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MONEY Master the Game: 7 Simple Steps to Financial Freedom
Tony Robbins has coached and inspired more than 50 million people from over 100 countries. More than 4 million people have attended his live events. Oprah Winfrey calls him super-human. Now for the first time - in his first book in two decades - he's turned to the topic that vexes us all: How to secure financial freedom for ourselves and our families.
Based on extensive research and one-on-one interviews with more than 50 of the most legendary financial experts in the world - from Carl Icahn and Warren Buffett, to Ray Dalio and Steve Forbes - Tony Robbins has created a simple 7-step blueprint that anyone can use for financial freedom.
Robbins has a brilliant way of using metaphor and story to illustrate even the most complex financial concepts - making them simple and actionable. With expert advice on our most important financial decisions, Robbins is an advocate for the reader, dispelling the myths that often rob people of their financial dreams.
Tony Robbins walks readers of every income level through the steps to become financially free by creating a lifetime income plan. This book delivers invaluable information and essential practices for getting your financial house in order.
MONEY: Master the Game is the book millions of people have been waiting for.
Based on extensive research and one-on-one interviews with more than 50 of the most legendary financial experts in the world - from Carl Icahn and Warren Buffett, to Ray Dalio and Steve Forbes - Tony Robbins has created a simple 7-step blueprint that anyone can use for financial freedom.
Robbins has a brilliant way of using metaphor and story to illustrate even the most complex financial concepts - making them simple and actionable. With expert advice on our most important financial decisions, Robbins is an advocate for the reader, dispelling the myths that often rob people of their financial dreams.
Tony Robbins walks readers of every income level through the steps to become financially free by creating a lifetime income plan. This book delivers invaluable information and essential practices for getting your financial house in order.
MONEY: Master the Game is the book millions of people have been waiting for.
688 pages, Hardcover
First published January 1, 2014
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December 2, 2023
I'm going to pump you about finances!!!!!!! You are the best! You are super awesome! You are ahead of the game! You can do it! Take massive action!
Gosh this book came off as a used car salesperson. I would give this book 1 star for the following reasons:
1) This book was WAY too long.
2) The advice was conflicting - use low index funds, wait get an annuity, wait get some life insurance, wait get some gold, wait get some TIPS. Mr Robbins did quite a bit of research but if I did a presentation and showed a bunch of options, that isn't good enough. As a professional, you have to set forth ONE recommended path.
3) For the annuities and the life insurance, I was not quite clear on how to set these up. It sounds like you pay someone to keep your cash and they purchase buy options for you. Why exactly can't you just purchase buy options yourself? I am a lawyer and a CPA, if I am confused, this was not clear. I don't like fast talkers. I have a policy that if I don't understand it, I don't buy it.
4) I tried to go to the website that Mr. Robbins suggested, and you had to mark off that you had at least $50K in assets to invest and someone would call you back. What happened to just putting in your information yourself and getting recommendations? It came off as a bait and switch.
5) Telling people to move to a state with no income taxes, and the kids won't mind being ripped away from everything that they know and love. Stay in your lane, Mr. Robbins. You are not a psychologist. As someone who moved to 13 different schools in primary education, it is NOT a good experience always being the new kid.
6) Absolutely absurd retirement assumptions. Mr. Robbins, people HAVE to factor in long-term care into retirement plans. If you are 80 years old and can't remember the last time you ate or took a pill so you eat rotten food and swallow bottles of pills, you will NEED some type of long-term care whether you like it or not. Our family personally knows someone who was in the end stages of life. The government insurance will only pay for so many days in the nursing or long-term care and then you will get discharged. This gentleman ended up paying for 24/7 nurses to be at his house. Some people are in a memory care facility for 10+ years. You have to plan for these expenses. Also, people have to prepare to retire by age 60. Did you know that most Americans claim Social Security as early as possible at age 62? You cannot rely on working until 70. You cannot. You can have a serious and unexpected medical problem. FMLA is only 12 unpaid weeks and it ONLY provides job protection. If you have cancer or get into a serious car accident and you need more than 12 weeks, your company can let you go (unless state or local law prohibits it). You can also be laid off unexpectedly. It is SUPER easy to be pink slipped because as an older worker you are probably on the high end of the pay scale. The company can easily axe you and hire someone for peanuts.
7) The author needs to stop name dropping and talking about how awesome he is. I get it that you meet famous people and own an island in Fiji. This is not the time and place when you are allegedly talking to the average investor.
8) Not everyone can save 10%. When I was 18 years old, I worked part-time at Sears for $6.70 per hour and that was before taxes. I had a cell phone bill of $45, car insurance of $60, a student loan payment of $60, gas of $50 (to get to and from work) on top of rent, utilities, and food. I was so broke that I skipped meals, and when I did eat, I ate at the food court because a friend could get me free drinks and I had an employee discount at the pretzel place which served as my breakfast, lunch, and dinner. Once my car broke down and the car place charged me $550. I spent all year trying to dig myself out of that grave. There was no way in the world that I could save $48 a month. It is really demeaning to say "Oh go look at so and so they can save." Well good for them. Maybe they have a free car and free rent?
Why I did not give 1 star? 1) People do need to save for retirement at least 20% but something is better than nothing. We will no longer have pensions and social security is underfunded add that people are living longer and health care is at an all time high. 2) Mutual funds are not better than low cost index funds but require a large amount of fees.
Ok, now I would like to have a conference and charge all of the attendees $1,000 or call everybody in my secret coaching club to meet me at a private island. Or I would even settle for some PayPal payments.
You are beautiful! Are you pumped up? Are you hyped? Are you excited? Let's get our savings pants on and get out those low cost indexed funds!!!! High fives! Dance party!
2024 Reading Schedule
Jan Middlemarch
Feb The Grapes of Wrath
Mar Oliver Twist
Apr Madame Bovary
May A Clockwork Orange
Jun Possession
Jul The Folk of the Faraway Tree Collection
Aug Crime and Punishment
Sep Heart of Darkness
Oct Moby-Dick
Nov Far From the Madding Crowd
Dec A Tale of Two Cities
Connect With Me!
Blog Twitter BookTube Facebook Insta
Gosh this book came off as a used car salesperson. I would give this book 1 star for the following reasons:
1) This book was WAY too long.
