This is the first personal finance book I've ever read, and I'm really, really happy to have done it. By presenting a boring topic in a conversational format--including lots of baseball chiding--Chilton makes personal finance accessible to anyone and everyone. Overall, The Wealthy Barber is lauded for its straightforward, jargon-free language and ability to break down financial subjects without talking over its audiences’ head, while also not talking down to them. The book’s novelistic form provides just enough character development, plot, and dialogue to keep things moving while not distracting from its primary purpose: Dispensing financial advice. Think about buying a home. I loved this chapter. I'm in no position to buy a home, but I so often feel pressured to, even though it's not the right decision for me. Chilton writes: "Let me start by saying that whoever the ubiquitous 'they' are who say 'renting is like throwing your money away' aren't accurate. I've read that opinion in several well-known financial planning guides, and I just don't know where the authors are coming from." This book has a cult-following amongst Canadians, and now that I've read it, I know why. It was first published in 1989, and is written like a "novel", except with more dialogue than any book I've ever read.

What I found really interesting were the sections on insurance, wills, and other elements that I consider to be in the weeds. A few years ago I started taking out some whole life insurance to supplement my company's group policy, but, according to Chilton, I shouldn't have been doing that at all, for reasons that are made really clear in the book! I was pulled in by the book’s authentic, downhome tone. . . . I had trouble putting The Wealthy Barber down.” —Sandy Naiman, Toronto Star The Wealthy Barber] is a complete success in terms of being clear, easy-to-read, and interesting.” — Chicago Sun-Times The book is structured around a story of three people in their late 20s visiting Roy, the title character, for lessons in financial planning. Each chapter of the book describes a different visit and a different element of financial planning. Each month along with their lessons the three students are required to start carrying out the actions prescribed by Roy. In addition to these individuals, Roy also shares his financial knowledge with the customers of his barber shop.

When it comes to managing personal finances, it can often feel overwhelming and anxiety-inducing to even begin getting a grip on all the terms, strategies, and options out there. The Internet obviously offers a plethora of information, but it can be nice to have everything gathered in one spot. That’s where you might be tempted to reach for an old-fashioned book. But just a brief walk down the personal finance section of any bookstore will reveal hundreds of titles. As someone with limited time and limited patience, you want to know what book to go for. That’s where we come in. We’ve looked at some of the most popular personal finance books on the market, and reviewed them to make the decision a bit easier for you. First up: The Wealthy Barber by David Chilton. Wealthsimple offers an automated way to grow your money like the world's most sophisticated investors. Get started and we'll build you a personalized investment portfolio in a matter of minutes. What The Wealthy Barber is about Happily, I can report that David Chilton's Canadian classic, The Wealthy Barber, has done what financial lectures, slide shows, and personal experience would never have provided: understanding.

The Wealthy Barber is the best book of its type that I have ever read. In fact, for many Americans, it is possibly the only book they need. I wish I had written it.” —Jerry Mason, director of Education, Interanational Association of Financial Planners The basis of the book is Roy's advice to "save 10 per cent of all that you earn and invest it for long-term growth." In that, it draws from the advice first set forth in The Richest Man in Babylon. Subsequent chapters discuss wills and life insurance, RRSPs, buying a home, income tax and saving and spending. The Wealthy Barber (full title: The Wealthy Barber: The Common Sense Guide to Successful Financial Planning) is a financial planning book franchise by Canadian author David Chilton. The first book in the series was in the business fable genre, using the story of fictional characters to convey financial advice. Here's the set-up: 3 twenty-somethings go to a barber for financial advice. They go eight times (there are each time is a chapter), and have seven lessons with the Wealthy Barber, Ron, who gives them financial advice.Cathy is already rich but relates to the audience members who don't necessarily understand the market and how it works, thus do not generally invest their earnings. Wills are important. If you die without a will things will not work out as planned. When there is not a will, the estate assets are frozen and the court manages it. No thought is given to the deceased or the family of the deceased. Each state as different rules. Donations, scholarships, gifts for children, none of it would be given to the people it was intended for. A living will is a document that states that if a person is ill they do not have to be kept alive but machines. People should buy life insurance so that wen they die, they can allow for their financial affairs to wind down and provide a standard of living for their dependents. it guarantees dependence and is financial protection. Your living estate and insurance must provide enough money to cover all debt, future obligations, and support dependents. The Wealthy Barber: The Common Sense Guide to Successful Financial Planning. Toronto: Stoddart. 1989. ISBN 0-7737-5318-4. This is a book for absolute beginners—newbies who are just now starting to think about their financial journeys and are unsure where to start or how to feel about certain subjects will surely appreciate the book’s hand-holding approach. Other readers who might already be further along in their journey or are looking for investment advice that goes beyond “low-risk, long-term mutual funds” may get frustrated by the book. Anyone looking for more specialised advice on how to trade commodities or more in-depth financial perspectives won’t find them in this book.

Roy (and thus Chilton) is not as harshly anti-debt as some other authors, like Dave Ramsey. However Roy does advise that extra money should go to pay off debt, and that credit cards are " anathema" to well-run personal finances. Roy does believe that if you are investing 10% and maxing out your RRSP, day-to-day spending doesn't matter too much to your overall financial picture. I like to think I'm a halfway intelligent human being, but an understanding of the financial world has evaded me for longer than I would have liked. I cringe at government paperwork, nod and agree with suggestions at bank meetings, and hand over bank statements to my more money-savvy wife. My brother, an accountant, has tried to break down some key facts for me, but it's always come out as too jargon-filled or has made it seem like excessive effort would be required. The eldritch and arcane world of finance just didn't seem like anything I'd ever master. Investment and income tax. If you have debt, pay off the loan with the highest interest rate first. Credit cards before mortgages. Investing is hard. David goes with his sister named Cathy and Cathy's husband, Tom to visit Roy. He tells them how they handle their income and assets will determine their success. To ensure this, he tells them they must manage their cash flow. He promises by the end of 7 months all of them will be on the road to prosperity.The Wealthy Barber is, indeed, an able teacher of those personal-finance habits which lead to wealth and happiness.” —John Templeton, founder of the Templeton Group of Mutual Funds RESPs. I don't remember too much of this, because I don't have kids. But there was some other advice in the chapter: emergency funds, disability insurance, and staying informed. Chilton has probably motivated more people to take actual control of their personal financial lives than any other speaker or writer has in this decade.” — Your Money Roy tells them his story of becoming wealthy and he says an old man once told him to "Invest ten percent of all you make for long term growth." Roy goes on to tell them that if they saved 30 dollars a month from age 18 to age 65 at 15% annual return, they would end up with 2 million dollars.

I might have continued along with my financial ignorance were it not for my pediatric mentor handing me the slim volume and proclaiming that it had changed his life. The guy hasn't let me down with much before, and I figured another swing wouldn't hurt my chances at understanding what goes on with my bank account. This book could be shorter than it sounds. A few Google searches about the summaries would be good enough. That's right. He later describes home ownership (and paying a mortgage) as "the ultimate forced-savings program", and talks more about mortgages, but I appreciated that he wasn't like: "Buy, buy, buy!"Save for your retirement. Put as much into your RRSPs as you can-- this is, of course, in addition to your 10%. Start young, so you can take advantage of compounding interest. Thirty years from now, Chilton could be remembered not as a bestselling author, but as the man who inspired thousands to save their way to prosperity.” —Brenda Dalglish, Maclean’s News Magazine