Book Review: Barefoot Kids
04 Dec, 2022
This week, I’ve employed two exceptional 15-year-old women to help me review the new Scott Pape book Barefoot Kids: Your Epic Money Adventure!
I have one copy to give away to a subscriber; enter at the end of this blog post.
Introducing my book reviewers
Reviewer 1: My daughter Ivy*. She is a homebody who endlessly comes up with creative projects, some of which she sells. She is constantly finding little ways to make some money. She’s always in motion, very observant, enjoys school, never goes to bed on time and rarely exercises unless under duress from Jonny and I. She now has a part-time job and has been investing (with little interest, I should point out, making her the perfect investor) for years. She enjoys spending money on herself and others and never runs out. She has endured endless financial kōrero throughout her life, thanks to me. Still, if truth be told, she was less excited about reading and reviewing a personal finance book, which is precisely why I wanted her to do it.
Reviewer 2: My daughter's good friend Nina*. A young woman I’ve known since birth. I also had the privilege of mentoring her this year as part of a school project. Our topic was how to get through university without taking on student loans, which is very close to my heart. The fact she sought me out for this project indicates her interest in how to do well with money. Whereas some would die of boredom, she appeared to love it! When I asked if she wanted to review a kid's finance book and earn money, she jumped at the chance. This young woman is an all-rounder: academic, sporty, motivated, kind and great fun too. Her problem is finding the time to make money. I wondered if this book would help her with that.
*To respect their privacy, I’ve changed their names.
I purposely made this a paid job for them. I gave my reviewers a firm one-week deadline to read the book and complete my questionnaire, and I’d pay them $30 each. My daughter submitted her review 10 minutes before the deadline, and Nina gave me a follow-up phone call soon after submitting hers, days before it was due! Both of their feedback was varied.
Kids are so honest. When I asked if they actually enjoyed reading the book or only did it because I paid them, Ivy said that she thought it would be a boring chore. But then she began to enjoy it because the more she read, the more inspired to start her own business she became. Nina loved reading it because she is interested in books and websites that teach kids about money. But, sure, she said, the $30 was a fab bonus too!
For those short on time
In this book review, I bring together all our different thoughts, and you get to decide whether it is worth buying for the kids in your life. But for those short on time, let’s cut to the chase; the consensus from the three of us is YES, it’s very much worth it.
What age range is the book aimed at?
I wanted some outside help because I knew my limitations. I read the book and loved it, but even though my reviewers would be too polite to say it (or one of them would, and no guesses as to who that might be), at 49, I’m OLD. This book is aimed at a far younger audience.
Both thought it would best suit kids between 6-12. There is a lot of little kid humour and images. But, even at 15, Ivy still found many relevant and helpful sections from which she could pull practical ideas, particularly regarding work. Nina felt that some areas of the book (such as bank account structure) were less relevant because she already had them set up. This showed me that already, at the age of 15, money habits are already ingrained, so by getting younger kids involved sooner, you can help your tamariki form great work and financial habits early. Like Ivy, Nina also found sections that were still really valuable and relevant to her, such as job search advice and information about giving.
Without financial literacy being taught in most schools, this book would be an asset to any school library for kids of all ages to learn from.
Younger readers will enjoy the stickers in the book because, as Ivy said, it's an excellent visual reminder of what stage of the book they have read to. Nina agreed that bright, colourful stickers are a perfect way to engage younger readers and reward them. I remember when Scott Pape was publicising his book, he encouraged each child to have their own copy so that they can write down their own ideas, creating a resource for them to keep returning to. And that way, there would be no arguments over the stickers either.
Some of the stickers you will find at the back of the book.
Engaging and easy-to-read chapters
The book was broken into six steps, and it took us between three to five hours to read. We read it over many days. Every. Single. Night.
I have to remind Ivy to turn her light out and go to sleep. I have been known to get grumpy. One night she said, “no can do; I’m engrossed in this good personal finance book”. She may have lied, but I let her read on. Just to be on the safe side!
Ivy and Nina said they would definitely refer back to this book if/when they need business inspiration or ideas of where to give, spend and invest money.
Step 1: Earn Some Money
Ivy enjoyed the real-life examples of kids earning money. It made it feel like it is possible for any kid of any age, with a bit of determination, to find age-appropriate jobs. The book suggests a broader range of jobs to do at home, which, as Nina pointed out, would also help parents.
