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Wednesday, June 16, 2010

The Generation of Spenders

My generation was parented by the Menders so I became a Minder, today I see the young generation as "Spenders".. there are so many that have or at least expect every single consumer item known to mankind?

So do we... "MYOB" (mind your own business) or do we throw a life line.  Give them a hand to break the cycle of spending money like there’s no tomorrow.  Buying them “The Barefoot Investor: 5 Steps to Financial Freedom” by Scott Pape.. a book written by someone from their Generation!.

The Barefoot Investor: 5 Steps to Financial Freedom by Scott Pape

Scott holds an Australian Financial Services License (AFSL) so he should what he’s talking about.  He now has his on TV show and spreads the message..

Instead of working in the finance industry as a broker/banker/financial advisor he’s decided to make a living helping young people notoriously uninterested in financial matters understand the complex and often bewildering world of money management.

Scott is well regarded by the finance industry and media, regularly giving impartial financial tips on Australian Radio,  TV as well as in his newspaper column.

Image representing Richard Branson as depicted...Sir Richard Branson probably said it best when he stated, ‘The Barefoot Investor makes finance fun’.

It is Scott’s unique ability to combine his knowledge, experience and infectious humour to achieve what most people thought was impossible – to carve a niche in the financial market targeted at younger generations.

The main strength of Scott’s book is that as a young person himself, he understands the behaviour of young people driven to compete with friends to buy expensive cars, clothes, gadgets and spend big at pubs, clubs and bars partying several nights a week with reckless abandon.

Brad Pitt in 2007.To begin, Scott quotes Tyler Durden (Played by Brad Pitt) in the movie “Fight Club”:
“Advertising has us chasing cars and clothes, working jobs we hate so we can buy sh*t we don’t need. We’ve all been raised by television to believe that one day we’d all be millionaires, and movie gods, and rock stars. but we won’t. And we’re slowly learning that fact. And we’re very, very pissed off.”

Scott writes in a language thats easy to understand and knows that his suggestions have to be easy to implement & practical otherwise they’ll be ignored eg:

“[If you want cheap car insurance] don’t modify your car. For one, it makes your car more susceptible to theft, which means your insurance costs will go up, and secondly you’ll look (and sound) like a w*anker”

“The best way to finance a car is cold hard cash. Failing that, take out a small loan to get a reliable second-hand car that will get you safely where you need to go”  

“If you’ve got personal debt [eg: personal loans or credit cards], you’re effectively owned until you pay it off. You’re not in control, and you’re going backwards fast”

“By using the well-known, time honoured strategy of dollar cost averaging .. we’ll soon have you timing the market and beating the pants of the so-called experts”

When is comes to Insurance  - The best in the West are "Central Insurance Brokers" (established 1980) website link here

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