The Barefoot Investor has shared his three easy steps for parents to teach their kids how to save pocket money and become financially savvy as they grow up.
Scott Pape, who is known as the Barefoot Investor for his best-selling financial advice books, said paying pocket money is one of the most powerful tools parents have to teach their kids good money saving habits.
But Mr Pape said paying children a few dollars for household chores is only the first step. The main money lesson comes in what they do with their pocket money: the spending … the saving … and the giving, he wrote in his recent book The Barefoot Investor For Families.
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Look. It s been a tough few weeks/months/year. And if you ve been trying to avoid checking your bank balance, you re certainly not alone.
But it s a new year! And that means everything is about to change! And we can make goals and easily achieve them and stop buying so much takeaway and taking so many Ubers!
While neither of those things are especially. likely, what we can do is make small but significant changes to our lifestyle to save some money.
Here are eight things you can buy for less than $50 that will actually save you money in the long run.
Barefoot Investor Scott Pape at his farm in rural Victoria. Picture: Nicole Cleary
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Subscriber only After having a major life change 12 months ago I decided to become a not-for-profit financial counsellor. That means I now volunteer my time helping vulnerable Aussies in financial hardship. My first role was helping bushfire victims … and then came COVID-19. I ve updated The Barefoot Investor to take into account what I ve learned in the financial trenches helping people who ve lost their homes, jobs or small businesses get back on their feet. Australia has just come off the longest economic boom in history - lasting almost 30 years. As a result, most people are not prepared for what comes next.
The Barefoot Investor said Australians should focus on car and credit card debt
He urged struggling Australians to seek help from free financial counsellors
Mr Pape also said repaying student debt in Australia would look after itself
Finance expert Scott Pape has demonstrated how Australians can bounce back from debt in 2021.
Mr Pape, also known as the Barefoot Investor for his best-selling financial advice books, revealed a guide for Australians to overcome the coronavirus pandemic.
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He shared a series of steps and advice to Domino Your Debts and warned that Australians are drowning in debt after a 30-year-long economic boom.