Saturday, 21 January 2012

The Wealthy Barber Returns

When I saw David Chilton wrote a new book, I knew that I needed to read it. The Wealthy Barber was the first financial book I ever read. I read it when I was maybe 10, did not understand much of it, then read it again this past summer. After reading it I went straight to the bank and opened a RRSP and a mutual fund account with the little money I had. I love how simple that book made it for a kid such as myself to understand what to do with my money so eventually I would have lots of it.

After I scraped the $16 or so that it cost I went and bought the book. I was very pleasantly surprised to see that since I live close to the author that Mr. Chilton managed to go to the Chapters and sign every copy of the new book, free of charge. After I got back to my dorm I tore into it, I read the entire thing in two days. I actually liked this book a lot more than his first one.

The man is hilarious, not something you would expect from somebody telling you to spend less money and save more of it but he manages it well. I think I liked this one more because it is more modern. It talks extensively about Tax Free Savings Accounts and comparing them to RRSPs. I liked this because I already had a TFSA and learned about better strategies to utilize it. While he does not touch much on the particular struggles of the starving student, a lot of the advice is applicable anyway. He warns about the dangers of using lines of credit frivolously as well as better ways to invest the little bit you have so it can grow for a long period of time.

I am not doing this book justice. If you are even the slightest bit curious about using your money wisely, read this book.

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