The World's Best Book Summaries
What kind of investments provide tax breaks? Should you hire a tax consultant? What kind of loan can lower your tax burden? You might be paying more taxes than you need to. In The Wealthy Barber, David Chilton discusses ways to save money. Minimizing your tax bill is one of them. He shares recommendations for reducing how much you pay in taxes each year. Keep reading for advice on how to pay less in taxes.
Can income inequality be solved? What can be done to bridge the global divide between the rich and the poor? Income inequality is a global problem—it plagues all countries to some extent. A small minority of the world’s population has amassed vast fortunes, while billions of people remain mired in extreme poverty. But hope remains. In her book Doughnut Economics, Kate Raworth proposes four income inequality solutions that can reduce the gap between the rich and the poor. Let’s take a look at Raworth’s solutions for income inequality.
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.
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.
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.
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? 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.
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
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.
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.