" . . . quite simply the best financial self-help book."
—Money Book Club, Book-of-the-Month Club
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.
Contents
Preface
Chapter 1: The Financial Illiterate Chapter 2: A Surprising Referral Chapter 3: The Wealthy Barber Chapter 4: The Ten Percent Solution Chapter 5: Wills, Life Insurance, and Responsibility Chapter 6: Planning for Retirement Chapter 7: Home, Sweet Home Chapter 8: Saving Savvy Chapter 9: Insights into Investment and Income Tax Chapter 10: Graduation
Anonymous
Posted June 20, 2005
Most people will tell you this is a nice little book on investing and personal finance. With respect to the one negative comment, it is unforuntate that the people who retired on or near 2000 suffered major losses, but it may have not been so bad had they followed the age old tenent of shifting some money into bonds and the like a few years before you hit retirment. Also, even though the market went down some 25% during that year, here we are 5 years later and the DOW is at (or around 10,500). I believe the all-time high was at 11,500. The market always bounces back and it always moves onward and upward. This book is the best 'first move' you can make toward understanding personal finance and investing. Chilton is not telling you anything new. The idea of saving 10% (or more) has been around for years and years. To go along with this book you may want to read some other stuff about mutual funds in general. Chilton does not go into too much detail with respect to all of the financial vehicles availble (such as REITS and all of the different types of bonds) so you may want to pick up a few other books to supplement this one. The important thing here is the principles he indtroduces you to. You will learn a lot from this book. Read it!
1 out of 1 people found this review helpful.
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Posted March 23, 2005
This book is very easy to read...and very basic, it reviews what we learn in my personal financing class...all in one book.It also takes very little time to read.
1 out of 1 people found this review helpful.
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Posted September 23, 2004
Did you ever go on a class field trip - the zoo, a museum, a park, and find yourself learning more, simply because you were outside a stuffy classroom setting? Here the trip is to a barbershop, and the potentially intimidating and/or boring topic of financial planning is softened and simplified to make learning fun. The Wealthy Barber has been written primarily for those who aren't fond of numbers, charts and graphs, and who usually shy away from learning about financial planning. While this may leave serious number-crunchers wanting more, it does present the basics of financial planning in a way that many people will be able to absorb and appreciate for the first time. Written with a great deal of humor and believable dialogue, it explains the virtues of paying yourself first, wills, life insurance, retirement savings, purchasing a home and minimizing your income tax. If you or someone you know wants to learn more about financial planning but have lacked the confidence to proceed, here's the place to begin. Larry Hehn, author of Get the Prize: Nine Keys for a Life of Victory
1 out of 1 people found this review helpful.
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Posted September 28, 2004
This book does a very neat job of providing the well-known and 'conventional' way for the average middle-class Joe Six-pack to attain financial independence. It's a typical study of 'invest 10% of your income for long-term growth'. Nice. But that's fine for those who wish to remain Joe Six-Pack. The problem is that no one knows what the future will hold. That's the ultimate gamble. Anyone who was planning to retire with thier investments and 401ks in the year 2000 knows what I'm talking about. Many people lost over half the value of thier investments when the stock market tanked. Also, no one knows what the tax rates are going to be like in 20 or 30 years. Tax-deffered investments represent tremendous risk, as does this idea that capital gains taxes will stay low. People......Social Security is going to bite us all. No one is going to stand in front of 80 million old geezers and tell them 'tough luck'. Also, everyone better accept the fact that a national health care system is coming. Get ready. The baby boomers control everything, they're getting old, they're going to want it, so the rest of us are going to have to foot the bill. The Federal Reserve Bank can only print so much money before the buying power of the dollar is reduced to toilet paper. Our income taxes are going to go UP and they will go UP even MORE. Then in 20 years you'll see that over 80% of your precious 401k and IRAs are going to get eaten up in taxes. Got a cool million in that 401k? Got your eye on that nice piece of property? Too bad. Uncle Sam is gonna clean your clock. This has all been meticulously planned out a long time ago. The only thing you can really do to ensure capital appreciation and long-term equity is Real Estate. They ain't making any more land. Forget the stock market. What you have to do is discover how the rich have been getting rich for the past 200 years, and it ain't with the stock market. I have worked in financial services for years and you would not believe what really goes on there. You would not believe the truth about banking/investments that only the insiders who run the scam really know and foist upon us every day.
