May 22, 2019 • 10 mins
Erik reviews Scott pape's book the Barefoot Investor. Scott talks about how you should Simplify your money, Get rid of credit cards, Make your retirement automatic.
Today Erik talking this book. it's called "The Barefoot Investor" and the book have 3 Lesson.
- Lesson number one simplify the way that you manage your money by using a different bank account. normally everybody has everything you want bank account right, your salary or your revenue from your company into an account, and you pay your different expenses from that. he basically says don't do that, create separate bank account for separate things in your life.
- lesson number 2 it starts eliminating your debt by cutting up your credit card. because after you set up your system for allocating the money coming in, you want to make sure that it doesn't float up anymore. And Credit cards is one of the ways where the money goes out quickly.
- Lesson number 3, once when you set up your bank account and your system to allocate your money then what do you do? basically, long term investment in his recommendations are what they called "Index Fund".
Today Erik talking this book. it's called "The Barefoot Investor" and the book have 3 Lesson.
- Lesson number one simplify the way that you manage your money by using a different bank account. normally everybody has everything you want bank account right, your salary or your revenue from your company into an account, and you pay your different expenses from that. he basically says don't do that, create separate bank account for separate things in your life.
- lesson number 2 it starts eliminating your debt by cutting up your credit card. because after you set up your system for allocating the money coming in, you want to make sure that it doesn't float up anymore. And Credit cards is one of the ways where the money goes out quickly.
- Lesson number 3, once when you set up your bank account and your system to allocate your money then what do you do? basically, long term investment in his recommendations are what they called "Index Fund".
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