Ivy got the point that money comes from working and creating a good work ethic from a young age. Scott Pape is big on learning to work, both unpaid work around the home that makes your parents smile (like making your bed and clearing away the dirty dishes) and paid work done around the house. The ability to earn your own pūtea will create less reliance on Santa Claus and your annual birthday to buy you the long list of things you want. Nina also thought it was great that the Barefoot Investor tries to avoid the idea that Santa makes all the money, so we don’t have to.
But most kids don’t know where to start. This book will help with that, with lots of easy ideas that will create income and give kids a little money to manage.
I love the thought of helping your kids come up with a long list of jobs that will earn them some income but are jobs you also want to be done. Win! Children get to choose the jobs they want (within reason), and Ivy felt this was a good idea because they will be more motivated to do the jobs they choose and feel more in control.
He also teaches children how to negotiate their pay rate with their parents, an excellent skill.
Both read this chapter and thought of paid jobs they could do in their homes. Nina said it was good that the list would involve jobs in addition to everyday household chores that any child should do without expectation of payment. Nina said it also allows children to complete jobs that might take a while, teaching stick-ability at a task.
This step also introduces the idea that meaningful paid work can be really satisfying and rewarding. It’s good to feel you have earned money so you can decide how to spend it. I liked that throughout the book, Scott shares how much money children actually make; kids need to see these numbers to compare them to their situation. And as for parents, it helps us when negotiating the pay rate!
Step 2: Stash Your Cash
This section introduces the famous Barefoot bucket strategy, albeit in a scaled-down way. Ivy thought that this three-bucket strategy is a good place for younger kids to start because it teaches them early how to allocate money to:
Splurge (spend some)
Save (set some money aside for later)
Give (share it with others)
Nina also agreed that it's a great way to train kids to put their income into different areas for different purposes instead of just one catch-all account. It creates some monetary organisation, which you can build upon early in life.
Ivy and Nina really picked up on the “Give” bucket, realising that it teaches children empathy for others and that sharing what you have doesn’t just make the recipient feel good, but also yourself.
Although both of my reviewers no longer deal in much cash as they now get paid directly into their bank accounts, meaning they can send money to their various buckets, they appreciated that dealing in cash with younger kids is a helpful learning tool and sets the stage for moving to online banking and having your own cash card.
Both now have different bank accounts or buckets with a cash card, and they are learning first-hand how much money to allocate to each.
Step 3: Be A Barefoot Boss
This book is not just about kids doing work that parents and caregivers have to pay them for. It’s also about bringing in money from outside of the family. Ivy said it motivates kids to start their businesses and shares real-life examples of young people doing it. And how much they earn, which in many cases is a lot. This section, in particular, really appealed to my reviewers.
It shows that creating your own business is attainable, even teaching how to get your parents on board with your ideas and where you can sell your products or services. Seeing successful kids younger than themselves starting businesses has motivated both Nina and Ivy to really look into how they can do it too. Both said, “if they can do it, so can I.” One thing that Ivy, who is quite reserved, picked up was that creating a business grows your confidence. The more you do it, the more confident you become.
The business ideas were realistic and varied. From pet sitting, second-hand dealing, slime making, working artists, paid tutoring, social media influencer and countless more. They felt extremely relevant to both of my reviewers because, as Ivy said, she already knows how to do some of the things mentioned. One of her favourites was the Bold Pineapple, an earring and lip gloss business that made its CEO $250, after costs, in her first year. Ivy liked this one because it was an online business, meaning that as a shy person, she did not have to deal with people face to face, but also because she was selling things that Ivy was already creating herself. She has already had a friend buy some of her products and suggested she knows where she could sell a lot more. All Ivy would need to do is scale up production.
A very small sample of the creative projects that Ivy has made. Some of which she has sold, like the beeswax lip balm.
Nina, an animal lover, loved the story about Ashleigh’s Dog Walking and Sitting. A 12-year-old who has made $10,000 in her first year of business. Too often, when money is discussed, we don’t share numbers, so I particularly enjoyed that each business shared what it made. Those are real numbers kids can use when deciding what rates to set and what income they might expect.
I liked that the business ideas related to city and country kids.
Nina got ‘super duper inspired at the thought of creating a business and being a boss, instantly creating a whole new list of her ideas:
Selling ethically made clothing
Creating women’s sports clothing
Running a neighbourhood bake sale
Christmas card-making
Dog sitting
And heaps more!
