ING Sucks … Right?

Hey Scott,

I have been with ING for a long time and they have been reasonably good to me. However, it seems like they have aspirations to become like the Big Four and bastardise their products. Who do you think is a good alternative to ING in 2025?

Lenny

Hey Lenny,

You are 100% right.

The "little orange card that could" started out simple and generous: park your cash, earn a solid rate, no fees. We loved them because they weren't like the others.

But bankers will banker. Just like my dog Lucky has an instinct to herd anything that moves, bankers have an instinct to turn your money into their money. They look at customer deposits and think: "If we just shave a bit off the rate, add a few conditions, most people won't notice … and we'll make millions more this quarter."

That's what ING has done. Same with UP Bank. For years UP was brilliant – cool technology, no fees, even "happy hour" cash giveaways on Friday nights. Then Bendigo's bankers saw the numbers, and they got UP their customers!

That's the playbook. Every. Single. Time.

So what's the answer? 

Stop looking for "the one" and start playing the field. I don't stay loyal to any bank anymore, and neither should you. My cash is split between high-interest online savers (whoever's tarting themselves up with the best rate) and listed cash ETFs I buy through no-cost brokers.

The trick is staying nimble. When a bank tightens the screws, you move your money.

Scott

ING Sucks … Right?

I was sitting on the tractor when my phone beeped.

“You’re all over my feed!” texted my mate.

He’d sent a Facebook post with a picture of me and Albo and the line: 

“Barefoot blasts Albo! I’ll bet my sheepdog's left testicle it's wrong."

Woof!

There were 1,900 comments. Struth!

So, in the interest of balance, this week I'll answer a question from Tim, who thinks I'm a complete and utter moron.

5% Deposits Are GOOD, You Moron!

Scott,

I've been reading your column for years and I think you've finally lost the plot. You're bagging Albo's 5% deposit scheme like it's some sort of scam, but here's what I don't get: I've got $35k saved for a $700k house. You're telling me I should wait YEARS to save up $140k for a 20% deposit? By then, house prices will have shot up another 20-30% and I'll be completely priced out. Meanwhile, my rent keeps going up and my landlord just sold the place out from under me.

The way I see it, this government scheme is my only shot at getting into the market before it's too late. But, according to the Barefoot Investor sitting in his paid-off mansion, I should just keep renting and “save harder”. Easy for you to say, mate. So why don't you explain to me how waiting years to save more money, while watching house prices run away from me, is somehow the smarter move?

Tim

Hi Tim,

If I'm ever tempted to go into politics, I'll re-read your letter. It'd cure me instantly.

Right now you're on Australia's most depressing treadmill: running flat out while prices (and rents) keep rising faster than you can save. You're absolutely knackered. And then Albo shows up with a way to get you off … right now. 

It's a vote-winner!

My view? 

Albo has helped you off the treadmill … and straight on to the stepper machine. 

And this machine is way harder:

Your house and contents insurance is up 20%. Step. 

The council rates come in. Step. 

Your hot water service carks it. Step.

Now let's crank it. 

A $665k loan at 6% = $3,987 a month, or $47,844 a year. 

At 7%? You'll need to find another $5,244. 

At 8%? Your calves are burning.

And here's the kicker: with only 5% equity, one bad year – job loss, health scare, divorce – and you're wiped out. You can't refinance, can't sell without tipping in cash. You're trapped. Mate, with maximum debt and minimum buffer, you're one bad year away from disaster.

And that is why I'd be such a bad politician.  

There is no way I'd pass a policy that I wouldn't let my own kids do – it sets them up to fail.

Yet it gets worse. 

This does the EXACT OPPOSITE of what the policy promises: Government guarantees don't create more houses, they just pump more borrowed money into the same pool of properties. More buyers with more leverage chasing the same properties equals higher prices.

So what would I do if I were Albo for a day? 

Well, it seems to me that first home buyers are grinding away on the treadmill, while investors are gliding past them on a government-funded escalator – tax breaks on the ride up, tax breaks on the ride down, and immigration keeping the whole thing moving. 

So, I'd do everything I could to reframe housing as something for living in, rather than speculating on. 

Which is why I'll never be a politician. Because I have no easy answers, and no spin, Tim. 

You're right though: it is easy for me as a home owner to say "save up for a bigger deposit".

