This book has come with so much hype that I feel like it doesn’t even need a preamble. David Chilton is back with a sequel to his massively successful 1989 best seller The Wealthy Barber, making it officially the longest anyone has ever had to wait for a sequel ever. I’m willing to forgive this since, like so many other Canadians, I was introduced to the world of finance by Chilton.

A background story: I was 14 years old and in the basement of my parents house. (I would continue to live there for another 11 years! Yikes.) I had to go to the bathroom, and being too lazy to go upstairs to mine, I stayed downstairs and used the purple one that my sister used. It had a purple toilet AND carpet. That’s just pure class right there. So I sit down and see a copy of the Wealthy Barber sitting on the floor, a bookmark in about 9 pages. Literally with nothing better to do, I pick it up and start reading.

And the rest, as they say, is history. I was instantly hooked. I read the book cover to cover. I loved the story. I was anxious to go out and get a job so I could invest my money and watch it compound. I was ready to buy a rental house like one of the characters did. I continue to recommend it to people just starting out on their financial journey. Real life friends can attest I’ve bought the book as a wedding gift. (I also stuck a gift card inside of the book, since I’m not THAT mean.)

Plus, it continues to rank high on the Uproar Reads list, which I’m pretty sure is the ultimate compliment.

Knowing the background story, you can imagine I was pretty excited to hear about the Return of the Wealthy Barber. Let’s look at a picture of the cover.

More than 2 million of the original sold? That’s quite impressive, considering the average best seller in Canada sells approximately 842 copies. I read somewhere the original was the best selling book in Canadian history. But wait, I think I see something odd on the cover of the book. Can we see another shot of that, blog fairies that magically do this stuff?

THAT’S INAPPROPRIATE LANGUAGE DAVID CHILTON! WATCH YOUR TONGUE!

The Actual Review

There aren’t many personal finance books that I find myself laughing as I read them, but this one was definitely an exception. This book is legitimately funny, not just finance funny. By the way, finance funny is kind of like hot chick funny. As long as a hot chick isn’t miserable, guys will believe she’s funny. It’s the same principle with finance books.

It’s not a story like the first one. In fact, it reads a lot like a blog. Each chapter is only a few pages long. It explores a topic, makes a couple of jokes and moves on to the next one. Considering how short my attention span is, I enjoyed the setup.

The book doesn’t delve too deep into the topics it covers. And, in a refreshing turn, Chilton readily admits at times he really has no idea what the right answer to certain financial topics that the blogosphere has wrestled with for years. He makes convincing arguments in favor of index investing, as well as not having tens of thousands of dollars tied up in emergency funds. Chilton also rallies against the large debt load that afflicts a large number of Canadians.

There’s all sorts of other great things in The Wealthy Barber Returns as well. But you don’t care. You just want to know how you can win one. You’re so impatient.

How To Win A Copy

Great news everyone! I’m going to be giving away the actual copy of the book that I read. This book spent some time in bed with me, meaning it’s the closest many of you will get to sleeping with me. It’s probably the closest you’ll want to get to sleeping with me.

Usually giveaways go a little something like this. You get x entries if you follow on Twitter, x more if you RT, and so on. Aside: you definitely should be following my Twitter feed, because it’s filled with stupid jokes all sorts of relevant information. And while I’d appreciate you spreading the word to your followers at least 31 times, it’s not a necessity for this contest. I’m going to do something a little different this time around. This is a skill testing contest. But don’t worry, it’s not that hard.

As you can see by just scrolling up a little, I have a slogan for my blog right under the title. For those of you reading via your RSS feeds, the slogan is “I can’t hear you. I’ve created too big of an uproar.” It’s a solid slogan, but it could be better. That’s where you come in.

In the comments section, I’m going to give each and every one of you two shots to come up with my new slogan. All you have to do is leave just one comment with your two new slogan attempts underneath this post, and that’s it. You’re entered. Let me show you an example:

1. Financial Uproar: Making all of your non-sexual dreams come true.

2. Financial Uproar: Bad attempts at jokes since 2010

And so on. That’s how easy it is to enter.

And so you can’t accuse me of bias, I will be getting a independent third party to choose the winner. The winner will get the satisfaction of seeing their slogan at the top of this very blog, until I get bored with it and go with another. Oh, and they’ll get a copy of the book. The contest will run for almost 2 weeks, I’ll announce the winner during the Saturday link dump on October 22nd. Americans are free to enter, but be advised this book probably won’t be too applicable to you. Overseas entrants should probably just go away now.

That’s it. Enter now dammit.

 

So there I was a few weeks ago, just playing around on my laptop a few weeks ago in my living room and minding my own business, when I see a tweet from MoneySense magazine. All I had to do is be one of the first two to reply to the tweet, and I’d have my very own copy of MoneySense’s Real Estate Guide. I was quick on the draw, and totally won, signifying the first time I’d ever won anything.

Then a few days later, much to my surprise, MoneySense emailed me, with some crazy good news. They had screwed up and sent the above pictured retirement guide instead of the real estate guide. Not to worry they told me, the real estate guide would also be sent. Two free books? What a great screw up!

So today I’m passing along my good fortune to you kids. I’ve spent some time reading the Guide To Retiring Wealthy, and it’s a pretty solid read. With a little luck, you could win the very copy I read with potato chip stained fingers. But before I give it away, let me tell you a little about what the book is about.

The book is divided into chapters that cover a decade in financial planning, your 20s, 30s, etc. Each chapter also includes a look into the life of a fictional couple John and Mary, and what they’re worrying about at a certain stage in their lives. No word on whether Mary is hot or not though.Finally, at the end, there’s a self test, so you can see whether you’re on track. Like every other test in my life, I’m probably going to fail this one too.

