It's called the only money guide you'll ever need.
So why are you here reading about money?
The book leaves us hanging a bit.
We go through, pay off debt, get a Hostplus accout and feel pretty chuffed.
But then we want more. More tactics, more ideas, more motivation to keep moving.
And that's ok.
Most conversations I have with people about money point to the Barefoot Investor as the reason for becoming motivated.
It's a great introduction to taking action for the vast majority of people who are stuck with their finances.
But for those that have got through it, you might want to know – what's next? Rather than re-read the book for the tenth time I'll help you out a little.
Let's go beyond orange cards, the cringe jokes and special pillows.
There are a few fresh ways you make moves with your money now.
So what can we do?
- Do I just keep looking at my bills each month to make sure I'm getting the best price?
- Do I login to Hostplus every day to check my super balance?
- Do I read the family version of the book even though I don’t have kids?
First of all – relax. I know no one enjoys hearing that, but it's needed.
You've done the hard part. You've climbed out of debt, set up a few new systems, and put yourself in a better-than-most position. You’ve done probably 80-85% of what you need to do.
But that's normal. Who wants to be normal though?
Here are some ways you can go beyond the normal ending to the book and think of what we can do next.
Focus on conscious spending
So what you’ve done so far is plan out your essentials. You’re sending money to savings, super, a spending account and a mortgage or investments.
What you can do now is have a think and plan for what you want to do with your spending. What do you want to use your ‘splurge’ money on?
Very few people think about this, they just spend impulsively and use that money ad hoc.
I like to occasionally take note of what is important to me I want to spend more on.
What can you get our of your spending money that will make you even happier?
Read my guide on spending money for more help with this.
Find ways to earn more
So many experts and books tell us in no uncertain terms you need to cut back all your costs.
It’s said because it’s so obvious and still something many people are unaware of.
The thing is, you don’t need to consistently be doing this though. There is a limit to how much you can cut out of your budget.
From there you have two options – keeping looking to save a dollar or two on your bills, or start earning more.
Use the energy you had put into saving into making more money.
It could be
- Upskilling yourself in your current job (through formal qualifications or on the job learning)
- Working on the side using some skills you are good at
- Selling things your don’t need (although this
- Getting that next job and bump in salary
These are likely to need you spending time and dedicating yourself to goals but if you at least put the energy you put into reading and actioning the barefoot steps then you are at least building momentum.
Protect your wealth
First things first, boost your “mojo” account from whatever it is to at least a years worth of expenses.
Yes that could be a bit number, but it will give you the greatest return in the safety and security it can provide.
If you have a family, a house for the significant assets then it’s to think about setting up a will or estate plan.
This is the process you nominating what happens in case you die. Grim but essential unless you want people fighting over your stuff after you go.
If you need some help I can point you in the right direction with how to go about this, so just reply and I can help you there.
Delegate to others
Last, and if you have the means, you can buy your time back.
This means you can pay for things to be done that you don’t want to do.
- Food delivery service
Anything that has never been of interest to you can be done by someone else. This probably goes against your DIY mindset. It’s triggering an abundance mindset and is something that those who are comfortable and optimistic about their money look to build.
Have you read The Barefoot Investor? Trying to work out what to do next? Maybe you are stuck on a certain step? Happy to hear of your good or not so good experiences.
This article was first sent exclusively to my email newsletter.