“Money is nothing more than a reflection of your creativity, your capacity to focus, and your ability to add value and receive back.”
— Tony Robbins, Money: Master the Game
— Tony Robbins, Money: Master the Game
In Money: Master the Game, Tony Robbins condenses 50 interviews from top investors and 40 years of his own personal and financial wisdom into a 7-step program that anyone can follow. I really appreciated his insights on Index Funds vs. Mutual Funds and why he thinks the former is a safer investment. Other key take-aways for me include:
If you have any other resources you would recommend to me regarding personal finance, I'm all ears. Very eager to continue my understanding of options out there that suite my more conservative risk-tolerance. [JG]
- Compound interest is powerful. Start investing when you're young. Every year counts.
- It's hard to keep large sums of money. You have to self-discipline as you go.
- Tax and fees efficiency is critical to growth. Look into the truth of 401(k) and Funds' fees.
- Seek the unicorns and learn from them. Model your life on who your heroes are.
- Don't try to beat the masters in their own game. Index Funds perform better than 96% of Mutual Funds in any 10-year period.
- Define the system before you receive the money to avoid temptation. Set aside your % every paycheck.
- Asset allocation is a hugely important decision for investing. What risk are you comfortable taking and not losing sleep over?
- Have a dream bucket for fun now or helping others.
- Be fearful when others are greedy, and be greedy when others are fearful.
- Rebalance your portfolio every 6/12 months, remember 6 months can increase taxes
- Provide value and think from your customer's point of view
If you have any other resources you would recommend to me regarding personal finance, I'm all ears. Very eager to continue my understanding of options out there that suite my more conservative risk-tolerance. [JG]
WHO IS TONY ROBBINS?
Tony Robbins is a bestselling author, entrepreneur, and philanthropist. He consults and coaches some of the world's finest athletes, entertainers, Fortune 500 CEOs, and even presidents. Robbins is the chairman of a holding company comprised of more than a dozen businesses with combined sales exceeding five billion dollars a year. His philanthropic efforts helped provide more than 100 million meals in the last year alone. He lives in Palm Beach, Florida. And Fiji.
| “The best way to change your life is to find people who’ve already achieved what you want and then model their behavior.” — Tony Robbins, Money: Master the Game |
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