Barefoot Investor’s Scott Pape’s blunt advice to Aussies

The Barefoot Investor Scott Pape has shared his thoughts on whether a global financial crisis is on the horizon and has offered some blunt advice to Aussies on how to prepare for the worst.

The finance guru revealed that this was the “number one question” he was asked by concerned Australians, prompting him to share a very blunt response in his advice column.

After all, banks are failing all over the world, inflation is burning a hole in our pockets and interest rates are being raised to their most aggressive rate in years.

‘So, what comes next? Well, the honest answer is… I don’t know,” he wrote.

He said that while he had no idea of ​​the future, steps could be taken to prepare people for the worst.

“What I can do for you, however, is recommend three books that will help you prepare for the consequences of the bursting of the largest global debt bubble in history,” he wrote.

The first book was written by Benjamin Roth and is titled ‘The Great Depression: A Diary’.

“No, I don’t think we’re heading into a depression,” Mr. Pape wrote.

“However, this book is the actual diary entry of Benjamin Roth, a small-town attorney living through a decade of the Great Depression.

“What makes it so fascinating is that he writes it in real time – he doesn’t know what’s coming.”

‘When you think of the Depression, you probably think of poverty and poverty.

Roth’s diary entries, however, show that there were plenty of years when there were huge rallies in the stock market, with newspapers brimming with pundits predicting that the worst was over. And then the market collapses again.

“From the peak, the stock market fell as much as 89% and it took 25 long years to get back to the peak,” explains Pape.

Interestingly enough, at first Roth thought stocks were a scam and rent-paying properties were definitely a gamble. However, he came out of the depression and believed the exact opposite.

“And if that 89 percent plunge makes your head spin, you really need to read the next book”

The second book is written by Mike Kemp and is titled ‘The Ulysses Contract: How to Never Worry About the Share Market Again’.

“So this book has just been released…and I wrote the foreword,” Mr. Pape wrote.

The finance guru revealed this was the “number one question” he was asked by concerned Australians, prompting him to share a very blunt response in his advice column (stock image)

‘Still, I did it for a very good reason: the author, Mike Kemp, is the man I turn to for investment advice.

“Mike was on the trading floor the day of the 1987 crash, and after four decades of investing, not only has he become a very wealthy man, he has done it while completely ignoring the daily fluctuations in the stock market.”

“The main purpose of this book is to show you how to never worry about the stock market again.

‘Real. He does that by delving deep into economic history, backing it up with sound logic, and then, before the crescendo, encouraging the reader to enter a strangely effective narrative,” explained Mr. Pape.

The third book is written by Mr. Pape and is titled ‘The Barefoot Investor’.

“Okay, so this is completely shameless…but I really believe it,” Mr. Pape wrote.

‘My book was written for times like these. If you think you’re lost — and aren’t sure which way to go — follow the Barefoot Steps to safety.”

Mr Pape said there were several key points readers could take home from reading his book.

“You have no control over what RBA boss Phil (high) Lowe does, or what the economy does, or what your boss does,” he wrote.

However, the fact is that you have more control than you think.

So, instead of worrying, focus on the things you can control.

“There are things you can do now — tonight — that will put money in your pocket, boost your confidence, and put you on a completely different path.

“All you need is a bottle of wine and your phone… and some good books.”