The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent

This book is an essential guide for anyone looking to take control of their financial future. Written in a clear and engaging style, David Chilton provides practical advice that is easy to understand and apply.What I appreciate most about this book is its commonsense approach to money management. Chilton breaks down complex financial concepts into simple, actionable steps that anyone can follow. Whether you're just starting out in your career or nearing retirement, the principles laid out in this book are invaluable.The updated edition includes relevant information on modern financial challenges and opportunities, making it a relevant read even in today's fast-paced world. From budgeting and saving to investing and retirement planning, "The Wealthy Barber" covers all aspects of personal finance with clarity and insight.

It's not often that I read a personal finance book that gives me a "call to action." But, this book was one of those. Interestingly enough, David Chilton's,"The Wealthy Barber" teaches basic personal financial planning by way of a dialogue among several friends and well, a Wealthy Barber. The down-to-earth, everyday talk, heard as if one is actually in a barber shop awaiting a haircut, is what sets this book a part from other personal finance books that I've read.Surprisingly, the book is structured really well. After reading "The Wealthy Barber," there was no wonder why it is a timeless classic, still purchased though it's last edition was published in 1997."The Wealthy Barber" is in a novel format. Its story is about a few friends, all with different lifestyles (a new father, a well-paid business owner, and a single guy) who need to get their financial affairs in order. The different lifestyles among the characters sets the book up such that all of the financial advice given by the wealthy barber caters to different financial situations that its readers may have.Once Chilton introduces his readers to each character's personal situation in the first few chapters of the book, each subsequent chapter cover a personal finance tenet-each tenet being one to follow to set one's self up to live a future prosperous life.Although some of the information is dated (e.g. the Roth IRA was newly written into law at the time of this book's publishing, so it is said that the max contribution limit is only $2000 vice $5000) it covered every basic thing that every one should know in order to build a solid financial plan, if they choose, and it covered several perspectives for each topic. It cover topics such as:Save 10% early to advantage of compounded interest, so that the money can be used in our retirement years to purchase luxuries or other things.Make sure wills are in place, along with the right amount of life or disability insuranceSave for retirement in whatever vehicles that you can such as a 401(k), SEP, or Keogh PlanPurchase or Rent a HomeManage Everyday SpendingTake Advantage of Tax Deductions and SavingsI absolutely loved "The Wealthy Barber." The thing that I loved most about this book was it gave no absolutes. Too many books about personal finance argues only one point. "The Wealthy Barber" respectfully lays out that some people can choose or choose not to carry a credit card balance (as long as they are aware of the possible ramifications), rent or mortgage a home, or invest in CDs or aggressive mutual funds. The overall tone of the book is that there are different ways and approaches to everyone's path to financial success though, there are some "best practices."In fact, this book made me rethink a few things:My retirement account is not necessary just for me. All the time, I was only accounting for the money that I'd need at retirement. I had been calculating my retirement account for an income stream of only $4500 monthly, because it's what I need for me and a future wife. But, believe it or not, I may need to calculate for a bit more if I foresee myself taking care of my parents. At the time that I age to 59 1/2, my mom will be a bit over 80 years old. I'm pretty sure that if I have to take care of her, be it through assisted living or a live-in nurse, I will need to start saving at a more aggressive rate.It's totally not okay to have $10,000 sitting around in an "emergency" account. Who in the hell has a $10,000 emergency, especially if they are in a stable job?Having a sound financial plan, once set up, should not be very restrictive. If we do the important things correctly and make them a priority while starting early in life, we should be comfortable spending all other monies.Once again, "The Wealthy Barber" is a great read for anyone looking to revisit or learn the basics of what it takes to build a sound financial plan.

This classic personal finance book offers practical, easy-to-understand advice on managing money, investing, and building wealth. Updated for modern readers, it continues to provide valuable insights and strategies for achieving financial independence with clear, actionable guidance.

I agree with the other reviewers that this is anexcellent book to teach financial planning to novices.The in-depth situational analysis on saving, insurance,retirement planning, etc. will prove a solid foundationfor people looking for a place to start building theirnet worth, and looking for something that doesn't requirethem to already have several tens of thousands before theycan start.One caveat, though, for readers (like myself) who readthe original, CANADIAN, version ... this one availableat ... has been rewritten with the US market in mind.The story is now set in Port Huron instead of Sarnia (nobig deal), and the retirement planning section focuseson IRAs and 401(K)s instead of RRSPs and SDRSPs - a majordifference if you were expecting current Canadian advice!I bought this book expecting to have an update on currentCanadian treatment of RRSPs and their allowable foreigncontent, the phasing out of the old [$$$] lifetimecapital gain exemption, etc., and was rudely surprisedat the all-American content. So, be warned.The book is still an excellent read, and for anyone livingand/or working in the US, it's probably a must-read.I'm not sure where the Canadian version of this bookis available, or even whether it _is_ any longer beingkept current in a Canadian version, but if you're lookingfor that, try a Canadian bookstore. :)

Bought as a gift for my son. Hopefully he will find this as helpful as I did.

A TERRIFIC & A GREAT BOOKMY HUSBAND HAS BEEN TRADING FOR 25 YEARS. THIS BOOK IS FUL OF CONCEPTS THAT YOU CAN UNDERSTAND.HE HAS TOUGHT MANY PEOPLE OVER THE YEARS ABOUT THE MARKET. HE HAS GIVEN SEVERAL PROPLE THIS TERRIFIC BOOK ,MAKES A GREAT GIFY

This book tells you about basic finances in easy an to read book, that is not all math and numbers.You should give a copy to all the high school and college new graduates that you know, whether they are relatives or your neighbors.

Je recommande

i like this books. its quality books.

I quite like a book that combines learning with a story. It made a nice change. It explains everything really very clearly and kept me interested to the end. One of the best books I have read for practicle ideas that absolutely anyone could put in place immediately to help them on the road to a better financial future.

Easy to apply concepts if you're willing to listen

The first chapter has a good start to the book and looking forward to finishing this lengthy book.