[arve url="https://www.youtube.com/watch?v=PyQtkKPCAXI" mode="lazyload" align="center" /]

Expanding on my episode about the Barefoot Investor bank accounts I talk in more detail about practically how this way of banking works in my life.

Resources From This Episode:

Barefoot Investor Book

Barefoot Bank Accounts Video

ING Bank Accounts

$1,000 Project Book

Canstar NZ

Transcription:

I recently did an episode on the barefoot investor bank accounts and bucket, so I told about exactly how the barefoot investor recommends you set up your bank accounts, tried to make it really straightforward for you guys and also talks about the alterations that me and my wife made in order to make it work for us. So the barefoot investor bank account strategy is a great framework. It's a great way to manage your money. We had to make some alterations because it got a bit confusing for us, so we just made it work a little bit better for us and I think that's a good thing. You take the cool concept and you tweak it for yourself and you make it work for you and for your relationship and for your family and your banking accounts, whether you be single or whether you'd be partnered or whatever it may be.

Anyway, I received some questions from calum from New Zealand and so I thought rather than just writing back to this email, I would create a video answering these questions because I feel like it would be useful to a lot of people out there who have either read the barefoot investor and I'm interested in setting up these bank accounts or people who aren't quite there yet, but the barefoot investor and what I talked about is kind of peak their interest and they want to learn more. So I hope you find this useful. We're going to go into more detail in exactly how I manage my bank accounts and transfer my money and we're going to talk about things in more detail. So yeah, I hope that you enjoy this. Hi, I'm Ryan. If you don't know me already, I'm from on-property dot com dot a u and I help people invest in positive cash flow properties and achieve financial freedom.

And so I love these questions from Callan. So I'm going to go in and read the email to you guys and we'll go through and answer these questions. So callum, I hope that you find this helpful and same to everyone else who's listening. Before I read this email, just want to let you know if you haven't read the barefoot investor book, highly suggest you check that out. Go to on-property dot com, forward slash barefoot and I'll link to booktopia where you can purchase that book and get it shipped out to you. I recently just purchased this book, the thousand dollar project from Booktopia came in a couple of days, so really happy with their delivery and their service. So again, that's on property.com forward slash barefoot. And if you want to watch the previous episode that's On-property Dot Com dot a u four dash 5:10. And that's where I talked about the bank accounts in detail.

And so you can check that out. I'll also leave the links to those in the description down below. Let's get into the email. Hi there, appreciate your time. And if you could just answer a few questions I have after watching your video about the barefoot investor book. I'm from New Zealand and uh, found the book to be amazing and I'm determined to set things up for me. I'll be at with the New Zealand version of things, which is one of my points for you also. So they asked a question about that later. So question number one, I liked your idea of the pot and the everyday spending accounts. So do you have a card for each and with the everyday spending, you didn't mention anything about whether put in the 60 percent of your pay or income each time. And so what's the plan there? What do I do?

So what the barefoot investor recommends is that when you get paid, 60 percent of your money goes to everyday spending, 20 percent goes to a fire extinguisher to pay off debts and to put out financial fires,