Granted, she doesn’t have much time to implement these plans, but the point is that it got her motivated and thinking about working.
Both were inspired by the generosity of most of these children who, out of the goodness of their hearts, were donating money to causes they believed in. Not only did they have the get up and go to start something, but they were also generous with the money they made.
Step 4: Get What You Want
This section was close to many kids' hearts: Spending.
Spending with intentionality.
Ivy found this chapter good because it teaches tamariki that buying new isn't always better. Nina said that as an eco-warrior, this segment of the book made her heart sing! The book shows heaps of examples where you can save while spending, buying the things you want which are just as good but at a discounted price because they are either second-hand (which is good for the planet) or discounted, which means that you have more of your hard-earned money left.
Ivy knows first-hand that when you have made your own money, it makes you more conscious of how you spend it.
A recent purchase at a Black Friday sale nabbed her a $60 skirt for $22.50, saving a whopping $37.50. She also has experienced the other side of the transaction, selling her unwanted clothing to others and seeing a $150 pair of shoes selling for just $20 - a good lesson in depreciation.
This section details where you might go online to find deals or sell unwanted items. The websites mentioned are Australian, but it’s not hard to find the New Zealand equivalent. This gave Ivy and Nina ideas about selling all the books, toys and games they no longer use to turn them back into cash, and it also got Nina thinking about how to be smarter when buying.
There were five super helpful buying tips:
1. Get your parents’ help
2. Do your research
3. Always offer a lower price
4. If you have to, buy it new
5. Search for the discount code
Step 5: Make Someone Smile
“The fastest way to feel good is to help other people” (page 157).
I know this and do it often, regularly giving my time and money, but I wondered if teenagers would relate to this concept in the book. Nina and Ivy’s answers were pleasantly surprising.
Ivy said the author is correct in saying that giving makes you happy. Although she doesn’t give away a part of her meagre income to a charity, she is flexing her giving muscle by doing little things like making a family member a gift or buying her friends something from the school canteen. She is also aware that, as a family, we are generous to others. This chapter got her thinking, though, that giving in a more formal way would be something she would consider doing if she started her own business because it would make her feel good. But also that her customers would like it because they know she would share her profits, not just keep all the money to spend.
Nina noted that in her experience, most don’t really think about this giving aspect when handling money and finances. She said it’s so easy to have a ‘clenched fist’ like the Barefoot Investor described and keep the money to yourself. She thought the lesson of being taught to share was a profound one. And starting this habit when young is the best way to do it. She couldn’t say enough good things about this section and thinks that if we all thought a little more about others, we could solve some big social issues! Although she has little income to share yet, her Mum has always made donations to collectors, and Nina can still remember seeing the smile on the fundraiser's faces as they dropped their money in their buckets.
Nina made an astute observation that if we each have the money to spend on things we don’t necessarily need, we definitely have the money to give to people or causes who need support.
The section I thought they would like least - giving money away - actually provoked the most heartwarming responses.
Step 6: Grow Your Money
Investing. No surprise that this was my favourite chapter.
I wondered how Scott Pape would approach this section; after all, investing is a topic that most adults can’t seem to grasp. He nails it, adding a fourth and final bucket called ‘Grow’ to his strategy.
He clearly articulates that kids who invest are doing something to help themselves in the future, teaching them about long-term financial planning. Once again, Ivy points out that this book is good because it shows real kids who are already investing. And that most kids who invest are already ahead of many adults. Given I have helped her become an investor and we regularly talk about it, hearing about other kids doing the same was really empowering, giving her confidence and making her feel grown up.
Nina learnt that the longer you leave your shares alone, the bigger they will grow and that if you take them out and spend the money, you will have to start from scratch, so that is what you want to avoid.
In this section, she said the author makes investing sound fun and easy (which it is) and is engaging for kids. He makes a hard concept easy to understand using simple charts and graphs to show that by planting an apple tree early in life (starting to invest money early), there will be an ongoing and bountiful harvest.
The problem adults face is working out what to invest in and which provider to use. Without naming names, Scott gives children clear guidance on what type of investment to choose and how to find an investment platform quickly. He teaches and stresses the importance of compounding returns, index funds and investing for the long term, and teaches the concepts in a simple way. Fear not, though; parents must be involved if the children are minors.
Both of my reviewers already invest with the help of parents, and both seemed excited to continue that habit, which is music to my ears!
A few additional questions
Would this book help lazy kids, or only kids and young adults who have a bit of get up and go and are willing to work and make money?
