The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent

A great book that even personal finance gurus can revisit

It'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 ve...