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David Chilton: Live Modestly And Live Happier [VIDEO]
Personal Finance | December 10, 2012

David Chilton: Live Modestly And Live Happier [VIDEO]

"Spending's fun, spending is instant gratification," David Chilton says, "[but] people who live within their means are happier, they truly are." In a new video interview, the author of The Wealthy Barber series explains that studies have shown that people who live more modestly live less stressful and more rewarding lives. He says that he practices what he preaches and he enjoys living a frugal and modest lifestyle. Despite his financial success, the author and newest judge on CBC's hit investment show Dragons' Den lives in a home that's only 1300 square feet.

Good fiscal management requires a back-to-the-basics approach, he says, and accepting the limitations of your income. It's easy to get sucked into the thrill of having access to what can feel like "free money". There are many people, he says, who treat credit cards and lines of credit as if they were a secondary income—and buy more than they can afford and eventually get in over their heads. He also says that the bank presents these options as very attractive methods to get some extra cash. "The banks have become credit pushers rather than credit providers," he says. The problem isn't all the banks fault, however, and he says that many people jump into using this extended credit without thinking through the impact of that decision.

"I'm not trying to be a fun wrecker, people have to have money and people need to have a good time," he adds. However, he does say that you will have more fun if you are spending only what you can afford and saving money for the future. He also suggests investing in experiences over flashy material goods. In the interview, Chilton's witty and laid-back style shines through. For a man who is an expert in personal finance and economics, he is far from dry or boring. His books, as well as his public speeches and media appearances, are educational and entertaining—teaching audiences the ins-and-outs of effective financial management while keeping them engaged with the material every step of the way.
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