2) The advice was conflicting - use low index funds, wait get an annuity, wait get some life insurance, wait get some gold, wait get some TIPS. Mr Robbins did quite a bit of research but if I did a presentation and showed a bunch of options, that isn't good enough. As a professional, you have to set forth ONE recommended path.
3) For the annuities and the life insurance, I was not quite clear on how to set these up. It sounds like you pay someone to keep your cash and they purchase buy options for you. Why exactly can't you just purchase buy options yourself? I am a lawyer and a CPA, if I am confused, this was not clear. I don't like fast talkers. I have a policy that if I don't understand it, I don't buy it.
4) I tried to go to the website that Mr. Robbins suggested, and you had to mark off that you had at least $50K in assets to invest and someone would call you back. What happened to just putting in your information yourself and getting recommendations? It came off as a bait and switch.
5) Telling people to move to a state with no income taxes, and the kids won't mind being ripped away from everything that they know and love. Stay in your lane, Mr. Robbins. You are not a psychologist. As someone who moved to 13 different schools in primary education, it is NOT a good experience always being the new kid.
6) Absolutely absurd retirement assumptions. Mr. Robbins, people HAVE to factor in long-term care into retirement plans. If you are 80 years old and can't remember the last time you ate or took a pill so you eat rotten food and swallow bottles of pills, you will NEED some type of long-term care whether you like it or not. Our family personally knows someone who was in the end stages of life. The government insurance will only pay for so many days in the nursing or long-term care and then you will get discharged. This gentleman ended up paying for 24/7 nurses to be at his house. Some people are in a memory care facility for 10+ years. You have to plan for these expenses. Also, people have to prepare to retire by age 60. Did you know that most Americans claim Social Security as early as possible at age 62? You cannot rely on working until 70. You cannot. You can have a serious and unexpected medical problem. FMLA is only 12 unpaid weeks and it ONLY provides job protection. If you have cancer or get into a serious car accident and you need more than 12 weeks, your company can let you go (unless state or local law prohibits it). You can also be laid off unexpectedly. It is SUPER easy to be pink slipped because as an older worker you are probably on the high end of the pay scale. The company can easily axe you and hire someone for peanuts.
7) The author needs to stop name dropping and talking about how awesome he is. I get it that you meet famous people and own an island in Fiji. This is not the time and place when you are allegedly talking to the average investor.
8) Not everyone can save 10%. When I was 18 years old, I worked part-time at Sears for $6.70 per hour and that was before taxes. I had a cell phone bill of $45, car insurance of $60, a student loan payment of $60, gas of $50 (to get to and from work) on top of rent, utilities, and food. I was so broke that I skipped meals, and when I did eat, I ate at the food court because a friend could get me free drinks and I had an employee discount at the pretzel place which served as my breakfast, lunch, and dinner. Once my car broke down and the car place charged me $550. I spent all year trying to dig myself out of that grave. There was no way in the world that I could save $48 a month. It is really demeaning to say "Oh go look at so and so they can save." Well good for them. Maybe they have a free car and free rent?
Why I did not give 1 star? 1) People do need to save for retirement at least 20% but something is better than nothing. We will no longer have pensions and social security is underfunded add that people are living longer and health care is at an all time high. 2) Mutual funds are not better than low cost index funds but require a large amount of fees.
Ok, now I would like to have a conference and charge all of the attendees $1,000 or call everybody in my secret coaching club to meet me at a private island. Or I would even settle for some PayPal payments.
You are beautiful! Are you pumped up? Are you hyped? Are you excited? Let's get our savings pants on and get out those low cost indexed funds!!!! High fives! Dance party!
2024 Reading Schedule
Jan Middlemarch
Feb The Grapes of Wrath
Mar Oliver Twist
Apr Madame Bovary
May A Clockwork Orange
Jun Possession
Jul The Folk of the Faraway Tree Collection
Aug Crime and Punishment
Sep Heart of Darkness
Oct Moby-Dick
Nov Far From the Madding Crowd
Dec A Tale of Two Cities
Connect With Me!
Blog Twitter BookTube Facebook Insta
October 9, 2015
"Let me tell you about how I'm going to tell you about what I'm going to tell you about."
November 28, 2014
I am having a hard time rating this one! There were a few kick-in-the-butt reminders that I needed to hear and that will be very useful as I review my options moving forward; however, waaaaay too much "huff and puff" about what he's *going* to tell you later in the book. Every chapter is loaded up with hype that could easily be removed to make the book 1/3 shorter.
I was also disappointed that throughout the promotions he kept saying he interviewed the world's top 50 investors, but the book only includes 11 transcripts (with no mention of the others' online) and even those weren't very insightful compared to what those experts have shared elsewhere. Overall, this book is a GREAT primer for anyone who wants to learn about smart investing strategies, and I appreciate Tony's advocacy for the average American when it comes to personal finance.
In case you don't want to buy the book, here are the resources I wrote down as worth checking out for next steps:
Fiduciary Http://findanadvisor.napfa.org/home.aspx
Stronghold
Http://strongholdfinancial.com --> All Seasons Portfolio
401k
Http://americasbest401k.com/401k-fee-...
Save More Tomorrow Plan
Http://befi.allianzgi.com/en/befi-tv/...
Risk Quiz
Http://njaes.rutgers.edu/money/riskquiz
Annuities
Index funds (vanguard)
Video: Ray Dalio - How the Economic Machine Works
Http://www.economicprinciples.org
Dalio Portfolio:
30% - Stocks
15% - Intermediate US bonds
40% - Long term US bonds
7.5% - gold
7.5% - Commodities
Pocket Change donations
Http://www.swipeout.com
The Banker's Secret (book on speeding up mortgage payments)
Book website and app (have to give your phone number to download!?!?)
http://masterthegame.tonyrobbins.com/
I was also disappointed that throughout the promotions he kept saying he interviewed the world's top 50 investors, but the book only includes 11 transcripts (with no mention of the others' online) and even those weren't very insightful compared to what those experts have shared elsewhere. Overall, this book is a GREAT primer for anyone who wants to learn about smart investing strategies, and I appreciate Tony's advocacy for the average American when it comes to personal finance.
In case you don't want to buy the book, here are the resources I wrote down as worth checking out for next steps:
Fiduciary Http://findanadvisor.napfa.org/home.aspx
Stronghold
Http://strongholdfinancial.com --> All Seasons Portfolio
401k
Http://americasbest401k.com/401k-fee-...
