Get Good Quality Financial Footwear
Get Good Quality Financial Footwear
- October 13, 2019
- Posted by: Daniel McGregor
There’s a good chance you have either read or know someone who has read The Barefoot Investor… it’s been the number one selling book in the country for the last couple of years. And it’s great!
The author, Scott Pape, has put in writing easy-to-understand financial concepts and has done a great job of opening the eyes of Australians to the need to take financial decisions seriously.
He and I are very much on the same wavelength and over the last 18 months, I’ve had numerous people coming to see me on the back of having read the book and then seeking out independent advice.
What people seem to be finding is that the book helps them realise that they need to do something, but it isn’t quite enough for them to feel 100% confident to do it themselves or the book doesn’t quite relate to their circumstances.
I always enjoy it when people have read the book and then comment during our meeting that what I’m saying sounds very similar. That’s because both Scott Pape and myself are not trying to sell financial products, we are both independent. That independence means we have no reason to recommend anything other than what works and has been proven to work!
The thing about a book is that it is really a one-size-fits-all approach and yet everyone’s financial situation is different. The other key point to make here is that all the education and advice in the world is useless unless it is implemented. Knowledge is power, but knowledge without action is useless.
Many people have read the book and made a few changes, many people have read the book then put it aside and done nothing. Both of those results are not great. And that’s where I find I add a lot of value for people… making sure what needs to get done, gets done!
It’s like joining a gym… the stats show that you get much better results working with a personal trainer than going it alone. They make sure you do what needs to be done… they push you to do it. You get started and as your fitness builds the exercise program changes and you take it to the next level.
It’s the same with money. Get started, then build on it from there.
We are a country with the highest household debt levels in the world, our savings levels are dropping and people are retiring without enough money. Scott Pape’s book is a great step in changing that by improving people’s financial literacy. The next step is to make sure they get results by taking the action best suited to their needs.
Each person has their own unique financial situation and goals. We all have different levels of debt, tax, risk appetite and need for wealth creation and while many things are common, working with a financial coach can ensure the plan is right for the individual or household.
Is it worth getting some one-on-one help to get on the right track and get results?
As Scott Pape has said, “You want strategic advice on your affairs; taxation minimisation, superannuation, asset and income protection, asset allocation and overall wealth creation strategies. Paying $5,000 for this advice, which may possibly make you hundreds of thousands in the future, is how smart people get ahead.”
He’s also said, “what you want is truly independent advice” and his book itself recommends ‘independent, personal finance advice’ to get into the finer detail.
You can go through your financial life with no shoes and bare feet or make the journey a whole lot more comfortable by investing in some financial footwear. The choice is yours.