Regardless, here's the truth: I'd rather cop a spray from you now than cheer you on while you climb onto a step machine that's designed to break you.

Tread Your Own Path!

Wannabe Farmers

Hey Scott,

My husband (late 30s) grew up on farms and has been saving for one ever since his first job. But I’m afraid taking the leap will make us ‘rural povvos’. My husband earns $220K, I’ve stayed home with the kids, and we have over $1 million in cash and shares thanks to subsidised accommodation through his work.

We’ve found a $2 million farm in a lovely country town next to excellent public schools. On one income at 6% rates, it’s not doable. But with my part-time earnings we can swing it! In five years, when all the kids are at school, I’ll work full time earning around $100K. Then we can smash it.

But I can’t help looking at lovely houses we could pay off instead – no stress, and all the freedom before the kids fly the nest. The farm has been our driving force and the reason we’ve saved so carefully, and it’s something in my husband’s heart.  Is there an exception to your ‘postcode povvo’ rule for hobby farms? Tax benefits, an asset ... and a dream fulfilled? Should we jump?

Sally (and Steve)

Hi guys,

You’ve saved over a million bucks in your 30s?  That’s super impressive. Well done.

Yet you still need to stress-test yourselves: could you afford it if interest rates hit 8%? If one of you lost your job for six months? When (not if) the farm needed $50K in unexpected repairs)?

If you can honestly answer ‘yes’ to all three, I’ll grant you an exemption to being a rural povvo.

That said, buying a small-scale farm rarely stacks up financially. The supposed tax benefits are nothing compared to the ongoing costs of keeping the joint running.

If you’re in any doubt, cosy up on the couch tonight and watch Clarkson’s Farm. Just remember: he’s a multi-squillionaire earning a gajillion bucks from making the show, with the great unwashed lining up to buy his overpriced farm produce.

Still, life is about trade-offs.

You’ll probably have to work more. You may miss out on time with your kids. It may put you under financial stress at times. But it could also be the best thing you ever do. It might give your husband purpose, fulfil his dream, and build a life you both love.

Only you can decide whether it’s worth it.

Whatever you decide, remember Clarkson’s golden lesson: you don’t buy a farm to make money – you buy a farm to spend it!

Scott

We’re Millionaires, but Our Investing Sucks

Hi Scott,

My husband and I are in our early 50s with about $1 million each in our SMSF. Sounds impressive, but here’s the embarrassing part: over the last five years, our return has been just 1%. That’s before fees and tax. Basically, we’re going backwards.

We bought and sold a property inside the fund years ago, but since then it’s just sat in cash. We’re hopeless investors. We’ve decided to close the SMSF and move everything into an industry super fund. But I’m scared. Moving the entire balance feels like throwing a couple of million bucks into the sharemarket in one go, which goes against your advice about drip-feeding investments to reduce risk.

My current plan is to roll it into an industry fund, split between cash and index options, then gradually shift more into shares over time. But, with markets so shaky, I’m terrified of buying at the top and losing a chunk overnight. What would you say to people like us – ready to close their SMSF but super scared (pun intended) to make the leap?

Linda

Hi Linda,

Don’t be embarrassed! You’d be shocked how many millionaires I know with piles of cash just sitting there, too scared to move.

You’ve done really well. You’ve built up two million in super between you, but right now, you’re just hoarding it and playing defence. It’s time to get on the front foot.

So hire a good fee-for-service advisor. Pay them a decent hourly rate. Find one who’s evidence based and sticks to low-cost index investing. If they’re any good, they’ll be worth their weight in peanut shells.

You’ve got at least 15 years before you’ll even start drawing down on your super. That’s plenty of time to ride out the ups and downs of the market and grow your balance further. Get the advisor to put together a proper plan to turbocharge your super – by saving more and investing it smarter.

Right now, you’re worried about investing at the top. If dumping it all in makes you nervous, talk to your advisor about drip-feeding it in over six months. You’ll average out the ups and downs and sleep better at night. Sitting in cash earning 1% while inflation of 2.5% (or more) quietly eats it away isn’t safe.

It’s just slow-motion losing.

Start today.

Your future self will thank you.

Scott

Finally some good news for first home buyers

Finally some good news for first home buyers! 

Albo popped up on the socials, grinning through his hipster glasses like your drunk uncle at Christmas lunch, boasting:

"First home buyers, mark your calendars. We're making it easier for you to get your foot in the door sooner. On October 1, 5% deposits start."

