Hi Scott,
My mum is withholding a $30,000 inheritance for me from my late great aunt because she thinks I wouldn’t use it the ‘Barefoot way’. I’m a 26-year-old woman, living with my partner, and we have money of our own saved up for a house deposit. I told my mum that, if she gives me the $30,000 from my great aunt, I would also put it in our high-interest savings account to earn interest until we buy a house. But she says you would tell me to invest it in shares or use it to pay off my HECS. Is that true? Until I agree to the ‘Barefoot Way’, she’s not going to let me have it.
Olivia
Hey Olivia
Order! Order!
Judge Barefoot is in the house. Please all rise, while I give the verdict:
In the matter between you and your mother, I find in favour of …. YOU!
You are up to Barefoot Step 4: Buy Your Home, so you should definitely put the inheritance towards your house deposit savings in an online saver.
Once you’ve done that, you’ll move up to Step 5: Increase Your Super to 15%. That’s when you’ll be tax-effectively investing long term into the share market via your low-cost super fund.
Well done, and please say g’day to your mum for me!
Scott.