The Wealthy Barber
The financial classic that has helped millions of people take control of their financial future through simple, common-sense advice told as a story.
The One Key Takeaway
Pay yourself first.
Before you pay your bills, before you buy groceries, before you do anything else, set aside 10% of your income for long-term savings. This one habit is the foundation of wealth.
Core Lessons
The 10% Solution
Save 10% of your earnings immediately upon receiving them. If you cannot save 10%, start with 1% and increase it, but make it automatic.
Wills and Life Insurance
It is not fun to think about, but having a proper will and adequate life insurance is an essential part of a responsible financial plan.
Home Ownership
Buying a home is often a forced savings plan. It forces you to build equity, which is a key component of net worth for most people.
Notable Quotes
"The wealthy barber is a wealthy barber because he saved 10 percent of everything he made."
"A dollar saved is two dollars earned."
Finish this Lesson
Mark this article as read to earn 50 XP and progress in your journey.