Barefoot Investor top tips

Step 1 says to hold a Barefoot date night to plan and progress-check your strategies.

How often should you do this?

• monthly

• every 2 weeks

• every 3 weeks

• annually

The guide refers to "buckets".

a bucket is:

• separate bank accounts

• your superannuation plan

• a piggy bank you keep hidden at home

There are three main bucket types mentioned in the guide.

These are:

• Blow, Save, Grow

• Now-Term, Short-term, Long-Term

• Blow, Mojo, Grow

• Blow, Domino, Grow

What does "domino your debts" mean?

• borrow money to pay of another debt

• systematically pay off each debt one by one

• pay off all debts a little bit at the same time

• try to avoid paying off debts till the last minute.

When trying to eliminate debts / pay off loans, which should you start with?

• largest first

• smallest first

• either, it doesn't matter

Each time you pay off a debt, what should you do?

• nothing, there's more to go

• Celebrate

• keep going till they are all gone.

What deposit should you be saving for your first home?

• 15%

• 40%

• 20%

• 5%

20% is the recommended minimum deposit for buying your first home. Why is this number important?

• to avoid paying LMI

• it is almost 1/4 of the property value

• to have a good equity to start with

• to reduce repayments and interest

Superannuation initially starts at what percentage?

• 9.5%

• 5.8%

• 12%

• 15%

What should you raise your super to be?

• 9.5%

• 18%

• 12%

• 15%