That’s this Wednesday.

So is this the week Albo helps you get “a foot in the door”?

Well, if you supersize into a 95% home loan, I think you’ll be lucky to jam your pinky toe in a dog flap.

However, the Treasury doesn’t agree with me. They’ve forecast that letting millions of young people in on a 5% deposit will only push up house prices by a teeny-tiny-itty-bitty 0.5 per cent over six years.

Phew!

Though I’d bet my sheepdog Lucky’s left testicle that they’ll be wrong. Because the Treasury's forecasts are almost always wrong. (Relax Lucky, your balls are safe.)

And that’s the rotten core of this policy. It’s dressed up as a helping hand, but it’s really just a shove into bigger debt. Instead of making homes more affordable, it will push prices higher and encourage first home buyers to borrow more and save less. That’s subprime lending, Australian-style.

So picture it: young buyers sprinting to save while house prices climb faster, while a conga line of politicians, mortgage brokers and real estate agents egging them on – straight into becoming postcode povvos.

What could possibly go wrong?

Well, when interest rates rise, many of these postcode povvos will hit the wall with a double dose of rising repayments and negative equity ... and it's taxpayers who will be on the hook to bail them out.

Now, Albo isn’t an economist. He just occasionally plays one on TV around election time. Yet he does know how the numbers work in politics. Two-thirds of voters own a home, most want prices to go up, and plenty of MPs on both sides own more than one property. Albo’s done the maths, and he’s making sure his roof at the Lodge stays secure.

That’s what really stinks. It’s not just a dud policy, it’s insulting. It tells first home buyers they’re being helped, when in reality they’re being pushed further away from owning a home. And if this scheme becomes entrenched, it will lock in that disadvantage for generations.

One day renters will wake up, realise the game is rigged, and evict their legislative landlords.

Mark your calendar.

Tread Your Own Path!

Photo: Nova

My ADHD Nightmare!

Hi Scott,

A few years ago, I read The Barefoot Investor, set up my buckets, and started strong … before promptly faceplanting into a mountain of debt. My income wasn’t keeping up, and the Mojo account remained a distant dream, like a unicorn, or a tidy sock drawer. Turns out I have ADHD (officially diagnosed now), which explains a lot about my money habits – namely, why sticking to a plan felt like wrestling jelly. But here’s the good news: I’ve just scored a promotion so my income will jump from $115K to $190K. For the first time in forever, I feel like I’ve got a real shot at clearing debt and building that elusive Mojo. So I’ve dusted off your book and I’m starting fresh. Thanks for creating something that sticks, even when life doesn’t go to plan.

Kate

Hi Kate,

Thank you for your kind words about my book, but I still have to pee on your parade for a moment.

Earning more money won’t magically fix your finances – in fact, it could make things much worse. The immediate danger with that $75K pay rise is that you’ll feel rich and spend like it.

Now, you said sticking to a plan felt like “wrestling jelly” – and that’s actually perfect. 

Stop wrestling!  

Look I’m no shrink, but it seems to me that the trick with ADHD isn’t trying harder, it’s building systems that work even when your brain is scattered.

So here’s what I'd do: 

For the next 90 days, act like it didn’t happen: just put the entire raise into your savings. Prove to yourself you can live on your old salary, then decide what to do with the extra.

In the meantime, set up automatic transfers to your separate savings buckets the day you get paid, so you don’t see the extra money in your account. Remove every possible friction point between you and good money decisions.

And because ADHD brains need evidence, not willpower, use that time to give yourself three small wins – automate one bill, set up one transfer, negotiate one payment – and watch your money confidence explode. Each small victory rewires your brain to see yourself as someone who’s in control of their finances. 

You’ve got this, Kate. Now go prove it to yourself.

I’m Filthy Rich … and Fed Up

Hi Scott,

Two years ago I received a large payment from selling land to developers. Since my husband died, I live on the interest from this money as I get nothing from the Government. Now my stepchildren and friends are constantly asking for large sums. I’m generous and selective – I’ll help with genuinely urgent needs. But I feel mean saying no, even though I need this money for income and bills.

Here’s what hurts: they never contact me to see how I am or if I need help. They only call when they want money. Is it okay to say no? I have enough to live comfortably and give 10% to charity, but I feel guilty having financial security when others struggle.

