The Fearless Folder

Hola and welcome to The Summit, my weekly newsletter where I share my unfiltered thoughts on navigating the peaks and valleys of adulthood. From health and relationships to productivity and purpose, consider this newsletter a collection of naive wisdom from a 20-something year old summiting the mountain of life.

Today: The Fearless Folder

To preface, this article is about one of my favourite chapters/learnings from Scott Pape’s Barefoot Investor, and the takeaways that have saved me from many headaches. 

This all started at 5am outside of a Prague backpackers’ hostel, when Elliott decided a public bench would be great place to rest his eyes: 

Shortly after this photo was taken, so was his phone… 

So, the next two days did not involve leisurely strolling through the beautiful Czech streets, but instead zoom calling his dad in Australia and chasing around a find my phone signal.    

As much as it sucked for poor Elliott, we figured we’d be okay, he remembered most of his passwords and had his photos backed up, right? NOPE.  6 weeks of backpacking photos - gone; and even the passwords he did remember, needed two-factor authentication (2FA). 

However, because we stay hard, Elliott and I found the thug, shook him down and stole the phone back (not really).

By some crazy lick of luck, we managed to track the phone down and sheepishly ask for it back before calling the police (see photo above).  After hours at the Czech police station, me, Elliott, and google translate got the phone back. Thank goodness! But, what if we didn’t… 

It had me thinking, how many of my passwords do I just have saved to auto fill? How many of my accounts have 2FA set up to my phone number!? Are any of my photos backed up? Could I even afford a new phone right now if I needed one?  

However, those thoughts quickly faded at the pub crawl later that evening while trying to learn Finnish flip cup - which is interesting to say the least.  

Then, after six months fluffing around abroad, it was on the plane home when I decided it was finally time to get my life in order (or at least just my dwindling finances).  So, like many Australians, I downloaded a copy of The Barefoot Investor, and loved it. 

I live by the serviette strategy and use his exact buckets, but it was his chapter, ‘It’s not about you - a gift for your family’, that brought me back to Prague.  It reminded me of the importance of having all your important sh*t sorted in case of emergency; and I want to share it with you guys: 

Essentially, he suggests that you physically put together a folder with copies of your:

• Financial Advisors 

• Bank accounts 

• Investment Details (e.g. Superannuation) 

• Insurance accounts  

• Personal documents (e.g. Birth Certificate) 

• Social media accounts/passwords   

• Will and funeral instructions   

It can take a little while to source everything but, when I smashed up my phone last week, it was WORTH IT. 

Because I listened to Barefoot, I had all of my passwords and backup codes recorded in my folder and was able to effortlessly sign in to my accounts as needed on other devices.  I was so chuffed, thought I was the man and wouldn’t stop talking about it. 

Although it saved me a big headache, this folder is about more than just safeguarding yourself but also your family. 

We all hope for the best, but if an unforeseen tragedy were to strike, the last thing your loved ones should be burdened with is struggling to access and manage your accounts.  So, make the folder and tell a loved one where it is. Personally, I like to have one hard copy and one digital copy hidden away. 

In this chapter, Barefoot also introduces the idea of taking the time to interview your parents and/or grandparents.  He suggests you record the answers with the hope that you can show your grandchildren one day.  You can ask questions like: 

• How did you meet your partner? How did you know they were the one? 

• If you could give one piece of advice to yourself at 18, what would it be?  

• What achievements are you most proud of in life? 

Imagine if your parents had asked their grandparents these questions and could share them with you now… it would be pretty special if you ask me. 

Nowadays, I see no reason why you wouldn’t record the entire interview on camera (I did this with my grandparents, and it was fantastic), ask hundreds of questions and really appreciate that you can ask them these questions.  You won’t be able to forever.  Go crazy I say.  Make a dedicated video to your firstborn to show them on their 18th birthday, ask your dad to record his advice right now for when you become a dad… ask anything and everything, before it’s too late. 

Like the stoics all say, it’s wise to think about death, it’s real and it’s coming, so prioritise this sort of stuff (quadrant two activities!).  Don’t wait for a tragedy to start thinking this way. 

To summarise, I believe that everyone should read Barefoot’s chapter, ‘It’s not about you - a gift for your family’, make a folder, and take the time to record a few messages from loved ones for a later date. 

Further Tips: 

• Go find your backup codes for your social media.  When setting up 2FA, most common social media’s (eg. Snapchat, Instagram and Facebook) give you a few backup codes that you can use to log in if you lose access to your 2FA.  

• Read The Barefoot Investor and build a mojo account - a separate safety net account with at least $2000 in case of emergency.  This comes in handy when having to buy a new phone unexpectedly or pay a speeding fine 😑 (been there). 

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