Its taken over 20 years, but David Chilton has a sequel coming out this summer to his hugely popular The Wealthy Barber. It looks like the new book is going be another blockbuster judging from what I have read, and our chat over the phone yesterday (in which he read a few chapters from the manuscript).
Chiltons a very painstaking writer and has been working on the book for about 2 years. He tests his chapters on focus groups, so you just know that whats in the book will likely have an impact. The excerpt he publishedin the Toronto Star produced an avalanche of emails that took several days for him to respond to.
It will be self-published just like The Wealthy Barber, but wont be using the same novel-like, Socratic approach. Instead, Chilton will be writing the book in his own voice, with ample servings of humour and anecdotes. You can get a bit more detail and updates on the book from his website.
The title will be: The Wealthy Barber Returns: Significantly Older and Marginally Wiser. The first third is about saving and spending (it particularly examines why we spend so much). Most of the remaining 2/3 of book is on the investing mistakes people make. The chapters will be short there are over 75 of them.
Chilton says North Americans need to rediscover the virtues in The Wealthy Barber particularly living “within your means.” Hes an opponent of borrowing to invest because people tend to leverage when they’re optimistic, which also tends to be when stocks are high-priced. Chilton also believes people who spend less than they need are happier its less stressful to define yourself by what you own or consume.
He hasnt given out many interviews lately. Exceptions include those with Moneyville.ca editor Adam Mayersin September and February, Jonathan Chevreauin December, 2008, and Ellen Rosemanin 2009.
More on David Chilton (from various sources)
- was an economicsgraduate from university
- won annual award for highest score on Canadian Securities Course
- was a broker with Walwyn Stodgell Cochran Murray
The Wealthy Barber
- published The Wealthy Barberin 1989 (sold about 3 million copies over the years)
- originally titled The Wealthy Bartender(after seeing the CheersTV show)
- financial industry didnt warm to book at first (not enough on leverage)
- between 1990 and 1992, gave 200 speeches a year in Canada
- in 1992 and 1993, rewrote the book for the U.S. market and went on tour
- U. S. public broadcaster PBS turned The Wealthy Barber into a television series
- left the speaking-interview circuit at peak in 1994 to slow down and do something else
Years after The Wealthy Barber
- ended up running a publishing company
- published very successful series of cookbooks (e.g. Looney Spoons)
- around 1999, he thought ofa sequel to The Wealthy Barber but wantedtime for his kids
- tried his hand at the frozen-food business for a while
- has been doing speaking engagements, mainly for corporate clients
- doesnt own mutual funds,
- owns individual stocks (enjoys doing the research)
- soldU.S. stocks before market crash
- triggered by seeing mania-likereal estate conditions while in Florida on a golfing trip
- reads 100 books a year on financial planning and investing
- continues to live in Kitchener