This week, Money360 takes a look at David Chilton’s The Wealthy Barber, a uniquely-written personal finance guide that has found its way onto people’s shelves for decades. Should it find its way onto your bookshelf? Let’s find out.
I elected to include The Wealthy Barber in this series simply because it was recommended by so many people. When I first read it, I actually didn’t like it at all; the plot seemed incredibly flimsy and the visualizations in my head were a lot like some of the educational films made in the 1940s and 1950s in which people “discuss” an issue with incredibly stilted dialogue.
That being said, I really recommend this book to anyone who feels lost with personal finance issues. This book takes the very basics of personal finance and crafts them within a simply, highly readable, and easy to follow story. Anyone can read this book and come away with some basic ideas of how to improve their financial situation without being overly bored or lost in the details. If you know someone who could use a financial nudging, this book could make a tremendous gift.
However, I don’t recommend this book to people who are already financially savvy – or to people who are avid readers. In the first case, the advice in this book will seem almost frustratingly simple. I re-read this book to write this review and there were portions of the advice that I felt were almost overly simplified, but I also feel that the advice in the book won’t guide you wrong, either.
Another challenge for me was that this book is clearly written for a very wide audience. The language and characters are both very simple, and given that my tastes in reading are voracious and rather literate, I almost cringed at the dialogue and characters in various places. I realize that the book is merely a way to sugarcoat basic financial issues, but it was nearly painful to read. This is not a book I would feel comfortable giving to someone with a high degree of literacy, even if they were having financial issues; I would choose a different title for them.
In short, this is a great, simply written introduction to personal finance issues, but for rich writing and for deep advice, you might want to look elsewhere.
The Wealthy Barber is the eleventh of fifty-two books in Money360’s series 52 Personal Finance Books in 52 Weeks.