Wealthy Barber

A detailed Summary of Wealthy Barber

Money is easy to make as long as you have a job, however what do you do when you have the money is another question. This is a question I have asked myself ever since I got my first part time job. Many people don't realize that your money can make you more money, through proper investment. Through this strategy you can not only live comfortably now, but you can live a wealthy retirement and enjoy your later years. One of tips which caught my eye the most was the chapter, entitled, "Ten Percent Solution". This chapter seemed to make sense to me as I am on a limited budget with a minimum wage job.

I am one of the fortunate students how somehow can balance school with a part time job. I do this because it allows me some freedoms while at school, such as eating well, socializing and trips to visit friends. I also seem to have a bit of money left over which I leave sitting in my low interest bank account. It is this money I am hoping to save for when I am done school and to begin my OSAP payments. Until reading the book, "The Wealthy Barber", I never really had an idea of what to do with my money. Since I am also one of those students who is lucky enough to have a loan through OSAP, I figured I'd better start savi

When investing in a stable mutual fund you really are safe as through your research you will choose a professional investor which you feel comfortable with. You must be comfortable with your mutual fund representative as he is now handing and investing your money for you, and you just hope to reap from the rewards of his expertise. The advice in " The Wealthy Barber" about choosing a mutual fund was a bit blurry. However, as far as I could see what David Chilton is saying is that, if you don't understand what is happening with your money then don't do it. Basically don't invest in something that you can't comprehend because not all mutual funds are good. You must understand it as there are many mutual funds out there and you can't just randomly pick one. You must research everything, things such as; type of mutual fund, how the investor has done in the past and how he is doing now, how long has he been there and how long will he stay, rate of interest over past few years, etc. If you haven't done the research then you really don't know what your getting into and could end up losing money.

I am currently saving money in a GIC account at a bank which has a mediocre interest rate of approximately 4%. However, if I invest in something such as a mutual fund for long term growth I will get a better interest rate and end up making more money without doing anything. The nice thing about both the GIC and the mutual fund is that they use the compound interest which allows your money to grow at a very rapid rate, as you will slowly start making money on the previous interest deposits as well as your own deposits which you make. However to gain significant interest growth you must have something at a reasonable interest rate. This book has really inspired me to do the research and start doing this.

The whole idea of this novel is to save money now and you will live better in the future, such as when we retire. This is a great idea for all people, especially students as we will see better results as we are still young and can use compound interest to our benefit. Many students at all ages don't do this, in fact haven't even thought about doing this. It does sound unreasonable an

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Approximate Word count = 1493
Approximate Pages = 6 (250 words per page double spaced)

Category: Politics