Because the book lays out steps to follow, they thought it might give some lazy kids some fantastic ideas, ones they had not thought of themselves, which might motivate them. But, it will be particularly useful for self-motivated people who already think that way. This will just ignite their imagination.
I know that it can be hard to find the time for paid work when you are busy with school and extracurricular activities. What were some ideas that Ivy and Nina took away from this book that they could put into practice to “be a Barefoot Boss” and make some pūtea for themselves and still get all their school stuff done?
Scott encouraged kids to think of ways to make easy money from home, such as selling household items, baking, or running a one-off garage sale. They don’t take up much time, and you can make some fast cash, which will motivate you to find the time for more money-making ideas. I know Ivy is constantly creating beautiful items that, if she wanted to put a bit more time into producing more of, she could easily sell.
Scott Pape points out that parents are busy. I asked them what they had learned about how to get their parents on board with money-making ideas.
He advocates kids use “parent pleasers”, doing some set tasks for free that will make parents happier to pay them for other work done or encourage entrepreneurial ideas. If they think you are responsible enough, they will be more likely to be on board with the ideas you come up with.
Nina realised that getting the buy-in of parents takes good communication skills and timing. Obviously, if Mum or Dad has just gotten back from a long day at work and is super tired, it's probably not the best time to tell them your plans to go viral on Tik Tok. She has found that her idea is more likely to be supported if she approaches her parents with:
A lot of research
Good timing
A thick skin because a lot of the time, they reject her ideas
In the past, she has created PowerPoint presentations to persuade her parents to get on board with her idea. Impress your parents, she said!
This is where we actively support Ivy, helping her source whatever she needs for her projects and helping her work through issues she faces. Watching her attempt such a wide range of projects and work out which might work best is fun.
In summary
I get a weekly email from the Barefoot Investor, and he recently said this:
But let me tell you a secret: the jam jars (buckets) aren’t really about money at all … they’re about hard work, kindness, and feeling good inside.
This book successfully articulates that money is just part of the bigger picture of being a decent person who is happy. As Mum, I also LOVED reading the real stories of all of these good kids trying cool things. When you see other people achieving, you know you can do it yourself, and that builds confidence and builds thoughtful and resilient adults. It gives me a great heart that with encouragement and help when required, I can support and equip my child to make a go of her ideas. And make money.
The simple four-bucket strategy he teaches makes sense to both Ivy and Nina because they can clearly see the purpose of each bucket of money. I asked them if they would know what to do if they earned $100 today. Thankfully the answer was yes; they would know how to split it and allocate it to their buckets. They would know they have enough to spend, enough to do something nice for someone, invest some, and set themselves up for their future.
After hearing what Ivy and Nina thought of this book and seeing how they related the content to their financial situation, there were two key standouts for me:
This book is effective in teaching financial literacy in a fun and engaging way, with or without parental involvement (although involved parents are obviously better).
Even at the age of 15, both Ivy and Nina have already developed some set financial habits and viewpoints.
Ivy and Nina are incredibly fortunate, perhaps a little unusual, in that they have adults steering them in the right direction regarding earning, spending, sharing and investing their pūtea. They have been learning how to handle the small amounts of money that come their way in readiness for scaling up for the $100,000 + income that will come their way in the future.
They still found this book very useful, mainly the information about searching for jobs and creating an income independently. Hearing from others finding work and making money in so many different ways that they could relate to was very encouraging.
I firmly believe that young people who are not lucky enough to have adults in their lives with good financial habits will benefit from this book even more as it will expose them to ideas they will be hearing for the first time. If you can afford to buy this book and stuff it in the Christmas stocking of someone you know, I think it will pay both them and our wider society dividends for a lifetime.
And what of Ivy and Nina? Their heads were swimming with ideas after they finished the book and I don’t think the school holidays can arrive fast enough for them to start putting their ideas into action.
I have one copy to give away to a subscriber of The Happy Saver. If you would like to go into the draw, please fill in the form below. We will draw the winner on the 18th of December. Good Luck!
Happy Saving!
Ruth, Ivy and Nina
BOOK GIVEAWAY: Barefoot Kids
The BOOK GIVEAWAY of Barefoot Kids by Scott pape was a great success and congratulations to our winner, who won a copy of the book. Thank you to everyone who entered.
If you would like to purchase a copy, please consider using one of my affiliate links and help support The Happy Saver.
