Font size
WorksheetsBarefoot Investor top tips
Total questions: 13
Worksheet time: 7mins
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%
You are getting a home loan, what is the first rule:
don't get the bells and whistles
Get a fixed rate
only pay the principal amount
ensure loan is for 40 years
What other things can you do for a home loan to ensure you are saving the most money in the long run?
(There is more than one answer)
make extra repayments
get the cheapest rate possible
don't fix your rate
only pay the interest
You have achieved financial success, what is the final step?
splurge on your savings
leave a legacy
invest in more property
take out a loan
