Hi Scott, My husband and I were referred to a financial advisor by a friend. The first Zoom meeting was a free introductory session – the next covered how they wanted to invest our money and what their fees were. We decided their fees were too high ($27,000 per annum!) so emailed to say “thanks but no thanks”. Now they have now sent us a bill for $2000, which we don’t want to pay. We haven’t signed anything, so I’m just wondering if this is normal for a financial advisor to charge. Denise Hi Denise, Tell them to stick their bill up their Zoom. You didn’t agree to it, and you haven’t signe ..read more

Hi Scott, I don’t have a money question to shock you, but more a story you’ll probably shake your head at. Many years ago, I turned $15,000 into $3.2 million in crypto. It took just over two years, and when I got there I was clueless as to what to do with that much money. I had every opportunity to turn it into real goods and services here in country Victoria. But, because it was the start of a bull run and YouTubers were saying it was going to go way higher, I held on to make more money. In fact, I locked the funds away in a smart contract where I could not access them. Then the ride really ..read more

Hey Scott, My name is Hepa. I’m just responding to that question last week from Sarah the freelance graphic designer. If it’s all right with you, could you please pass on my contact info to her. I’m also a freelance graphic designer and I make between $100,000 and $130,000 a year. I am happy to help her by showing her how I find clients and how to charge more for her projects, and maybe even get her to help me if I ever get more work than I can handle. Sad to hear how much she’s struggling. I grew up with a single mum in the same situation so if there’s anything I can do to help, I’d love to ..read more

I’ll get to the millionaire in a moment, but right now I want to talk about something important … The Port Arthur massacre, in 1996, shocked our country.   A crazed gunman killed 35 people and wounded 23 others. In the days following the tragedy, we were collectively shocked, devastated and outraged. And our politicians heard us: in less than two weeks they unveiled a policy so big and bold – banning semiautomatic weapons and locking down guns – that countries the world over still point to it today. The level of emotion over the last few weeks about family violence has been Port Arthu ..read more

Hi Scott,   My parents ended up losing their jobs last year, and still had debts amounting up to a total of $80,000 (a mixture of credit cards and fixed-term loans). I have been making repayments for these and, by my calculations, I should be able to finish paying them off by October this year. I’m trying to figure out the best way to help them after this. They’re both receiving Centrelink retirement payments each month, which are minimal. I would like to supplement their income, though I am worried about how they’d be spending it. Is it advisable to open up a joint bank account with my p ..read more

Hi Scott   I was scrolling Instagram the other day and I came across a group called Unbiased Mortgage Brokers who have “Recommended by the Barefoot Investor” at the top of their page. Before I book an appointment, I just thought I’d check that you do actually recommend this home loan provider.   Jerry   Hey Jerry   Thanks for checking!   I’ve never heard of them. However, I am very happy to give you a recommendation: stay away from Unbiased Mortgage Brokers, and anyone else (other than financial counsellors from the National Debt Helpline) claiming that I recommend the ..read more

Hi Scott,   I’ve heard some talk lately (a lot more than the normal conspiracy theories) around the removal of coins and then notes from the Australian monetary system – moving Australia to a completely cashless society. The discussion between Linfox, the Government and the banks all revolves around how expensive it is to ‘move’ coins around the country for regional post offices, banks, corner shops, etc. The proposal is that the $1 and $2 coins will become notes again to reduce weight, and that later notes themselves will go. This whole concept is so very scary. It would mean a lot more ..read more

Hey Scott   We have – well had –  a much-loved receptionist. She was like a second mum to our child, even taking paid time off to go to the grandparent/important person day at her school. She was paid above award wages and has been looked after with bonuses and gifts for the last 17 years. Here is the kicker: I caught her stealing! Cash out of my wallet – on my birthday! The look on her face as I watched from the door was not one of guilt or fear of getting caught, but quiet intent, as if it was normal activity. I pretended not to notice, but I was shocked to my core. This was right ..read more

On Sunday night, after the kids were fast asleep (for the third time), I lay in bed and opened my calendar to check what I had on for the week ahead. And up popped my favourite ‘event’:   “Check your dividends, Big Boy!”   "OH YEAH!" I exclaimed, loud enough to startle my sleeping wife.   She squinted at me: “what is it?!”   “It’s dividend week!” I told her wide eyed.   “You’re … a weirdo,” she sighed, and rolled back over to sleep.   One hundred percent, though she knew that when she married me. Yet, I thought you might find it interesting to hear how I invest my ..read more

Hi Scott,   I’m 19, au pairing in the UK and preparing for a three-month backpacking trip around Europe. Living the dream, right! Except that by the time I get back to Australia I’ll have just about used up my savings. I have this little voice whispering in my ear that I should be working towards setting myself up for the future, and travelling definitely doesn’t feel like I’m doing that! I have an index fund and I save as much as possible, but I am having that classic existential crisis of what the bloody hell to do with my life now! And by ‘now’ I mean when I go back to Australia (and r ..read more