The Wealthy Barber Returns

Title: The Wealthy Barber Returns
Author: David Chilton
Publisher: Financial Awareness Corporation
Publication Date: January 1, 2011
Genre: Business & Money
Price: $10.08
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The Wealthy Barber Returns is a book that I recommend to anyone that is looking to see the reality of society and the financial paradigm they are living through.  David Chilton mentions in the book that he wrote this sequel out of frustration seeing Canadians living with debt and not working through a plan for their retirement.  

The book is an easy read as it is meant to give financial tips, ways to avoid credit traps by providing examples of how one can easily get caught and living within our means.  David does go through some stories and add humor to make the read fun and engaging.  I personally connected with some of the points that he mentioned about how these days we are not saving enough in order to fund for our financial goals, capping our spending to eventually retirement.

We tend to focus on spending then put in to our savings through our disposable income.  This is how we are as a species as something that is attractive we have the temptation to spend on it then after a while, the item will be less pleasurable and we want more. It is acknowledge that we pay ourselves first either through setting up pre-authorized checking, payroll deduction to put it to a savings account; however, one tends to dive into the savings to pay for vacations or luxury items which is totally the reverse of what should be done and that is to use it as an emergency fund, keep it to for it to grow with the compound interest.  Saving to reach your financial goals is a term called ‘forced savings’.

When reading The Wealthy Barber Returns, I feel that the author is there talking to me and educating me about the world of money and what mindset I should take when it comes to saving, spending, debt and to understand where wealth comes from.

David Chilton provides many anecdotes from authors, philosophers, psychologists and business magnates such as Denis Diderot, Ben Franklin, Warren Buffet  and Geoffrey Miller.  He also provides fictional as well as real life scenarios showing how out of touch financial advisors can be and what to look for when it comes to needing help and guidance to a realistic goal.  In the end, wealth and happiness does not mean that we have to have latest, state of the art electronic gadget, big homes, appliances; it means to live by experience, a healthy life and a great relationship.  A great quote that I found in the book is as follows “The best things in life aren’t things.’.

I believe The Wealthy Barber Returns should be read and taught to young people in schools as well as post-secondary institutions.  Just like learning ones history to know the history of our civilization, we must learn about financial habits as money will be with us throughout our lives.  We need to learn through past mistakes in order to avoid and imprint into our mindset our true value and be satisfied with what we have.  The take away which I will emphasize again is to live within our means in life.  As David Chilton puts it:  “People who live within their means tend to be happier and less stressed.  What a powerful way to say it and I cannot agree more. 


4 thoughts on “The Wealthy Barber Returns”

  1. Great review. I’ll have to pick up a copy. Based on the info you provided, this seems like a very good read. You may some great points yourself in your post. It is sad that proper personal money management lessons aren’t taught in schools. That needs to be incorporated into the curriculum. Thanks for the info.

    1. It is my pleasure Eddie. David Chilton really connected with me when I was reading the book. Some of his comments were plain common sense and why would one want to spend frivolously? Who are we trying to show off to? It amazes me how I see news of people buying state of the art smart phones and then adding gold plating to make it even more prestigious. I like to keep it simple thank you very much. It is not worth getting into debt for things that we really don’t need. One should live within their means. Focus should be aimed at saving, only spend what is necessary and be in the positive financially. Be happy with what you have and retire without stressing about how to get by day to day. Isn’t that the point of life?

  2. Wow this article touches close to home for me. I was in credit card debt of $21,000.00. I has to do a lot of self-inventory and with discipline I got out of debt. Now, I pay everything off as soon as possible. For instance, I use my credit card like cash. I go shopping and buy something. Then when I get home I login to my account and pay it off. If I don’t have the money, I don’t buy. And yes, David Chilton is correct, life is less stressful and I’m much happier with this new approach!

    I have to look into this book. Thanks for the article. It brought back some painful memories – lol!


    1. Thank you for the comment Don. It really does take discipline to get out of debt and it is not easy as there can be individuals that have multiple credit cards with balances that can easily become unsustainable. As the famous Denis Diderot said and taking it from The Wealthy Barber Returns ‘Spending begets Spending’. It can lead to bad habits and spending impulsive on things that are really not needed. It is really good to hear that you pay off your credit card once used and if you cannot afford a purchase then you don’t buy. That is living within your means. The Wealthy Barber Returns is so written in a way that David Chilton wants you to see how we think and how we can easily get caught up in that mindset where once we saving for our retirement, living through a budget but all of a sudden we find ourselves in debt and we do not know why. This is shown through his frustration of seeing people deep in debt. I have had those moments and it is still there. I got put my credit cards in a freezer ice block so that the time it takes for me to thaw it, I will just give up and forget about it 🙂

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