The Wealthy Barber Gold Edition

by David Chilton

October 29, 2002 | Trade Paperback

The Wealthy Barber Gold Edition is rated 4.5714 out of 5 by 14.
Where do you go to find impeccable and completely understandable financial planning advice? To The Wealthy Barber, of course. David Chilton offers Canadians a common sense guide to successful financial planning with his charming story about a small-town barber with financial genius. Roy is the wealthy barber who offers Dave, Sue, Tom and Cathy great financial advice by giving them simple -- and realistic -- guidelines to follow.

Format: Trade Paperback

Published: October 29, 2002

Language: English

The following ISBNs are associated with this title:

ISBN - 10: 0968394736

ISBN - 13: 9780968394731

Found in: Finance

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Reviews

Rated 5 out of 5 by from A must-read for every student entering the working world 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.
Date published: 2011-02-12
Rated 4 out of 5 by from 4.0 STARS 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
Date published: 2009-01-20
Rated 4 out of 5 by from Good Book Perfect book for anybody interested in their financial future and has no idea how to get started to financial security.
Date published: 2008-11-08
Rated 2 out of 5 by from Fundamentals sound but information dated I have recently decided to further educate myself about investing and retirement, I am 37 with a $25000 portfolio currently unemployed (hopefully short-term). I remembered hearing about The Wealthy Barber many years ago, also remember an almost cult-like atmosphere regarding people who really were into it. After reading it I am disappointed. The pay yourself first advice is nothing new nor invented by David Chilton who seems to get all the credit for it from his fans. The book is terribly dated, while I was reading I wondered just when was this written, some of the numbers used over and over were ridiculous. It was originally published in 1989. The main character Roy the barber keeps throwing around a twelve percent return on investment that is not currently achievable and even twenty years ago was a once in a lifetime blip as the Canadian government thankfully made a concerted effort to beat-down double digit inflation and rates in the short-term raised dramatically. Generally accepted today an outstanding long-term return (20 years plus) is 7 %. I am afraid readers getting this twelve percent target in their heads are going to make bad investment decisions chasing that target. When you know current respected investors are using a figure like 6 or 7 percent you are more likely to be skeptical of people promising 10 percent or more. In a major Toronto daily there are advertisements for returns on investment of 12 to 15 %. Don't fall for it or the lure that the investments are for accredited investors only or investors with minimum large investments like $50000 to $100000. Having a large sum to invest does not mean you are going to be initiated into some special club where the real deals are, it really means you have to be more careful of the crooks trying to get their cut of your wealth. I count active money managers among them. Chilton leaves out of his outdated book the easiest most simply understood new investment vehicle to date : Exchange Traded Funds (ETF). Unlike the mutual fund managers he (Roy) recommends you can set-up an investment account with your bank or discount broker to trade ETF's and get maximum diversification for minimum fees. Mutual funds generally charge 2-3 % fees per year, known as the Management Expense Ratio. ETF's which are based on whole indexes generally like the S&P/TSX have MER's of 0.3 - 0.5 % The extra 2% you pay for an actively managed mutual fund compounded over 20 to 30 years represents tens of thousands of dollars even for a medium sized portfolio ($500000) Another dissapointing example in the book regards real-estate. A character buys a property with a partner with 20k down and a 57k mortgage ( no kidding $77000 total - This is 2008 isn't it? ). The carrying costs are only $400 per month and the home is rented out for $600 per month. Well lay dee da. What a nice example. How about some current (2008) examples of succesful real-estate investment. Show me how someone can purchase and rent a $300,000 home on a $40k income. I have been looking hard at investment properties for 3 years. I have a nice sum ($25000) for a down-payment and two-friends with a combined income of 75-80k. We can't make the numbers work. We of course could buy a place but being that we have to live there while we are paying for it, there is no option of renting it out and making easy money like the book suggests. This review is already long so I will leave you with two other books I recently read which I think are far better for the investment side of financial planning. Sleep-Easy Investing, Gordon Pape. The New Investment Frontier III, Howard J Atkinson.
Date published: 2008-02-22
Rated 5 out of 5 by from A Must-Read! 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.
Date published: 2008-02-07
Rated 5 out of 5 by from Important for your Financial Health 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. A must-read for all!
Date published: 2008-02-07