Save More Tomorrow Plan
Http://befi.allianzgi.com/en/befi-tv/...
Risk Quiz
Http://njaes.rutgers.edu/money/riskquiz
Annuities
Index funds (vanguard)
Video: Ray Dalio - How the Economic Machine Works
Http://www.economicprinciples.org
Dalio Portfolio:
30% - Stocks
15% - Intermediate US bonds
40% - Long term US bonds
7.5% - gold
7.5% - Commodities
Pocket Change donations
Http://www.swipeout.com
The Banker's Secret (book on speeding up mortgage payments)
Book website and app (have to give your phone number to download!?!?)
http://masterthegame.tonyrobbins.com/
November 30, 2014
Damn, took me 11 days to finish this beast of a book, 650 pg. One of the few books I read from start to end nowdays, and for good reason.
This book holds the key to making a financial fortune and also what to do with it. Tony did a great job with this book and I learned so much from it, as you can see from the notes below.
I highly recommend this book to practically anyone.
Money: Master the Game
- Compunded return is awesome. Start young
- It's hard to keep large sums of money
- Tax and fees efficiency is critical to growth
- Seek the unicorns and learn from them
- Don't try to beat the masters in their own game
- Know from the start you'll be wrong and prepare.
- Define the system before you receive the money to avoid temptetion
- Asset allocation is a hugely important decision for investing
- “it’s almost certain that whatever you’re going to put your money in, there will come a day when you will lose fifty percent to seventy percent.”
- Choose asset allocation that'll allow you to sleep well at night
- Have a dream bucket for fun now or helping others
- Be fearful when others are greedy, and be greedy when others are fearful
- Spread investments over time i.e. every month --> higher profits and less risk
- Rebalance your portfolio every 6/12 months, remember 6 months can increase taxes
- Top investors are obssessed with not losing money, risk 1 per 5 - little to make a lot, diversify, always hungry for more
- Provide value and think from your customer's point of view
This book holds the key to making a financial fortune and also what to do with it. Tony did a great job with this book and I learned so much from it, as you can see from the notes below.
I highly recommend this book to practically anyone.
Money: Master the Game
- Compunded return is awesome. Start young
- It's hard to keep large sums of money
- Tax and fees efficiency is critical to growth
- Seek the unicorns and learn from them
- Don't try to beat the masters in their own game
- Know from the start you'll be wrong and prepare.
- Define the system before you receive the money to avoid temptetion
- Asset allocation is a hugely important decision for investing
- “it’s almost certain that whatever you’re going to put your money in, there will come a day when you will lose fifty percent to seventy percent.”
- Choose asset allocation that'll allow you to sleep well at night
- Have a dream bucket for fun now or helping others
- Be fearful when others are greedy, and be greedy when others are fearful
- Spread investments over time i.e. every month --> higher profits and less risk
- Rebalance your portfolio every 6/12 months, remember 6 months can increase taxes
- Top investors are obssessed with not losing money, risk 1 per 5 - little to make a lot, diversify, always hungry for more
- Provide value and think from your customer's point of view
February 9, 2015
Robbins sounds like a charlatan, but I suspect he is not. Rather, I think he has helped himself to more than his share of his own kool-aid.
Coming in at over 600 pages, this book may have thirty pages of content. The rest is self-promotion, cheerleading, continually selling how wonderful what will be appearing, in just the next chapter. And endless namedropping. In there, there are a few "secrets" about how to manage your money. For example, Robbins has "discovered" that you should save money by paying yourself first! Also, he has learned the amazing secret that its a good idea to diversify your investments.
He is such a true believer that glaring contradictions don't bother him much. He maintains, again and again and again, that he learns so much by focusing on successful people. He says that the way people become successful is by serving more than other people do. Thus, the more successful you are, the more you are providing a useful service to others. Sounds great, right. The only trouble is that a good portion of the book is devoted to getting you avoid the high fees charged by mutual funds who then underperform the market. But wait. The guys who run these mutual funds are phenomenally successful. So by his own reasoning, they must be providing a wonderful service. He never even begins to see the disconnect.
Another example is even simpler. On the one hands, the markets are a zero sum game. That means that every dollar one person wins is a dollar that someone else loses. He then says his mission is to develop a plan to make it so anyone can win with their investments. But that plainly contradicts the idea of a zero sum game. Again, not even a hint of recognition.
For his advice, as he tells us again and again, he goes to the greatest experts. And what do we learn. Some say that the markets are a random walk, and its impossible to try to beat the indexes. So the smart play is to buy the index funds that have the lowest total fees. Others say that it's possible to beat the markets, and consistently, but not for the average investor. So again, index funds. And still others say that its possible to do better by picking really good fund managers. So, no agreement. But these guys are the best, and we have learned so much!
Now its time to take MASSIVE action. Massive is an important word to Robbins. It probably appears at least once a page. I don't understand why, but he's great at motivating people, so there must be something about the word massive that provides massive motivation.
As I said, in all of the excess self-promotion, the strange! exclamation! points! , the bolded text passages for no apparent reason, there is about 30 pages of content, maybe a bit less. But that information is actually fairly good and interesting. I just wish I did not have to wade through all the rest.
Coming in at over 600 pages, this book may have thirty pages of content. The rest is self-promotion, cheerleading, continually selling how wonderful what will be appearing, in just the next chapter. And endless namedropping. In there, there are a few "secrets" about how to manage your money. For example, Robbins has "discovered" that you should save money by paying yourself first! Also, he has learned the amazing secret that its a good idea to diversify your investments.
He is such a true believer that glaring contradictions don't bother him much. He maintains, again and again and again, that he learns so much by focusing on successful people. He says that the way people become successful is by serving more than other people do. Thus, the more successful you are, the more you are providing a useful service to others. Sounds great, right. The only trouble is that a good portion of the book is devoted to getting you avoid the high fees charged by mutual funds who then underperform the market. But wait. The guys who run these mutual funds are phenomenally successful. So by his own reasoning, they must be providing a wonderful service. He never even begins to see the disconnect.
Another example is even simpler. On the one hands, the markets are a zero sum game. That means that every dollar one person wins is a dollar that someone else loses. He then says his mission is to develop a plan to make it so anyone can win with their investments. But that plainly contradicts the idea of a zero sum game. Again, not even a hint of recognition.
