The Wealthy Barber Returns [Paperback]

I'm a personal finance author ("The Friendly Banker"). I've never met Dave and I know him only as most other Canadians do, as the author of an iconic masterpiece.

While I love to write, to sit down and actually read a book is a chore for me. Few books do a good enough job at capturing my interest to get me past the first few pages, let alone the first chapter. I`m a lousy reader. Yet, I read this book, cover to cover, in three nights with the television on and the sound muted, a miracle for me. I even missed a good portion of Monday Night Football. Need I say more? Well, I`m going to anyway.

The "The Wealthy Barber Returns" is written in a relaxed, humorous, conversational style that I found very appealing. It begins with some sage advice on the pitfalls of over-borrowing, describing the forces that draw us into debt traps and the basic human weaknesses that drive us to keep up with others in the quest to accumulate things that, in the end, are of little enduring value. I agree that the false sense of security provided by an abundance of available credit forms a dangerous mindset that can lead to disaster, especially when that credit line is represented by a mortgage on the home. For most people the concept of a Home Equity Line of Credit is too much of a temptation, leading to the illusion of short term gain followed by the reality of long term pain. Dave even takes a couple of refreshing swings at the banks for their tendency to want to lend us up to our rooftops. He recounts one story where a woman he sent to the bank to get a very modest secured line of credit was immediately up sold to the max despite her history of debt accumulation. I'm sorry to report that this is not uncommon. I was a consumer lender for 25 years and it was my job to maximize profit within a consumer loan portfolio. I was paid to lend as much as possible at the highest possible rate without causing losses and not to share that philosophy with my customers. My paycheque depended on it.

Once the notion that we must curtail spending in order to have any hope of saving is successfully driven home, Dave very effectively shows us how we can best turn that 10-15% of gross income (or more if we've started late) into a comfortable lifestyle in retirement. He delivers investment advice in a manner that is easy for most anyone to understand and his command of the subject truly inspires confidence.

Throughout this book I was struck by its honesty. Time and time again I was stopped in my tracks by things such as Dave`s description of his own lifestyle as well as his many insights into The Wealthy Barber and some of the experiences that came his way as a result of it. It takes an honest author to take a look at his own work years later and admit to a change of heart about certain things, especially when that work impacted so positively and so significantly on more than two million Canadians.

We live in difficult times. In my view, Dave has always expressed a deep and abiding concern about the financial well being of Canadians and the consequences that could follow if we do not change our habits. Thus, he`s given us another book, just at the right time, that will help us all reflect on the changes we need to make to secure a decent financial future.

Jim Rohn once said that we must all suffer one of two pains; the pain of discipline or the pain of regret. I prefer the former. It's a choice. What's your choice? Whatever it is it should be a conscious one and I`m confident that "The Wealthy Barber Returns" will help you make it.

After seeing the premiere of Dragon's Den a few weeks ago I decided to buy The Wealthy Barber Returns, since then I've become addicted to personal finance. I've read the Wealthy Barber, The Wealthy Barber Returns, Rich Dad Poor Dad, Rich Dad's Guide to Investing, Automatic Millionaire, Millionaire Teacher, and I'm part way through a couple of others. Even though I'm currently going to college (I'm 19), to become an accountant, I've found through paying myself first (And taking advantage of some of my scholarships) I can afford to put away a few hundred dollars a month. A month ago I was worried I about just making ends meat, I never would have imagined that I would be starting a TFSA and adding 50% to my car payment each month. The power of paying yourself first is incredible.

Out of all the books I've read over the last few weeks David Chilton's two book have really resonated the most with me. Both books were short enough that I was able to read them in an evening but cover so much that for the average person they are all you'd ever need to read. His writing is funny, down-to-earth and extremely informative the same time. I highly recommend the book.

To top it off, I had a couple questions after reading some other books so I emailed him late one night. The next morning he called to answer my questions. It was a short conversation but it really showed how he truly wants to help Canadians become financially successful (And it made my day). In 20, 30, or maybe 40 years when I look book I know my financial success will be because of this book.

Thanks David.

Just finished reading The Wealthy Barber Returns. I couldn't set it down! I love the writing style with the short chapters and humour. The author has made saving and investing so easy to understand.I like this style even better than the story format in the original Wealthy Barber. This book has given me the motivation to get my finances in order. I can't wait to put the ideas in place. I loved the explanation on TFSA's vs RRSP's. Finally, it makes sense to me. What an amazing book! I am going to recommend it to everyone I know.