Personal finance books rarely enjoy widespread popularity, but writer David Chilton made it through relatable, conversational lessons from the rich Mr. White to the mild-mannered Roy in his Sarnia barber shop. The Sequel: 2011 took a unique approach in its release. Instead of his original characters, Chilton gave advice by sharing his personal views on money.
Timeless money lessons reimagined for a brand new generation
The updated 2025 version was released on November 4th exclusively at Indigo stores and independent bookstores nationwide. It has been completely rewritten to include recent realities of Canadian wealth creation, reminiscent of the Home Buyer’s Plan, Tax-Free Savings Accounts (TFSAs) and First Home Saving Accounts (FHSAs). These additional account options, in addition to recent forms of investments and the high cost of living, make it even harder to initially resolve how best to pay yourself. This makes the recast much more relevant to a brand new generation of Canadians.
I spoke to David Chilton in regards to the reissue. He said his motivation was to deal with the challenges facing young people today, from rising costs to recent financial products. “The original book did not include ETFs or index funds,” he noted, “which are now common investment vehicles in Canada.”
I read the unique book as a teen, and while many baby boomers and older Gen-Xers wonder if this new edition is for them, it probably is not. But it’s for his or her children and grandchildren. According to Chilton, it’s geared toward “young adults in their 20s, 30s and 40s and emphasizes passive investment strategies and core financial principles such as low costs and putting yourself first.”
The original book’s broad appeal is probably going because of its humor and relatable narrative that simplifies complex financial topics. This helps readers feel less intimidated and more empowered. So if you happen to think you’re less financially literate, the teachings might be easy to digest.
“Pay yourself first” remains to be a very powerful thing
Chilton points out that the high cost of living, particularly housing costs, makes it difficult for young people today to save lots of frequently. Add to that the pressure of social media to spend money on things that could appear obligatory but aren’t.
However, saving must even be a necessity before making other financial commitments. When I asked Chilton about his most timeless lesson that remains to be relevant today, “pay yourself first” was at the highest of his list. He also highlighted the chapter within the updated book “Saving Savvy” that gives suggestions for managing day-to-day funds to make sure there may be money for the long run. Because if you happen to cannot save, you may’t invest.
Chilton expressed frustration at how much young individuals are spending on cars despite the challenges of home ownership and the rising cost of living. But he credits them for recognizing the advantages of low-cost investment strategies as younger generations develop into more fee-sensitive and aware of the impact of investment fees on their retirement savings.
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One of The Wealthy Barber’s core messages is: “Save and invest 10 to 15 percent of your income by paying yourself first.” For those that remember the 1989 original but regret not following this recommendation, the excellent news is: it’s never too late. “The best time to plant an oak tree was 20 years ago,” writes Chilton. “The second best time is now.”
From book to podcast, Chilton’s message stays relevant
The Wealthy Barber update covers budgeting, investing, real estate, wills, and life insurance, amongst other topics. The result’s a series of non-public finance lessons woven right into a series of fables.
Chilton has complemented the book together with his recent podcast, The Wealthy Barber, featuring Canadian voices on personal finance. He notes that “it has become a top business podcast in Canada, without monetization, with a focus on providing valuable financial information to a broad audience.”
The concepts within the book are timeless messages that stand the test of time, but updating them makes them much more relevant. The appeal of the Chilton brand is that he’s concise together with his advice while also being sincere in his intentions. In a world where many young individuals are learning questionable financial lessons from biased finfluencers, The Wealthy Barber is nearly as good a resource as any to guide a teenager on their path to true financial independence.
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