Money Magnet by Steve McKnight: An Honest Review
Our honest Money Magnet review: Steve McKnight's holistic, values-driven Aussie wealth book, its strengths, its limits, and who should read it.
By Timothy Hirou GaschereauPublished 10 min read
Short version: Money Magnet is a solid, values-driven Australian personal finance book that works best as a mindset reset. It isn't a tactical deep-dive, but it's one of the more thoughtful holistic wealth books written specifically for an Australian audience. It's part of our personal finance book reviews on Snowball Invest.
Quick answer
A purpose-driven, plain-English guide to building and keeping wealth that fills a genuine gap on the Australian personal finance bookshelf. Best for Australians who want a holistic, mindset-plus-mechanics approach. Skip it if you're an advanced investor after deep tactical property or share strategies. Our rating: 4 out of 5.
Want to read Money Magnet?
Steve McKnight's evolved philosophy on wealth: how to build it, keep it, and give it meaning. Motivating and genuinely Australian.
In this guide
- →What the book is about: money mindset, personality types and holistic wealth
- →The genuine strengths and the honest weaknesses
- →Who it's for, and who should read something else
- →What critics and r/AusFinance readers say
- →The Australian angle: cash flow property, franking and the local lens
📖 What is Money Magnet about?
Money Magnet: How to Attract and Keep a Fortune That Counts was published by Wiley in 2022, Steve McKnight's first book in nearly a decade. Where his earlier titles (including the landmark bestseller From 0 to 130 Properties in 3.5 Years) were squarely focused on property tactics, Money Magnet is a broader wealth philosophy book. It covers money mindset and "money personality" types, the difference between assets and liabilities, the cash flow versus capital growth tension, building wealth with meaning and purpose, investing in shares and property with an Australian lens, and the habits that quietly erode financial progress.
McKnight is a chartered accountant and property investor who reached financial independence young after building a large portfolio of cash flow positive properties, a story he told in From 0 to 130 Properties, one of Australia's best-selling real estate books. Money Magnet is a different beast: his evolved take on wealth, not just how to make it but how to keep it and give it meaning. He has also said all of the book's royalties go to charity, which fits its central argument that wealth without purpose is hollow. Frameworks like his giving-first budgeting split and the idea of Financial IQ versus Financial EQ tie the philosophy back to practical action.
⚖️ Strengths and weaknesses
What it gets right
- ✓Genuinely Australian context: ASX shares, local property, franking credits, super and the CGT discount, no US playbook to translate.
- ✓Holistic: it does mindset AND mechanics, a combination that's genuinely rare in Australian finance books.
- ✓Accessible writing from someone with real credentials and a real track record, not a lifestyle blogger.
- ✓The philanthropy angle adds authenticity, and means no incentive to pad the page count.
- ✓The 'money personality' and financial-history exercises are eye-opening if you've never examined why you behave the way you do with money.
- ✓Well-pitched for beginners and intermediate readers ready for the step after Barefoot.
Where it falls short
- ✕Mixed reception: it rates lower than McKnight's earlier property book, partly because readers expecting tactics found a different kind of book.
- ✕Less tactical depth: topics like ETF selection and super optimisation are covered conceptually, not at an execution level.
- ✕The mindset-heavy first half can feel like a long runway before the practical payoff.
- ✕Some concepts (assets vs liabilities, compounding) are well-covered elsewhere in the genre.
- ✕The Christian and philanthropic worldview runs throughout: depth for some readers, an unexpected lens for others.
👤 Who should read it, and who should skip it?
Read it if you
- ✓Are a beginner or intermediate Australian investor wanting a values-based wealth framework.
- ✓Are a fan of McKnight's earlier work and want to understand his evolved philosophy.
- ✓Found The Barefoot Investor too basic but Rich Dad Poor Dad too American and too vague.
- ✓Are open to a purpose-driven approach to money that goes beyond pure accumulation.
Skip it if you
- ✕Are an experienced property investor wanting tactical deal analysis and financing structures.
- ✕Want purely secular, numbers-only content with no philosophical overlay.
- ✕Already have a solid wealth framework and want execution-level guidance.
🔍 What do critics say?
The reviews that exist are broadly positive. Australian finance reviewers have treated it as a meaningful contribution to the personal finance space, with the more enthusiastic ones calling it one of the better Aussie finance books since The Barefoot Investor: non-technical, easy to read, with fresh ideas and confronting exercises that prompt genuine reflection. The common framing is that where Barefoot is a solid starting point, Money Magnet is pitched as a next-level book for readers ready to go further. It hasn't attracted widespread mainstream media coverage, which is itself a small data point.