Rated 5 out of 5 by from Great Canadian Financial Advise After reading this & being a financial advisor myself, it gave me a better understanding of financial planning. David Chilton explains the basics of financial planning so that the average person who lacks the time & knowledge can understand. It has helped me with my clients. You won't be wasting your time if you read this & definetly read this before you seek out any financial planner. It is hard to find great authors in Canada who know what they are talking about. No offense to any other author. Also, the book outlines a step by step approach that anyone can follow to have success in their life. Great book! Stephen M. Coon
Date published: 2008-01-19
Rated 5 out of 5 by from A Must Have My dad gave me this book when it was first written. It is the gold standard against which all others must be measured. As a former banker, and now financial advisor, I cannot tell you how many copies of this book I have given away over the years. I order them a half a dozen at a time. Perfect for graduation or wedding presents.
Date published: 2007-10-05
Rated 5 out of 5 by from Great Easy Read on Personal Financial Planning This is a great read. Chilton (a Canadian Author) covers the basics on financial planning and steps we could all take to improve our financial status. The great thing about this book is that it is very entertaining business book that could help you imagine yourself in the middle of conversation with a group of people. As each person has a different point of view, it helps to see the topic in hand from different perspectives. I recommend this book to those who would like to build a strong financial foundation and prefer an easy read and lasting reference book.
Date published: 2006-07-23
Rated 5 out of 5 by from Paying It Forward I remember reading this book in my late twenties and wishing I had read it a lot earlier. I have a 14 year old son who has just acquired a job....dishwasher as it might be, and brought Chilton's book out of my bedside table for him to read. He may be young, but if he reads it now and then again and again as his paycheques roll in, I think he may have a chance at financial freedom. I remember it as a great and easy read, something every young person should read when they are starting out, get their minds going in the right direction. Today's kids are too much spend, spend, with no conception of paying yourself first. I'm hoping my son will learn something and use Chilton's advice to his advantage. I recommend this book highly.
Date published: 2006-06-06
Rated 5 out of 5 by from Invest in this book...the best return David Chilton has provided the best financial advice I have ever read. Just finishing school and wondering how to set up my finances, I decided to look into some books. This book was reccomended to me by several people. It was such an easy read, I finished it in a couple of days and I could not put it down. Chilton simplifies everything and explains all of the various avenues opened up by the scenarios that are discussed. I will have this book for a very long time as I have frequently re-read it as a refresher. My only advice...be sure to read it all before running out to implement this valuable advice! You may miss out on other valuable ideas covered on the next page. It's so good, you will find yourself excited to implemnt the topics covered while on the road to financial freedom.
Date published: 2004-05-31
Rated 4 out of 5 by from Good Book If you want financial advice that is entirely practical, then this is the book for you. There are too many 'get-rich-quick' books out there that are a waist of time. The Wealthy Barber offers Canadians no-nonsense advice that will pay off in the long run for anyone who can stick to its simple guidelines.
Date published: 2004-05-01
Rated 5 out of 5 by from A must read! I am 21 years old and consider my knowledge of finances and economics to be nonexistant. I read this book in a day and honestly think my life will never be the same. The information is conveyed in an easy to read yet exciting manner so that everyone can enjoy it. This is a required read for EVERYone! Don't miss your opportunity to be rich, get this book today!!!
Date published: 2004-01-15
Rated 5 out of 5 by from Wealthy Barber Rocks One of the best books ever. Covers many dificult investing concepts but is easy to read even for a twelve year old. It's also written as a story so that your interest will be kept throughout. I've sent copies to many of my friends in their 20s, a perfect book for someone just starting out.
Date published: 2003-11-10

– More About This Product –

The Wealthy Barber Gold Edition

by David Chilton

Format: Trade Paperback

Published: October 29, 2002

Language: English

The following ISBNs are associated with this title:

ISBN - 10: 0968394736

ISBN - 13: 9780968394731

From Our Editors

Where do you go to find impeccable and completely understandable financial planning advice? To The Wealthy Barber, of course. David Chilton offers Canadians a common sense guide to successful financial planning with his charming story about a small-town barber with financial genius. Roy is the wealthy barber who offers Dave, Sue, Tom and Cathy great financial advice by giving them simple -- and realistic -- guidelines to follow.
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