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The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent Paperback – November 25, 1997
Purchase options and add-ons
“One of the most effective tools for teaching personal finance basics.”—Arthur Andersen
In this updated edition of one of the biggest-selling financial-planning books ever, David Chilton simplifies the complex puzzles of personal finance and helps you achieve financial independence. With the help of his fictional barber, Roy, and a large dose of humor, Chilton shows you how you can take control of your financial future—slowly, steadily, and with sure success. Chilton’s plan (detailed in an entertaining story) is no get-rich-quick scheme, but it does make financial independence possible on nothing more than an average salary. Even if you consider yourself a financial “basket case,” Chilton explains how you can easily put an effective financial plan into action.
- Print length224 pages
- LanguageEnglish
- PublisherCrown Currency
- Publication dateNovember 25, 1997
- Dimensions5.52 x 0.5 x 8.4 inches
- ISBN-100761513116
- ISBN-13978-0761513117
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Editorial Reviews
Review
“It should be mandatory reading.”—Paul Harvey
“The Wealthy Barber is, indeed, an able teacher of those personal-finance habits which lead to wealth and happiness.”—John Templeton, founder of the Templeton Group of Mutual Funds
“[The Wealthy Barber] is a complete success in terms of being clear, easy-to-read, and interesting.”—Chicago Sun-Times
“If ever a financial planning book was written for those without financial backgrounds, this is it.”—Tax Management Financial Planning Journal
“Thirty years from now, Chilton could be remembered not as a bestselling author, but as the man who inspired thousands to save their way to prosperity.”—Brenda Dalglish, Maclean’s News Magazine
“The Wealthy Barber is the best book of its type that I have ever read. In fact, for many Americans, it is possibly the only book they need. I wish I had written it.”—Jerry Mason, director of Education, Interanational Association of Financial Planners
“I was pulled in by the book’s authentic, downhome tone. . . . I had trouble putting The Wealthy Barber down.”—Sandy Naiman, Toronto Star
“This book does the impossible—it actually makes personal money management understandable and attainable.”—Richard A. Marini, San Antonio Light
From the Inside Flap
--Money Book Club, Book-of-the-Month Club
In this new and updated edition of one of the biggest-selling financial-planning books ever, David Chilton simplifies the complex puzzles of personal finance and helps you achieve financial independence. With the help of his fictional barber, Roy, and a large dose of humor, Chilton shows you how to take control of your financial future--slowly, steadily, and with sure success. Chilton's plan (detailed in an entertaining story) is no get-rich-quick scheme, but it does make financial independence possible on nothing more than an average salary.
This third edition has been updated with assistance from the Arthur Andersen Corporation, and covers the Taxpayer Relief Act of 1997 and other recent developments.
Even if you consider yourself a financial "basket case," Chilton explains how you can easily put an effective financial plan into action.
From the Back Cover
--Money Book Club, Book-of-the-Month Club
In this new and updated edition of one of the biggest-selling financial-planning books ever, David Chilton simplifies the complex puzzles of personal finance and helps you achieve financial independence. With the help of his fictional barber, Roy, and a large dose of humor, Chilton shows you how to take control of your financial future--slowly, steadily, and with sure success. Chilton's plan (detailed in an entertaining story) is no get-rich-quick scheme, but it does make financial independence possible on nothing more than an average salary.
This third edition has been updated with assistance from the Arthur Andersen Corporation, and covers the Taxpayer Relief Act of 1997 and other recent developments.
Even if you consider yourself a financial "basket case," Chilton explains how you can easily put an effective financial plan into action.
About the Author
Product details
- Publisher : Crown Currency; Updated,Subsequent edition (November 25, 1997)
- Language : English
- Paperback : 224 pages
- ISBN-10 : 0761513116
- ISBN-13 : 978-0761513117
- Item Weight : 6.8 ounces
- Dimensions : 5.52 x 0.5 x 8.4 inches
- Best Sellers Rank: #18,525 in Books (See Top 100 in Books)
- #10 in Accounting Specialties
- #78 in Budgeting & Money Management (Books)
- #2,597 in Self-Help (Books)
- Customer Reviews:
Videos
About the author

David Chilton is the president of Financial Awareness Corporation, a financial consulting firm. The Wealthy Barber and The Wealthy Barber Returns TV shows have enjoyed tremendous popularity since first airing on Public Television in the spring of 1993. Previous editions of this book have sold 2 million copies.
