I was introduced to read this book via an email my bank had sent me one day — “The Wealthy Barber Returns” by David Chilton. Intrigued by the recommendation, I went to my local library to pick this up right away.
Disclaimer : Beauty PhD borrowed a complimentary copy of “The Wealthy Barber Returns” by David Chilton via the Toronto Public Library. Any opinions expressed are that of my own. This is not sponsored, however there may be affiliate links within this post.
It was a relatively quick read and gives unique perspectives and insight regarding the world of money. I think the main point I basically took away from this book was to SAVE, SAVE, SAVE! (No wonder my bank recommended it — essentially that’s what they want us to do!) I totally get his point though. A lot of us live in the NOW and don’t really think that far ahead about our future and/or retirement for that matter. When we’re young, we just want to enjoy life. YOLO!
Chilton emphasizes on living below your means — really, to avoid excess stress in your life. Don’t let credit cards and/or a fancy line of credit fool you into thinking you have a second income. Debt interest adds up real quick and real fast and before you know it, you’re in deep water. I can totally resonate with this book, because as a freelancer and beautypreneur, you never know if you’ll have a slow month or season, so it’s always good to have some buffer of savings to get you through it.
Something I see a lot happening (with the price of housing being so high in Toronto these days), is a topic he calls “Under House Arrest”. A lot of us will purchase a home that is way more than we can afford, so we end up stuck working for the rest of our lives trying to pay this thing off. Balance is key — putting your money towards (hopefully an affordable) mortgage vs RRSPs vs TFSA vs an Emergency Fund, etc. It’s such a juggling act.
And those with some money saved up, do we invest it? If so, how? Stocks? Index funds? Fund managers? GICs? Compounding interest? OMG, too many choices!
I’m not really a finance person, but Chilton infuses a good sense of humour throughout the book that makes it more fun to read. He utilizes examples and stories to show comparisons of how certain things work. As well as includes charts to show what would happen if two people were in similar situations, who would end up with more money in the long run.
There’s no magic formula, since everyone’s situation is different, but Chilton offers good advice on how to stay on track with your finances and that materialism isn’t everything in life!
So did you read The Wealthy Barber Returns? If so, what did you think? Did his advice help you out?
I’d love to hear your thoughts on this! Please leave a comment below!
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The Wealthy Barber Returns by David Chilton
Editor-In-Chief, Beauty PhD
PS. I think I’m going to read “The Wealthy Barber” next (even though it probably should’ve been the other way around!