Jenny

Hi Jenny, 

No, you shouldn’t feel guilty. You’re not a human ATM. Your family and friends don’t get to punch in your number and expect money to spit out! 

You’re clearly generous, but generosity without boundaries isn’t kindness – it’s just guilt. 

So, here’s what I’d do: 

Decide in advance how much you’re willing to give each year. Maybe it’s 10% of your income. Maybe it’s 5%. Maybe it’s a kransky and a hand-written card. 

Then, when someone inevitably hits you up, you trot out this line: “I’ve set a personal rule to focus my giving on causes I’ve chosen in advance. I hope you understand.” 

That’s how you set a clear boundary without drama or guilt. 

And if people don’t like it? Let them eat kransky. It’s their problem – not yours.

Scott

I Was Rich, Now I Collect Cans For Cash

Hi Scott,

In 2022, I was diagnosed with prostate cancer and during treatment I was befriended online by someone who took full advantage of my vulnerability. Over the following months, I requested four withdrawals from my life savings totalling $190,000, and gave it to my online ‘friend’. My financial advisor signed off on all of them while I was undergoing five surgeries.

Now my wife and I survive on the pension. I collect cans for extra cash. I’ve raised an AFCA (Australian Financial Complaints Authority) complaint against my financial planner, citing lack of duty of care. But all they suggested is that I seek legal advice. Where was my advisor’s responsibility when a cancer patient was withdrawing his entire life savings? How does someone lose $190,000 during medical treatment without anyone asking questions? Any guidance would be appreciated.

Peter

Hi Peter,

I’m so sorry to hear about your ill health. You were under a heap of stress, which made you an easy pick for crooks. I’ve seen it over and over again. 

One woman I’ve helped had terminal brain cancer, and scammers swooped in and stole her entire insurance payout. It’s inhumane. 

Now, I don’t have all the details of your case. 

Maybe your advisor was negligent – that’s something a good financial negligence lawyer can dig into. But here’s the brutal truth: unless you’d formally lost legal capacity, your advisor wasn’t required to play Sherlock Holmes. Their job was to process your withdrawal requests. 

Peter, I know this is hard to hear, but it’s important: you made those transfers. But don’t beat yourself up: you were battling cancer and scammers at the same time – and these guys are better than your surgeon at extracting cash. 

What matters now is focusing on what you can do. I think it’s unlikely you’ll recover the money, but I strongly recommend talking to anti-scam agency IDCARE, who provide free counselling, and getting in touch with a Centrelink Financial Information Service Officer (FISO) to make sure you’re getting every government benefit you’re entitled to. 

Finally, please don’t carry the shame. That belongs to the scumbags who did this to you.

Scott

The ultimate fathers day present (free)

My wife Liz got the greatest gift from her dad … though at the time she thought it was the worst.

As a teenager, he’d wake her up before the sparrows on Sunday mornings to help run his vintage clothes stall at the markets. They barely made enough to cover their snacks, let alone to pay for the petrol home. 

At 13, she was embarrassed. At 14, she was annoyed. By 15, she realised it was not about selling clothes. It was his way of holding onto his little girl for just a bit longer before she grew up.

Then, just after she finished high school, Liz’s dad died.

He never saw her become the fiercely independent woman I met years later – the 24-year-old TV producer who owned her apartment, drove her own car, and had savings in the bank. No handouts. No man as part of her plan. Just grit, determination, and those quiet Sunday lessons about showing up, working hard, and backing yourself.

I never met my father-in-law, but I see his legacy in Liz every day. And as a dad myself, I get it. Those early market mornings weren’t about making money. They were about making sure his daughter would be okay when he was gone.

Because that’s our real job as fathers – to become the voice in their heads when they can no longer hear our actual voice.

Which brings me to the simplest Barefoot tradition for Father’s Day. It costs nothing, but becomes priceless. It’s called the Ultimate Father’s Day Present, and it beats anything you’ll buy at Bunnings.

If you’re lucky enough to still have your dad around, here’s what to do:

Open your phone.

Hit ‘record’.

Ask him:

• How did you meet Mum?

• What’s your best advice about money, life and happiness?

• What does being a dad mean to you?

• What are you most proud of?

• How would you like to be remembered?

That’s it. Five questions. Five minutes. One irreplaceable gift.

