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David H. Chilton

The Wealthy Barber: Everyone's Commonsense Guide to Becoming Financially Independent David Chilton Updated with Assistance from Arthur Andersen

Title: The Wealthy Barber: Everyone's Commonsense Guide to Becoming Financially Independent David Chilton Updated with Assistance from Arthur Andersen

Author: David H. Chilton

Format: Audio

Language: English

Pages: 0

Publisher: , 0

ISBN: 0788789503

Format: PDF / Kindle / ePub

Size: 6.5 MB

Download: allowed


Description

David Chilton's popular The Wealthy Barber is a good starting point for anyone who wants to construct a personal financial plan. Many people are so scared of dealing with their money that they don't do anything at all--only to suffer for it over the long haul. Chilton shows that planning is simple and you don't have be a whiz kid to set yourself on the route to financial security. "When I finally learned the basics of financial planning, I couldn't believe how straightforward they were. It's just common sense," is the overarching message.

The Wealthy Barber takes the form of a novel, though it wouldn't win many awards for plot, setting, or characterization. The narrator, Dave, a 28-year-old school teacher and expectant father, his 30-year-old sister, Cathy, who runs a small business, and his buddy, Tom, who works in a refinery, sit around a barber shop in Sarnia, Ontario, and listen as Ray Miller, the well-to-do barber, teaches them how to get rich. The friends are at the age when most people start thinking about their future stability; among the three of them, they face almost every broad situation that can influence a financial plan. Ray, the Socrates of personal finance, isn't a pin-striped Bay Street wizard. He is a simple, down-to-earth barber dispensing homespun wisdom while he lops a little off the top. Ray's barbershop isn't the place to learn strategies for trading options and commodities. Instead, his advice covers the basics of RRSPs, mutual funds, real estate, insurance, and the like. His first and most important rule is "pay yourself first." Take 10 per cent off every pay cheque as it comes in and invest it in safe interest-bearing instruments. Through the magic of compound interest, this 10 per cent will turn into a substantial nest egg over time. This book isn't about how to get rich quick. It's about how to get rich slowly and stay that way.

Chilton's common-sense approach has obviously hit home since his book first appeared; with more than 1.5 million copies sold to date, The Wealthy Barber is the best-selling book ever of any kind in Canada. Some of the financial details have been updated in recent editions, but the story and fundamental advice are timeless. It's probably not the last book you'll want to read on the subject, but it's a good starting point for learning about financial planning. --Edward Trapunski

Insightful reviews

Nancy: Excellent. Down to earth. Good analogies! Just order the new one! Looking forward to more words of wisdom. Not too dry as some finance books can be!

Michael: Folksy. I far preferred A Random Walk down Wall Street.

Stephenphillips19: There were many things that I enjoyed about this book. First, I liked that is was not a book that just went through all aspects of finance and have all kinds of charts and graphs to help confuse me. It was written as more of a biography than some boring finance text book. There was more to the story than just numbers.

Second, he has a very easy approach to finance, and does not get so wrapped up in all the little details. He gives the basics of knowing how to manage and invest your money, and does it so everyone can understand.

Third, the author addressed principles that have been proven by many different financial institutions and advisers. There was nothing that was off the wall or weird that doesn't have a snowballs chance in hell of working.

It is a good read for someone that doesn't have a lot of understanding how finances work, or that doesn't have money invested. It is a great start on the way to financial independence.

Art: This own finance e-book is gifted in a non-threatening and straightforward to appreciate manner. the most character's father publications him to a neighborhood barber who has performed good financially by means of following sound monetary principles. The barber dispenses his wisdom to a couple scholars in the course of weekly conferences in his barbershop. I hugely suggest this book, specifically to these new to the topic of private finance.

Alex Gregory: the rich Barber is the type of ebook so you might learn in matches and stops, as it truly is in most cases effortless sufficient to select up the cloth and comprehend it, yet just a little taxing to aim and parse the sometimes-simplistic writing and cutesy "plot" that incorporates it.The publication is a Canadian finance classic, though, and with stable reason. Chilton's classes are extremely simple - pay your self first, retailer 10% of every little thing you earn and get into diverse portfolios. you do not really want the ebook to appreciate it, however it does do an outstanding task of explaining the advantages of doing every one activity and following through.The plot, which contains David and three of his neighbors going to his neighborhood barber, who grew to become a millionaire through making an investment well during the last 3 decades. whereas the prose can get repetitive and simplistic at times, the plot does circulation ahead really good and the teachings are effortless to choose up. The humor's additionally form of corny, yet i assume that is to be expected.Overall, though, the rich Barber is a booklet i am proud to have in my collection.

Rob: this can be the 1st own finance booklet i have ever read, and i am really, rather chuffed to have performed it. by way of providing a run of the mill subject in a conversational format--including plenty of baseball chiding--Chilton makes own finance obtainable to a person and everyone.He provides a very uncomplicated procedure that anybody can follow, beginning today, to get your funds in order. positioned 10% right into a "I'm going to be wealthy someday" fund. placed one other 10%+ into retirement. Do no matter what you will want with the remaining (essentially). He even describes buck expense averaging and the ability of compound curiosity in order that the reader can left relatively figuring out the significance of both.What i discovered quite attention-grabbing have been the sections on insurance, wills, and different components that I deliberate to be within the weeds. many years in the past i began removing a few complete existence assurance to complement my company's crew policy, but, based on Chilton, I would not have been doing that at all, for purposes which are made fairly transparent within the book!I do, however, essentially disagree along with his stance on mutual funds. i feel if you are a layman, you have to be making an investment in listed funds, no question. completely no question. this is often the single significant knock i've got at the book.If you are on your 20s, i might suggest deciding upon either this up and that i Will educate You To Be Rich, that's extra present and proper to 20-somethings within the 2000s.

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4.5/ 5257 votes