Customer reviews
Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.
To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness.
Learn more how customers reviews work on AmazonCustomers say
Customers find this finance book highly readable and easy to understand, with clear explanations through real-life examples and a common sense approach. They appreciate its advice on managing overall financial health and introducing investing concepts, while being written in a story format. The book receives positive feedback for its investment value as an evergreen investment, and customers find it suitable for all ages, particularly those in their 20s and 30s. The content receives mixed reactions - while some consider it a timeless piece, others find it outdated. The humor throughout the book is also mixed, with some finding it entertaining while others consider it a waste of time.
AI-generated from the text of customer reviews
Customers find the book highly readable, with one noting it keeps readers interested, and several mentioning it's suitable for all ages.
"...Once again, "The Wealthy Barber" is a great read for anyone looking to revisit or learn the basics of what it takes to build a sound financial plan." Read more
"...on modern financial challenges and opportunities, making it a relevant read even in today's fast-paced world...." Read more
"A TERRIFIC & A GREAT BOOK MY HUSBAND HAS BEEN TRADING FOR 25 YEARS. THIS BOOK IS FUL OF CONCEPTS THAT YOU CAN UNDERSTAND...." Read more
"...All in all, I am extremely glad I read this book...." Read more
Customers find the book easy to understand, appreciating its common sense approach and simple explanations through real-life examples.
"...The down-to-earth, everyday talk, heard as if one is actually in a barber shop awaiting a haircut, is what sets this book a part from other personal..." Read more
"...Written in a clear and engaging style, David Chilton provides practical advice that is easy to understand and apply...." Read more
"...the fact that this was written in the 1990s, one of the most interesting pieces of advice the barber gives is to be wary of the housing market..." Read more
"...Updated for modern readers, it continues to provide valuable insights and strategies for achieving financial independence with clear, actionable..." Read more
Customers find the book provides good advice on finances, serving as an interesting starter for financial planning and helping readers understand how to manage their overall financial health. They appreciate how it explains harder finance and investing topics, making it a valuable resource for attaining financial independence.
"...enough, David Chilton's,"The Wealthy Barber" teaches basic personal financial planning by way of a dialogue among several friends and well, a..." Read more
"...From budgeting and saving to investing and retirement planning, "The Wealthy Barber" covers all aspects of personal finance with clarity and insight." Read more
"...HE HAS GIVEN SEVERAL PROPLE THIS TERRIFIC BOOK , MAKES A GREAT GIFY" Read more
"...The book was pretty much what they described: good financial advice told in story form making it much more palatable...." Read more
Customers appreciate the storytelling approach of the book, which is written in a story format. One customer notes that each chapter is short, while another mentions that it moves along quickly.
"...Surprisingly, the book is structured really well...." Read more
"...Written in a clear and engaging style, David Chilton provides practical advice that is easy to understand and apply...." Read more
"The book is done in narrative form, which I found very easy to follow...." Read more
"...This book tells it as a story with strong characters and humor. I was actually laughing at a finance book...." Read more
Customers appreciate the book's investment value, finding it financially smart and a good price point, with one customer noting it's an excellent financial starter for any age.
"...book offers practical, easy-to-understand advice on managing money, investing, and building wealth...." Read more
"...There are great points about business, habits, budgeting (why it doesn't work), the importance of paying yourself first, etc...." Read more
"...job of explaining things like mortgages, life insurance, and investing in a simple, easy to understand way...." Read more
"The theme of this book is "Dollar Cost Averaging".If you are a young to middle aged working person,it's the safest way to invest for the long term...." Read more
Customers find the book great for all ages, particularly noting it's perfect for young adults in their 20s and 30s.
"Great book for a young person just starting out and wanting to invest." Read more
"...that was given in this book I think this is still a very important book for a young adult to read once ever other year...." Read more
"...This book is great for millennials just starting to learn about how to manage their own finances as well as older adults who may have missed the..." Read more
"...The sooner the better too! Perfect for 20's and 30's. If older, then read Ben Stein's "Yes, You Can Get A Financial Life!:..." Read more
Customers have mixed opinions about the book's content, with some finding it a timeless piece while others consider it outdated.
