Sarnia’s own Dave Chilton, the financial educator and former Dragons’ Den star, has just released a completely rewritten version of his classic book, The Wealthy Barber. After 16 months of full-time writing, Chilton has updated the book for a new generation, and The Sarnia Journal has learned that he’s woven his strong local ties directly […]
Sarnia’s own Dave Chilton, the financial educator and former Dragons’ Den star, has just released a completely rewritten version of his classic book, The Wealthy Barber. After 16 months of full-time writing, Chilton has updated the book for a new generation, and The Sarnia Journal has learned that he’s woven his strong local ties directly into the narrative.
Chilton's connection to Sarnia goes back generations. He shared with The Journal that both of his parents’ families were from the city, which meant he spent his summers here in his youth. He developed a "tremendous number of friendships that I've been lucky to maintain over the years".
His love for the community is ongoing. He says he’s "probably its biggest advocate as I sing its praises everywhere I take the stage". That connection became permanent thirteen years ago when he purchased a place back in Sarnia and now spends most of his time here.
This sense of local belonging is what inspired him to include Sarnia in the new book. He was delighted to be able to "weave specific places in Sarnia into the updated version of the book".
As for why he tackled the massive project of rewriting the book now, Chilton had two candid reasons. The first was simple: "I'm old! I knew if I didn't do the fully-updated version soon, it probably would never happen".
The more important motivation was a desire to help, noting that many people in their twenties and thirties are confused by new financial products like TFSAs and FHSAs, and "also stressed by the very challenging economic situation we face today". He thought the book could bring "some clarity and hope" amid "so much noise out there".
That stress is particularly high when it comes to housing, an issue Sarnia readers know well. When asked if the classic advice of "pay yourself first" still holds up with today's high housing costs, Chilton confirmed it does—but with a major caveat.
"'Pay yourself first' will always be the most effective way to save!" he said, adding, "However, it is harder now than ever to build a down payment and truly afford a home". He spent months writing the homeownership chapter to ensure he didn't "gloss over the challenges they are up against".
He stressed that the book had to tackle these issues head-on, essentially saying, "It's tough out there, but here are some techniques and strategies that can at least help".
The advice is delivered through the book's familiar narrative style, using the barbershop setting. Chilton believes the "novel" approach works because it "draw[s] readers in, relax[es] them and make[s] them more open to learning".
He intentionally makes the narrator relatable, noting the fact that the narrator is "frank about being intimidated by this subject and not strong at math tends to give the readers some peace of mind". The narrative also keeps him "away from charts and graphs and for most readers that's a good thing".
The use of multiple characters visiting the barbershop lets Chilton cover a variety of scenarios and financial nuances in ways that readers can easily relate to.
The fully-updated The Wealthy Barber is available at the Book Keeper.
