The return of The Wealthy Barber – MoneySense

Personal finance books rarely create mass appeal, but author David Chilton managed to do so through the relatable, conversational lessons of the wealthy Mr. White to the mild-mannered Roy in his Sarnia barbershop. The sequel, The rich hairdresser returnsopted for a different approach in the 2011 release. In place of his original characters, Chilton dispensed advice by sharing his personal views on money.

Timeless money lessons, reimagined for a new generation

The 2025 updated version of The rich hairdresser was released exclusively in Indigo stores and independent bookstores nationwide on November 4. It has been completely rewritten to incorporate new realities of Canadian wealth building such as the Home Buyer’s Plan, Tax-Free Savings Accounts (TFSAs) and First Home Savings Accounts (FHSAs). These additional account choices, along with new investment vehicles and the high cost of living, make it even more difficult to decide how best to pay yourself first. This makes the rewrite even more relevant for a new generation of Canadians.

I spoke with David Chilton about the new edition. He said his motivation was to tackle the challenges young people face today, from rising costs to new 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 original book as a teenager, and while many baby boomers and older Gen Xers may wonder if this rewrite is for them, it probably isn’t. But it is for their children and grandchildren. According to Chilton, it targets “young adults in their 20s, 30s and 40s, focusing on passive investment strategies and financial basics like keeping costs low and paying themselves first.”

The broad appeal of the original book is likely due to its humor and relatable stories that simplify complex financial topics. This makes readers feel less intimidated and more empowered. So if you consider yourself less financially savvy, the lessons will be easy to digest.

‘Pay yourself first’ is still the most important

Chilton emphasizes that the high cost of living, especially housing, makes it difficult for young people today to save regularly. There’s also the pressure from social media to spend money on things that may seem necessary, but aren’t.

However, saving should also be a necessity before taking on other financial obligations. When I asked Chilton about his most timeless lesson that is still relevant today, “pay yourself first” was at the top of his list. He also highlighted the updated book’s chapter on smart savings, which provides tips on managing day-to-day finances to ensure there is money to put aside for the future. After all, you can’t invest if you can’t save.

Chilton expressed frustration with the amount of youth spending on cars, despite the challenges of homeownership and the rising cost of living. But he credits them with recognizing the benefits of low-cost investment strategies, with younger generations becoming more sensitive to fees and aware of the impact of investment fees on their retirement savings.

One of The Wealthy Barber’s key messages is to “Save and invest 10 to 15 percent of everything you earn by paying yourself first.” For those who remember the 1989 original but regret not taking that advice, the good news is that it’s never too late. “The best time to plant an oak tree was twenty years ago,” writes Chilton. “The next best time is now.”

From book to podcast: Chilton’s message remains relevant

The Wealthy Barber update covers budgeting, investing, real estate, wills and life insurance, among other topics. The result is a series of personal finance lessons, woven into a series of fables.

Chilton has supplemented the book with his new The Wealthy Barber podcast, featuring Canadian voices in personal finance. He notes that “it has become a top business podcast in Canada without monetization, while focusing on providing valuable financial information to a broad audience.”

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 sincere in his intentions. In a world where many young people are learning questionable financial lessons from biased financiers, The Wealthy Barber is a great resource to guide young people on their path to true financial independence.

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