The Wealthy Barber: The Fully Updated All-Time Canadian Classic

by David Chilton

Finally! Thirty-six years after "The Wealthy Barber" first burst on the scene and helped millions of Canadians to manage their money wisely, a fully updated version is here! The book's unique blend of understandable financial education, humour and a compelling story takes the intimidation out of this normally dry subject. Packed with fresh insights for these challenging times, you'll have trouble putting The Wealthy Barber down.

Genres: Nonfiction, Finance, Canada, Money

264 pages, Paperback

Published November 4, 2025

Reviews

[Alex Migdal · Rating 3 out of 5]

The number of bad jokes borders on insufferable, but the financial advice is tea.

[Joanne Cormier · Rating 4 out of 5]

I know a lot of people are a fan of this “story telling”layout, but I would have rather just read the information I needed to know. Regardless, it’s an easy read and some good information is provided. I would have liked a bit more detail and more topics covered but this is a great introduction especially for people who know absolutely nothing about savings, RRSP, TSFA and life insurance. I will pass it on to someone young than me.

[Darren · Rating 5 out of 5]

Incredible common sense approach.

[JenBarb_ · Rating 5 out of 5]

I read an earlier version of this book back when I finished my degree, about 10 years ago. I remember the book being an entertaining read, with some helpful metaphors to get me started preparing my finances as I joined the workforce. Even at the time, the book was very out of date. It was written in a time before TFSAs and low-cost index funds existed. Let alone FHSAs and all-in-one ETFs, which have been introduced even more recently. As such, I was excited to see a fully updated edition of this book on the shelves, and I decided to pick it up.

There are a lot of books in the “business parable” category I find insufferable. Often, the author will write a self-insert character and all the other characters will find that self-insert's advice infallible. I appreciate that in this book there are other talking heads in the barbershop that offer up alternative pieces of advice and that the self-insert character concedes that not every piece of advice will be one size fits all.

The other downside of the framing device of the book is that, since the book is written in a very casual, conversational tone, I think the slang and references to social media might age faster than the financial advice. I definitely cringed at the reference to OnlyFans, but I also concede that the book got some laughs out of me

One thing I felt both this book and the older edition lacked is the trivial details of how to open certain accounts. Do I just walk into a bank, do I need to make an appointment or can it all be done online? What terms do I look out for to make sure I’m not paying unnecessary fees? How do I find the ticker for the right ETF? These are all things I figured out eventually, mostly through reading the Canadian Couch Potato blog and The Millionaire Teacher, but I think I would have started investing a few months earlier if I knew exactly how to get started. The book also touched on how you need to invest differently for different time-horizons, but some more example portfolios would have been helpful.

There are some habits I picked up from the original book a long time ago like tracking expenditures on a monthly basis that I still follow and I think are helpful. There were a few things I realize I need to get on top of now that I’ve read this book, like disability insurance.


I think it’s also worth calling out that while I agree with the spirit of the recommended policy of automatically investing 10-15% and only leaving yourself enough cash to last the month, It’s never been something I’ve actually implemented for myself because:

1. 10-15% seems low for someone with a low-cost lifestyle and no dependents that might want to retire early.
2. My checking account has a minimum balance so I don’t want to empty it.
3. I need to switch which account I’m investing in every few months as the registered accounts fill up.

[Jason · Rating 5 out of 5]

I read Chilton's original "The Wealthy Barber" two decades ago when I was coming of age, recommended to me by an online buddy who ended up being a big Canadian Founder and CEO. It was recommended to me when I secured my first co-op job in Toronto. The strategies in this book helped me graduate from an out-of-town university with no debt (residence/food costs). I saved 80% of my co-op salary while at home to achieve this.
My only gripe about the original version was the suggested use of mutual funds, which he addresses in this book. Chilton no longer advises mutual funds due to their underperformance and high fees. Also, I find the suggested 10% savings rate too low. However, in Canada 2025, that can be difficult for many to manage, unfortunately. I prefer 'The Money Guys' 25% minimum, however, they're American.

First, this 2025 edition offers an interesting and unique pedagogy for personal finance books, which is why I assign it 5 stars. Most people will bore of dry personal finance textbooks, but this conveys all the important points in the form of a story - as humans, we're built to engage in and follow stories - most of us at least. So this is probably the starting point I would recommend to a finance neophyte, as most would not care to flip through a dry book. I'm one of the rare few who would read dry math-heavy finance books for fun. I only read this for nostalgia and to see if I would recommend it to personal finance beginners - I definitely would.

Second, this book includes all the essentials of personal finance - from the importance of saving, using a commission-free broker like Wealthsimple or Questrade, and using one of the cheaper broad-based index ETFs. I don't recall him mentioning any specifically, but it would likely be the ETF series listed here: https://canadiancouchpotato.com/model... . Another critical item is the coverage of new tax vehicles such as the TFSA and FHSA, as well as the more obscure vehicles such as the RESP/RDSP. He also delves into insurance and estate planning, something most people overlook. It covers the basics. These mini-subjects can get incredibly complex if you dig deeper, but it's one of those 80% of the result comes from 20% of the effort/knowledge-kind-of-things - more like 90/10 - I begrudgingly know from experience.