For his advice, as he tells us again and again, he goes to the greatest experts. And what do we learn. Some say that the markets are a random walk, and its impossible to try to beat the indexes. So the smart play is to buy the index funds that have the lowest total fees. Others say that it's possible to beat the markets, and consistently, but not for the average investor. So again, index funds. And still others say that its possible to do better by picking really good fund managers. So, no agreement. But these guys are the best, and we have learned so much!
Now its time to take MASSIVE action. Massive is an important word to Robbins. It probably appears at least once a page. I don't understand why, but he's great at motivating people, so there must be something about the word massive that provides massive motivation.
As I said, in all of the excess self-promotion, the strange! exclamation! points! , the bolded text passages for no apparent reason, there is about 30 pages of content, maybe a bit less. But that information is actually fairly good and interesting. I just wish I did not have to wade through all the rest.
November 6, 2014
I wanted to like this book, truly I did. I read a free sample chapter via Smiley360, for review purposes, and ended up super disappointed! Tony Robbins is a ridiculously smart man, but this book was not a smart choice. I read 55 pages that left me wondering when I would actually get anything from the book. It was all quotes and fluff on how Mr Robbins wante to write this book ad what it was all about. Unfortunately, I never got into what the book was about. My sample to review ended where the book states " and now I'll explain 7 ways to gain financial freedom." What the hell ?!? I read 55 pages of rubbish and wasted my time to get to a point where I can pay to continue (in the very same book that I am supposed to be reviewing?!?) No thanks! Definitely do not recommend this book to anyone with any semblance of intelligence. Want to gain financial freedom? 1. Get a job that pays more than you owe monthly in bills. 2. Save your darn money--- stop frivolous spending!!! 3. Invest wisely if you want to invest. Enjoy your life, and don't worry about money. Don't live beyond your means and you'll be happy.
October 26, 2021
There's some good financial advice here, but it's buried in an unnecessarily large amount of stories, philosophical musings, and repetition. It's also a bit too self-promotional. I mostly agree with the fundamentals of Robbins' approach (as far as I understand it as an amateur): index, use a fiduciary, pay attention to asset allocation, etc.
Much of the advice is based on the work and teachings of John Bogle, Burton Malkiel, Warren Buffett, Ray Dalio, and David Swenson.
The last several chapters (sections 6 and 7) don't add much value, and are much longer than necessary.
There are more concise and worthwhile books on personal finance and investing.
I read this because it was recommended on Freelancers' Show.
Notes
Mutual Funds
96% of active mutual funds fail to match or beat the market over any extended period of time (10+ years). The 4% who beat the market are constantly changing.
Fiduciary
Use a Registered Investment Advisor who's a fiduciary. Their fees may be tax-deductible, depending on your tax bracket.
Find a fiduciary at Stronghold Financial or findanadvisor.napfa.org
5 Criteria for Finding a Fiduciary
1. Registered with state or SEC as Registered Investment Advisor (RIA) or Investment Advisor Representative (IAR) of an RIA.
2. Compensated on percentage of assets under management (AUM), not for buying funds. Make sure this is the only fee, and is completely transparent. Make sure there are no 12B-1 fees or pay-to-pay fees.
3. Not compensated for trading stocks or bonds.
4. Not affiliated with a broker dealer.
5. Money held with reputable third-party custodian (Fidelity, Schwab, TD Ameritrade, etc.)
Retirement Plans
Put as much money into Roth accounts as possible, as tax rates are likely to increase. Conventional wisdom says you'll be in a lower tax bracket in retirement because you'll be earning less, but that may not be true since you won't have mortgage deductions if your house is paid off, and you won't have dependents if you don't have kids at home.
If you make too much money for a Roth IRA, use a Roth 401(k).
If you're a small business owner maxing out your plans, consider a Cash Balance Plan (Pension) on top of your 401(k).
Target Date Funds
Target date funds assume that bonds are less risky than stocks, which isn't always true. They also assume that bonds have inverse or low correlation to stocks, which isn't always true; they can be correlated during rough times.
For the average investor with simple needs, a low-cost target date fund from Vanguard can be a decent choice.
Upside without the Downside
• Structured notes. Get through fiduciary. Give you downside protection, and percentage of upside. Best when close to or in retirement.
• Market-linked CDs. Small guaranteed return (coupon). If market falls, you get back investment plus small return. FDIC-insured. Get through fiduciary.
• Fixed indexed annuities (FIA). 100% principal protection. Tax deferred.
House
Prepay mortgage principal each month to pay off 30-year mortgage in 15 years. This saves the interest on each payment. Doing this over the life of your mortgage will decrease your total mortgage payments by half.
Don't count your house as an investment. House prices have risen by 0% over the last century, after adjusting for inflation.
Dream Bucket
Set aside 5 to 10% for your dream bucket, for enjoyment in short term.
Investment Portfolio
Rebalance once or twice a year. Pay attention to tax impact.
A 50/50 stock/bond portfolio isn't balanced, because stocks are 3 times riskier than bonds. You must consider the risk factor, not just how the dollars are allocated.
David Swensen's Recommended Portfolio
20% domestic stock
20% international stock
10% emerging market stock
20% REITs
15% long-term US Treasuries
15% TIPS
Portfolio protects against inflation or deflation. Fairly aggressive. Outperformed S&P 500, and more stable than it.
Ray Dalio's All Seasons Portfolio
30% stocks (S&P 500 or other indexes)
15% intermediate term government bonds (7-10 year Treasuries)
40% long-term government bonds (20-25 year Treasuries)
7.5% gold
7.5% commodities
Portfolio isn't always tax-efficient, so hold it in tax-sheltered accounts
Warren Buffett's Recommended Portfolio
10% short-term government bonds
90% low-cost S&P 500 index fund (Vanguard's)
Annuities
Immediate annuities are best for those near or in retirement.
Deferred annuities
• Fixed annuity: fixed, guaranteed return each year
• Indexed annuity: return is tied to stock market; you get percentage of upside of market with no downside and no possibility of loss
• Hybrid indexed annuity: benefits of indexed annuity plus lifetime income rider
Get annuity from a highly-rated insurance company.
Avoid variable annuities.