"...It's crazy out of date, so be forewarned!..." Read more
"...reading "The Wealthy Barber," there was no wonder why it is a timeless classic, still purchased though it's last edition was published in 1997...." Read more
"...I gave it to my grown kids. The book is dated now...." Read more
"...The updated edition includes relevant information on modern financial challenges and opportunities, making it a relevant read even in today's fast-..." Read more
Customers have mixed opinions about the book's humor, with some finding it entertaining and throughout the book, while others consider it a waste of time.
"...described: good financial advice told in story form making it much more palatable...." Read more
"Firstly, the entire first (few?) chapter(s?) were a waste of time...." Read more
"...Although not a deep guide by any means, it is a fun to read book; you can't wait to read about the next lesson the characters get from the barber...." Read more
"...It's fun to read as you learn how to save enough for the retirement years...." Read more
Top reviews from the United States
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- Reviewed in the United States on November 16, 2011It's not often that I read a personal finance book that gives me a "call to action." But, this book was one of those. Interestingly enough, David Chilton's,"The Wealthy Barber" teaches basic personal financial planning by way of a dialogue among several friends and well, a Wealthy Barber. The down-to-earth, everyday talk, heard as if one is actually in a barber shop awaiting a haircut, is what sets this book a part from other personal finance books that I've read.
Surprisingly, the book is structured really well. After reading "The Wealthy Barber," there was no wonder why it is a timeless classic, still purchased though it's last edition was published in 1997.
"The Wealthy Barber" is in a novel format. Its story is about a few friends, all with different lifestyles (a new father, a well-paid business owner, and a single guy) who need to get their financial affairs in order. The different lifestyles among the characters sets the book up such that all of the financial advice given by the wealthy barber caters to different financial situations that its readers may have.
Once Chilton introduces his readers to each character's personal situation in the first few chapters of the book, each subsequent chapter cover a personal finance tenet-each tenet being one to follow to set one's self up to live a future prosperous life.
Although some of the information is dated (e.g. the Roth IRA was newly written into law at the time of this book's publishing, so it is said that the max contribution limit is only $2000 vice $5000) it covered every basic thing that every one should know in order to build a solid financial plan, if they choose, and it covered several perspectives for each topic. It cover topics such as:
Save 10% early to advantage of compounded interest, so that the money can be used in our retirement years to purchase luxuries or other things.
Make sure wills are in place, along with the right amount of life or disability insurance
Save for retirement in whatever vehicles that you can such as a 401(k), SEP, or Keogh Plan
Purchase or Rent a Home
Manage Everyday Spending
Take Advantage of Tax Deductions and Savings
I absolutely loved "The Wealthy Barber." The thing that I loved most about this book was it gave no absolutes. Too many books about personal finance argues only one point. "The Wealthy Barber" respectfully lays out that some people can choose or choose not to carry a credit card balance (as long as they are aware of the possible ramifications), rent or mortgage a home, or invest in CDs or aggressive mutual funds. The overall tone of the book is that there are different ways and approaches to everyone's path to financial success though, there are some "best practices."
In fact, this book made me rethink a few things:
My retirement account is not necessary just for me. All the time, I was only accounting for the money that I'd need at retirement. I had been calculating my retirement account for an income stream of only $4500 monthly, because it's what I need for me and a future wife. But, believe it or not, I may need to calculate for a bit more if I foresee myself taking care of my parents. At the time that I age to 59 1/2, my mom will be a bit over 80 years old. I'm pretty sure that if I have to take care of her, be it through assisted living or a live-in nurse, I will need to start saving at a more aggressive rate.
It's totally not okay to have $10,000 sitting around in an "emergency" account. Who in the hell has a $10,000 emergency, especially if they are in a stable job?
Having a sound financial plan, once set up, should not be very restrictive. If we do the important things correctly and make them a priority while starting early in life, we should be comfortable spending all other monies.
Once again, "The Wealthy Barber" is a great read for anyone looking to revisit or learn the basics of what it takes to build a sound financial plan.
