Book: 20201117 to 20210124, "The Barefoot Investor" by Scott Pape

 The tips I learned from this book:

1. Investment is all about "control".

2. Only insure against things that can kill you financially. -Black Swan.

3. Don't be afraid of market crash. The market has crashed many times, and even WW2 cannot hurt the share market for long time. p147

4. Australian Foundation Investment Company (AFIC).  AFIC’s  fees  are  around  90  per  cent  less  than  the  fees  of managed funds — and yet AFIC outperforms the majority of these funds.. p152

5. The more, the worse. Australia government looks after senior people relatively well, compare to other developed countries. The result? These people live in worst situation. They run out of money 13 years before they die. p160

6. For most of people, they need to put 15% of their salary into super. Thanks for the tax deduction. p165

7. Low income earners can choose low-cost listed investment company (LIC) like AFIC (ASX: AFI) or Argo (ASX: ARG) on behalf of the kid. Higher income earners investment bonds(free of capital gains tax (CGT) after 10 years), such as  Lifeplan’s  NextGen Investments, Austock Life’s Imputation Bonds and AMP’s Growth Bonds. p173, p175

8. "Broker who’ll charge you an upfront fee (which is a fair cop for their expertise) but will refund the trailing commission off your mortgage." - ‘cash-back mortgage brokers’. p204

9. I don't agree with Scott Pape about closing the loan account. Offset account provides cash at lowest rate we can get, and we don't need to pay annual fee through negotiation. p205

10.  the ATO has an app for that too. It’s called myDeductions, and it’s actually pretty good. It allows you to take photos of receipts and enter work-related deductions on the fly. If you’re claiming a car expense, it has a built-in GPS tracker to record car trips. Best of all, it feeds directly into MyTax. p232

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