Barefoot Investor: Don’t let hate mail or social media interfere with your life
ONCE upon a time nasty missives came in the mail and now they are on social media. Barefoot Investor talks about his own fierce critics and how he handles them.
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WHEN I started Barefoot about 15 years ago, I got my fair share of hate mail.
As in, the postie would deliver handwritten letters from angry people.
Think about the effort required to make this happen. You get all steamed up. You find some paper. You find a pen. You write an angry letter. You find an envelope. You buy a stamp. You walk to the postbox. You send it.
That is sustained angry.
Here’s the point: if I paid attention to these people, there’s no way I’d have kept going, or written my book.
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While I was reading those awful letters, I also understood that it came with the territory of writing in the newspaper, the price I paid for sticking my neck out on issues I believed in.
Anyway, the truth is that people have always gossiped.
It’s just that for the past few thousand years it’s been done behind the person’s back:
“Look at that caveman strutting around with his oversized club … who does he think he is?”
It’s really only been in the past few years that you can read and watch what people are saying about you, and have it archived for the rest of eternity like some crazy-bitchy version of ancestry.com.
And if you’re working hard and having success (career, wealth, family), there’s a fair chance you’re making someone feel really uncomfortable. Yet if you listen to them or worry about what you think they’ll think, it’ll bring you down. It’ll keep you in jobs you don’t like, relationships you’ve outgrown, and homes and cars you can’t afford.
Because social media is so new and our ancestral brains so old, we need skills to deal with this stuff.
So what can you do?
I’ve come to the conclusion that the best way to deal with them is to not deal with them.
Simply block them, and move on with your life.
Whatever you do, don’t engage with them — that’s something only an idiot would do.*
Tread Your Own Path!
* This week I’ve dedicated my Q&A column to angry people.
A SHAGGY DOG STORY
MERV WRITES: I used to be a huge fan. Now I read your column as if most of the questions and responses are a bit of a joke.
There have been two instances of my disbelief of late — one about your “Don Bradman Strategy” and the other about pocket money for kids.
I do not have the space to go into the Bradman Strategy, but let me simply say that your plan for a “comfortable” life is not worth the paper it is written on.
You really have no idea.
Happy to talk it through with you if you want to give me a call.
BAREFOOT REPLIES: So of course I gave Merv a call.
It’s fair to say he was very surprised to hear from me. He immediately deflected and said that he couldn’t really remember what he wrote. So I read it out to him. Which for Merv, I assume, felt similar to watching a drunken video of yourself the next morning on Facebook.
Anyway, we soon found common ground: Merv is a retiree and he was really (really) angry at the “bludgers” who’d never saved for their retirement and simply relied on the age pension to get them through in later life.
They should have worked hard, sacrificed, saved, and self-funded their retirement, like Merv did.
I totally agreed with him.
I told Merv that my book is about making sure people don’t get in that situation.
But for those who’d already left it too late, I suggested the Don Bradman Strategy so they could make a reasonable go of it rather than giving up and relying solely on the pension (or buying Bitcoin).
Merv reminded me of my weary old golden retriever.
All he was really looking for was a scratch of his belly ‒ and when I gave it to him, he kicked his hind leg, wagged his tail, and was as happy as a shaggy dog.
I JUST WANT TO HELP
RODNEY WRITES: I thought you were “fiercely independent”.
Why did I hear you on radio the other day spruiking for Cbus Super, the industry fund for the building industry?
You know in the last royal commission their corrupt union mates were doing the dirty, don’t you?
BAREFOOT REPLIES: Yes, I was on the radio last week talking about a new financial education program I’m trying to put together to help young apprentices learn to manage their money better.
My thinking is that young tradies need to also do a financial apprenticeship or they’ll hock themselves into a brand-new Hilux, hipster tattoos and sports betting.
My plan is to do an audio guide that the boss can play on the building site while the apprentices work (instead of listening to the radio).
And, yes, I’m hopefully going to be distributing it through Cbus, which is the construction industry’s default super fund.
However, I am not endorsing or promoting Cbus in any way (I won’t even refer to them in the audio).
There is no hidden agenda, Rodney. Rather, I’m just trying to educate these kids (their members), and get the message into as many heads as possible. And that’s why I’ve also been speaking to the state government about distributing it through TAFE trade schools. My passion is financial education, and helping young people.
ONLINE DRAWBACKS
PETER WRITES: When promoting ING in your book, it is a shame you did not mention that the ING Direct account does not accept foreign currency from overseas (meaning I still need an account elsewhere) and that the clearing of cheques takes 10 days.
But of course it is my shame, and me to blame, that I did not find out myself before opening an account with ING, and closing my no-fee ANZ Everyday account.
And, by the way, that pillow you recommend in your book is not so comfortable for the price!
BAREFOOT REPLIES: Dealing with an online bank does have its drawbacks.
Notably, as you said, cashing cheques is a pain in the rump without a bank branch. It’s actually taken me longer than 10 days to cash a cheque with ING before.
However, in most cases I’m able to request a direct transfer. Anyway, the way I think about it is that it’s an annoyance I’m willing to put up with, say, once a year, so that I can enjoy zero fees, and a consistently high interest rate, every day of the year.
As far as the pillow is concerned, I’m sorry you feel that way. As your head touches the pillow each night, try not to think of me.
BAD FOR YOUR WEALTH
SAM WRITES: Recently my wife and I attended a free trading seminar.
It was a good presentation, and the presenter had 20 years of experience selling options.
Well, the big catch was that it would cost $4997 so he could teach me how to make money consistently. After the presentation, we just silently walked out and went home.
Today, he rang me.
He was very pushy and even suggested I sell my shares so I could afford to join him. I then asked him about your book, and here is what he said: “That book is the last thing I’ll read, because I know it doesn’t work.”
Please let me know what to do, and what to say to him if he rings me back (which I know he will).
BAREFOOT REPLIES: Of course he would say my book doesn’t work … for him. It would make his job of conning $4997 from people infinitely harder.
What do you say to him if he calls back? How about: “If you’re so successful at trading, why are you calling me up on a weeknight begging for my money?”
I’m betting that (having been asked that question before) he’ll have a comeback ready, like: “I just want to help hardworking people become financially free.”
If he does say something like that, tell him to write a book … and let him know you’ll borrow it from the library.
Seriously, this guy is dangerous to your wealth.
He set up a “free” seminar which was really a pitch for a pricey trading program.
Then he followed up with hardcore phone sales pitch.
And he’s so ruthless (and desperate) that he even encouraged you to sell your investments to pay him.
On second thoughts, just don’t answer his call.
Move on with your life.
The Barefoot Investor holds an Australian Financial Services Licence (302081). This is general advice only. It should not replace individual, independent, personal financial advice
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Originally published as Barefoot Investor: Don’t let hate mail or social media interfere with your life
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