Once you get past the corny dad jokes it's actually pretty helpful. I read it because my dad kept recommending it to me and I have to say I'm glad I read it. Still don't understand a bunch of stuff but it inspired me to look into various savings accounts with compound interest. I think that's a start.

A great common sense book for personal finance. Would recommend to any beginner looking to take ahold of their financial future.

finally got around to this one after much gentle, yet consistent urging of my father, The Wealthy Barber is a thinly veiled lesson in personal finance. aside from a few witty remarks from characters in between the barber's lectures, the book is plainly an essential guide to simply and properly managing your money. a very important read, but honestly not an engaging one. would recommend for educational purposes only, not enjoyment.

Very comprehensive book on personal finance. Definitely one of the best I've read.

This book has a cult-following amongst Canadians, and now that I've read it, I know why. It was first published in 1989, and is written like a "novel", except with more dialogue than any book I've ever read.

Here's the set-up: 3 twenty-somethings go to a barber for financial advice. They go eight times (there are each time is a chapter), and have seven lessons with the Wealthy Barber, Ron, who gives them financial advice.

1. Save 10% of your income for long-term growth. Pay yourself first. He talks about mutual funds and investing here too. My favourite line from this chapter is when he talks about why it's harder to budget for individuals than it is for businesses: "...for too many people, a want becomes a need."
2. Prepare for your death. Have a will, and, if you have dependents, have life insurance.
3. Save for your retirement. Put as much into your RRSPs as you can-- this is, of course, in addition to your 10%. Start young, so you can take advantage of compounding interest.
4. Think about buying a home. I loved this chapter. I'm in no position to buy a home, but I so often feel pressured to, even though it's not the right decision for me. Chilton writes: "Let me start by saying that whoever the ubiquitous 'they' are who say 'renting is like throwing your money away' aren't accurate. I've read that opinion in several well-known financial planning guides, and I just don't know where the authors are coming from."

That's right. He later describes home ownership (and paying a mortgage) as "the ultimate forced-savings program", and talks more about mortgages, but I appreciated that he wasn't like: "Buy, buy, buy!"
5. Saving, spending and credit management. This isn't "saving" like the RRSPs and the 10% fund, this is saving like for a trip. Don't spend too much on your credit cards, and save to buy something before you buy it-- don't just pay it back. A dollar saved is worth more than a dollar earned, because a dollar saved is an after-tax dollar. Be wise with your after-tax money.
6. Investment and income tax. If you have debt, pay off the loan with the highest interest rate first. Credit cards before mortgages. Investing is hard.
7. RESPs. I don't remember too much of this, because I don't have kids. But there was some other advice in the chapter: emergency funds, disability insurance, and staying informed.

Tips to live by, and a quick read.

Youngandthrifty.ca has a good and funny review.
Getrichslowly.org also has a pretty good review.

http://www.moneychallenge.ca/blog/201...

Good,clean, simple financial planning to make anyone well off. Unfortunately when I read this book about 20 years ago I did not follow all of the steps and as a result am not in the secure financial position I could be. But, it's never to late to start doing things better. The book has 12 very simple basis ideas, the most important being, pay yourself 10% of every paycheck first and invest in long term savings, have the proper and right amount of life insurance, have an up to date will, maximize your RRSP, and paying off debts is teh best investment!

Great entrance level resource for financial literacy! I really wish they would teach this stuff in Canadian high schools.

Loved it! Simple and easy to follow narrative with bits of financial planning advice that I was not aware of before.

This was recommended to me when I said "I know nothing about finances or investing and I want to learn" but I'm honestly not sure why because it's SO dated. Even I know the maximum annual contribution to an IRA has changed since 1998.

But being dated is not the worst part. You know those employee training videos from the 90s where they hire a friend with nice hair and a former frat boy who took drama in college and force them to convey a point through stilted dialogue peppered with dreadful jokes? This is that in book form. It's. Awful. Add in a dash of misogyny (apparently it was still ok to body shame pregnant women in the late 90s and just out and say that you preferred a son because you wouldn't be able to relate to a daughter???), combine it with the author's clearly high opinion of his wit and mocking of the sister who makes more in a year than he and his dad combined (which leaves me wondering where is HER book???), and you have...The Wealthy Barber.

Ok, so it's that bad, then why not rate it 1 star instead of 2? Because BECAUSE two things... 1. There is some evergreen good advice in here that is not completely irrelevant (although it becomes irrelevant the moment you start talking specifics because every law concerning everything from mortages to tax brackets has significantly changed), it's just that it can be found in other more current, less cringe-worthy sources.

