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Kochie'S 11-Step Money Plan for a Better Life
David Koch, online entrepreneur, finance journalist and trusted Australian media personality knows a thing or two about the family finances.Father of four kids, sole breadwinner, and a man not afraid to admit to his own odd money mistake, David has also spent hour after hour in the Sunrise studio tuning in to the way the average Australian thinks about money. He knows the extent to which we * spend too much on silly stuff* avoid keeping track of our expenses* get overwhelmed by the cost of raising a family* settle for less in terms of salary* do without the things that would bring a bit of pleasure to our lives* pay the banks too much in fees and interest.David is here to help. In 11 easy steps he shows us everything we need to do * pay less on the mortgage* put up to $14,000 extra back in the average family budget* get those finances sorted in 15 minutes a month* develop a side hustle or get a salary increase (or why not both?)* learn a little about investing for the future* tackle debt once and for all.Friendly, clear and easy to use, this is the guide you need to reset your money habits so you can learn more, worry less, breathe easier and enjoy of the fruits of your labour.This book is just the first step towards getting on top of your finances. Kochie's weekly '11 Steps' email newsletter is going to keep you on track well beyond the last page with timely tips, news and opportunities for you to keep growing your wealth. Just head to www.ymyl.com.au/11steps to get on the list. We advise that the information contained in this book does not negate personal responsibility on the part of the reader for their own financial management, including compliance with any legal requirements. It is recommended that individually tailored advice is sought where appropriate. The publishers and their respective employees, agents and authors are not liable for injuries or damage occasioned to any person as a result of reading or following information contained in this book.
- GenresFinanceNonfiction
272 pages, Paperback
Published March 26, 2019
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Displaying 1 - 12 of 12 reviews
May 17, 2019
Don’t even waste your time/money on this one. I will start off by stating that I cannot stand this mans personality but I was hopeful for maybe one or two tips on building wealth considering he’s supposed to be an expert in the field. Not only did I not get any useful tips, this book annoyed me on so many levels. Firstly, within the first few pages it was evident he was stealing ideas and terms from the very popular Barefoot Investor book by Scott Pape. Secondly, it was infuriating that this man could honestly feel he could relate and compare himself to the typical Aussie on a budget. I won’t begrudge the man for being wealthy but please do not compare your “getting on top of your mortgage” with someone who is NOT earning millions. Lastly, he completely lost me about 2/3rds through when he declared that the stay at home vs working mum “war” is all down to jealousy that the “grass is greener on the other side”?! What does this even have to do with finance and who is he to make this assumption without knowing what individual values motivate people to either work or stay at home with children? He has a whole chapter about values so this seemed very contradictory. Speaking of contractions, he goes on about how couples should evenly divide the financial jobs of a household yet states several times that his wife takes over all their finances. He also contradicts himself
When he says that he is the kind of person that needs to always be busy and working yet admitted to being jealous of his wife when she could stay at home with the children?! This book is a complete mess. I highly recommend you skip this one and go straight for The Barefoot Investor. That book has been incredibly valuable to my family and I learnt so much. Thankfully this was only a library book!
When he says that he is the kind of person that needs to always be busy and working yet admitted to being jealous of his wife when she could stay at home with the children?! This book is a complete mess. I highly recommend you skip this one and go straight for The Barefoot Investor. That book has been incredibly valuable to my family and I learnt so much. Thankfully this was only a library book!
June 6, 2019
This added nothing to the genre.
June 21, 2019
As per my Amazon review: I went back and forth on whether it deserves a 2 star rating but looking at the cover as I write this, it has to be 1 star.
It does not present an "easy, common-sense plan" at all - the "11-Step Money Plan" is quickly lost in references to "here is my nine-point definition of rich", "here are 8 money lessons we can learn from the wealthy" and "these 10 important traits" (those just from the first "step").
The recommendations in the book are for things that Kochie openly states he can't follow himself - "hey, try to plug your financial holes by following these nested steps of checklists of steps of traits that I can't follow myself but good thing I've got a great wife who is able to do it for me". It sounds like Libby is fantastic and full credit for Kochie for raising what sounds like a great family. However at times, it felt like the book could have been better summarised as "find yourself a good partner who can manage your family finances".
If you are a regularly watcher of Sunrise, or follow a few soft-finance blogs - there is literally zero need to read this book. Since the 11-Step Plan reads like Kochie has taken the PowerPoint from every finance guest that has come on, and pasted together their checklists of do's and don'ts into loosely related topics without any joined-up, connected and consistent plan being apparent.
Suggestions like opening your windows instead of using air conditioning to save costs were jarring (and inaccurate, since at freeway speeds the drag from open windows means aircon is more efficient). With the ultimate sin for me being when he used an example of a 10% payrise on $80k resulting in an extra $40k in your pocket over five years - ignoring the 34.5% tax that you would be paying on it. His example overstated what you would be getting by almost 50%.
Interspersed amongst the checklists were attempts to relate to the average battler but stories of his CEO dad, partnering with Fairfax, and working out of the London office on takeovers plus constant Sunrise / media career references didn't really help resonate when he said "we too feel mortgage stress".
Suffice to say that I'm fairly disappointed with this effort - I am actually a fan of Kochie on Sunrise and generally find his views on finance to be well articulated and relatable. This book is not coherent in any way and $4.99 is the price I've paid to learn the lesson that hopefully this review will teach you for free.