Every year, I hear from people whose dads are gone. They all say the same thing: that video became their most treasured possession.

So to all the dads out there – Happy Father’s Day. Your work matters more than you know.

And to everyone with a dad still here:

Don’t waste it. Hit record.

Tread Your Own Path!

Paying Off $90K Was Easy Compared to What Came Next …

Dear Scott,

Your book helped us clear $90,000 of debt – something we never thought possible. We stayed debt-free and felt like we’d made it. Then life hit hard: my husband had a serious workplace accident. Despite multiple spinal surgeries, he lives in constant pain and can’t work. We’re relying on his $120,000 TPD payout while a compensation claim drags on with no timeline.

Meanwhile, I lost my job, retrained, and started my own business doing work I love. But, between caregiving, kids and running a household, I’m stretched to breaking point. I still dream of owning a home, but I’m terrified about making this money last. We did everything right the first time, but life derailed us completely. How do we rebuild from here? I trust your guidance – even just a nudge in the right direction would mean everything.

Mary

Hi Mary, 

That sounds incredibly stressful. 

Right now, you’re down a main income earner and dealing with massive trauma. 

But let’s reframe this: just keeping everyone together, with food on the table and love in the house, is winning gold right now. In other words, take the pressure off yourself – you’re already winning. 

Having said that, here’s what I’d do: 

First, check what Centrelink benefits you’re eligible for. Your husband may qualify for Disability Support Pension, and you might get rent assistance and family tax benefits. Every bit helps.

Second, do a budget to see how far you can stretch the $120,000. Reframe that money as two to three years of breathing room while you wait for the compensation to come in. 

Third, while your husband can’t work, maybe he can help with the kids more so you can focus on growing your business.

Park the home-buying dream for now. You’re in survival mode, not house-buying mode. When your compensation comes through and your business grows, revisit it then. 

Finally, sometimes my job is simply to remind you how far you’ve come:

Imagine if you still had that $90,000 debt today. You’d be buried! 

This is a setback, not a life sentence. 

You’re down but you’re not out. You’ll be back – just wait and see.

Scott

Have I Already Gone Mad?

Hi Scott,

Nine months ago, I excitedly moved into my partner’s parents’ granny flat. The goal: save for a townhouse deposit in 12 months. I pay no rent and get along well with his parents, but, after 10 years of independence, this is huge. Plus, my commute is longer than ever. Now we’re approaching the 12-month mark and my partner is getting cold feet! Our townhouse goal has become “maybe we should stay as long as possible and buy a house instead”.

I know I’m lucky to be in this financial situation, and he says we should “take full advantage”, but I'm afraid I’ll go full crazy if I live with the in-laws much longer! I’ve sacrificed my independence and sanity for our shared goal, but now he’s moving the goalposts. What if property prices rise faster than we can save anyway? Are my fears valid or have I already gone mad?

Sia

Hi Sia,

You haven't gone mad ... though if you don’t get on the same page as your partner you might find yourself getting mad at him.

It sounds like you’ve already thought through how much longer you’d need to stay there to save up for a home, and you’ve ruled that out.

Your concerns are completely valid.

It’s not about the money; it’s about having your own space. You feel indebted to his parents, and that’s a heavy strain – day in, day out.

So here’s what I’d do:

I’d sit down and work out how much you need to comfortably buy the townhouse, including having some Mojo for the unexpected, so you can buy with confidence and not immediately become a postcode povvo.

Then, set a firm deadline: “Either we buy the townhouse when we reach ‘X figure’, or I’m moving out to rent.”

This is your first big test before you sign up to a 25-year mortgage:

Will he listen?

Scott 

My Dirtbag Sister

Hi Scott,

My sibling only contacts me when she needs money. A few years ago she lied about having no debts, then it came out she’d hocked her car.  

When I  questioned why she lied, she hung up and ghosted me. Eighteen months later she calls asking how I am, chats for two hours, then texts asking for a $308 loan.

She's addicted to debt – constantly hocking belongings and taking high-interest loans. I suspect gambling. She’s been to financial counselling but the pattern continues. I could give her $308, but I know I’d never hear from her again until the next crisis. This cycle has repeated my whole life. I want to help, but I believe lending money just enables her addiction. Please tell me I’m doing the right thing by saying no – I wish I could help but I think loans make it worse.

