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1-Page Summary of The Wealthy Barber

The book is structured around a story of three people in their late 20s visiting Roy, the title character. They each get lessons in financial planning from him and also have to carry out actions that he prescribes for them. The book also shares his knowledge with customers who come into his barber shop.

The story takes place in Sarnia, Ontario. Roy had plans to become a lawyer but ended up taking over his father’s barber shop instead. He was worried about money and asked Mr. White for advice on financial planning, which led him to accumulate wealth later in life.

The book draws from the advice given in The Richest Man in Babylon. Later chapters discuss wills and life insurance, RRSPs, buying a home, income tax and saving and spending.

Roy does not believe that debt is the root of all evil. He believes it can be a useful tool when used properly. However, he does believe that you should prioritize paying off your debts and avoid incurring new ones whenever possible. Roy also advises against using credit cards because they are harmful to one’s personal finances in the long run.