But 2. This book does do something that I haven't seen other financial planning or investing advice books do. I was already doing this, so it's not revelatory, but I was glad to see it all the same. This book does NOT tell you to live an ascetic life and have no fun so that you can retire and live it up. No, finally, this book honors that if you ARE saving for retirement, if you DON'T have debt other than mortgage or education, then why the heck are you budgeting yourself down to pennies every month and waiting to live your life until you're 75? Live now. I have watched all my biological grandparents reach old age, retire, and be shocked and devastated to discover they didn't have the health, knowledge, or travel buddy to do all the things they had promised themselves they would do once they retired. They subsequently had a boat load of money and a lot of regrets. While saving makes sense, saving to the point of just waiting for the day you retire to start enjoying life has always seemed backward to me. I'm grateful to this book for pointing this out.

But there, you just got all you needed to know from my review sooooooo...read it if you really love dad jokes, I guess.

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“Wealth beyond your wildest dreams is possible if you follow the golden rule: Invest 10% of all you make for long-term growth. If you follow that one simple guideline, someday you’ll be a very rich man."

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Synopsis:
The Wealthy Barber is a financial planning book franchise by Canadian author David Chilton. The first book in the series was in the business fable genre, using the story of fictional characters to convey financial advice.

My Take:
Although the Wealthy Barber was originally published in 1989, almost 3 decades ago, I still believe the message of the book and the sound principles the author conveys, still apply to this date.

This book has been recommended to me by my Goodreads bestie and book-buddy Celise who read this as part of her 1 book a week challenge. I highly recommend following her on Goodreads and checking out her new BookTube channel on YouTube.

My first impression going into the first few chapters was "more of a story than a financial planning book".
This is due to the author dedicating the first chapter or two on setting the scene and introducing you to his family and his barber. This works for some readers who prefer being eased into the book and like the "novel" approach to connect with the characters.

At first, I thought I did not like that approach but as the book progressed I come to like his unique and entertaining way of presenting dry financial topics as a series of visits to the local barber who mentors the main characters of the bok to their financial freedom.

The book shows its age and financial era when discussing funds and the recommendation not to invest your savings in the stock market directly, but instead to go for the safer option of managed Mutual Funds. It is a bit outdated as Mutual Funds are very costly by today's standards and has been proven to underperform the market. You are better off using an index fund than using a mutual fund which depends heavily on the performance and judgement of a human, the money manager.

I thoroughly enjoyed this book and it is one of the good financials reads I come across since Rich Dad, Poor Dad and Think and Grow Rich.

I will be reading the follow-up and newer edition of the author's book: The Wealthy Barber Returns and making notes this time of the golden nuggets the author shared with us.

Quotes:
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"A dollar saved is two dollars earned."

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"Over the past fifty years borrowing has gone from a shameful vice to the national pastime."

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"The only thing worse than a bad investment is a bad investment made with borrowed money."

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"Curiosity – I find that’s the most commonly seen characteristics of happy people. They’re curious. They love to learn, they love to read, they love to travel, they love to listen to other people’s opinions, they love to learn! If you can teach your kids one thing, I think it will lead to happiness, is to develop curiosity."

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The Wealthy Barber is like that affable uncle at family gatherings who always has a story to tell and a bit of unsolicited advice—only this time, the advice is actually worth heeding. David Chilton manages to take the dry, often headache-inducing subject of personal finance and distil it into a series of conversational anecdotes that make the material not only digestible but dare I say, mildly entertaining.
The premise of delivering financial wisdom through a fictional barber might seem a bit gimmicky, but it works well enough. Chilton leans into common sense rather than convoluted investment strategies, which is a welcome change from the jargon-filled tomes that dominate the genre. The focus on simple principles like saving consistently, living within your means, and making the most of compound interest feels refreshingly grounded, if not a tad obvious at times.
That said, the book does have its moments where it feels a bit too neatly packaged. The dialogue can be cringe-inducing in its earnestness, and you might find yourself rolling your eyes at some of the overly simplistic scenarios. Real life is rarely so neatly wrapped up in a bow, and the relentless optimism about how easy it is to "just save 10% of your income" might grate on anyone living in an economy that feels stacked against them.
Still, this is practical advice presented in an accessible way, which is more than can be said for most financial planning books. It won’t solve all your money woes, but it’s a solid starting point if you’re looking to sort yourself out without being overwhelmed.

Lots of good transferable tips and tricks but primarily focused on specific American-based strategies.