and effective.
First, stop making excuses. Classically, people think that it’s too late for them to resolve their financial situation and turn things around, but that is never true.
You should take charge by making changes that fall within the realm of possibility. That way, you’re more likely to stick to them for the long haul.
Quick fixes tend to be extreme and prone to failure – unless you have the discipline of a monk, of course. But few do outside religious communities.
You're much better off making small changes as these deliver larger paybacks more effectively over time.
People on low incomes also give up more easily and think it’s impossible to have better financial futures. But that excuse can be overcome. You need to make changes according to your own means.
If you’re living on a minimum wage, then naturally your financial planning won’t look like a banker's. But even so, it’s possible to be smart with your money and live your life to the fullest. We’ll discover how to do that in the upcoming blinks.
Second, accept that saving is the key to securing your financial well-being.
This isn’t the same as saying that money is the key to happiness – we all know it isn’t.
Nonetheless, research has shown that the feeling of powerlessness associated with a poor financial situation is actually not dissimilar to physical torture. It’s therefore imperative for you and your family to learn a little self-discipline. Good practices in the present moment and in the future will keep you all secure in the knowledge that there’s always a financial safety net on which to fall back.
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What is The Barefoot Investor about?
The Barefoot Investor (2017) will give you clear instructions on how better to manage your money. There are simple rules to follow that will ensure your financial security and help you break any dependence on credit.
Who should read The Barefoot Investor?
- Anyone struggling with debt or credit cards
- Anyone who wants get a foot on the property ladder
- Young people disillusioned with their chances of living a financially comfortable life
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