The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent
This is my first book review, so bear with me.
In the realm of personal finance books it is hard to ignore "The Wealthy Barber" it is on every list of must read books for financial well-being out there. In fact this book is the all-time best selling book in Canada. "The Wealthy Barber" centers around Dave who has decided to get his financial affairs in order but isn't sure how. In trying to find the answer to being financially savvy he receives an unlikely referral, he is told to talk to the local barber. The story progresses from there into monthly visits to the barber shop, with his sister Cathy and friend Tom, for a haircut and personal finance lessons from the barber, Roy Miller. Each chapter of the book represents a different month and a different visit to the barber where discussions occur on Paying yourself first, Life insurance and Wills, Planning for retirement, owning/buying a home, Saving, and Investing and Income Tax.
It is not hard to understand why everyone seems to love this book.
- It is easy to read
- the concepts presented are simple, and
- it puts saving in a context everyone can relate to
The book presents simple concepts such as "Pay yourself first" in a way that helps the reader understand how it is going to benefit them now and in the future. The author presents dry topics such as Life Insurance and wills in a way which makes the reader think, why haven't I done this already it sounds so simple and easy.
Cons:
The only true Con I found with this book was the lack of coverage of debt reduction. I would love to pay myself 10% first, but I have debt I need to pay down first and I think that paying down my unsecured debt is more important than that 10% going into an investment vehicle. I fully intend to implement the 10% plan, but not until I get my student loans, and car paid for.
About the Author:
David Barr Chilton is an economics graduate who resides in Canada. He is currently involved in a new venture which is creating low-fat, complete meal kits. They are being sold at A&P banner supermarkets.
Other Books:
None, really no other ones. He was the publisher on the following
LooneySpoons
Crazy Plates