Scott Pape’s advice for woman at risk of losing her apartment

Scott Pape says the person delivering your eulogy won’t talk about your car, title or bank balance, but instead will talk about this.

Last year I bought my parents the best Christmas present ever.

It’s called ‘Storyworth’, and it’s a really cool way to get people to tell their life story.

Once a week, Storyworth emails my parents a question that inspires them to write, like:

“What is one of the funniest things you’ve ever done?”

“Did you have any pets growing up?”

“Where were you at the moon landing?”

They reply to the email, and then at the end of the year their stories are bound together in a printed book to keep and treasure forever. Or at least that’s the guff on Storyworth’s sales page.

Unfortunately, my old man didn’t really take to it.

Storyworth: “Where were you at the moon landing?”

Dad: “At home watching it on TV.”

It was shaping up as not so much a book as a pamphlet.

My mother, on the other hand, took to it with gusto. Her Storyworth will probably be a trilogy!

Now, Storyworth is really just a simple way for Boomers to write their memoirs … one emailed question at a time.

But you, dear reader, are probably not as old as my parents.

In fact, you’re actually living your life right now. So what will your story be?

The key to making it a blockbuster – and not Groundhog Day – is working out what matters most.

The fastest way to do that is what I call the funeral test:

As we approach Christmas, put down your phone and spend a few minutes thinking about your own funeral. Many people (men in particular) spend much of their lives pursuing things that look impressive on their resumé: Fancy titles. Money. Power. Respect. Status trophies.

However, the person delivering your eulogy won’t talk about the car you drive, the title you attained, the balance of your bank account … or any of the other things society has you chasing.

Instead, they’ll talk about the kind things you did. The courage you showed. The difference you made.

Our entire lives are a story. Make yours one worth reading about.

Merry Christmas!

Tread Your Own Path!

When you’re gone, people will remember your kindness rather than your wealth.

You Can’t Write, Barefoot!

Hi Scott,

You really need to employ an editor for your writing! Your articles read like you dictate them, without any thought to sentence structure or punctuation. I don’t mean to be rude, it’s just that I’ve been an editor for 30 years and I’m a stickler for good writing!

Wendy

Hi Wendy,

Throughout my career I’ve had many professionals give me similar advice.

In fact, legend has it that a publisher turned down the original Barefoot Investor book because, and I quote:

“He writes in one-sentence paragraphs!?”

How infuriating. And they were right, of course.

Being a wordsmith, you’d know that whenever someone starts a sentence with “I don’t mean to be rude” … they’re about to be rude!

So, Wendy, I don’t mean to be rude, but The Barefoot Investor went on to become the best-selling book in Australian publishing history, one infuriating sentence at a time.

I’m Going to Lose My Apartment

Hi Scott,

I’m at risk of losing my apartment! I am $16,000 in arrears on my loan repayments, and the mortgage is more than I could sell the house for. I have zero credit rating due to blown-out credit cards, and the mortgage is for 30 years, taking me to age 77 before it’s paid off. I can travel on public transport with my work so I’m thinking of selling my car (worth around $5000) to build up my Mojo and then start knocking off some smaller debts, as you suggest in your book. Is this a good first move?

Lauren

Hi Lauren,

It’s like you’ve walked into my office bleeding all over my carpet, and you’re asking for an aspirin.

This is serious. It’s time for surgery, not solubles.

Here’s a list of priorities:

First, cover the essentials: food, electricity, gas, and fuel/fares to get to work.

A very close second is securing the roof over your head.

Third, deal with everything else, including your credit cards.

Securing a roof over your head is vital, says Scott Pape, but beware of mortgage traps.

Finally, should you sell your car? Maybe, but only if you don’t really need it. Still, selling the car will save you on rego, repairs, insurance and petrol. Plus, having $2000 in Mojo is an awesome psychological buffer, and you could use the $3000 to buy some time with your bank.

Then again, I don’t really know the full picture. So please call the National Debt Helpline on 1800 007 007 and speak to a financial counsellor, who will help you work out a game plan.

Help! A Duffer Got Me Up the Duff

Hi Scott,

My partner and I have just found out we are pregnant. We have only been together six months and had our first financial date night scheduled for the weekend following the news. It has definitely not been ideal! While I don’t have much in savings, I do have an apartment and a car. He has neither assets nor much in savings: a total of $7000 in his account and last night he told me he wants to buy himself a bike worth $1300! I am freaking out about combining my assets with someone who is financially irresponsible, particularly while I am pregnant and then on maternity leave. I know you advocate sharing bank accounts, but are there instances when they should be kept separate?

Narelle

Hi Narelle,

Congratulations on your news!

Now, I don’t know anyone who’s ever been fully prepared for their first child. It’s a shemozzle from the get-go (and then you have another one).

You sound like you’re a few financial bases further on from your partner, which is a good thing, but don’t write him off yet.

My advice?

Do the Barefoot date nights, starting next week.

Nobody is fully prepared for their first child, says Barefoot Investor Scott Pape.

The first date night gets you to set up a bank account. Here’s where you have your first of many honest conversations. Let him know that you’re not going to share a bank account with him right now, because you need to protect yourself and your baby financially.

Then explain that the way to prove he’s committed is to follow the Barefoot steps. They’ll not only keep you on the same page, they’ll guide your new little family to financial safety.

Merry Christmas

Scott,

Your advice has literally saved my life. After 11 years of losing everything in a violent relationship that led to multiple hospitalisations, I am now on an upward trajectory and have a safe place to live. I had no reason to stay alive except your advice and the personal stories of others who had been marginalised. Your book gave me strength. Although I have severe PTSD, I know that I can overcome this too. Your books are always my go-to gift. Merry Christmas!

Helen

Hi Helen

Your message of strength and resilience is what we all need to hear at this time of the year.

Here’s to you finding your safe space.

Merry Christmas to you, Helen, and to all the Barefooters out there.

Keep an eye out for my special summer content series on Barefoot Kids.

My regular column which will be back in February 2023.

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.

Barefoot Kids: Your Epic Money Adventure! (HarperCollinsPublishers) RRP $32.99

If you have a money question, email [e-mail].