It’s another nail in the coffin for hopeless funds that should have been shut down long ago … and that’s good news in my book. It’s not perfect, and only covers MySuper products at this stage (more funds will be added over time). And the data on the dud funds won’t be out until later in the year … but it’s a great first step.

Second, the people who calculate the ASFA figure are … the super fund lobby. It’s a bit like asking old Dr Kellogg, “What’s the most important meal of the day?” (Breakfast, of course!) My dad and I are classic doomers. Dad would often speak around the dining table about the looming subprime mortgage crisis — among other things, like public debt, and the devil in credit cards — when I was a teen. Now I am a Millennial who turned 30 this year. Some of the principles set out in Barefoot Investor are curiously – almost depression-era – old-fashioned. There’s an emphasis on saving, not living beyond your means and having a manageable mortgage.

Not only are their figures much more attainable, they’re based on ABS research on what Aussie retirees actually spend. As long as you own your own home, you can live a meaningful, purposeful, retirement with much less money. After all, we have the amazingly good fortune to be living in the greatest country on earth, with a strong social safety net based on the aged pension plus subsidised medical and aged care. He also appeared as the financial expert on the SBS show The Nest in 2008. Pape was also previously a regular guest on The 7pm Project.

He also has this weird hang-up with - what he calls - 'handouts.' As someone who lost their house to a natural disaster, you'd think he would be more sensitive to people who need extra help. Such an odd hill to die on. Just say you're rich and move on. Pape avoids complicated Jargon that can often be off putting to new comers and instead lays out a set of simple yet actionable steps that anyone can follow. He argues that with just a few minutes each month and a few small tweaks to the readers lifestyle and money management habits anyone can begin to build long term wealth by following his principles. I strongly encourage any reader to put his steps into place as the immediate effect of these actions will hardly be felt yet the long term benefits will see you living a healthier, wealthier and generally leas stressful lifestyle. Look, I'm sure you could do a lot worse than follow Scott's advice, especially if you don't have any clear financial goals and want to feel more in control of your money. A good chunk of what he suggests is common sense, and I have started implementing some of his suggestions. But as someone not even remotely close to buying my own home yet, I won't even get past Step 3 of his 9-step plan for several years yet. So more than half the book is only theoretically useful at this stage of my life. Reason being, Australia has a rapidly aging population. Looking after old people is expensive. As are programs like the NDIS. Someone needs to pay for it, and the heavy lifting will come from the wealthiest people in our country. It is highly advised that you have this account with a different bank to prevent you from spending the money in it on things covered by the Blow accounts. However, you can choose to keep it with the same bank as your Blow accounts – you’ll just need to practice a little more discipline.Expenses. This is an everyday trading account that all your bills come out of. Internet, Netflix, phone, utilities, rent, etc. Have your salary go into this box. Call your bank and tell them about an 18-month zero interest offer from [insert competitor bank.] You might not have that, but you don’t need to. As long as it gets them to reduce your interest and fees on your current credit card debt, that’s fine. With the best conditions set, you can start using the money from your fire extinguisher account to slowly pay down your debt and get the ball rolling. Lesson 3: Use index funds for long-term, automated growth.