The Wealthy Barber

The Wealthy Barber

Description

From the beginning of the book I learned that it is very important to live the golden rule of wealth. The golden rule is to invest at least ten percent of your income for long-term growth. If you follow this rule it will make you a very wealthy person. During the middle of the book I found the scenario with Roy and Brain really interesting. They are brothers and they decided to buy a house together and fix it up and rent it out, they made it seem really simple to make an investment, split up the work, and find someone to lease from them. They stared feeling really comfortable about their finances. Towards the end of the book I found the part about retirement was very interesting, I even had my mom read it. I learned about saving for retirement and the importance of compound interest. I also the learned the important role the government plays in the planning for retirement.

What I learned from the book.

The most important thing I learned from the book was to start saving early. I learned that you need to start putting away ten percent of every paycheck no matter how small it is, and no matter how hard it is. Sometimes that can be a very difficult thing to do, but since reading the book I have put away ten percent of my last three pay checks.

My feelings about the book.

I thought that the book was very interesting. I want to study the information more to help me make the right investments when it comes time for me to buy a house and raise a family and eventually retire.

What information from the book I plan to implement in my life.

I plan to use all of this information in my life. I am only 21 years old and I still have a lot of life to live. After reading the book I convinced my grandma to get a will written to prevent any fighting in the future. I am planning on getting married next year and we are looking for a house to purchase and since reading this book and the text book I actually understand what my loan officer is saying. I have a hard time saving money but I have been a lot more conscious since learning why it is so important (not including the shopping spree for my new niece.)