Lisa

Hi Lisa,

So ... you’re asking me for permission to not be manipulated?

Granted!

I hereby order you to put in place some boundaries that will help both you and your sister.

That two-hour ‘how are you?’ chat, followed by the $308 text, is textbook manipulation. It must make you feel like you’ve sucked on a lemon.

So, the next time your sister calls, grab some tequila and salt.

Here’s what I'd say:

“I love you, but I can’t lend you money anymore. It’s not helping either of us.”

Don’t get into a debate. ‘No’ is a complete sentence in this situation.

I get that you feel guilty because she’s family. It’s totally normal to feel empathy for your sister being in this situation. However, by giving her money you’re just enabling the bad behaviour and delaying her reaching rock bottom.

Sometimes the kindest thing is to let someone face the consequences of their choices.

Scott

How on earth did I get here?

"Bugger." 

The engine warning light lit up like a 2-cent pokie jackpot. 

Then our 4WD shuddered and lurched – kind of lurch you get when a barefoot dad stomps on Lego during a midnight dunny run. 

"Daddy, I'm scared!" wailed my daughter from the back seat. 

"We'll be fine," I lied, summoning my bravest Dad voice.

We were deep in the Never Never. The dash said 35 degrees.

My phone said no reception. 

As we crawled along the red dirt track, the only signs of civilisation were wrecked cars, abandoned and left for dead.

How did I get us here? 

Well, a few months earlier, my brother-in-law rang from a remote Indigenous community where he’d scored a teaching gig. “You should come visit,” he said. 

I punched it into Google Maps: 3,720 kilometres. Forty-five hours. 

"Driving? Hell no," said Liz – the handbrake in our household. 

And yet here we were. Two adults. Four kids. A camper trailer built for two. 

What was I thinking? 

I was thinking my kids live in a bubble – and sometimes it’s good to pop it. 

Eventually we limped into town – my diesel filter dirtier than my conscience for dragging the family out here – and our collective silence said more than words. 

The kids went to the local school for the week. They made friends. My footy-mad son reckons he saw some of the best players of his life. My daughter came home barefoot… because that’s what all the girls did. Kids are kids. 

Except these kids live in houses with up to twenty people. Often no beds. No fridge. Sometimes no front door. A place where hardly any adults work, black-market bottles of rum go for a grand, and the only shop sells frozen bread for fifteen bucks and milk for ten. 

None of this is their fault. Like my kids, they were born in one of the richest countries on earth – but their futures will be shaped by forces they never chose. 

Same sun. Same soil. Different worlds. 

Tread Your Own Path!

Why is my teen better at money than me?

Hi Scott,

I raised my daughter as a solo parent. She's turning 18 and heading to university - a great kid who's saved $8,000 from part-time work using Barefoot principles. She even donates to charity.

Meanwhile, I'm a financial disaster. I work full-time but spend every cent. No debt, but I can't build a Mojo. Something ALWAYS happens to derail it after four years of trying.

How did I successfully teach my daughter what I can't do myself? She's financially responsible at 18 while I'm still failing at the basics. The irony is killing me.

I feel ashamed that my teenage daughter has better money habits than I do. How do I change my mindset and behavior when I clearly know what to do but can't make myself do it?

Wendy

Hey Wendy,

Jackie Kennedy once said something wise:

“If you bungle raising your children, I don't think whatever else you do well matters very much.”

Well, you nailed it. Your daughter’s a hard worker, a good saver, and a giver. Those aren’t just skills – they’re the character traits of a fine human being.

So here’s the question: if you’re such a financial mess, how did your daughter turn out so well? It’s because you modelled vulnerability and persistence. She saw you keep going, even when it was hard. That’s what stuck.

So after years of providing for your daughter, it’s your turn now. Here's the first thing I want you to do. Set up your Mojo account and fund it with $2,000. I don’t care how you get the money – sell stuff on Marketplace, cut every expense, work a weekend shift – just get that buffer in place so life stops derailing your plans.

Once you've got that sorted I want you to set up your buckets, and make sure your transfers happen the day you get paid. Make it automatic. We're not aiming for perfect here. Just get it done. Every little step is proof that you’re not a financial failure – in fact, you’re a damn good teacher.

Go Mumma go!

