Barefoot Investor’s chilling admission to struggling Aussies

Barefoot investor Scott Pape has shared his thoughts on whether a global financial crisis is on the horizon and offered Australians some outspoken advice on how to prepare for the worst.

The finance guru revealed that this was the “number one question” he was asked by concerned Australians, prompting him to give a very blunt answer in his advice column.

“After all, banks around the world are failing, inflation is burning a hole in our wallets and interest rates are being raised at the most aggressive rates in years.

“So what’s next? Well, the honest answer is…I don’t know,” he wrote.

He said while he had no idea about the future, there were measures that could be taken to help people prepare for the worst.

Barefoot investor Scott Pape (pictured) has shared his thoughts on whether a global financial crisis is on the horizon

“What I can do for you, however, is suggest three books that will help you prepare for the consequences of the bursting of the largest global debt bubble in history,” he wrote.

The first book was written by Benjamin Roth and is entitled The Great Depression: A Diary.

“No, I don’t think we’re headed for a depression,” Mr. Pape wrote.

“However, this book is the actual journaling of Benjamin Roth, a small-town lawyer living through a decade of the Great Depression.

“What makes it so fascinating is that he’s writing it in real time – he doesn’t know what’s coming next.

“You probably think of the depression as famine and poverty.

“However, Roth’s diary notes show that there were many years when there were huge stock market rallies and the papers were brimming with pundits saying the worst was over. And then the market would collapse again.

“From the peak, the stock market fell a staggering 89 percent and took 25 long years to regain its peak,” Pape said.

“Interestingly, Roth initially thought stocks were a scam and real estate paying rent a safe bet. However, he emerged from the Great Depression believing just the opposite.

“And if you’re buzzing with that 89 percent drop, you really need to read the next book.”

The second book was written by Mike Kemp and is entitled The Ulysses Contract: How to Never Worry About the Stock Market Again.

“So this book has just come out and I wrote the foreword,” wrote Mr. Pape.

The finance guru revealed that this was the “number one” question asked of him by concerned Australians, prompting him to give a very blunt answer in his advice column (stock image).

“Yet I did it for a very good reason: the author, Mike Kemp, is the man I turn to for investment advice.

“Mike was on the floor of the stock market on the day of the 1987 crash, and over four decades of investing he has not only become a very wealthy man, he has done so while completely ignoring daily stock market fluctuations.”

“The main goal of this book is to show you how to never worry about the stock market again.

‘Really. He does this by diving deep into economic history, backing it up with solid logic, and then as a crescendo, encouraging the reader to enter in an oddly effective way,” explained Mr. Pape.

The third book was written by Mr. Pape and is entitled The Barefoot Investor.

“Okay, so this is completely shameless … but I really believe it,” wrote Mr. Pape.

“My book is written for times like these. If you think you’re lost – and not sure which way to go – follow the barefoot stairs to get to safety.’

Mr. Pape said there were several key points that readers could take home from reading his book.

“You can’t control what RBA boss Phil (high) Lowe does, or what the economy does, or what your boss does,” he wrote.

“But the fact is, you have more control than you think.

“So instead of getting angry, focus on the things you can control.

“There are things you can do now – tonight – that will make you money, boost your confidence and put you on a very different path.

“All you need is a bottle of wine and your phone… and some good books.”

Source: | This article originally belongs to Dailymail.co.uk