The Barefoot Investor Scott Pape has shared his thoughts on whether another global financial crisis is on the horizon and issued some blunt advice to Australians about how to prepare for the worst.
The finance guru revealed it was the ‘number one question’ he was asked by worried Australians prompting him to share a his response in his advice column.
‘Banks are going bust around the world, inflation is burning a hole in our wallets, and interest rates are being hiked at the most aggressive rate in years.
‘So, what comes next? Well, the honest answer is … I don’t know,’ he wrote.
He said even though he admitted he had no idea about what the future would bring, there were some measures that could be taken now to prepare for the worst.
Barefoot Investor Scott Pape (pictured) has shared his thoughts on whether a Global Financial Crisis is on the horizon
‘However, what I can do for you is to suggest three books that will help prepare you for whatever results from the bursting of the biggest global debt bubble in history,’ he wrote.
The first book was written by Benjamin Roth and it is titled, ‘The Great Depression: A Diary’.
‘No, I don’t think we’re heading into a depression,’ Mr Pape wrote.
‘However, this book is the actual diary notes of Benjamin Roth, a small-town lawyer living through a decade of the Great Depression.
‘What makes it a fascinating read is that he’s writing it in real time – he doesn’t know what’s coming next.’
‘You probably think of the Depression as bread lines and poverty.
‘However, Roth’s diary notes show that there were plenty of years in which there were huge rallies in the sharemarket, with newspapers chock-full of experts predicting that the worst was over. And then the market would crash again.
‘From the peak, the stock market fell a staggering 89 per cent, and took 25 long years to regain its high,’ Pape explained.
‘Interestingly, Roth started out thinking that stocks were a scam, and that rent-paying property was a sure bet. However, he came out of the great depression believing the exact opposite.
‘And if that 89 per cent plunge has your head spinning, you really need to read the next book’
The second book is written by Mike Kemp and titled, ‘The Ulysses Contract: How to Never Worry About the Share Market Again’.
‘So this book has just been release and I wrote the foreword,’ Mr Pape wrote.
The finance guru revealed it was the ‘number one question’ he was asked by worried Australians prompting him to share a very blunt response in his advice column (stock image)
‘However, what I can do for you is to suggest three books that will help prepare you for whatever results from the bursting of the biggest global debt bubble in history,’ he wrote.
The first book was written by Benjamin Roth, and it is titled, ‘The Great Depression: A Diary’.
‘No, I don’t think we’re heading into a depression,’ Mr Pape wrote.
‘However, this book is the actual diary notes of Benjamin Roth, a small-town lawyer living through a decade of the Great Depression.
‘What makes it a fascinating read is that he’s writing it in real time – he doesn’t know what’s coming next.’
‘You probably think of the Depression as bread lines and poverty.
‘However, Roth’s diary notes show that there were plenty of years in which there were huge rallies in the sharemarket, with newspapers chock-full of experts predicting that the worst was over. And then the market would crash again.
‘From the peak, the stock market fell a staggering 89 per cent, and took 25 long years to regain its high,’ Pape explained.
‘Interestingly, Roth started out thinking that stocks were a scam, and that rent-paying property was a sure bet. However, he came out of the great depression believing the exact opposite.
‘And if that 89 per cent plunge has your head spinning, you really need to read the next book’
The second book is written by Mike Kemp and titled, ‘The Ulysses Contract: How to Never Worry About the Share Market Again’.
‘So this book has just been release and I wrote the foreword,’ Mr Pape wrote.