Comments on: The Wealthy Barber: The Ten Percent Solution http://www.thesimpledollar.com/2007/01/16/the-wealthy-barber-the-ten-percent-solution/ Financial talk for the rest of us Sat, 16 Feb 2013 01:14:45 +0000 hourly 1 http://wordpress.org/?v=3.5.1 By: Lev http://www.thesimpledollar.com/2007/01/16/the-wealthy-barber-the-ten-percent-solution/#comment-411665 Lev Fri, 07 Nov 2008 14:10:48 +0000 http://www.thesimpledollar.com/2007/01/15/the-wealthy-barber-the-ten-percent-solution/#comment-411665 Chilton is not telling you when to or when not to spend your money. The gist of his message is this, put awa the 10%, and allow it to continuously gather compount interest and grow until it is needed. Ideally, the longer you contribute to it and allow it to grow, the more you will have (retirement), but he uses it to propose a vehicle in which you can be fiscally responsible and save money at an alarmingly high rate.

]]> By: Marc http://www.thesimpledollar.com/2007/01/16/the-wealthy-barber-the-ten-percent-solution/#comment-352062 Marc Tue, 12 Aug 2008 03:33:00 +0000 http://www.thesimpledollar.com/2007/01/15/the-wealthy-barber-the-ten-percent-solution/#comment-352062 Same question here. I’ve read the book 2-3 times and don’t understand when you get to spend the 10%. Say you’re still young, and you want a new bunch of furniture, say $5K worth. Is that the sort of thing you can use the 10% money for, or should it sit untouched (for what then?) and you have to save the money over some paychecks before you can buy the furniture?

]]> By: partgypsy http://www.thesimpledollar.com/2007/01/16/the-wealthy-barber-the-ten-percent-solution/#comment-197182 partgypsy Tue, 04 Mar 2008 15:52:56 +0000 http://www.thesimpledollar.com/2007/01/15/the-wealthy-barber-the-ten-percent-solution/#comment-197182 I also found this confusing. I just read finished reading this book. When I read this, I asssumed the 10% was for retirement. Then in another chapter they discuss saving for retirement. What is this money used for, when do you spend it and for what (investments, fun money)? If you don’t actually tap it until retirement, why don’t you just increase the percentage of your retirement contributions rather than keeping it in 2 different places?

]]> By: Debbie http://www.thesimpledollar.com/2007/01/16/the-wealthy-barber-the-ten-percent-solution/#comment-15026 Debbie Mon, 02 Apr 2007 21:02:24 +0000 http://www.thesimpledollar.com/2007/01/15/the-wealthy-barber-the-ten-percent-solution/#comment-15026 I just read this book, partly because of your recommendation. Do you understand what this money is for? It’s not for retiring because you have to save retirement money in addition to this. It’s just supposed to make you be able to live more comfortably. But if you use it to buy boats or whatever, the money won’t be there to build up into a big pile of money. How long before you get to spend this? I really don’t get this part.

]]> By: efipo.com http://www.thesimpledollar.com/2007/01/16/the-wealthy-barber-the-ten-percent-solution/#comment-3287 efipo.com Tue, 16 Jan 2007 16:49:04 +0000 http://www.thesimpledollar.com/2007/01/15/the-wealthy-barber-the-ten-percent-solution/#comment-3287 I liked this book, but it was very simplistic. I think it’s weird that some books educate you to save, but not how to invest correctly. You can pick pick 10 companies that will probably never go away (eg. Microsoft, Mac, Bank of America, American Express and so on) and you will do much better than a index fund or mutual fund.

Just my thought on it though.

]]> By: MillionDollarJourney.com http://www.thesimpledollar.com/2007/01/16/the-wealthy-barber-the-ten-percent-solution/#comment-3285 MillionDollarJourney.com Tue, 16 Jan 2007 16:24:46 +0000 http://www.thesimpledollar.com/2007/01/15/the-wealthy-barber-the-ten-percent-solution/#comment-3285 Again, this is the book that introduced the rule “Pay Yourself First” to me. So far so good!

FT

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