This was written after I first read this book in 2013.
Even though I called this a book review, it’s more snippets of my thoughts.
The Wealthy Barber Returns is David Chilton’s newest book and a follow-up of sorts to his bestseller The Wealthy Barber. The book contains many short, easy-to-read chapters. The author David Chilton is very funny and his book is filled with self-deprecating humor.
Interesting points that stood out for me:
Think of your purchases in turn of how long you have to work (or your hourly rate after taxes & deduction). I actually do this today, except in future dollars. I ask my self are you willing to pay 10x purchase price for the item? Work those equivalent hours and retire x hours/days later? If the answer is Yes, then I go ahead and make the purchase.
Be grateful for what you have: the best things in life aren’t things.
Keep an expenses summary: it could help control your spending subconsciously, and if not, help with your budget. Also, very true. The minute you start tracking, it already helps to control the spending.
Emergency funds don’t work, we will always come up with excuses to spend. I think once you have gained some discipline in saving, it’s important to keep an emergency fund. I don’t keep too much money in mine, only about 3 months worth of regular spending or 4 months of bare basics spending.
All in all, while it is an enjoyable read, I find most of the concepts to be repeats of what I already know. But again, just like Millionaire Teacher, this book would be great Introduction for someone new to personal finance because it’s such an easy read.
Has anyone read both this and the original Wealthy Barber? Which one did you like better?