The Wealthy Barber Gold Edition

This review is a posting from my blog. I am writing about my quest to become financially fabulous now that my debt is gone. Please check me out! http://financiallyfabulous.blogspot.com/

My Eye Candy gave me this book over two years ago, but it took some time for me to actually pick it up. After all, financial planning is not the most exciting topic, but I wish I hadn't waited so long. I think this should be mandatory reading for every student and the younger the better. It is now my favourite gradution gift for friends & family.

While it is slightly hokey-pokey at parts, David Chilton shares stories of his trip to see the Roy - the local wealthy barber who cuts your hair and if you're lucky, dispenses personal financial planning advice. The book is easy to read and the financial strategies are even easier to implement. It's common sense for financial planning and as I went through the chapters, I found myself taking action. I now take 10% off my gross income automatically off my paycheck and it directly goes into my RRSP. Since I started this 7 months ago, my RRSP value has doubled what it took me 3 years to save up! It is almost shameful to admit that! But the best part? I don't even notice the impact in my day-to-day life of putting away 10% into my RRSP, but I'm sure the fabulous 65 year old version of myself is already thanking me for maintaining her wonderful lifestyle.

Another tip that I put into action was the life-insurance. For $50 a month, I was putting away money into a huge life-insurance policy. Ummm... why? The truth is because when I started my job, I just kept signing forms and filling in options because I thought that was what every good first-time full-time worker does. But when I thought about it, at this point in my life, I don't need to spend money on life insurance. I am not married (yet... hint, hint), nor the sole bread-winner in my relationship, and I have no children. For now, I am better off taking the money and putting into another investment.

I plan to reread The Wealthy Barber in the next month as there were parts that initially went over my head about investing simply because I was so concerned about paying off my debt that the timing was not right to implement. And like Smart Cookies, this book is Canadian based. So if you've not read The Wealthy Barber yet, let me know when your birthday is coming up.

I finally read this book a few years back. For me I can't say that I learned too much new information, but in no way does that discount the validity of it.

I personally believe that this book is a MUST READ for anyone interested in the Personal Finance or Success genres. I think that this should be one of the first 3-5 books one reads on personal finance and investing.

I am so tempted to outline a bit of David's advice here, but it really wouldn't be fair to you if you decide to read it. But, since I really do enjoy ruining your fun and being a bit of a spoiler... it has to do with saving and investing! I know... you already knew that. But, believe me, whether you have read 100 Personal Finance books (though, you would probably have already read this one) or this is your very first one... I can guarantee that you will feel it was worth your time.

This book isn't long, and it isn't technical, but it really is worth a few hours of your time! If you haven't read this... I truly recommend it!

Let me know what you think!

Cheers,
R
http://hardcorewealth.blogspot.com

Perfect book for anybody interested in their financial future and has no idea how to get started to financial security.

The Wealthy Barber by David Chilton is an essential part of any financial book library. The valuable information that Mr. Chilton provides is something that should be learned by anyone for the sake of the health of their personal finances.