Third, the book is set in modern 2025 Canada, where real estate is not anticipated to have the same yields as in the past, and how much harder it will be for younger generations to succeed. This shows us that Chilton understands and empathizes with the current issues in Canada. He also talks about the newest brokers and products available.

Finally, this book is simple, entertaining, and practical. I highly recommend it for a beginner's introduction to finance. Other books I recommend for starters are "Millionaire Teacher" by Andrew Hallam (but this is not in a story format that can engage a complete beginner disinterested in finance). Going beyond Canada, Ramit Sethi's "I Will Teach You to be Rich" - same principles, different tax vehicles. For more advanced material, anything by John Bogle (founder of Vanguard and inventor of the index fund) and Larry Swedroe are great.

[Daniel E Parr · Rating 5 out of 5]

I read the original in the early 90’s when in college. Unfortunately we had no one to encourage us, or provide good examples. We spent a long time under employed and had children young. It was tough to put Roys teachings to work for us. Many years later I am in a better position to help my kids. I have purchased a copy for each one and some young friends too. My goal is to encourage them and be a mentor, much like Chilton’s Roy Miller. This book is not the full story but it can help younger people get a handle on the world of personal finance.

[Melanie · Rating 5 out of 5]

I read the original book when I was getting started and put the strategies into practice. By taking a few proactive steps, not over-complicating things and being wary of people trying to sell you what you don’t need…these things can get you pretty far. Now my son and fiancée are starting out and they have the revised version. They find it very inspiring and are putting plans into action. I borrowed it for a few hours to see what’s new. I’m so grateful to David Chilton for the updated advice. It very comforting to have your kids armed with such great financial smarts.

[Tash · Rating 5 out of 5]

Every high school should make this part of the curriculum. There are so many good lessons that can carry you through well into adulthood. David Chilton really makes personal finance approachable and dare I say, fun. His advice makes me excited for saving and planning my future. Even though I'm a little late to the party, I don't think it's ever too late to apply the teachings of the wealthy barber.

[Sean Wiseman · Rating 4 out of 5]

Who doesn't love David Chilton? Of course there is nothing in this book that will be news to anyone with at least a basic level of Canadian personal financial knowledge (aka the people who read his first version and/or "The Wealthy Barber Returns"). However, for most people in their early-mid 20s and even some in their 30s who haven't learned the key lessons it contains, it should be required reading.

[Kyler · Rating 5 out of 5]

An all time Canadian classic fully updated after all this time. I was expecting to have a few things updated but Chilton has basically rewritten the entire book for the 2020’s. The information provided is just as important as ever now.

[TJ Black · Rating 3 out of 5]

I read the original book back in the day.

The updated version has the same story saying that I could skip. Less rambling conversations. A summary at the end of the chapter would be helpful.

Also, if the chapters were labeled, I could skip the sections I don't need.

[Anatoly Kaverin · Rating 5 out of 5]

This a great book with financial wisdom for anyone beginning their journey. I’ll definitely ask my kids to read it several times as we already touched on some investment topics while they are in school.
Bought paperback version days after release.
Great book and great gift!

[Rianne De Castro · Rating 3 out of 5]

Would’ve gave it 5 stars before the chapter on life insurance. I have very different views on the value of permanent insurance and “buy term and invest the rest” is not a one size fits all solution as the book suggests.

[Ian O'Handley · Rating 4 out of 5]

Nothing ground breaking here but it is all really good stuff to know and reading about it in a book format helps to reinforce.

Only thing is I didn’t realize Chilton was a lions/tigers fan…..a lot of respect has been lost.

[Braden Hursh · Rating 4 out of 5]

Easily understood and actionable. I made a list of suggestions as I read that I can directly apply to my life.

The shoe-horning of pop culture and social media was painful at times and will make the book age poorly.

[Aidan Stride · Rating 5 out of 5]

Fantastic book. Chilton nails the update and once again somehow turns a book about personal finance into a page-turner you won't want to put down.

[Virginia Weese · Rating 5 out of 5]

This book is awesome - truly such an easy read but learned so much. 10/10

[Dar]

Read the original around 1990 :)

[Deb · Rating 4 out of 5]

Excellent advice. Nothing particulary ground-breaking but an important read for those starting out in life.

[Ben.Sincennes · Rating 5 out of 5]

Great summary for Canadian personal finances updated for 2025

[Jeff · Rating 3 out of 5]

"Pay yourself first. By far the three most important words in personal finance." (p. 39, Chapter 4: Two Rules)

[Gigill · Rating 4 out of 5]

Nice quick read, loved the updated references to chatgpt and the high cost of living. Some of it I still found confusing but good enough overall. I recommend!

[kiana :) · Rating 4 out of 5]

got this as a christmas gift. as far as personal finance books go though, this was pretty good and an easy read

[Ajg · Rating 5 out of 5]

Common sense will never cease to,provide the best financial advice. As an account at, of course, I couldn’t put this book down. I highlighted all the good parts. 😁

[Jacqueline Jackson · Rating 5 out of 5]

So important for young people to read.

[Owen Pritchard · Rating 5 out of 5]

Excellent update to the all time classic!