Life is very ironic ... When I started moving in with the person who is now my ex, he had returned to his business a book entitled "A Rich Barber" by David Chilton. The book was dragged into the house a few years before I never see him open for a while. My usual curiosity takes over, one night when I was looking for something to do, I told myself that it was time to find out what so he could speak. The title definitely not inspired me and the front page it says "Common sense applied to financial planning," a subject that does not interest me at all at the time. As my ex was financial advisor (hence the irony of which I speak, the regulars of this blog will understand why and the others, they spend a little time, discover it soon enough) I was told that it had to be a book on financial planning, so quite technical, and it is absolutely not interested. The title intrigued me against ... That was not at all "Finance" ... and it does not look like the usual books to the more technical tracks, my ex had entered the house ...
That evening so I decided to skip the cover page and discover what could hide behind ...
I must say it was a shock enjoyable. I have deposited the book that some four hours later, by the nature of things if I wanted to get up the next day, and it only remained for me to read a few pages that I devoured in the bus that takes me at work. A revelation. I'm sure my ex never played because it would have been an opportunity to discuss and so pass through our couple finances. However, I can not help but thank the mentally because it is thanks to him that I could read it. I never had the idea to do otherwise. "The Wealthy Barber" is actually presented in the guise of a new one. It now reads very well for people who just avoid books related to finances because they do not understand it because they are simply too theoretical and therefore not practical enough. I must say that I get exactly this group.
The book is written in first person singular, and besides everyone gets familiar terms. This is the story of a young man, Eric (the writer), who is married and whose wife is having a baby. This happens in a city in Quebec. Eric goes to see his father for advice on its finances, and against all odds it refers to Armand, a barber who turns out to be a millionaire. But how can you have a job that is not known for a lot of money, however, and become a millionaire? If Armand was an engineer, doctor, architect, still happening. But barber? The whole story revolves around this principle.
While following the adventures of Eric and other characters who all have special financial circumstances (for exploring various cases of financial planning), we learn about savings, compound interest, investment , tax, retirement, home ownership, life insurance, etc ... and everything is presented informally and practice. For me it was really a revelation. I was inspired by this book to make sense of the chaos in my finances, and I later decided to assign goals for myself to make sure I do not dérogerai. This is what I share with you on my site. The big book of guidelines are as follows by chapter:
The principle of 10%
This principle is presented as the "secret gold" of the book: "Invested 10% of your income in a long-term program of growth" and Armand also explains how to do so that it is transparent in your life.
Wills, life insurance and responsibilities
Especially do not neglect estate planning, nor the best way to choose the coverage that one is well insured and his family.
Planning for Retirement
This chapter is dedicated to different types of RRSPs, and how to invest their money in tax-free; it also explains individual retirement accounts and the magic of compound interest principle.
become owner
Chilton offers tips on buying a home for himself or to earn income (while remaining very careful about how to invest), but also talks about the fact that one can easily stay depending on tenant his situation.
Savings, you know?
Here Chilton takes the same principle that Benjamin Franklin had issued eighteenth century "A dollar saved is worth two dollars earned," and I am talking about myself in the ticket Why saving is more lucrative than getting a raise. He emphasizes savings through frugality.
Investment and tax
Here Chilton discusses the importance to repay consumer loans such as credit cards, for example, it discusses ways to invest their money in tax-free while staying within the law.
Graduation
Here Chilton addresses the principle of emergency funds, and argues that keeping a sum of 6 months or more to an account in the case of "blow" is excessive (at least for wage households). If you are well insured, it recommends that the sum of $ 2,000 to $ 3,000 aside and invest the rest. It also discusses RESPs, and a point at which little thought: the importance of disability: "Your greatest asset is your ability to earn money." We must therefore protect the capital we are, and Chilton explains how.
In summary, this is a practical book which reads very well and leaves a lot of food for thought (and action for most of us). More than ten years after its first publication, "The Wealthy Barber" still appears regularly on best-seller lists. There are some things to take and leave, it's to your liking. Personally it's the principle of the emergency fund that I did not follow in my situation because I do not feel comfortable with so few side (but without going to the opposite extreme of having too ). This book can be read again and again, and you can discover new things each time. The style is light and friendly sense of humor. Chilton also explains that if we follow the advice given, how we spend our discretionary income (what remains at the end of the month) has surprisingly little impact on our financial future, so it is free to do as it pleases with the surplus that can be identified. Note the very good advice in this book can be used wherever one lives but financial supports such as those relating to retirement, for example, are based on what is available in Canada.
The only comment that would leave room for improvement I could get is that the book does not have a lexicon, since this is a new one. It is not always easy to find an interesting passage or that marked us because it will be in the flow of history. This forces the reader to search a bit.
