Barefoot Investor: Five podcasts that will leave you feeling rich

Podcasts where intelligent people talk about interesting things can leave you feeling really rich. Here are five worth listening to.

“For the last week I’ve been following a new morning routine. I wake up, meditate, then light a candle and do some affirmations …”, gushed a friend of mine.

“It’s been a total gamechanger.”

Right.

From the moment the first of our four kids wakes up, it’s on like Donkey Kong.

The amount of noise and tantrums and Vegemite that gets smeared from 6am to 8.20am is an affirmation in itself.

Yet at 9am it’s time for my gamechanger.

I’ll often head out to the farm to do a $20-an-hour job, and listen to a podcast. Spending time listening to intelligent people talk about interesting things leaves me feeling really rich (even as I mindlessly dig a ditch).

And so, as we move into the Easter break, I thought I’d share with you five podcasts that are on my playlist.

PLANET MONEY

Right now we’re living through a giant monetary experiment of historically low rates and money-printing that affects every one of us — whether we understand it or not. Planet Money does an amazing job of explaining it all in simple terms.

The show takes complex issues and explains them in a way that anyone can grasp, without

dumbing things down and while managing to be entertaining (my wife enjoys the show!).

Best of all, despite the fact that economics invariably strays into politics, Planet Money doesn’t have a political agenda.

Best episode: “Bond Voyage”.

Planet Money podcast explains complex issues without dumbing it down.

THE DROPOUT

In 2015, Elizabeth Holmes was the youngest self-made billionaire ever, with a fortune of $4.5 billion. She’d dropped out from Stanford University to develop a blood-testing machine that took a prick of blood from your finger rather than a vial from your arm. She named the contraption Edison (after Thomas) and pranced around in a black turtleneck (after Steve).

Two years later her net worth was zero, and now she’s on trial for fraud.

This is the story of how a young woman swindled some of the wealthiest, smartest people on earth … and how she got caught.

Best episode: It’s a four-part series, and it’ll hook you in from the moment you start listening.

CAUTIONARY TALES

Tim Harford is a brilliant economist who writes for the Financial Times in the UK. Yet he’s also worked out what most economists haven’t: most people learn best through stories.

And Harford’s podcast Cautionary Tales is very good at telling fascinating (and frightening) stories that ultimately help you make better decisions.

“We’ve always warned children by telling them unsettling fairy tales. But my Cautionary Tales podcast is for the education of the grown-ups. And my cautionary tales are all true”, says Hartford.

Best episode: “Buried by the Wall Street Crash”.

Cautionary Tales explains fascinating stories.

NO FEELING IS FINAL

Trust me, you haven’t heard a podcast like this. Honour Eastly offers up an audio memoir which takes you to the depths of her depression and subsequent psychiatric hospitalisation.

It’s raw, heartfelt and addictive. It’s not the easiest thing to listen to, but that’s the point. The six-episode series left me with a better understanding of mental illness and the challenges that many of my clients (and friends) deal with daily.

Best episode: All of them. There are some rude words, though, so you don’t want to play it in the car with the kids.

Oh, and speaking of which, here’s one that’s on my playlist for the kids:

WOW IN THE WORLD

I have young boys, and the amount of poo humour per kilometre I’m subjected to on the school run is off the charts.

So when I reach my fill I put on Wow in the World. It’s a podcast series aimed at primary-school-aged kids and it explains things about science, tech and the world around them. It’s educational and really funny.

Best episode: ‘Are You Smarter than a Toilet?’

Tread Your Own Path!

BAREFOOTERS DIG DEEP

Hi Scott,

I work at Foodbank NSW & ACT, and I just want to say a huge THANK YOU on behalf of our team for the shout-out in your last column! Yesterday alone we received over $135,000 in donations, which we believe is mainly due to your call out. These donations will go a long way in helping us to continue distributing crisis hampers to those affected by the floods across the state. Thank you again!

Natalie from Foodbank

Hi Natalie,

Our Barefoot Community is amazing!

I’m also hoping you got a lot of very small donations … from kids.

My “Jam Jar” system for pocket money makes “giving” one of the three categories for kids to spend their money on.

Reason being, getting kids to habitually give is one of the most practical ways to raise empathetic, generous adults. And Foodbank is one of the best places to donate their money from their ‘Give Jar’, because, after all, kids understand what it’s like to be hungry (and hungry). It’s tangible, it’s immediate, and it’s badly needed.

Thanks for all the work you do.

To donate, head to foodbankna.org/helpfloods

Barefoot’s ‘jam jar’ system for pocket money makes ‘giving’ one of the three categories for kids to spend their money on.

THE MILLIONAIRE ORPHAN

Hi Scott,

When I was 18 my parents passed away, but I was in the privileged position to inherit nearly $1 million. For years I did not want to think about it and felt guilty it was now mine. So I split it across term deposits and online savers and, aside from paying for uni, left it there. After reading your book at 24, I know I should be more proactive and honour this gift, but I am lost and do not want to waste my parents’ hard work. Should I

buy a home? Do I put it all in shares? Please help!

Charlotte

Hi Charlotte,

I’m really sorry for your loss.

The thing that almost no one talks about is that having lots of money can be really stressful.

It can cause a lot of self-doubt and fear and angst.

And it’s the big life-changing decisions that you really want your parents’ guidance on, right?

Well, I’d suggest that all your parents would want is for you to be financially safe and secure.

There are four ways to achieve that:

The first is to devote your time to getting a good education and building a career you love.

The second is to always have three months of living expenses in Mojo (savings) you can access.

The third is to own a home — but only if you can afford it.

The fourth is to slowly but surely add to your super over your working life (I suggest topping up your employer’s contribution of 9.5% with your own contributions, up to 15%).

Charlotte, you are honouring your parents by taking the time to learn about money, and I think they’d be very proud of the financial decisions you’re making.

WHEN IT RAINS IT POURS

Good evening Scott,

A year ago I was in debt and had just had a marriage breakdown. Then I read your book. Since then, the debt has been paid off, I have an emergency fund, I have buckets! Which is a good thing, because I have just lost everything in the Port Macquarie floods. I was not covered for flooding, but I will survive. So thank you, you have really helped!

Angie

P.S. If you want to send me another book, feel free. My old one is out at sea.

Hi Angie

My book is all about getting yourself in the financial position where you’re able to face your financial fire — or flood!

You Got This!

(A brand-new book is in the post.)

The Barefoot Investor for Families: The Only Kids’ Money Guide You’ll Ever Need

(HarperCollins) RRP $29.99

Information and opinions provided in this column are general in nature and have been prepared for educational purposes only. Always seek personal financial advice tailored to your specific needs before making financial and investment decisions.