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Title: The Wealthy Barber: Everyone's Commonsense Guide to Becoming Financially Independent by David Chilton, L. J. Ganser ISBN: 0-7887-8950-3 Publisher: Recorded Books Pub. Date: May, 2001 Format: Audio Cassette Volumes: 4 List Price(USD): $19.99 |
Average Customer Rating: 4.63 (59 reviews)
Rating: 5
Summary: A simple financial Parable and Primer
Comment: "The Wealthy Barber" is a financial primer written in the form of a fictional story with characters who grow in the area of financial management and independence. I would describe it as sort of a financial parable. There is a lesson to be learned here and instead of telling the lessons in either a boring, or too-technical book, this author has chosen and woven a fictional story with a lesson or a parable. Cathy, Tom and Dave get together with the local barber, Roy who shares his years of wisdom. There are chapters in the book involving wills, life insurance, retirement planning, personal residence, saving, investments and income tax. The lessons are basic and conservative. No day trading here or get rich quick schemes. Seasoned investors will probably find this book too elementary and simplistic. But some knowledgeable investors might find it to be a refreshing, thought provoking, simple overview. The primary reader target is really the novice or the uninformed. For this group I would heartily recommend the book. I would even recommend it for teenagers curious about investing and financial subjects. There are so many people that don't have a financial clue, for them this book would be excellent. The message is easy to read, simple and easy to follow. After reading this book an excellent follow on would be "The Millionaire Next Door" which expands some of the same themes of conservative saving and investing being a path to financial security, independence and a comfortable retirement. The book does not have an index, which I consider a shortcoming for the reader's future reference. I would also recommend as a companion read "The Only Investment Guide You'll Ever Need" by Andrew Tobias.
Rating: 5
Summary: Solid advice that anyone can understand
Comment: Yes, the humor is corny, but I can live with that! Contained in this book is all the information the average person needs to make a lifetime of good financial decisions, presented in a clear, non-intimidating style. I'd read several other personal finance guides but Wealthy Barber seemed to pull all the information into a much clearer focus for me. Should be required reading for high schoolers, college grads, newlyweds, retirees and credit card junkies. Highly recommened. (P.S.: Reccommended by T. Rowe Price's Investor Newsletter as "one of the top 5 financial planning books available").
Rating: 5
Summary: Well-balanced advice
Comment: If you cannot decide whether you should own or rent a place to live in, the barber discusses this issue very thoughtfully, and this discussion will help you make the better decision.
The barber does believe that it is possible to make money in stocks. If you have discipline and courage, he thinks you can actually buy low and sell high. The barber tells you to buy undervalued stocks and then sell them later for a higher price when the real value of the stock is recognized by the market. The author does warn you that you do have to be able to tell the difference between an undervalued stock and one that is unhealthy. This is tough to do. So it is not the barber's fault if you lose money because he leaves it there for you to figure out.
What about buying low and selling high in real estate? On page 178 Mr. Chilton writes that sometimes it is possible to "buy it [real estate] at any price, sell higher." But in other parts of the book he writes that real estate prices won't always keep going up.
The 10% solution is not enough, it won't get the job done for many readers. There are signs that inflation, after a long absence, is on the way back. It should be a 15% solution.
I deduct one star because the book does not have an index. I think an index is very useful, and adds value to a book. However, on page 44, after discussing all the pros and cons of owning versus renting, the author says that buying the condo was a good idea. I became so happy that the barber put the new condo owner on the right track, I gave him back the star.
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Title: The Richest Man in Babylon by George S. Clason ISBN: 0451205367 Publisher: Signet Pub. Date: 03 February, 2004 List Price(USD): $6.99 |
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Title: The Millionaire Next Door by Thomas J. Stanley, William D. Danko ISBN: 0671015206 Publisher: Pocket Books Pub. Date: 01 October, 1998 List Price(USD): $15.00 |
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Title: The Millionaire Mind by Thomas J. Stanley ISBN: 0740718584 Publisher: Andrews McMeel Publishing Pub. Date: 02 August, 2001 List Price(USD): $16.95 |
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Title: The Wealthy Barber: The Common Sense Guide to Successful Financial Planning by David Chilton ISBN: 0773762167 Publisher: Stoddart Pub Pub. Date: February, 2002 List Price(USD): $16.95 |
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Title: Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do Not! by Robert T. Kiyosaki, Sharon L. Lechter ISBN: 0446677450 Publisher: Warner Books Pub. Date: 01 April, 2000 List Price(USD): $16.95 |
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