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I spoke with David Chilton about the new edition. He said his motivation was to address the challenges that young people face today, from rising costs to new financial products. \u201cThe original book didn\u2019t include ETFs<\/a> or index funds<\/a>,\u201d he noted, \u201cwhich are now common investment tools in Canada.\u201d<\/p>\n I read the original book as a teenager, and while many Baby Boomers and older Gen-Xers may wonder if this re-write is for them, it is probably not. But it is for their kids and grandkids. According to Chilton, it targets \u201cyoung adults in their 20s, 30s, and 40s, emphasizing passive investment strategies and basic financial principles like keeping costs low and paying oneself first.\u201d<\/p>\n The broad appeal of the original book is probably due to the humour and relatable storytelling that simplifies complex financial topics. This helps readers feel less intimidated and more empowered. So, if you consider yourself less financially literate, the lessons will be easy to digest.<\/p>\n \u201cPay yourself first\u201d still matters most<\/p>\n Chilton highlights the high cost of living, particularly housing, as making it tough for young people today to commit to regular savings. There is also the pressure of social media to spend on things that may feel like necessities but are not.\u00a0<\/p>\n Saving has to be a necessity too, however, before making other financial commitments. In fact, when I asked Chilton for his most timeless lesson that remains relevant today, \u201cpay yourself first<\/a>\u201d topped his list. He also highlighted the chapter in the updated book on saving savvy, which provides tips for managing daily finances to make sure there is money to set aside for the future. After all, you cannot invest if you cannot save.\u00a0<\/p>\n Chilton expressed frustration with how much young people spend on cars despite the challenges of home ownership and rising living costs. But he gives them credit for recognizing the benefits of low-cost investment strategies, with younger generations becoming more fee-sensitive<\/a> and aware of the impact of investment fees on their retirement accumulation.\u00a0<\/p>\n \n Article Continues Below Advertisement <\/p>\n Skip Ad <\/p>\n X <\/p>\n One of the key messages from The Wealthy Barber is to \u201csave and invest 10 to 15 per cent of all you make by paying yourself first.\u201d For those who remember the 1989 original but regret not taking that advice, the good news is that it is never too late. \u201cThe best time to plant an oak tree was 20 years ago,\u201d writes Chilton. \u201cThe second-best time is now.\u201d\u00a0<\/p>\n From book to podcast, Chilton\u2019s message stays relevant<\/p>\n The Wealthy Barber update touches on budgeting, investing, real estate, wills, and life insurance, among other topics. The result is a series of personal finance lessons weaved into a series of fables.\u00a0<\/p>\n Chilton has complemented the book with his new The Wealthy Barber podcast, featuring Canadian personal finance voices. He notes that \u201cit has become a top business podcast in Canada, without monetization, while focusing on providing valuable financial information to a wide audience.\u201d<\/p>\n The concepts in the book are timeless messages that stand the test of time, but the update makes it even more relevant. The appeal of the Chilton brand is that he is prescriptive with his advice while being genuine in his intentions. In a world where many young people learn questionable financial lessons from biased finfluencers<\/a>, The Wealthy Barber is as good a source as any to guide a young person on their path to real financial independence.<\/p>\n \n Have a personal finance question? Submit it here.\n <\/p>\n Read more from Ask a Planner:<\/p>\n ![\"Outstream](\"https:\/\/www.moneysense.ca\/wp-content\/themes\/moneysense-2019\/assets\/images\/pause-icon.svg\"){kind=icon}
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