My gran plan for kids
Writing a book is a weird experience. I’ve spent months holed up on the farm, tapping away on my lonesome.
Yet this week couldn’t have been more different … “Lights! Camera! Action!”
Yes, I’ve been on the dog-andpony show promoting my new book, The Barefoot Investor For Families.
I’ve spent the week spruiking my book on radio and television, generally being interviewed by people who hadn’t read it, weren’t likely to, and often asked the exact same questions.
Then last night I came home to an awkward question from my son: “Dad, are you wearing Mummy’s makeup?” asked my five-year-old. “It’s for the TV, cobber.” (Some fathers wear hi-vis and steel-capped boots to work — I wear powder and lip balm.)
Yet what got me through the week was the Barefoot community.
You guys have been sending me awesome pictures of your kids, bringing the book to life and creating new family rituals. Please keep sending them through ([email protected]footinvestor.com) — they absolutely make my day.
And so it’s only right that I answer your questions about the new book in my column this week. Let’s get into it (after I powder my nose).
Tread Your Own Path!
WHAT’S THE DIFFERENCE?
Scott, What is the difference between this book and your last one? Do I need to buy this one, given I already have your last book, which, may I add, was subtitled “the ONLY money guide you’ll ever need”? Chris
Hi Chris, Fair cop. I totally agree that I’m in danger of becoming the John Farnham of the Australian book publishing industry. So to explain myself in one line: my last book was about getting you sorted, this one’s about your kids.
In a few more lines: The Barefoot Investor For Families gives you a practical plan to raise confident, grateful kids who understand the value of a buck.
More than that, it empowers parents to teach these lessons with life-changing experiences (not lectures), some of which you’ll remember for the rest of your life (and your kids will too).
HOW DO YOU GET PAID, BAREFOOT?
Hi Scott, I may well be the only person who had never heard of the Barefoot Investor, until this week! I heard you on ABC Radio’s Nightlife and bought your book the next morning. I’ve now finished it and can’t wait to get my investments going for my daughter (four years old). Yet the one thing that makes me a little unsure is that you have these product recommendations in there (ING Youth, investment bonds, various super funds). What do you get out of mentioning them? Steve
Hi Steve, Awesome question. Everyone should ask questions like this, because you need to know how people earn their money — and if they’re getting any kickbacks.
So, how do I get paid? Well, these days I move a lot of books, and I also have an investment newsletter, that’s how I get paid.
In the past I have done paid speaking gigs (for companies, for AFL and NRL clubs, for government departments like ASIC and the ATO, and for banks and super funds), though I haven’t been on the speaking circuit for years.
Yet given you’re new to Barefoot, Steve, let me get one thing very clear: I have never been paid to promote any product.
Rest assured that anything I write about — the bank accounts, the super funds, the investment bonds, whatever — are simply the lowestcost, best-value products on the market, and I don’t receive one cent for any recommendation. And I never will. That’s how I roll. Having said that, I’d encourage you to do your own research, and, if you can find a better bank account or a cheaper index fund, go with it. Then let me know — because one of the reasons I update my books every year is to keep hunting down the best deals. When there’s a better deal in the market place, I’m all over it. No fear, no favour.
CAN GRANDPARENTS DO THIS?
Hi Scott, I ordered three copies of your book, one for each of my adult children, but I am worried they will be too busy to get time to read it. For my grandkids’ sake I really want them to actually do it!
So my question is, is this something we should do as grandparents, or do you have another idea? Barbara
Hi Barbara, I’d say you have three options:
First, you can do it with your grandkids. Why not? It may well grow into a special bond that you create with them.
Second, you can read the book and break it down for your time-poor adult kids so that it’s really easy (all they need to get started is three jam jars and a scoreboard you can print from my website www.barefootinvestor.com/resources (for free). Then you can casually skip to Chapter 3: The Grandparents’ Dinner Party and introduce them to the concept of the Barefoot Money Meals while you’re enjoying your grandkids’ cooking!
Third, you can get them (your adult children, I mean) the audiobook and ask them to play it when they’re in the car. Here’s to changing your family tree!
THE SECOND CHANCE
Hi Scott, I was so excited when I read last week that you donated some of your books to a father doing time in Bathurst Correctional Complex.
I just wanted to say thank you. Having someone in your position say “everyone deserves a second chance … and many people inside are parents” means a lot.
I work for a non-profit volunteer group called Second Chances SA. We work with prisoners, their children and their families to help them create a better future for themselves. It’s not easy, but it’s just so important for the kids. They’re the innocent victims of their parents’ crimes. It’s not their fault! Helen
G’day Helen, You’re in luck.
At the beginning of my new book I make what I call “The Barefoot Pledge”. It was inspired by my old man. When I told my father I was writing another book he said: “Just make sure you don’t become a wanker. Look after the battlers, son.”
So for every 10 copies of the book that I sell, I’m pledging to donate one copy to a parent in hardship.
And having a parent in the clink would certainly be bloody hard, so I’m going to send you through some books.
Thanks for the hard work you do.
THE BAREFOOT INVESTOR HOLDS AN AUSTRALIAN FINANCIAL SERVICES LICENCE ( 302081). THIS IS GENERAL ADVICE ONLY. IT SHOULD NOT REPLACE INDIVIDUAL, INDEPENDENT, PERSONAL FINANCIAL ADVICE.
C’mon, grandparents, you can help your kids and grandkids tobecome financially secure.
The Barefoot Investor for Families: The Only Kids’ Money Guide You’ll Ever Need (HarperCollins)RRP $29.95