The Barefoot Investor: The Only Money Guide You'll Ever Need

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They’re actually higher than you state: you left off the investment fee (0.116%) and indirect fees (0.09%).

You could even bribe her with a new pair of shoes if she can find a good high-growth option in a low-cost fund. Because the money she saves getting this right will eventually buy her a whole new wardrobe.However, the media has not ignored it – it has instead entrenched it. And in doing so it’s created a much bigger problem that affects millions of retirees, both wealthy and poor: they spend the little time they have left worrying about money, and hoarding it, instead of enjoying it. The Barefoot Blueprint – Take the Next Step". Archived from the original on 10 August 2013 . Retrieved 7 October 2013.

However, what most Australians are really worried about – and what the media have jumped on – is whether this move by the Government is the ‘thin edge of the wedge’. This is, admittedly, a little higher than my Don Bradman figure, but that’s mainly because I encourage retirees to keep working at least a day a fortnight to supplement their income.) Only insure against things that can kill you financially, choose a higher excess and don't automatically pay your premium each year (try and finagle a better deal or threaten to leave...or leave). You probably don't need private health insurance if you're under 31. Your greatest financial asset is your ability to earn an income so you should get income protection insurance for about 10 to 12 times your annual income. For a finance book, his message is refreshingly anti-materialistic: do you need a BMW when a Holden will do? Why are you wasting your money on a business-class flight when you could build a buffer for old age? But also: don’t be a tight-arse. You should still go to the pub, take holidays and give to charity. Some of the funds that were singled out for charging high admin fees include Verve Super (who market to women), Spaceship Super (who target millennials), Student Super (who need a detention), and the ironically named Cruelty Free Super (well, except for their barbaric admin fees).

The Sydney Morning Herald

Personally, as a strictly low-cost index fund investor, I have very little sympathy for super funds that underperform the benchmarks over the long term. Even so-called ethical funds like Christian Super. Fact is, there are low-cost index funds that will screen out unethical companies. Use them instead. Then donate the extra money you make to causes that you’re passionate about. He also has this weird hang-up with - what he calls - 'handouts.' As someone who lost their house to a natural disaster, you'd think he would be more sensitive to people who need extra help. Such an odd hill to die on. Just say you're rich and move on. So now is a very good time to talk about what’s going on with your super fund. And a word of warning: it’s not good news if you’re in one of the large, top-performing funds …