In April, the story begins in Sarnia the same way it did in 1989. But instead of Dave (and wife Sue), his sister Cathy and his friend Tom sitting in Roy Miller’s barbershop, we meet Matt (and wife Maddie), his sister Jess and his buddy Kyle.
Roy is still cutting her hair, still wise as ever – and this time he’s joined by regulars Jimmy and Clyde, plus a new face: Sourov, a 22-year-old newcomer to Canada who rents an apartment from Roy and is eager to get ahead and live the Canadian dream.
That’s the setup for David Chilton has been completely rewritten The rich hairdresser – a modern retelling of Canada’s all-time personal finance classic that taught millions of Canadians the importance of ‘paying yourself first’. And I’ll say it up front: this new version absolutely delivers results.
A familiar story, updated for today
Chilton retains the same urban warmth and conversational tone as the original Rich hairdresser so approachable. But this isn’t just a nostalgia project – it’s a thoughtful rewrite for a new generation.
The references have been updated – goodbye VCRs and clickers, hello TikTok and ChatGPT – and the advice reflects the modern investment landscape.
Roy no longer suggests researching top fund managers or chasing mutual fund returns of 10-15%. Instead, he favors evidence-based investing through low-cost index funds – or, as he puts it: “buy things that own things.”
He reminds readers of this “For 99% of People, Knowledge Hurts Their Stock Market Returns,” and calls “the wealth-destroying tyranny of fees.” It’s music to the ears of anyone who, like me, believes that simplicity, low costs and discipline win the long game.
Practical, useful lessons
Chapter 6 (“You Have Some Questions”) is notable for its clear breakdown of the account types – RRSP, TFSA and more – and when to prioritize each. I liked Roy’s sensible take on employer matching plans: get the free match and then continue if your group plan does not offer index funds.
And while the TFSA gets a lot of modern buzz, Roy makes a strong case for the underrated RRSP. You will receive a deduction on your account highest marginal tax rate and often later withdraw at a lower mixed interest – a point that too many investors overlook.
About real estate and home ownership
Chapter 7 (“Quick Hits and Strong Opinions”) covers real estate with welcome honesty. Roy explains why investing in rental properties nowadays often no longer makes sense. The math, maintenance and headaches just don’t add up.
I agree, and if your parents insist that real estate is the best investment, ask if that advice comes with a time machine for buying houses 25 years ago.
On homeownership, he’s sympathetic to first-time buyers facing impossible prices, but he’s pragmatic about the timing: Buy when you’re financially ready – when you’re not ‘financed’ by the cost of ownership. Don’t be obsessed with getting a 20% discount, he says; well-qualified borrowers below that threshold pay CMHC insurance, but often get better mortgage rates.
He also emphasizes the FHSA And Home buyer plan combo as a powerful tool for young Canadians and smartly advises against rushing to repay the HBP – there is no deduction for repayments, so take the full 15 years.
Budgeting, cars and “small leaks”
Roy spends more time on budgeting this time. The old ‘save 10% and spend the rest’ still works for many, but he warns that small leaks sink big ships. A simple expense review can reveal these leaks before they become vortexes.
And one of my favorite updated sections: “Cars are savings killers.” Enough said.
Insurance, wills and real responsibility
In Chapter 10, Roy goes into more detail about insurance, wills and executor tests than before. He emphasizes how much work an executor actually does – and that corporate executors, even though they charge a fee, can be worth it.
There is also a stronger focus on disability insurance – something too many people overlook. As Roy points out, the chance that you will become incapacitated (even temporarily) is much greater than the chance that you will die prematurely. And in a nice meta twist he adds: “Don’t laugh, but ChatGPT is now also quite good at analyzing policy.”
Final thoughts
I loved the updated version of The rich hairdresser. It retains the warmth, humor and story-driven simplicity that made the original a classic, but updates the advice for 2025 and beyond. This is the kind of book you want to buy for yourself, your children, your grandchildren, or anyone who is just starting to think seriously about money.
The Wealthy Barber: The Completely Updated Canadian All-Time Classic is available today – exclusively at Indigo and independent bookstores across Canada (not Amazon, Walmart or the major US retailers). The Chilton team made a conscious decision to keep the entire project Canadian – editors, designers, printers and partners – and that feels fitting for a story that has always been about helping Canadians build a better financial future.
Why you should read it
- It reminds us that the fundamentals of financial success never change, but the way we talk about them should.
- It updates timeless wisdom for the generation of index funds, high housing costs, and TikTok attention spans.
- And honestly, it’s a joy to read – just like it was in 1989.
Readers, leave a comment below and tell us when you’ve read the original The rich hairdresser and how it has impacted your life. I’m giving you a chance to win a free copy of the new and fully updated version The rich hairdresser. I’ll keep the contest open until Friday, November 7 at 5:00 PM EST and announce the winner in the next edition of Weekend Reading.
#Wealthy #Barber #Returns #reborn #Canadian #classic