Use a fixed indexed annuity (FIA) to get a guaranteed income for life. You must be 50 or older and have a large lump sum to open an account.
LifetimeIncome.com can help you find the right annuity even if you're young or don't have a lump sum to start with. Or work with fiduciary.
Combine Ray Dalio's All Seasons Portfolio with FIA to get long-term returns and income for life.
Much of the advice is based on the work and teachings of John Bogle, Burton Malkiel, Warren Buffett, Ray Dalio, and David Swenson.
The last several chapters (sections 6 and 7) don't add much value, and are much longer than necessary.
There are more concise and worthwhile books on personal finance and investing.
I read this because it was recommended on Freelancers' Show.
Notes
Mutual Funds
96% of active mutual funds fail to match or beat the market over any extended period of time (10+ years). The 4% who beat the market are constantly changing.
Fiduciary
Use a Registered Investment Advisor who's a fiduciary. Their fees may be tax-deductible, depending on your tax bracket.
Find a fiduciary at Stronghold Financial or findanadvisor.napfa.org
5 Criteria for Finding a Fiduciary
1. Registered with state or SEC as Registered Investment Advisor (RIA) or Investment Advisor Representative (IAR) of an RIA.
2. Compensated on percentage of assets under management (AUM), not for buying funds. Make sure this is the only fee, and is completely transparent. Make sure there are no 12B-1 fees or pay-to-pay fees.
3. Not compensated for trading stocks or bonds.
4. Not affiliated with a broker dealer.
5. Money held with reputable third-party custodian (Fidelity, Schwab, TD Ameritrade, etc.)
Retirement Plans
Put as much money into Roth accounts as possible, as tax rates are likely to increase. Conventional wisdom says you'll be in a lower tax bracket in retirement because you'll be earning less, but that may not be true since you won't have mortgage deductions if your house is paid off, and you won't have dependents if you don't have kids at home.
If you make too much money for a Roth IRA, use a Roth 401(k).
If you're a small business owner maxing out your plans, consider a Cash Balance Plan (Pension) on top of your 401(k).
Target Date Funds
Target date funds assume that bonds are less risky than stocks, which isn't always true. They also assume that bonds have inverse or low correlation to stocks, which isn't always true; they can be correlated during rough times.
For the average investor with simple needs, a low-cost target date fund from Vanguard can be a decent choice.
Upside without the Downside
• Structured notes. Get through fiduciary. Give you downside protection, and percentage of upside. Best when close to or in retirement.
• Market-linked CDs. Small guaranteed return (coupon). If market falls, you get back investment plus small return. FDIC-insured. Get through fiduciary.
• Fixed indexed annuities (FIA). 100% principal protection. Tax deferred.
House
Prepay mortgage principal each month to pay off 30-year mortgage in 15 years. This saves the interest on each payment. Doing this over the life of your mortgage will decrease your total mortgage payments by half.
Don't count your house as an investment. House prices have risen by 0% over the last century, after adjusting for inflation.
Dream Bucket
Set aside 5 to 10% for your dream bucket, for enjoyment in short term.
Investment Portfolio
Rebalance once or twice a year. Pay attention to tax impact.
A 50/50 stock/bond portfolio isn't balanced, because stocks are 3 times riskier than bonds. You must consider the risk factor, not just how the dollars are allocated.
David Swensen's Recommended Portfolio
20% domestic stock
20% international stock
10% emerging market stock
20% REITs
15% long-term US Treasuries
15% TIPS
Portfolio protects against inflation or deflation. Fairly aggressive. Outperformed S&P 500, and more stable than it.
Ray Dalio's All Seasons Portfolio
30% stocks (S&P 500 or other indexes)
15% intermediate term government bonds (7-10 year Treasuries)
40% long-term government bonds (20-25 year Treasuries)
7.5% gold
7.5% commodities
Portfolio isn't always tax-efficient, so hold it in tax-sheltered accounts
Warren Buffett's Recommended Portfolio
10% short-term government bonds
90% low-cost S&P 500 index fund (Vanguard's)
Annuities
Immediate annuities are best for those near or in retirement.
Deferred annuities
• Fixed annuity: fixed, guaranteed return each year
• Indexed annuity: return is tied to stock market; you get percentage of upside of market with no downside and no possibility of loss
• Hybrid indexed annuity: benefits of indexed annuity plus lifetime income rider
Get annuity from a highly-rated insurance company.
Avoid variable annuities.
Use a fixed indexed annuity (FIA) to get a guaranteed income for life. You must be 50 or older and have a large lump sum to open an account.
LifetimeIncome.com can help you find the right annuity even if you're young or don't have a lump sum to start with. Or work with fiduciary.
Combine Ray Dalio's All Seasons Portfolio with FIA to get long-term returns and income for life.
April 19, 2016
Honestly, I liked Tony's lectures and got the impression that he must be a great guy. And I was hoping for an enjoyable ride with this book.
But after going through 13% of the book, I seriously feel like punching him on the face. Several times.
The book treats you like some donkey who needs carrots shown in front of it every few seconds. Tony keeps on repeating what he is going to tell you and how this is going to change everything but delivers very little in the following pages. And there he repeats the routine of 'tell you what I am going to tell you' over and over again.
This book could have been summed up in 50 pages instead of the massive 600 pages. Here is a money tip for the author: Time is Money. Say the necessary stuff and don't waste the reader's time and energy. Please.
But after going through 13% of the book, I seriously feel like punching him on the face. Several times.
The book treats you like some donkey who needs carrots shown in front of it every few seconds. Tony keeps on repeating what he is going to tell you and how this is going to change everything but delivers very little in the following pages. And there he repeats the routine of 'tell you what I am going to tell you' over and over again.
This book could have been summed up in 50 pages instead of the massive 600 pages. Here is a money tip for the author: Time is Money. Say the necessary stuff and don't waste the reader's time and energy. Please.
May 11, 2016
I only read the first half of this book. I should have stopped much earlier. In summary, this is one big commercial. The information provided at the highest level makes sense. But the Ray Dalio portfolio that is mentioned non-stop up to the point I quit, is nothing more than a bond rich portfolio that did well during a 30 year bond bull market.
I'll summarize what you need to know from this book.
1) Spend less than you make
2) Invest the difference in a diversified portfolio with a long term plan
3) Don't waste time finishing books that are not worth it.