0 out of 1 people found this review helpful.
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Posted January 2, 2004
The subject matter, the 'basics' of financial well-being, is important to millions of people. However, the message is lost in the hundreds of unnecessarily words. The book (3rd edition) describes how the main character, who finds out his wife is pregnant, has an 'epiphany' and realizes that he needs to learn the basics of financial well-being (due to his growing financial responsibilities). The story centers on the main character, his rich sister, and a friend as they collectively seek the counsel and wisdom from a 'lowly' barber (and associated peanut gallery), who happens to be one of the richest people in town. Each month, while the barber applies his craft, he also educates everyone (inclusive of the reader) on one important aspect of financial well-being such as forced savings, the need for wills, how to determine the right amount of life insurance, etc. So allow me to digress without falling into the same drivel trap like the author. While the books does educate people on the important financial issues, it can be accomplished with 50 pages rather 211 pages. By employing a story format, the book helps those individuals seeking entertainment value while gaining financial advice, but alienates those individuals that wanted simple, factual answers in a common sense approach. My recommendation would be to buy another personal finance book that communicates the fundamentals of financial well-being directly while covering more areas. The basics of financial well-being is living within one's means and investing wisely, i.e. the old tried and true concept of thriftiness and prudence.
0 out of 1 people found this review helpful.
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Posted December 11, 2002
The Wealthy Barber is a simply excellent book. As you read through this often-entertaining best seller, you realize for the first time how simple financial management really is. In this book you will learn the golden rule to financial planning, along with everything else one needs to know to accumulate wealth. This is not a get-rich-quick scheme; but if one simply follows this book's guidelines, one is guaranteed to get rich- over a long period of time! I would recommend this book to anyone who wishes to aquire more wealth and be entertained while doing it!
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Posted November 28, 2001
i must admit that i read this book two years ago in college, and couldnt outright afford to buy it, so i photocopied what i could.. two years later, here i am..back and i just purchased my own copy.. i am immensely satisfied (until i move again) that i was able to add this book to my growing collection.. this book is well worth the purchase and it would do well to enforce the steps given here.. as the narrator quotes, 'many ask for advice, but few <b> profit </b> from it'
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Posted December 8, 2001
Reviewed by Ted Lea, author of 'When I Grow Up I'm Going to be a Millionaire (A Children's Guide to Mutual Funds)'. This easy to read book is a great introduction to the world of personal financial management. It should be required reading for all young adults, as much of this information is not taught in schools. It is written in story format that makes it easy to read and digest the money concepts while not being challenged by difficult to understand ideas. The author has a good sense of humour. This book was the inspiration for ours.
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Posted September 28, 2001
I'm half way through this book and it has opened my eyes to many investment concepts as well as practical application for insurance. I believe this is a must for the young american getting out on their own.
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Posted November 15, 2001
This easy to read book provides an excellent foundation for financial well being. It hits three major investing principals; paying yourself first, dollar cost-averaging, and TIME.
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Posted November 24, 2000
Well-written book that explains how to achieve financial independence for anyone at any income level. This is the place to start when learning about personal financing options. Reading The Wealthy Barber should be a high school graduation requirement.
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Posted August 17, 2000
This was an easy-to-read, very educational book for the 'financial illiterate'. The background setting of the book makes it enjoyable to read and puts financial stability 'how-to' into lay-mans terms. Recommend for those wondering 'how to start' planning for the future!
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Posted April 27, 2000
I can't believe there isn't any other reviews on this book. Great book to read and it has some comedy in it to which makes it so easy to read.
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Posted February 15, 2011
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Posted April 16, 2013
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Overview
" . . . quite simply the best financial self-help book."
—Money Book Club, Book-of-the-Month Club
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, ...