Scott

The Desperate Daughter

Hi Scott,

I'm writing in desperation about my elderly father. He's always been generous, helping family and friends out of debt, which usually ends in broken promises and damaged relationships. A younger "friend" entered his life just before he lost his partner. My father has given this person significant money and won't promise it's the end.  He's not cognitively impaired but is vulnerable and lonely. I'm 99% sure he's being taken advantage of. I'm worried about future care costs if his health deteriorates, but he thinks I only care about my inheritance - which is gutting. This behavior isn't technically illegal, but I can't watch him be swindled when he may need this money later. How do I protect him without ruining our relationship? Do we have any options when elderly parents are being financially exploited by "friends"?

Danielle

Hey Danielle,

This must eat you up inside. It looks a lot like financial elder abuse.

So you should tell him that, right?

Wrong.

Let’s take a shuffle in his shoes.

He thinks he’s being generous, independent, and in control. And he probably thinks you see him as old and vulnerable… and that you’re only sticking your nose into his business because you’re worried about your inheritance.

Here’s the brutal truth: if your dad is mentally competent, he has the right to spend his money however he wants, even if it breaks your heart.

So here’s what I’d say to him:

“Dad, you’ve always been so generous with people – it’s something I really admire about you. However, I worry that if you give away too much, you might not be able to afford help later on. And I know how important it is to you to never burden anyone.”

Depending on how that lands, you could suggest he sits down with a financial advisor or solicitor to review his affairs and ensure he’s set up to go the distance. That way, he’s hearing it from an independent professional, not just his daughter.

The key is to respect him, and let him know he’s in charge.

Because he is!

Scott

Heartless Bastards

Hi Scott,

I’m a single mum recovering from brain tumour surgery. I invested $50,000 with DB Wealth Institute and ABTcoin – my account shows $900,000 but I can’t withdraw anything. They’ve gone silent and I’ve maxed out my credit cards and borrowed from friends. Now two companies – CNC Intelligence and T&H Consulting – are offering ‘fund recovery’ services. Are they legitimate?  Who can actually help me get my money back?

Vanessa

Hi Vanessa,

I am so sorry.

You have lost all the money you put in, and you will not get it back.

I spoke to Dave Lacey, the head of registered cyber protection charity IDCARE, and he told me that, statistically, scam victims will lose more money after they realise they have been scammed than before realising it.

Why?

Because outfits like CNC intelligence are just the next step in the scam. Again, to be crystal clear: the people who contacted you to recover your funds are part of the same scam.

Don’t fall for it.

Vanessa, I want you to contact IDCARE on 1800 595 160. They can help with counselling, support, and cleaning up your digital life – everything but getting your money back.

Scott

why I’m wearing make up

"You look like you could do with a glow up," she said.

"A what?"

"Sit here," she hummed, studying my face.

I was about to walk on stage and speak to 1,000 mainly young women about money. This was definitely the weirdest financial talk I'd ever given – and I wasn't even on stage yet.

Welcome to MECCA, where the beauty business meets something much deeper: a CEO who actually gives a damn about her team’s financial futures.

Jo Horgan didn't just build one of the world's biggest beauty empires. She employs 7,000 people, 94% of them women, many in their first jobs. And she's cracked something most employers miss entirely: you can't expect financially stressed workers to thrive.

"If they're lying awake at night worried about rent, they can't give their best during the day," she told me backstage.

That's revolutionary thinking in corporate Australia. Most bosses think a pizza party and a motivational poster solve everything.

For too long, employers have treated financial stress like someone else's problem. Pay the salary, offer some vague "wellness" seminars, job done. Meanwhile, workers are drowning in a cost-of-living crisis with zero financial education from school.

But something's shifting. Smart employers are finally connecting the dots: financially confident workers are productive workers. Stressed workers cost more in sick days, turnover, and mistakes than any training program ever will.

This shift forced me to do something I hadn't done in seven years: create something entirely new.

The Barefoot Investor principles work everywhere – including the workplace. But here's the thing: most workers don't have time to read a whole book when they're stressed about money. They need bite-sized help that fits into their actual lives.

So, starting with MECCA I built a program specifically for employees – ten short video lessons and a full guided journal that tackle their biggest money fears, designed to fit into a coffee break. One small win each week to rebuild their financial confidence from the ground up.

Because here's what I've learned: when someone believes they're "hopeless with money," no amount of budgeting advice will stick. You have to change the script first.