(I added the third one. Tony didn't talk about that in the book.)
I'll summarize what you need to know from this book.
1) Spend less than you make
2) Invest the difference in a diversified portfolio with a long term plan
3) Don't waste time finishing books that are not worth it.
(I added the third one. Tony didn't talk about that in the book.)
November 5, 2014
I received the first chapter for free. It was boring,and just like all other get rich books. Seems like a scam to get me to spend money my opinion is my own opinion so if you feel like you want to wast your money and read a book about other people being rich this might be a good book for you. I however like to spend my money on things with a purpose.
July 16, 2015
Everybody should read the book. It's great, makes you think and understand such a complicate world, many things I didn't know coming from another country with different rules. What are you going to do with your life when you are retired? Find a part time job because your life investments didn't pay what you expected????? It's your life, It's your money...you can waste them or you can be at least a little bit knowledgeable.
It repeats itself few times, and like he says in the book, it is a technique used to impress concepts in your mind, what is the use of a book you read and you forget 1 day after finishing it? Hello!
To all of the reviews I read here that says he is making money from the book, he does not do that, all of the proceeds go to feeding america, he does not make a penny out of this book (nor he needs to with 480 Million $ net worth...).
This is for me a strong sign of integrity with his words.. while in the real world brokers are butchers...you should look for the dietician (if you are reading it you understand....). Hello #2!
And last thing...please do not review a book from the introduction. Do you judge a movie from the trailer, or you watch it?
Read the book, even when it's hard to read (i am telling you, english is not my first language and sometimes can take me longer :) ) the worst thing that can happen is that you still have your life....the best thing? You may have a better life in front of you.
Ciao!!
It repeats itself few times, and like he says in the book, it is a technique used to impress concepts in your mind, what is the use of a book you read and you forget 1 day after finishing it? Hello!
To all of the reviews I read here that says he is making money from the book, he does not do that, all of the proceeds go to feeding america, he does not make a penny out of this book (nor he needs to with 480 Million $ net worth...).
This is for me a strong sign of integrity with his words.. while in the real world brokers are butchers...you should look for the dietician (if you are reading it you understand....). Hello #2!
And last thing...please do not review a book from the introduction. Do you judge a movie from the trailer, or you watch it?
Read the book, even when it's hard to read (i am telling you, english is not my first language and sometimes can take me longer :) ) the worst thing that can happen is that you still have your life....the best thing? You may have a better life in front of you.
Ciao!!
November 9, 2014
I'm on page 55 of 688 of MONEY Master the Game: Which I received the first chpter as a FREE download from Smiley360 for my review, which is my opinion all it's own. To be honest I got bored after the first 3-5 pages. I mean there are 5 pages of "what others are saying". I just kept thinking WHEN are you going to get to the point, for those of us who are not overflowing with money and want to know how to get our finances in order and actually have a little extra to make a "want" purchase instead of trying to figure out which "needs" we can get away without. I mean really, if you look at the index it doesn't even seem like he tells you anything to help. You know it's great he has the money and he can invest it and has the knowledge to do so, but he needs to write something in layman's terms and explain how we can invest a small amount for a small price, or how to understand stocks. He is now making money off a book that people, who are looking to make money, but in turn have wasted money on.
November 28, 2018
The book is basically a collection of advice from some of the top richest people in America on how to manage your money. This book was insightful, but I found it a bit too much of oh look at me donating to charity, you should too!
I can sum up the most valuable thing about this book here:
The golden/foolproof/long term gainer Asset Allocation:
30% stock index funds
40% long term bonds (term of 20-25 year treasuries)
15% intermediate government bonds (term of 7-10 year treasuries)
7.5% gold
7.5% commodities
And if you're younger, and okay with more risk -> go heavier into stocks.
On a yearly basis rebalance this allocation if gains in one allocation is getting too high and out of balance
Notes:
- compounding is very powerful, make sure a portion is in a compounding interest account
- Stock market - invest in index’s like the S&P 500, don’t invest into mutual funds, so many hidden fee’s that ruin it
- Automatically transfer money from paycheck or bank account into a savings account periodically so you never even see that money
- Try to save at least 15% of your money into a compounding savings account
- advise to get a feduciary (not a meat butcher but a dietician analogy) Anthony recommends these guys: STRWealth
- Get free software that manages your asset allocation
- Make sure to create stop limits, potentially lose a little but gain a lot
- He quotes Warren Buffet: "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1"
- The problem may lie with you and you thinking
- Ray dalio “In your life time it’s almost certain that whatever you’re going to put your money in there will come a day when you will lose 50-70%” - so diversify or die!
- The power of Dollar cost averaging over the time, set it up automatically
- Asset allocation rebalancing - when one soars and the asset allocation is off redistribute so it’s back to equally balanced - increase probability it success - 1-2 times per year depending on you
- Tax loss harvesting?
- Diversify asset classes, markets and time
- Have one short term saving for a car or vacay etc
- Annuities for ppl Over 50
- Get out of anything that goes below the 200 day moving average
- Invest in the 5 to 1 discipline
I can sum up the most valuable thing about this book here:
The golden/foolproof/long term gainer Asset Allocation:
30% stock index funds
40% long term bonds (term of 20-25 year treasuries)
15% intermediate government bonds (term of 7-10 year treasuries)
7.5% gold
7.5% commodities
And if you're younger, and okay with more risk -> go heavier into stocks.
On a yearly basis rebalance this allocation if gains in one allocation is getting too high and out of balance
Notes:
- compounding is very powerful, make sure a portion is in a compounding interest account
- Stock market - invest in index’s like the S&P 500, don’t invest into mutual funds, so many hidden fee’s that ruin it
- Automatically transfer money from paycheck or bank account into a savings account periodically so you never even see that money
- Try to save at least 15% of your money into a compounding savings account
- advise to get a feduciary (not a meat butcher but a dietician analogy) Anthony recommends these guys: STRWealth
- Get free software that manages your asset allocation
- Make sure to create stop limits, potentially lose a little but gain a lot
- He quotes Warren Buffet: "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1"
- The problem may lie with you and you thinking
- Ray dalio “In your life time it’s almost certain that whatever you’re going to put your money in there will come a day when you will lose 50-70%” - so diversify or die!