💬 What do readers say? Goodreads and Reddit
On Goodreads it holds around 3.6 out of 5 from a modest sample, skewing toward the middle of the range. Readers describe it as useful for beginners and solid on foundational knowledge, though some note it covers ground that will feel familiar to well-read investors.
On Reddit, McKnight's broader reputation is that of a respected property investor with a genuine track record, though some users are sceptical of the seminar-and-course ecosystem that has grown around his brand. That scepticism is worth distinguishing from the book itself, which stands on its own merits.
🇦🇺 The Australian angle
This is where Money Magnet earns its keep. McKnight is genuinely Australian, and built his entire career in the Australian market. The book covers ASX shares and local equity investing, Australian property, franking credits and how they affect after-tax returns, super as a wealth-building vehicle, and the CGT discount and how it shapes decisions.
One point is worth dwelling on: McKnight built his fortune on cash flow positive property, which runs counter to the negative gearing orthodoxy that dominates Australian property culture. From 0 to 130 Properties became a bestseller precisely because it offered an alternative to the "buy, hold and negatively gear" default, and Money Magnet carries that same contrarian DNA applied to wealth-building more broadly. For Australians tired of mentally translating US-centric books like Rich Dad Poor Dad, that local grounding is a genuine relief.
💰 The verdict
Money Magnet isn't Steve McKnight's most technically impressive book, and it isn't a tactical manual. It won't tell you which suburb to buy in, which ETFs to hold in your super, or how to structure a property deal. What it does is rarer: it gives you a framework for thinking about wealth that's grounded in real Australian experience, written by someone who has actually done it, and oriented toward a life that's both financially free and meaningfully lived. The mindset work is genuine, the frameworks are practical, and the Australian context is baked in. For beginners and intermediate investors, it's one of the better holistic personal finance books written for an Australian audience; for experienced investors, it's more of a philosophical companion than a tactical guide. Know which one you need before you buy. Our rating: 4 out of 5.
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❓ Frequently asked questions
Is Money Magnet suitable for beginners?
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Yes, it's well-suited to beginners. McKnight builds from first principles, explains concepts in plain English, and includes exercises to help you identify your own money behaviours. If you're new to personal finance or have only read a book or two, it's a strong choice.
How does Money Magnet compare to The Barefoot Investor?
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The Barefoot Investor is a practical, step-by-step guide focused on budgeting, debt elimination and basic investing, and it's deliberately simple. Money Magnet is pitched at readers who've moved past that stage and want a deeper framework for building and keeping wealth. Think of Barefoot as the foundation and Money Magnet as the next storey.
Is Steve McKnight a licensed financial adviser?
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No. Steve McKnight is a chartered accountant and property investor, not a licensed financial adviser. Money Magnet is a personal finance education book, not personalised advice. Always consult a licensed adviser before making investment decisions.
Does the book cover property investing in detail?
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It covers property at a conceptual level, including the cash flow versus capital growth debate and McKnight's preference for positive cash flow properties. It doesn't provide the tactical depth of his earlier property-specific books. For detailed property strategy, his earlier titles or dedicated property books are a better starting point.
Where can I buy Money Magnet in Australia?
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It's available through major Australian booksellers and Amazon Australia, in paperback and digital formats.
Is the book relevant if I'm not religious?
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Mostly, yes. McKnight's Christian faith informs the book's treatment of purpose, generosity and giving wealth meaning, and he's open about that. The practical frameworks and wealth-building concepts stand on their own, so readers who aren't religious will still find plenty of value, though they may want to skim some sections.
📚 Get the book (and two companions)
Money Magnet
Steve McKnight
Steve McKnight, one of Australia's best-known investors, walks through the mindset and money habits that build lasting wealth. A motivating, no-nonsense read for anyone ready to get serious about their fortune.
The Barefoot Investor
Scott Pape
Australia's best-selling money book ever. A simple system for accounts, budgeting, debt and a real emergency fund in one.
Rich Dad Poor Dad
Robert Kiyosaki
The book that got millions of people thinking differently about assets, income and building wealth.
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Timothy Hirou Gaschereau
Founder of Snowball Invest, not a financial adviser.
I write about what I'm learning myself, because nobody ever taught us how to take control of our own money. It's a skill, not a mystery, and it's never too late to learn it. The best day to start was yesterday, the second best is today.
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