What Would David Chilton Say?
Enter your numbers and get graded on the one habit the Wealthy Barber built his whole philosophy around: pay yourself first. See your savings rate against the 10% benchmark, and what closing the gap could be worth by age 65.
Not affiliated with or endorsed by David Chilton. An educational interpretation of ideas published in The Wealthy Barber (Stoddart, 1989).
What paying yourself 10% is worth
Your invested nest egg at age 65 — your current pace versus paying yourself a full 10% of income, compounded monthly at your chosen return.
What he'd have you do next
In order. Warm, plain, and straight from the philosophy.
This is an educational tool that applies David Chilton's well-documented public philosophy to your numbers. It is for general education only and is not financial advice. All verdict lines are respectful paraphrases in his style, not real quotes. For advice about your own situation, talk to a licensed professional.
How this is calculated
Pay yourself first — save 10% off the top
The core rule: automatically save 10% of your gross earnings before you spend anything, and invest it for long-term growth. This tool computes your current savings rate (annual saving ÷ gross income) and grades it against the 10% benchmark. Source: The Wealthy Barber (Stoddart, 1989); reaffirmed in The Wealthy Barber Returns (2011) and the fully updated 2025 edition.
The 15% stretch for higher earners
Higher earners are encouraged to aim for 10–15%, so the tool marks 15% as a "stretch" and rewards it in the score. Source: The Wealthy Barber Returns (2011).
Savings rate beats income
Long-run wealth depends more on the share of income you keep and invest than on how much you earn — which is why the score is built around your rate, not your paycheque. Source: The Wealthy Barber philosophy.
Automation
"Pay yourself first" only works if it happens before you can spend the money, so the score gives credit when your saving is automatic. Source: The Wealthy Barber (Stoddart, 1989).
Fluctuating income
If your income bounces around, still pay yourself first — base your 10% on the minimum you can reliably expect to earn, then top up in the good months. Source: The Wealthy Barber Returns (2011).
The wealth-at-65 projection
We compound your monthly contributions and any existing balance to age 65 at your chosen return, using monthly compounding: FV = existing·(1+r/12)^n + monthly·[((1+r/12)^n − 1)/(r/12)], where n is months to 65. The "paying yourself 10%" scenario uses the larger of your current saving and 10% of income, so it never understates where you already are. Returns are assumptions, not guarantees.
"I can't afford it"
Chilton calls this the most powerful phrase for controlling spending; the tool surfaces it as a suggested next step. Source: The Wealthy Barber Returns (2011).
David Chilton is a Canadian author who wrote The Wealthy Barber; he remains active in personal-finance education. Read his own free material at thewealthybarber.com.
If you are David Chilton or represent them and want this changed or removed, email [email protected] and we'll act promptly.
Common questions
What does “pay yourself first” actually mean?
Before you pay any bills or spend a dollar, move a fixed slice of your gross income — the classic target is 10% — straight into savings and long-term investments. You then live on what's left. The idea from The Wealthy Barber is that saving is a habit you automate, not a leftover you hope for at month-end.
Is 10% enough, or should I save more?
Ten percent of gross income is the baseline habit to build. Higher earners are encouraged to stretch toward 10–15%. What matters most is starting early and staying consistent, because your long-run wealth depends more on your savings rate than on your income.
How can I pay myself first when my income changes every month?
Base your automatic 10% on the minimum you can reliably expect to earn, so the transfer never bounces, then add extra in the stronger months. The point is to keep the habit running regardless of the ups and downs.
What is the most powerful phrase for controlling spending?
“I can't afford it.” Said plainly and often, it keeps spending in check far better than any budgeting spreadsheet, and it protects the money you've already paid yourself first.