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The Wealthy Barber: The Common Sense Guide to Successful Planning

david chilton

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"Quite simply the best financial self-help book."
--Money Book Club, Book-of-the-Month Club

Even if you consider yourself a financial "basket case," Chilton explains how you can easily put an effective financial plan into action.

In this third 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.

197 pages, Paperback

First published January 1,1996

This edition

Format
197 pages, Paperback
Published
January 1, 1996 by Stoddart Publishing Co. Limite
ISBN
9780773757677
ASIN
0773757678
Language
English

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About the author

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david chilton

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Rating(3.9 / 5.0, 100 votes)
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Profile Image for Kimberly .
Insert_name00
★ ★ ★ ★ ★
April 25,2025
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Why do so many nonfiction financial guides need to be wrapped in a fictional parable?

If we look beyond the corny setup, we find antiquated ideas about women and boring stereotypes.

This book has no answers for people with inconsistent jobs like contract employees, independent contractors, or anyone without nearly lifetime employment or a successful business from the start. If you have student loan debt or medical bills, this book will be useless because nothing goes wrong for the fictional characters once they start following the advice they are given. Tom’s rental property goes great. The narrator has no worries about paying for the birth of his baby. The sister has a successful business that seems to never fall on hard times.

This book has the usual advice in a condescending tone. You can find better.
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Milan090
★ ★ ★ ★ ★
April 25,2025
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This book’s greatest strength also happens to be somewhat of a weakness. Chilton’s financial tips, framed within dialogue, are easily digestible and accessible, but because they are framed in dialogue, what could be summarized easily in a page takes a whole chapter.

As a financial novice, I found this book quite helpful and practical, despite the often unnecessarily protracted dialogue. As a lover of quality literature, I found this book quite horrendous. But I won’t be so petty as to go on and on about adverbs and the jarring insertions of the author’s voice in the present tense and all that—it is, after all, a book about financial planning.

The jokes are so extremely bad. But at the same time that is why they are funny.
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Profile Image for Kimberly .
FallenHope
★ ★ ★ ★ ★
April 25,2025
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Very down to earth advise. Short and to the point, but for the very beginner.
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Profile Image for Kimberly .
Sugarlemon
★ ★ ★ ★ ★
April 25,2025
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If you wanna live the gooooood life and your parents aren't willing to give you a small loan of a million dollars..... READ. THIS. BOOK.
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Valkyros78
★ ★ ★ ★ ★
April 25,2025
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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...
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Refrain2294
★ ★ ★ ★ ★
April 25,2025
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Great entrance level resource for financial literacy! I really wish they would teach this stuff in Canadian high schools.
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eccomi
★ ★ ★ ★ ★
April 25,2025
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While some information is dated, the essential points in Chilton’s book are timeless wisdom for realizing financial success. The 10% rule is probably the key lesson. Chilling also has a great view on budgeting that will probably simplify that daunting idea for those who recoil at even the thought of a budget.

I tired of the story format pretty quickly, but found that it was easy enough to ‘skip the small talk’ and find the financial advice without difficulty. But it probably makes the topic more digestible for people who aren’t familiar with financial concepts. In fact, the popularity of this book stems from the way a Chilton has made this topic so accessible for the average person who hasn’t had a financial education.

I would highly recommend this book - especially to anyone who has never read financial planning books or really wants to do better financially. There is an updated version that would probably be worth reading instead at this point.
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Profile Image for Kimberly .
Kyragos
★ ★ ★ ★ ★
April 25,2025
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This is good if you like the story book setting. Sometimes, though you would just like the narrator to get to the point. Overall this is a good stepping stone for financial advice, but works best if you're not in debt. It also takes the pressure off that many folks may feel about "having" to make big bucks in order to be financially grounded.
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