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71 reviews for:
The Wealthy Barber: The Common Sense Guide to Successful Financial Planning
David Chilton
3.78 AVERAGE
71 reviews for:
The Wealthy Barber: The Common Sense Guide to Successful Financial Planning
David Chilton
3.78 AVERAGE
Using humour and a novel format with plain English to explain sound financial advice. Love it.
hopeful
informative
inspiring
medium-paced
Older book, a bit dated and also based on U.S. economy, but still practical and had good ideas on investing and saving money
The format is a wealthy barber teaching a group of young friends about basic personal finance. There is banter between the characters that keeps it interesting. Save 10% of your income, contribute to retirement accounts, avoid debt (except mortgage), term life insurance, low fee investments (index funds).
Thank you to Brian Preston and Bo Hanson ("The Money Guys" podcast) and their "on point" podcast about the key financial books you have to read. This is a primer, an easy read, a well-meaning story about getting financial advice that isn't going to overwhelm you. The human element seems to be what separates a great finance book from a typical pressing of finance information.
The story revolves around a young naive man Tom who goes to his local barber known for the best money tips and haircut snips. From a story perspective, it's really ingenious, we know enough about Tom for his questions about insurance, 401ks, and college savings account questions to come in an organic and organized manner. The book walks the lie of finance knowledge that is prudent and safe with ideas about saving 10% long term, dollar cost averaging and distinguishing needs and wants. It's the type of personal finance book 95% of us need to read multiple times in our lives, and just stay that solid course.
Finance gets trickier if you let it. There are ETFs, derivatives, commodities, and all kinds of investment vehicles to get you where you want to go..but these investments are no silver bullet. Like anything worth attaining; prudence, discipline, and staying the course are the invaluable attributes to bet on. There may be short term gains to be made in market timing, or aggressive technical analysis, but what kind of plan is that anyway.
It's true that 1996 looked a lot different than it does today. Our barber's long term concerns about real estate look quaint when you look at the catastrophic events of the 2007 crash. College tuition rates are unfathomably high. And the difficult job market that exists today is hardly even acknowledged as a possibly in the book's contents. All of this is pretty funny or sad depending how the coin lands, but ultimately it doesn't detach from the book's approachable and simple truths. "The Wealthy Barber" was written in kinder economic times, and fortunately it's wisdom is all the more salient, now that many of us have less room for failure.
The story revolves around a young naive man Tom who goes to his local barber known for the best money tips and haircut snips. From a story perspective, it's really ingenious, we know enough about Tom for his questions about insurance, 401ks, and college savings account questions to come in an organic and organized manner. The book walks the lie of finance knowledge that is prudent and safe with ideas about saving 10% long term, dollar cost averaging and distinguishing needs and wants. It's the type of personal finance book 95% of us need to read multiple times in our lives, and just stay that solid course.
Finance gets trickier if you let it. There are ETFs, derivatives, commodities, and all kinds of investment vehicles to get you where you want to go..but these investments are no silver bullet. Like anything worth attaining; prudence, discipline, and staying the course are the invaluable attributes to bet on. There may be short term gains to be made in market timing, or aggressive technical analysis, but what kind of plan is that anyway.
It's true that 1996 looked a lot different than it does today. Our barber's long term concerns about real estate look quaint when you look at the catastrophic events of the 2007 crash. College tuition rates are unfathomably high. And the difficult job market that exists today is hardly even acknowledged as a possibly in the book's contents. All of this is pretty funny or sad depending how the coin lands, but ultimately it doesn't detach from the book's approachable and simple truths. "The Wealthy Barber" was written in kinder economic times, and fortunately it's wisdom is all the more salient, now that many of us have less room for failure.
I really liked how things are explained through a story. Lots of what is said in this book are still very relevant.
“The Wealthy Barber Returns”, the newer version of the book, is better though. It has some updated advices, and especially for Canadians it has more relevant advice (the original book was focused on the US).
Definitely recommend reading, but pick the new book.
“The Wealthy Barber Returns”, the newer version of the book, is better though. It has some updated advices, and especially for Canadians it has more relevant advice (the original book was focused on the US).
Definitely recommend reading, but pick the new book.
good financial advice. my issue is that im a shopaholic and probably need a lobotomy to change my ways.... but hey im atleast implementing some of the tips from books so there's hope, right?
informative
fast-paced
hopeful
informative
reflective
medium-paced