Look, MECCA could have just stuck to lipstick and left their team members to figure out money on their own. Instead, they're doing something most companies won't: actually helping. The companies getting ahead of this aren't waiting for schools to fix financial literacy. They're stepping up.

Because here's what Jo understands: when your teams win with money, everybody wins.

Tread Your Own Path! 

 Photograph: Hugh Davies, Instagram: @hughdaviesphoto, LinkedIn: Hugh Davies 

The Problem with Your Barefoot Book

Dear Scott,

Eight years ago we were hiding our car from the repo man, had $80,000 in credit cards, faced foreclosure, and owed everyone including family. Our solution? Shove overdue notices in a drawer and hope they disappear. Fast forward: we’re debt-free, own our car, have $40,000 in Mojo, and no credit cards. We’ve reached Barefoot Step 4 (Buy Your Home) for the first time ever.

Here’s our dilemma. We live with my parents on their Gold Coast acreage, paying $400/week rent. Our plan: stay 15 years until the kids finish school, then buy a motorhome and travel while I work casually as a teacher. With current housing costs, should we still try buying our own home? Or should we skip Step 4 and boost our super to 15% instead? Eight years ago our biggest problem was financial disaster. Now it’s whether to buy a house or choose an alternative lifestyle. Without your books, we’d never have this ‘problem’.

Kylie

Hey Kylie,

Let’s stop for a moment and savour your success.

I hear rags-to-riches stories all the time. But yours is more impressive: you were drowning in debt and denial… then turned it around completely.

That takes an identity shift most adults never make. Well done.

And hats off to your parents too, who clearly helped you along the way. The key question now is: are they genuinely happy for you to stay another 15 years? And are you?

If you’re all good to stay put then there’s no pressing need to buy a house,

though you might consider buying an investment property. Regardless, here’s the thing: homeowners build up wealth by paying off their mortgage over time. If that’s not for you, then you’ll need to create that same discipline by funnelling your savings into super instead.

So I’d bump your super to 15%, and throw any extra savings in there too. Think of it as your mortgage payment – except it’s building your retirement fortress, not bricks and mortar.

That way, when your homeowner friends retire with paid-off houses, you’ll have a fat super balance to fund your motorhome adventures around the country.

Scott

My Kids Are Spoilt Brats

Hi Scott,

My 10- and 12-year-old girls get $20 a week pocket money but are always broke from buying canteen food. Their lunchboxes come back full while they spend money on overpriced school food.

I’ve tried everything: threatening reality checks about Gaza, offering $20 to wash cars (crickets), asking them to clean rooms (ignored). The Barefoot Jamjars feel ‘so 1956’ with modern ungrateful kids. Modern kids need to see value for their effort almost daily. Traditional methods like car washing and dog walking don’t capture their attention anymore.

I’m even reducing their grapes by one for each grape that comes back uneaten, hoping they’ll eventually come home hungry and complain. What modern strategies actually work for teaching money and food values to entitled kids? Society says we can’t smack sense into them – so what’s the answer?

Dad of Spoiled Brats

Hi Dad,

Stop blaming your kids.

Seriously. If they’re spoilt brats, you’re the one who set up the conditions for them to rot.

The first line of your email answered your question:

You hand your kids $20 a week.

It’s not pocket money if they snub their noses at cleaning their rooms or doing anything for it …  it’s a princess payment!

You say “modern kids need to see value for their effort almost daily. Traditional methods like car washing and dog walking don’t capture their attention anymore”.

Yeah, nah. 

People don’t value money they don’t work for. You’re handing them cash, then getting annoyed because they don’t value it. The kids are acting perfectly normally.

Here’s what I’d do if I were in your dad running shoes:

Stop the handouts. Completely. Throw them a loaf of bread and some Vegemite and tell them to make their own school lunches. That’s what I do with my kids.

Then wait. 

Eventually they’ll want to buy something. That’s when you start the conversation about working for money – or, better yet, starting their own Barefoot business. It may take a while. That’s okay. Your job is to teach them that money comes from working.

Finally, let me leave you with this:

Nearly every parent worries their kids are spoilt brats. It’s natural – our kids are growing up with more than we ever had. But, if you treat them with respect and put the right boundaries and incentives in place, they may just surprise you.

Stop making excuses. Stop blaming your kids. Start being the parent they need – not the ATM they want!

Scott