- Reviewed in the United States on June 23, 2024This book is an essential guide for anyone looking to take control of their financial future. Written in a clear and engaging style, David Chilton provides practical advice that is easy to understand and apply.
What I appreciate most about this book is its commonsense approach to money management. Chilton breaks down complex financial concepts into simple, actionable steps that anyone can follow. Whether you're just starting out in your career or nearing retirement, the principles laid out in this book are invaluable.
The updated edition includes relevant information on modern financial challenges and opportunities, making it a relevant read even in today's fast-paced world. From budgeting and saving to investing and retirement planning, "The Wealthy Barber" covers all aspects of personal finance with clarity and insight.
- Reviewed in the United States on May 16, 2016Kind of an adaptation of The Richest Man in Babylon. Set in a more modern time than TRMIB, and written in plain English. Same basic premise that several of these types of books follow: Save some of your income every payday, invest it wisely, save for retirement, live below your means. It is an excellent book, very easy, fun read. The only critique I have, is that he kind of glosses over the retirement "lesson". I think the author didn't know where to go with it; there are so many different formulas for retirement income, you can hardly blame him. Still, this being an "entry level" type book, he could have given some sort of percentage to save, as a starting point for new to personal finance folks. Chilton also covers insurance, some tax info, and a little real estate. Although not a deep guide by any means, it is a fun to read book; you can't wait to read about the next lesson the characters get from the barber. If I were to give a friend, who was new to personal finance, a book recommendation or two, it would be The Wealthy Barber, and The Total Money Makeover by Dave Ramsey.
- Reviewed in the United States on November 14, 2010I bought this book after two people I respect recommended it to me independent of each other. The book was pretty much what they described: good financial advice told in story form making it much more palatable.
The story is that the narrator goes home to visit his parents and finds that they are in good financial shape. The father explains that he only recently got good advice from the local barber about how to handle his money. The narrator (a teacher) goes to visit the barber with his friend (works at a factory) and his sister (owns her own business). The three advisees cover most of the financial situations people are in. The barber gives his advice over seven visits. In the barber shop during the talks are regulars who offer differing opinions at times.
The main piece of advice is to put away 10% of your income while you are working. The rest of the advice is about where to put that money and how to properly insure yourself. It is pretty dry material, but the conversation format keeps the reader interested. As my title suggests, there are a lot of intentionally cheesy jokes mixed in. If you like that sort of thing, you are in luck. If not, they are not distracting.
Considering the fact that this was written in the 1990s, one of the most interesting pieces of advice the barber gives is to be wary of the housing market because nothing goes up forever. If they update the book, giving advice about buying in the post-housing bubble world would be useful.
All in all, I am extremely glad I read this book. I feel a lot more comfortable about my financial situation and would recommend it to any financial novice.
- Reviewed in the United States on July 7, 2024A TERRIFIC & A GREAT BOOK
MY HUSBAND HAS BEEN TRADING FOR 25 YEARS. THIS BOOK IS FUL OF CONCEPTS THAT YOU CAN UNDERSTAND.
HE HAS TOUGHT MANY PEOPLE OVER THE YEARS ABOUT THE MARKET. HE HAS GIVEN SEVERAL PROPLE THIS TERRIFIC BOOK ,
MAKES A GREAT GIFY
Top reviews from other countries
- Amazon CustomerReviewed in Canada on January 10, 2025
5.0 out of 5 stars Great book for the beginner investor
Great read!
-
Tolo-meyReviewed in France on March 11, 2023
4.0 out of 5 stars Produit conforme
Je recommande
- MD MAHABUB ALAMReviewed in Germany on October 31, 2019
5.0 out of 5 stars good content
i like this books. its quality books.
- SallyReviewed in the United Kingdom on February 25, 2014
5.0 out of 5 stars A modern day version of the richest man in Babylon
I quite like a book that combines learning with a story. It made a nice change. It explains everything really very clearly and kept me interested to the end. One of the best books I have read for practicle ideas that absolutely anyone could put in place immediately to help them on the road to a better financial future.
- Ross JenkinsonReviewed in the United Kingdom on November 13, 2019
5.0 out of 5 stars V interesting
Easy to apply concepts if you're willing to listen
One person found this helpfulReport