It does not present an "easy, common-sense plan" at all - the "11-Step Money Plan" is quickly lost in references to "here is my nine-point definition of rich", "here are 8 money lessons we can learn from the wealthy" and "these 10 important traits" (those just from the first "step").
The recommendations in the book are for things that Kochie openly states he can't follow himself - "hey, try to plug your financial holes by following these nested steps of checklists of steps of traits that I can't follow myself but good thing I've got a great wife who is able to do it for me". It sounds like Libby is fantastic and full credit for Kochie for raising what sounds like a great family. However at times, it felt like the book could have been better summarised as "find yourself a good partner who can manage your family finances".
If you are a regularly watcher of Sunrise, or follow a few soft-finance blogs - there is literally zero need to read this book. Since the 11-Step Plan reads like Kochie has taken the PowerPoint from every finance guest that has come on, and pasted together their checklists of do's and don'ts into loosely related topics without any joined-up, connected and consistent plan being apparent.
Suggestions like opening your windows instead of using air conditioning to save costs were jarring (and inaccurate, since at freeway speeds the drag from open windows means aircon is more efficient). With the ultimate sin for me being when he used an example of a 10% payrise on $80k resulting in an extra $40k in your pocket over five years - ignoring the 34.5% tax that you would be paying on it. His example overstated what you would be getting by almost 50%.
Interspersed amongst the checklists were attempts to relate to the average battler but stories of his CEO dad, partnering with Fairfax, and working out of the London office on takeovers plus constant Sunrise / media career references didn't really help resonate when he said "we too feel mortgage stress".
Suffice to say that I'm fairly disappointed with this effort - I am actually a fan of Kochie on Sunrise and generally find his views on finance to be well articulated and relatable. This book is not coherent in any way and $4.99 is the price I've paid to learn the lesson that hopefully this review will teach you for free.
July 22, 2024
Apparently the public opinion of this book is not very good, which is honestly very surprising, and I understand to some extent why people might think that way, however, I am here today to voice support and take a more positive stance.
For experienced financial investors and people who have been in the personal finance sector for a while now, it might not be a good book, but from the perspective of a young adult, entering the world of personal finance and investing, it is probably one of the best books you could read.
In general, the book provides a good overview of personal finance and topics everyone might be aware of, but in fact does not care about well enough. It is very easy to read it and it also provides “To do”- Lists at the end of every chapter, which do not only summarise the content, but also give you an incentive on where to start managing your life.
Kochte wrote in one of the first chapters, he thinks the book is for people at around 25-35, but in my opinion it is good to read it, once you feel mature enough to face these facts and I would say, the sooner the better. Instead of wasting years of living without a plan, start reading now and make sure to avoid common mistakes!
Overall, I personally believe, this book provides a lot of guidance and is therefore a great read for everyone who feels a little lost sometimes and needs a clear point to start off!
For experienced financial investors and people who have been in the personal finance sector for a while now, it might not be a good book, but from the perspective of a young adult, entering the world of personal finance and investing, it is probably one of the best books you could read.
In general, the book provides a good overview of personal finance and topics everyone might be aware of, but in fact does not care about well enough. It is very easy to read it and it also provides “To do”- Lists at the end of every chapter, which do not only summarise the content, but also give you an incentive on where to start managing your life.
Kochte wrote in one of the first chapters, he thinks the book is for people at around 25-35, but in my opinion it is good to read it, once you feel mature enough to face these facts and I would say, the sooner the better. Instead of wasting years of living without a plan, start reading now and make sure to avoid common mistakes!
Overall, I personally believe, this book provides a lot of guidance and is therefore a great read for everyone who feels a little lost sometimes and needs a clear point to start off!
June 6, 2019
A good read, with simple, effective ideas to get on top of your finances with out becoming unrealistic, boring, and overbearing.
Well thought out steps that are achievable for everyone from all walks of life.
Well thought out steps that are achievable for everyone from all walks of life.
August 22, 2019
If you've never read a personal finance book you'll get a lot out of this. However, if you're already on the journey to controlling your financial life you'll get little out of this. It is another book in a crowded market sending the same messages.
September 10, 2019
Copy and paste from Barefoot Investor with a bit of paraphrasing!!!!
September 20, 2020
Reading for work as potential recommendation to clients
August 1, 2021
Very vague and easy to follow steps!
November 22, 2021
There are some good tips in there
April 29, 2025
This book is focused for Australian readers. You can find useful Australian websites from this book. This is general finance book for starters.
This entire review has been hidden because of spoilers.
July 11, 2019
I listened to the audio version of this book. I really enjoyed all the tips, hints and simple advice. I also enjoyed the homework aspect of this and the fact that Kochie and his wife lived most of the tips he provided. I liked how the tips covered a number of aspects of finance and life in general. Still cant see myself doing a fruit and veg co-op shop but I am sure there is at least a hand full of tips in this book for everyone. Never just renew a bill again....ring up your bank politely and save yourself some $$$$
Edit - Another read through this 18 months later and I am still being rewarded with learning new things. Thanks Kochy
Edit - Another read through this 18 months later and I am still being rewarded with learning new things. Thanks Kochy
Displaying 1 - 12 of 12 reviews