Customer Reviews

The Wealthy Barber Returns

5 star:		(58)
4 star:		(7)
3 star:		(1)
2 star:		(3)
1 star:		(10)

 

 

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.

I read the original Wealth Barber just prior to getting into the financial advisory business back in '92 and couldn't help wondering how much value I could offer to clients if they just bought the book and followed Roy's advice on their own. Turns out even people who read it still need someone to save them from themselves! Chilton's new book, in sync with our over spending, under saving times, provides a reminder to all of us that maybe our grandparents were right - the best things in life...aren't things! Loved the section on index investing - it mirrors my own belief (backed by experience and research) that most investors would be better off tossing out their high priced mutual funds and just buy the whole market. My sister admitted that she finally understands what indexing is after reading this. Once again Chilton hits a home run with his easy-to-read style broken up into many entertaining chapters.

A gift for yourself and those important to you (trust me I have bought 11 so far). This is likely the most relevant and practical assembly of Canadian financial concepts available today. In my experience, the material has resonated with a diverse age & financial competence range (see 11 gifts). This is a fun read, presented in an entertaining and logical format that fosters understanding, while avoiding needless complexity. In my opinion, Dave does a fantastic job of identifying the significant drivers of financial health and takes clear positions on the issues; supported by facts, opinions and real examples. This book is written with the audience in mind, distilled down to digestible concepts without taking the "teeth" from the issues. I particularly appreciate the humility of the vantage point, you are made to feel that Dave is a wise older brother or friend, sharing valuable advice and coaching - you trust him. Let's face it, we are not "hunter gatherers" - and for most of us, the ability to effectively manage our financial resources is simply a necessary life skill; money pressure can be decimating and it affects all classes of Canadians. If you put some of these concepts in place, I trust you will witness how seemingly small changes in course - can have an incredible impact over time. There is a peace that comes with the awareness that you have a level of control over your future, competence leads to confidence - and ultimately, well considered decisions. I encourage you to experience this book and share with others; it may be the most impactful gift you ever bestow.

I read The Wealthy Barber and like millions of others, enjoyed it. I just read The Wealthy Barber Returns and am transformed by it. Buy this book for every young person you know. Set them up for success. And if you're drowning in your line of credit dig in for a copy. A worthwhile investment.

I loved this book. It is simple and clearly written. So simple in fact that one wonders why we are so poor at financial management. Probably as he makes so clear, is that financial management is simple if we were rational actors. The problems are that we are not one dimensionally rational but largely emotional working and living in a culture imbued with incantations - messages inducing all of us to spend.

I whole heartedly recommend this book - for anyone who can read.

I loved this book!!! David Chilton writes in a way even I can understand!! I don't know a lot about the world of finance but am definitely eager to learn. This book was straight forward and easy to understand. The biggest message I took away from this book is to be happy with what you have. Happiness does not come from coveting what your neighbour or friends have. Not only was the advice phenomenal it was a very funny book. I laughed out loud many many times!!! I honestly cried I was laughing so hard when I read the chapter about Dash....

David Chilton's The Wealthy Barber Returns is an absolute gem'and so funny! As a woman who is not in the habit of reading books on personal financial planning, I couldn't put it down!

It was after my divorce that I felt my financial life was in desperate need of some help. So, I incorporated just a few of David Chilton's back-to-basic tips, like 'pay yourself first, start now (!), and live within your means.' I'm already off to a great start, and enjoying the freedom that comes with living a financially responsible life. Believe me, if you try just a couple of these basics, you'll lead a much richer and fuller life, and I'm not talking in terms of dollars.

Some of Chilton's advice is simple and straightforward, like saving 10% to 15% of your pre-tax income, paying down your debt, leaving your credit cards at home, and living within your means relative to your income. Spend less, save more'simple, right? When we feel an impulsive urge to buy stuff on credit, Chilton advises us to practice these four liberating words, 'I can't afford it.' I must admit, there's a lot of comfort in those four little words.

It's also comforting to know that according to the author, David Chilton practices what he preaches. He lives a relatively modest existence, and is more than content in his fourteen hundred square foot home. He prefers to spend his money on trips with his kids, rather than on 'stuff'.

The Wealthy Barber Returns has taught me about 'good debt', 'bad debt', the truth behind a Line of Credit, the evils of credit cards, how wealth flows from savings and not from income, TFSA and RRSP contributions, and much more! I feel so fortunate that I happened to land upon this lovely jewel. After taking David Chilton's basic steps toward financial security, my life is much richer!

I've read The Wealthy Barber Returns and I can honestly say it is fantastic. My main concern however is with Jeffrey Brooks' two-star review. The reviewer makes assumptions on the author's motive for writing a second book which are based on nothing more than speculation at best. It's a very poor review. Furthermore the reviewer provides a terrible financial tip that should not be followed by anyone. Using a line of credit to pay off a credit card!? Are you kidding me? You're still paying interest. You are just transferring debt to another vehicle. Notice how the reviewer stated paying off the LOC as soon as possible. I'm sure he pays it off right on time, considering he has to pay off his credit card with the LOC. For most Canadians a LOC is a dangerous financial too. How about this? Pay off your credit card with money from your bank account. Better yet, pay for your purchases with cash/debit whenever possible. This is exactly why The Wealthy Barber Returns is a vital read for anyone looking to manage their money more effectively. It's to avoid financial advice from individuals who obviously have no concept of personal financial management.