Personal Finance Review: The Wealthy Barber

When you need good personal finance advice, there should be at least one solid resource that you can depend on. That’s why I read The Wealthy Barber.  This book has taught me about the 10% rule and that is one thing that I’ve lived by since I first read the book.

I’m always blown away by the amount of personal finance books that are available. I know that you’ll agree with me when I say that it’s impossible to follow every bit of advice in each one. But when you find that one book that contains exactly what you’re looking for you’ll know and it will become your bible.

The Wealthy Barber

The Wealthy Barber is one of those books that consistently tops the personal finance book list on Amazon or any of the other popular book sites. Author David Chilton breaks down everything bit by bit and presents it so that you can understand even the most difficult topics. Even though the book that I read was an older version, I found it to be interesting and I learnt quite a few savings tactics that I use personally.

If you’ve read any of the personal finance blogs or books, then you should know what the major topics are – renting versus buying, living with mortgages, cash versus credit; retirement planning and insurance. I love this book because it tackles each of these topics with some common sense advice that’s easy to understand.

Ten Percent Solution

The book has ten chapters which adequately cover the basics of personal finance –  The Financial Illiterate; A Surprising Referral; The Wealthy Barber; Ten Percent Solution; Wills, Life Insurance and Responsibility; Planning for Retirement; Home Sweet Home; Saving Savvy; Insights into Investment and Income Tax and Graduation.

My favourite chapter of all ten chapters is the Ten Percent Solution. Roy the barber explains that by saving ten percent of his income, he was able to get rich. Although I’m not convinced that in these days saving ten percent is all that you have to do to get rich, it’s a good principle that’s very easy to replicate.

I’m not saving ten percent in an effort to get rich. I’m saving it in an effort to simple boost one aspect of my savings. This is not related to my retirement savings, investment strategies or my emergency fund. This is ten percent that I’m simply trying to save and “forget” with the intention of increasing my savings for the future.

Pros and Cons

Should you buy the book? Here are a few of the pros and cons which may help you to decide if it’s the book for you:

the wealthy barber pros and cons

 

The Final Verdict

If you are new to personal finance, then The Wealthy Barber is a must read. It provides you with simple steps that you can take to save money, plan for retirement and become more responsible with your finances.

Purchase the Wealthy Barber here, read it from cover to cover and make a conscious effort to develop your personal finances.

Are you finally over the election aftermath? Find out how the election could impact your personal investments.

Leave A Comment