Now working as a not-for-profit financial counsellor in the bush helping people in need. For fans of The Barefoot Investor, Australian Scott Pape, who has dubbed the Emergency Fund a "Mojo Bucket".

Barefoot Investor. They have a decent interest rate, but it’s also separated from your regular banking, so you’re not going to pull from it whenever you want to buy that next pair of shoes or clothes or whatever it may be. However, as recommended by the Barefoot Investor, to avoid this temptation, keep this money away from your everyday banking account. For our average couple this would take them a little over six weeks to save (20 per cent of $1,850 = 370 x 6 = $2,220). Do you recommend we both have the equivalent of 3 months salary in Mojo ($40k combined) or do you think it is ok to just have one 3 month salary amount ($20k) in Mojo to cover for either of us if needed. July 26, 2014 9:00pm. On the other hand, Scott Pape, better known as the Barefoot Investor, says your rainy day, or mojo account as he calls it, only needs to be two thousand dollars.

The Barefoot Investor suggests there is only two ways to do this. When opening your mojo account, the Barefoot Investor suggests to … In fact, you can keep it with a seperate bank altogether! Choosing a bank for the MOJO account Over the last week or so, I have been going through so many banks to setup the Mojo account. Barefoot Investor. July 26, 2014 9:00pm. Work your mojo and forget debts. I’m interested in people’s opinions about where to keep this “Mojo” (3 months of living expenses). Which is mostly true, but if you really wanted to get drastic with your mortgage free status you could consider downsizing or moving to a city that is not as expensive. To write this blog post I read his entire book again and it’s like getting a shot of motivation. I’m reading Barefoot Investor now, just over halfway through.

The other Barefoot investor thread talks about everything to do with Barefoot investor and is 41 pages long currently. That means if you haven’t read his book, The Barefoot Investor, there’s a good chance one of your friends has. Consider opening a new account, which Pape calls the ‘Mojo’ account. The Barefoot Investor tells you to fund your Mojo account with an initial $2,000 deposit. After using my Mojo account for the replacement of the gas hot water system, I need to re-focus my efforts on replacing those savings, as well as adding to it. You can read the update here.. Dec 23, 2018.

This means, for example, if you are on the average wage of $50,000 per annum and if you put aside ten percent of your pay, you could achieve your mojo fund within six months. On the other hand, separating it is no bother either.

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