Money Archives

The Wealthy Barber by David Chilton: Book Overview

How is The Wealthy Barber different from other personal finance books? Who’s the barber, and what does he teach? The Wealthy Barber by David Chilton is a bestselling guide to becoming financially successful by following a handful of simple, easy-to-understand principles. These principles are illustrated using a fictional story about a teacher, an auto plant worker, and a small business owner who seek financial guidance from a barber who’s become wealthy by following the lessons he imparts. Here’s our overview of the book.

The Pros and Cons of Buying a House: Is It for You?

Should you buy a house? What are the advantages? Are there disadvantages? Even if purchasing a home is within your budget, that doesn’t mean you should necessarily do it. If you choose to rent rather than own, investing the money you save by renting might even be a better investment than owning a home. In The Wealthy Barber, David Chilton writes that home ownership has its advantages and disadvantages. Keep reading for Chilton’s discussion of the pros and cons of buying a house.

Why Long-Term Economic Growth Isn’t Sustainable

Is economic growth destroying the planet? Can long-term economic growth be sustainable? According to Kate Raworth, we have pushed economic growth so far that some bad environmental outcomes may now be unavoidable. If we don’t act now, grave consequences are in order. Here’s how the overwhelming focus on growth endangers the health of our economy and the planet.

4 Reasons Why Retirement Planning Is Important

Are you saving for retirement? Do you know what you can count on after you retire? What’s your plan? David Chilton says that part of your overall financial plan should be saving for retirement. He provides four reasons why retirement planning is important and discusses four types of retirement plans: 401(k), IRA, Roth IRA, and Keogh Plan. Keep reading to learn more about smart retirement planning.

Why Do Poor People Stay Poor? The 3 Main Reasons

Why do poor people stay poor? How does the financial industry trap people in poverty? There are several factors that keep people in the poverty trap. One of them is the poor’s inability to access financial services. Wealthy people benefit from financial services, such as comprehensive insurance and easy-to-access credit. Despite the fact that the poor also need these services, businesses rarely provide them. Here’s why the poor have difficulty making use of financial services and how it perpetuates the cycle of poverty.

How Much of Your Income Should You Invest?

What does it mean to “pay yourself first”? How much of your income should you invest? Where should you invest it? If you want to become financially successful, the most important step you can take is to invest money from every paycheck. That’s the view of David Chilton in his book The Wealthy Barber. When you invest and leave it alone, compound interest will ensure the long-term growth of your assets. Chilton recommends a couple of types of investments that he prefers over savings in the bank. Keep reading to learn Chilton’s advice on what you should invest in and

Real Estate Investment Tips: If & When You Should Buy

Is real estate a good investment? If so, how much should you invest, and when should you take this step? David Chilton, in his book The Wealthy Barber, recommends that you invest 10% of your income. A good place for this money, he says, is real estate. However, he provides some real estate investment tips that help you know if and when you should buy. Here’s what you should consider if you’re thinking about investing in real estate.

What Is the Key to Success in Trading?

Why do most people give up trading? Is trading really that hard as it’s made out to be? What does it take to become a successful trader? One of the keys to achieving success in trading is simply a matter of trading a lot. Provided you have a sound strategy, over time you’ll become more adept at reading market patterns and predicting what happens next with ever-increasing accuracy. Here’s how to achieve success in trading.

Kate Raworth: Challenging Economic Assumptions

What are the core economic assumptions? Do the current economic assumptions align with the ultimate goal of economics? According to Kate Raworth, economics has developed some core assumptions about human nature, what an economy exists to do, and what the social science of economics is meant to achieve. According to her, if the economy is to better serve humanity’s needs, these core assumptions need to change. Here’s why the traditional economic assumptions are flawed, according to Raworth.

Should You Invest in Index Funds? Yes, Here’s Why

Should you invest in index funds? Are they better than mutual funds? In The Wealthy Barber, David Chilton argues that the best thing you can do to reach financial success is to invest 10% of your income in mutual or index funds. Then, sit back and take advantage of the compound interest. He explains what index funds are and why he believes they are a better investment than mutual funds. Keep reading for index fund advice from Chilton and others.