- The power of Dollar cost averaging over the time, set it up automatically
- Asset allocation rebalancing - when one soars and the asset allocation is off redistribute so it’s back to equally balanced - increase probability it success - 1-2 times per year depending on you
- Tax loss harvesting?
- Diversify asset classes, markets and time
- Have one short term saving for a car or vacay etc
- Annuities for ppl Over 50
- Get out of anything that goes below the 200 day moving average
- Invest in the 5 to 1 discipline
February 6, 2019
و استطعت هزيمة الوحش! قرابة سبع مئة صفحه من القتال! عم��ما، اجهت صعوبه في تقييم الكتاب بثلاث نجمات، لأني اراه انه يستحق اكثر! لكن واقعيا، هذا هو التقييم المنصف.
رغم ان حجم الكتاب قد يكون مخيفا، الا ان 60% من هذا المحتوى هو حشو جدا مبالغ به. كما ترى، توني لم يكتب كتابا منذ عشرون سنه، اللتي في خلالها مارس "الخطابه" الذي اشتهر بأنه يستمر بها لساعات و ساعات مجنونه في اليوم الواحد! و هذا ما اكسبه قوته و شهرته و سمعته. لكن الكتابه و الخطابه مختلفين، و هو هنا ارتكب اول عيوب هذا الكتاب
1- الكثير من الحشو: "في الصفحة القامه سوف اذكر لك\ في الفصل القادم سوف اعطيك التفاصيل، \ سوف اخبرك لاحقا بافضل استراتيجيه ماليه رأيت��ا في حياتي" استغرقه 475 صفحه من التطبيل لكي اخيرا يذكر الاستراتيجية الناجحه!
2- بشكل عام، نصف المحتوى الرائع لن يستفيد منه القارئ الغير امريكي! حيث ان اغلب النصائح و الخدع و المهارات تنطبق فقط على النظام المالي الامريكي. رائع للقارئ الامريكي، بس كقارئ سعودي، لا استطيع الاستفادة منها.
3- قد يكون عيبا بنظر الاخرين (ليس لي، لكن سأذكره هنا) هو وجود محتوى لا يتعلق بالمال، بل بتطوير الذات. و اللتي هي شغف توني الاساسي و الاقوى. و هي مواضيع يتقنها توني بشده، كمثال "الحاجات الانسانيه السته" الرائعه جدا جدا! لكن لم يرغب بمحتوى يتعلق فقط بالمال، سينزعج من هذه الامور.
4- بعض من النسب و الارقام و الحسابات غير منطقيه او واقعيه
بدأت بالسلبيات، و هي ما تعطي الكتاب صبغه سلبيه لكن برأيي واقعيه، لان بجانب تلك السلبيات، يوجد ايجابيات حقيقه غيرت تفكيري تماما عن المال!!
1- توني يتحدث بشكل كبير من جانب نفسي و فلسفي عن المال، كنت ارى هذا غير ضروري، لكن اكتشفت بانها كانت المفتاح اللتي غيرت رؤيتي للمال للأبد بدون مبالغه!!
2- الافكار الماليه اللتي يمكن تطبيقها حتى في السعوديه او اي بلد هي مفيده جدا بل ابعدتني شخصيا عن استثمار سيئ! -فصل الخرافات السبع كمثال رائع جدا-
3- الكتاب يجعل عقلك في حالة تفكير مستمره و نقديه عن المال حتى بمواضيع خارج الكتاب، كما ذكرت في النقطه السابقه، التحدث عن الجانب النفسي و الفلسفي يخليك تفكر بالامور بزاوية و نظره مختلفه و عميقه.
4- كيفية حساب و تصنيف نفسك ضمن الفئات التاليه: الامان المالي\ الحيويه الماليه\ الاستقلال المالي\ الحريه الماليه\ الحريه الماليه المطلقه\
استراتيجية راي داليو الناجحه:
40% سندات طويلة الاجل
30% اسهم
15% سندات متوسطة الاجل
7.5% بضائع
7.5 ذهب
خاتمه:
هل انصح بهذا الكتاب؟ ليس كبدايه. رغم ان توني وجه هذا الكتاب للمبتدأين، الا ان ارى الحشو الكثير و عدم امكانية تطبيق كثير من الافكار خارج امريكا قد يكون غير مشجع. انصح به بكل تأكيد لمن قرأ مسبقا كتب ماليه او اذا كنت طالب مالي او اقتصادي مالي
رغم ان حجم الكتاب قد يكون مخيفا، الا ان 60% من هذا المحتوى هو حشو جدا مبالغ به. كما ترى، توني لم يكتب كتابا منذ عشرون سنه، اللتي في خلالها مارس "الخطابه" الذي اشتهر بأنه يستمر بها لساعات و ساعات مجنونه في اليوم الواحد! و هذا ما اكسبه قوته و شهرته و سمعته. لكن الكتابه و الخطابه مختلفين، و هو هنا ارتكب اول عيوب هذا الكتاب
1- الكثير من الحشو: "في الصفحة القامه سوف اذكر لك\ في الفصل القادم سوف اعطيك التفاصيل، \ سوف اخبرك لاحقا بافضل استراتيجيه ماليه رأيت��ا في حياتي" استغرقه 475 صفحه من التطبيل لكي اخيرا يذكر الاستراتيجية الناجحه!
2- بشكل عام، نصف المحتوى الرائع لن يستفيد منه القارئ الغير امريكي! حيث ان اغلب النصائح و الخدع و المهارات تنطبق فقط على النظام المالي الامريكي. رائع للقارئ الامريكي، بس كقارئ سعودي، لا استطيع الاستفادة منها.
3- قد يكون عيبا بنظر الاخرين (ليس لي، لكن سأذكره هنا) هو وجود محتوى لا يتعلق بالمال، بل بتطوير الذات. و اللتي هي شغف توني الاساسي و الاقوى. و هي مواضيع يتقنها توني بشده، كمثال "الحاجات الانسانيه السته" الرائعه جدا جدا! لكن لم يرغب بمحتوى يتعلق فقط بالمال، سينزعج من هذه الامور.
4- بعض من النسب و الارقام و الحسابات غير منطقيه او واقعيه
بدأت بالسلبيات، و هي ما تعطي الكتاب صبغه سلبيه لكن برأيي واقعيه، لان بجانب تلك السلبيات، يوجد ايجابيات حقيقه غيرت تفكيري تماما عن المال!!
