I think this is great news for every Australian – regardless of whether you switch to Vanguard or not. Depressingly, Treasury figures show that almost half a million people under the age of 30 have accessed their super. Now I understand the motivation to own a home, but I don’t really like raiding your super to do it. In this case, if you’ve satisfied the requirement for early release, it also means you need to work on boosting your income so you can get a loan. If you have read Pape's previous books you may be disappointed as this book is a lot of the same, however the influence of Pape's own experiences in life have clearly shaped the changes in this edition as we can see his perspective is now far more family focused with new chapters on leaving a legacy for your children and notes on insurance that will protect your family if something happens to your income. Pape tries to get his readers into the position of the secure middle class, which in these days of insecure, short-term contract work and bloated house prices can be a lot more difficult than it looks. How can ordinary Australians buy a house, take an annual holiday, enjoy treats like going out for dinner, save some super for their (increasingly) old age, have a buffer for tough times and invest when they have some leftover cash? When you see all your worldly possessions burn in front of you, it changes your perspective on ‘stuff’ Scott Pape Today he’s Australia most trusted finance expert, frequently speaks on national TV, has advised the government and world-class sports teams, and, once again, lives on a farm with his wife and kids.

One thing I disagreed with him on was he believes that paying off the smallest debt is always the best way. This might work on people with mounds of debt that feel hopeless and need a confidence boost on paying off one of the debts and cutting up the credit card. BUT... rationally and logically it's always best to pay off the debt with the highest interest rate first... 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). As I drove up to the gates, I realised this was no ordinary bunch of blokes: it was an exclusive private club in a wealthy suburb of Melbourne.

Neil, a suburban accountant, wrote to me saying: “You’re nothing but a government stooge for promoting their tools. You should be ashamed of yourself. You disgust me.”

And that one bit of information is incredibly valuable: it can stop you from having hundreds of thousands of dollars of your retirement savings smoked by high fees and poor performance. 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. Some of his advice is a bit questionable. Does one really need 6 bank accounts? probably not. Is it wise to put all your money in joint bank accounts with your partner? Definitely not. Private health insurance is a rip off, I’d rather pay the Medicare levy surcharge because putting my money into the public health system is a better investment than private health funds which are profit based and further fleece me when I try to use them.Overall, it's an easy to read and fairly sound financial strategy, if a little unnecessarily convoluted in places. He is a pig though so you'll need to get past that. Scott Pape grew up in Ouyen, Victoria, where he held odd jobs – once being paid by his father with a single BHP share. [1] He later attended La Trobe University, receiving his Bachelor of Business degree in 2001. In 2003, Pape presented a weekly finance show for young people on SYN Radio in Melbourne. The financial advice is basically common sense. There is nothing in it that is particularly groundbreaking or revolutionary. It's essentially reduce debt, save your money and invest in your future.

The Barefoot Investor has a weekly spot on the Triple M Melbourne's The Hot Breakfast. [7] He also appears on ABC Radio's Nightlife program, [8] and appears on SYN Radio from time to time. Still, that’s how most of our biggest super funds roll: they throw everyone – young and old – into a one-size-fits-all investment pot. And, so long as he’s invested in decent, low-cost products (no expensive actively managed funds), he’ll be fine. If you only ever read one personal finance book, make sure it is this one. Scott Pape once again blows every expectation out of the water with his latest book, a definitive introduction to personal finance.I came across an article stating that Vanguard is now in the Superannuation business and will be competing against the likes of Australian Super, HostPlus etc. What is your view on this? In fact, according to Super Consumers, that ASFA figure is only achievable for the top 20% of retirees. And that also explains why the government’s independent Productivity Commission advised policymakers to simply ignore it!