In summary, I highly recommend if you are any less interested in managing your finances wisely, but that you are allergic to the topic of personal finance. This book will help you to "bite the bullet". Take it to the library or a friend (I lend my copy to a friend tomorrow:-)) and judge for yourselves in. You will then see if it is worth your while to obtain a copy for you. This book is one of the reference books I always keep close to me.
I must say it was a shock enjoyable. I have deposited the book that some four hours later, by the nature of things if I wanted to get up the next day, and it only remained for me to read a few pages that I devoured in the bus that takes me at work. A revelation. I'm sure my ex never played because it would have been an opportunity to discuss and so pass through our couple finances. However, I can not help but thank the mentally because it is thanks to him that I could read it. I never had the idea to do otherwise. "The Wealthy Barber" is actually presented in the guise of a new one. It now reads very well for people who just avoid books related to finances because they do not understand it because they are simply too theoretical and therefore not practical enough. I must say that I get exactly this group.
The book is written in first person singular, and besides everyone gets familiar terms. This is the story of a young man, Eric (the writer), who is married and whose wife is having a baby. This happens in a city in Quebec. Eric goes to see his father for advice on its finances, and against all odds it refers to Armand, a barber who turns out to be a millionaire. But how can you have a job that is not known for a lot of money, however, and become a millionaire? If Armand was an engineer, doctor, architect, still happening. But barber? The whole story revolves around this principle.
While following the adventures of Eric and other characters who all have special financial circumstances (for exploring various cases of financial planning), we learn about savings, compound interest, investment , tax, retirement, home ownership, life insurance, etc ... and everything is presented informally and practice. For me it was really a revelation. I was inspired by this book to make sense of the chaos in my finances, and I later decided to assign goals for myself to make sure I do not dérogerai. This is what I share with you on my site. The big book of guidelines are as follows by chapter:
The principle of 10%
This principle is presented as the "secret gold" of the book: "Invested 10% of your income in a long-term program of growth" and Armand also explains how to do so that it is transparent in your life.
Wills, life insurance and responsibilities
Especially do not neglect estate planning, nor the best way to choose the coverage that one is well insured and his family.
Planning for Retirement
This chapter is dedicated to different types of RRSPs, and how to invest their money in tax-free; it also explains individual retirement accounts and the magic of compound interest principle.
become owner
Chilton offers tips on buying a home for himself or to earn income (while remaining very careful about how to invest), but also talks about the fact that one can easily stay depending on tenant his situation.
Savings, you know?
Here Chilton takes the same principle that Benjamin Franklin had issued eighteenth century "A dollar saved is worth two dollars earned," and I am talking about myself in the ticket Why saving is more lucrative than getting a raise. He emphasizes savings through frugality.
Investment and tax
Here Chilton discusses the importance to repay consumer loans such as credit cards, for example, it discusses ways to invest their money in tax-free while staying within the law.
Graduation
Here Chilton addresses the principle of emergency funds, and argues that keeping a sum of 6 months or more to an account in the case of "blow" is excessive (at least for wage households). If you are well insured, it recommends that the sum of $ 2,000 to $ 3,000 aside and invest the rest. It also discusses RESPs, and a point at which little thought: the importance of disability: "Your greatest asset is your ability to earn money." We must therefore protect the capital we are, and Chilton explains how.
In summary, this is a practical book which reads very well and leaves a lot of food for thought (and action for most of us). More than ten years after its first publication, "The Wealthy Barber" still appears regularly on best-seller lists. There are some things to take and leave, it's to your liking. Personally it's the principle of the emergency fund that I did not follow in my situation because I do not feel comfortable with so few side (but without going to the opposite extreme of having too ). This book can be read again and again, and you can discover new things each time. The style is light and friendly sense of humor. Chilton also explains that if we follow the advice given, how we spend our discretionary income (what remains at the end of the month) has surprisingly little impact on our financial future, so it is free to do as it pleases with the surplus that can be identified. Note the very good advice in this book can be used wherever one lives but financial supports such as those relating to retirement, for example, are based on what is available in Canada.
The only comment that would leave room for improvement I could get is that the book does not have a lexicon, since this is a new one. It is not always easy to find an interesting passage or that marked us because it will be in the flow of history. This forces the reader to search a bit.
In summary, I highly recommend if you are any less interested in managing your finances wisely, but that you are allergic to the topic of personal finance. This book will help you to "bite the bullet". Take it to the library or a friend (I lend my copy to a friend tomorrow:-)) and judge for yourselves in. You will then see if it is worth your while to obtain a copy for you. This book is one of the reference books I always keep close to me.
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