Your 20s

The book starts off with some tips for 20 somethings, focusing on getting the other parts of your financial life in order- like student loan and credit card debt taken care of. It also dispenses advice on how to start saving, touches on RRSPs and TFSAs, and gives tips on how to buy a car and also tackles the debate of whether a person in their 20s should buy or rent a house. John and Mary also show up, get married, and by the time they turn 30, Mary is pregnant! Let’s hope John is the Dad…

Your 30s

Naturally, someone in their 30s usually has more money related stress in their lives. They’ve just bought a house and maybe have become new parents. Staying afloat while paying a mortgage and raising kids can be tough, adding retirement savings to the mix almost seems impossible. The chapter also touches on insurance needs and whether a new parent can afford to stay at home with the kids or go back to work. There’s also the only RESP article in the whole world not written by Mike at MoneySmartsBlog.  Seriously, if you’re looking for RESP advice, Mike is the man. I’m going to harass him on almost a daily basis with RESP questions once I convince some sucker lucky woman to have my babies.

One thing I don’t like about the book is the acceptance of having a car payment. All sorts of experts share their opinions in the topics covered, and they all imply that a car payment is a given. There is no rule you have to buy a new or next to new car. A car bought for $5,000 or $10,000 will not spontaneously combust, I promise.

John and Mary are back, and they’re not doing especially well. They bought a house using a 35 year amortization. They owed money on their credit cards and a car loan. They have a positive net worth, but almost all of it is just equity in their house. I smell a midlife crisis coming up soon…

Your 40s

My favorite chapter in the book so far talks about just how much you’re looking at to retire, along with some basic investment strategies to get there. It also touches on pensions, whether or not buying a rental property should be part of the plan, how to recover financially from a divorce, and tips on how to take a year’s sabbatical. John and Mary are chugging along nicely, no word on whether he’s cheated on her with that hot divorcee who works in accounting.

Your 50s

Even if someone hasn’t saved a significant amount by the time they turn 50, the guide explains they’re hardly screwed. Once the mortgage is paid off, savings can really be supercharged. The chapter also covers adult children moving back in, as well as retirement withdrawal rates, and avoiding debt going into retirement. John and Mary- ah, screw it. They’re boring.

Your 60s and 70s

Oh yeah! You’re finally retired. The final chapters in the book talk about estate planning, adjusting asset allocation of your investments once you retire, and tips on how to get a job that both boosts income and is fun. Easily the best part for me was the section of retiring abroad in places like Mexico or Costa Rica. I’m not sure why more retirees don’t look at this option.

A Chance To Win The Book

Overall, the guide was a pretty solid read. It’s packed full of great tips for people of any age who are interested in getting their retirement savings on track. Now I bet you want a chance to win the book, huh? Well, you’re in luck. I’m giving you all sorts of ways to win! Just do one (or all if you’re so inclined) of the following to get a chance to get the book.

1. Leave a comment (1 entry)

2. Mention this giveaway on the Twitter (1 entry) Make sure you @ me when you do, or I’ll have no way of figuring out if you did. If you become a new Twitter follower or you already follow me, I’ll give you a bonus entry.

3. Link to this contest on your blog (3 entries)

So there you have it. You could easily get 6 entries to this contest, easily the greatest to happen to anyone. And since I fully expect to get about 9 total entries, you’ve gotta like your chances! I’ll draw for the winner on Friday June 3rd, and announce the winner in the link dump the next day. Oh, and you’ve gotta live in Canada or the U.S. to win. I’m not shipping this thing all the way to Timbuktu.

 

That’s a lot of exclamation points kids. I don’t know if you’ve noticed, but I’m pretty excited.

Here’s the deal: While in the flat wasteland of Saskatchewan a few weeks ago, I picked up a copy of Money Road by Garth Turner. I read it on the way back to Alberta, and I kinda liked it.  Garth has some interesting predictions on what is going to happen in the near future-

Housing will correct- Garth and I are in total agreement with this one. Canada’s real estate market is overvalued and primed for a correction. We’re already seeing it begin. Garth was one of the first people who brought this to my attention.

Higher taxes and lower government spending- Governments around the world blew their brains out when handing out stimulus money back in 08-09. This has to be paid for somehow, resulting in higher taxes and a decrease in government spending around the world. Drastic action must be taken.

Interest rates will increase, causing equity markets to be flat for long periods of time- Not only will increasing interest rates make bonds or preferred shares more attractive (Garth really likes prefereds) but it will cause our housing downturn to worsen because of higher rates when mortgage holders renew.

There’s a lot more. The book is filled with practical tips for Canadian investors. It touches on tax avoidance, portfolio composition and my personal favorite, contrarian investing. RRSPs and TFSAs are covered as well.

And best of all, I’m giving you all a chance to win a copy. How do you enter? It’s quite simple really. You can either:

1. Leave a comment on this post.

2. Follow me on the twitter.

3. Tweeting a link to this post and the giveaway. (make sure to @financialuproar so I know you tweeted)

It’s pretty simple really. If you do all three of those things, you get three entries. If you already follow me on twitter, please point that out in a comment and I’ll credit you for two entries.

There’s a couple of ground rules as well:

1. Only Canadians and Americans can enter. Before you enter Americans, please note that this book is very Canadian centric and wouldn’t really be much use to you. Still, if you want to enter then go ahead.

2. I’ll draw for the winner on July 2nd at 12:00 noon eastern.

3. I’ll either email the winner or contact them on Twitter. If the winner doesn’t respond within 72 hours, I’ll redraw a name.

Good luck!

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