Thursday, May 20, 2010

 

“The Wealthy Barber”

 

By David Chilton


I just finished this book last night and I learned a ton. Most importantly I learned that putting your money in a ‘Mutual Fund’ in the mid 90s was pretty lucrative.

Overall the book, gives a very ‘common sense’ approach to finance.

Roy a small town barber is famous for his great financial advice. Not only does he have good advice but he also has Millionaire status backing up his advice. Not from getting lucky in the Stock Market, or flipping homes but basic financial techniques.

First and foremost “The Wealthy Barber” emphasizes the importance of paying yourself first. Roy suggests to his pupils a minimum of 10% of your income. This 10% is for retirement and should be invested in long-term investment vehicles. (Mutual Funds, IRAs, Life Insurance, Real Estate)

“The Wealthy Barber” also gives advice about how and who should invest in these particular vehicles. Making investing a painless and straightforward process that anyone can handle. In depth chapters about Saving Money, Creating a Will, Investing in Retirement Funds.


The book is just under 200 pages and is a quick read, I would recommend it to anyone. Despite changes in return rates and a slow economy the lessons in the book are timeless.  A book well worth the while.

            

1 comment:

  1. Thanks for the info on the book - I hadn't heard about this one. Sounds like I might need to get a copy. I thought it might be nice to share a link to it on amazon to make it easier to get to. It looks like you can get it used for $4 inc. S&H The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent.

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