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The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent 3 Upd Sub Edition
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In this new and updated edition of one of the biggest-selling financial-planning books ever, David Chilton simplifies the complex puzzles of personal finance and helps you achieve financial independence. With the help of his fictional barber, Roy, and a large dose of humor, Chilton shows you how to take control of your financial future--slowly, steadily, and with sure success. Chilton's plan (detailed in an entertaining story) is no get-rich-quick scheme, but it does make financial independence possible on nothing more than an average salary.
This third edition has been updated with assistance from the Arthur Andersen Corporation, and covers the Taxpayer Relief Act of 1997 and other recent developments.
Even if you consider yourself a financial "basket case," Chilton explains how you can easily put an effective financial plan into action.
Top Customer Reviews
Unlike many financial planning books, this book has a plot. The plot revolves around 3 people, the main character (Dave, a teacher), his self-employed, wealthy sister (Cathy, Landscape Business owner), and their friend (Tom, a plant worker). Dave goes looking for financial advice and after asking his father, he is pointed to Roy, the town barber. The 4 of them have monthly meetings as they get their hair cut, where Roy teaches them a tidbit on financial planning at each meeting. The topics covered include The Ten Percent Solution (fun money for retirement), Wills and Life Insurance, Planning for Retirement, Real Estate Investment, Saving, and Taxes.
The book is somewhat like giving an appetizer to a person who has not eaten in a week, it helps, but it is not enough. The book does cover many excellent points, such as compound interest, one of the most important concepts in saving. The idea of a Ten Percent Fund is outstanding and is something I would not have thought of. The book then does an admirable job explaining why a person should have a will. The book begins to trail off with the life insurance section. This is the first point in the book where the reader should be calculating numbers. However, there are no worksheets, poor and insufficient examples, several suggestions, and no equations to make your own calculations; in short, if I was not aware of how to calculate how much life insurance to get, I think I would have still been clueless after this chapter.Read more ›
Soon enough. Those are very important words, and they remind me of the main reason that I tend to hate books about financial planning... they usually make me feel as if the old maxim that says "the best time to plant an oak tree is twenty years ago" was coined by someone just after they reviewed my own financial portfolio! But this book is so different... it is everywhere ENCOURAGING, and ANYONE (at any age) can begin to benefit from its principles. In a light, humorous, and UN-technical way, Chilton's fictional "wealthy barber" Roy lets us in on some very basic but dynamic financial advice, such as:
- invest 10% of all you make for long-term growth. (ie. mutual funds). - pay yourself first. (have the money come right out of your bank account before you get a chance to spend it). - take advantage of the benefits of dollar-cost averaging.
He goes on to talk about life insurance, wills, real estate, income tax, and of course... the "eighth wonder of the world" the magic of compound interest, which is, simply put, interest on principal and interest, not just simple interest on principal. Listen to this scenario (from ch.4): "If you had started putting $30.00 a month away, the equivalent of a dollar a day, at age eighteen and you continued until age sixty-five, averaging a 15% annual return, how much would you end up with?" Someone in the story hazards a guess and says $70,000? The barber tells him the correct answer... (are you ready for this)? It is approximately $2,000,000. It's enough to make an oak tree turn into a weeping willow! Nobody told me about this stuff when I was an acorn!Read more ›
The Wealthy Barber is the book for the person who wants to live his or her financial life with simplicity, integrity, and a quiet pursuit of slow wealth acquisition. The format of the book is to use a fictional setting--an advice-giving barber who shows middle-class people how to maximize what they have without undue stress or bother. The author's simple mission is to show the reader that one need not be a pinball wizard in the stock market to rack up a few points towards wealth and an easy retirement.
Do you want a book to read which is easy to follow, sound in its goals and advice, and basically a simple, good read? Then put down that copy of Field and Stream and step up into the barber's chair!
Most Recent Customer Reviews
Having walked past this book several times in as many years, I am glad to have finally read it.
As I had walked past this book, I kept thinking, “Yeah. Read more
Very good book for becoming financially independent. I have recommended it to multiple friends.Published 1 month ago by Amazon Customer
One of my go to financial references - one point of note, there are two separate versions! I had borrowed my brother's copy which was Canadian, then purchased this for my own... Read morePublished 1 month ago by DrJ
So informative. This is great knowledge for many different levels of people to read and set themselves up for the future; something I think is majorly lacking today.Published 1 month ago by essgee
I came into buying this expecting different advice other than the normal, overused financial tips but soon learned how thick and boring some of the chapters were just to give some... Read morePublished 2 months ago by Warren G.
This book is a super Graduation gift. I also give it to newlyweds. Of course a little seed money is appropriate.Published 5 months ago by Timothy Burns
This book was purchased as a reading requirement for a college finance class. I highly recommend this book regardless of your experience/knowledge of finance and investing. Read morePublished 6 months ago by Laura Dulaney