1- توني يتحدث بشكل كبير من جانب نفسي و فلسفي عن المال، كنت ارى هذا غير ضروري، لكن اكتشفت بانها كانت المفتاح اللتي غيرت رؤيتي للمال للأبد بدون مبالغه!!
2- الافكار الماليه اللتي يمكن تطبيقها حتى في السعوديه او اي بلد هي مفيده جدا بل ابعدتني شخصيا عن استثمار سيئ! -فصل الخرافات السبع كمثال رائع جدا-
3- الكتاب يجعل عقلك في حالة تفكير مستمره و نقديه عن المال حتى بمواضيع خارج الكتاب، كما ذكرت في النقطه السابقه، التحدث عن الجانب النفسي و الفلسفي يخليك تفكر بالامور بزاوية و نظره مختلفه و عميقه.
4- كيفية حساب و تصنيف نفسك ضمن الفئات التاليه: الامان المالي\ الحيويه الماليه\ الاستقلال المالي\ الحريه الماليه\ الحريه الماليه المطلقه\
استراتيجية راي داليو الناجحه:
40% سندات طويلة الاجل
30% اسهم
15% سندات متوسطة الاجل
7.5% بضائع
7.5 ذهب
خاتمه:
هل انصح بهذا الكتاب؟ ليس كبدايه. رغم ان توني وجه هذا الكتاب للمبتدأين، الا ان ارى الحشو الكثير و عدم امكانية تطبيق كثير من الافكار خارج امريكا قد يكون غير مشجع. انصح به بكل تأكيد لمن قرأ مسبقا كتب ماليه او اذا كنت طالب مالي او اقتصادي مالي
Read
May 14, 2016This is the kind of book I wish I had way back when. Way back when I first started earning my own money. If I had put some of these principles or advice to work all through my earning life perhaps I would have been a money master.
I was a bit leery going in about how I’d react to Robbins’ writing. Somewhere in my head I got the idea that he was the evangelist of finance and his style might be a bit preachy. No worries; detailed yes, repetition of points but nothing I couldn’t handle.
Anthony Robbins covers a great deal Money Master. He includes lots of sage information from the best in addition to his own take on investing. It’s a book that needs to be owned so you can dip in and out of it to take full advantage of its message.
I was particularly impressed with the easy to understand examples of compounded savings, the images of what a billion is, and Mr. Robbins philanthropy.
The e-galley format cautions not to quote directly from the text do I’d like paraphrase in my own words.
”The more I learn, the more I know I have much to learn. The older I get, the more I wish I had learned. It’s not too late.”
A gift for my grandson perhaps. He could easily be a Money Master.
I was a bit leery going in about how I’d react to Robbins’ writing. Somewhere in my head I got the idea that he was the evangelist of finance and his style might be a bit preachy. No worries; detailed yes, repetition of points but nothing I couldn’t handle.
Anthony Robbins covers a great deal Money Master. He includes lots of sage information from the best in addition to his own take on investing. It’s a book that needs to be owned so you can dip in and out of it to take full advantage of its message.
I was particularly impressed with the easy to understand examples of compounded savings, the images of what a billion is, and Mr. Robbins philanthropy.
The e-galley format cautions not to quote directly from the text do I’d like paraphrase in my own words.
”The more I learn, the more I know I have much to learn. The older I get, the more I wish I had learned. It’s not too late.”
A gift for my grandson perhaps. He could easily be a Money Master.
November 5, 2014
I received a free sampler of the book for the purpose of my review, but all of my opinions are 100% my own.
I was very excited to begin reading the first chapter of this book, because I am a huge fan of finance blogs and getting my finances in order. I had never heard of Tony Robbins, but I was willing to give the book a shot, because any financial help is better than none at all. Unfortunately between all of the "introductions", all I found in this book was fluff. The author, Mr. Robbins, was full of himself and determined to make you understand why you should not only read but purchase this book. One read and you will have all of the information you ever could need to become the wealthiest person in the world, or something like that. But you know how they say that some people are "all talk and no action"? That's exactly what the first chapter of this book seemed like to me. Sure Mr. Robbins may be a wealthy man becoming even more wealthy through publicity and book publishing, but could he actually provide his readers with viable information they need to help grow their assets and lower their debts? Maybe the rest of the book provides this information … or maybe this book will help someone who follows fewer financial blogs and knows less about money than I -think- I do. As it stands, given what I have read from the book, I personally do not recommend it.
I was very excited to begin reading the first chapter of this book, because I am a huge fan of finance blogs and getting my finances in order. I had never heard of Tony Robbins, but I was willing to give the book a shot, because any financial help is better than none at all. Unfortunately between all of the "introductions", all I found in this book was fluff. The author, Mr. Robbins, was full of himself and determined to make you understand why you should not only read but purchase this book. One read and you will have all of the information you ever could need to become the wealthiest person in the world, or something like that. But you know how they say that some people are "all talk and no action"? That's exactly what the first chapter of this book seemed like to me. Sure Mr. Robbins may be a wealthy man becoming even more wealthy through publicity and book publishing, but could he actually provide his readers with viable information they need to help grow their assets and lower their debts? Maybe the rest of the book provides this information … or maybe this book will help someone who follows fewer financial blogs and knows less about money than I -think- I do. As it stands, given what I have read from the book, I personally do not recommend it.
March 31, 2016
This is an excellent and empowering book for getting people to take control of their financial lives. There are two things that really detract from the overall whole:
1) The specificity of the product/company recommendations feels very marketing driven and the consistent foreshadowing of a can't lose portfolio - from a hedge fund manager not taking any clients (just stick with me) - feels like a bad late-night infomercial.
2) The recommended companies, in some cases, are called out as ones that Tony was exploring a business relationship with (I read some blog articles where Tony has backed out of those arrangements to avoid the conflict of interest). Like it or not, those disclosures are in the book and sully the high motives I think the book was actually written with.
Outside of this, I found the book to generally give sound advice and get you thinking about how you need to manage every phase of your financial life - from scratching out your first few dollars into savings and getting it automated, to setting yourself a permanent income plan later in life to supplement social security, and leaving your legacy.
As someone who has been managing my own investments and that of various family members for 20 years, there were some surprising learnings in here that I was not expecting. I was delighted to discover that my own 401k offered an option to make Roth-style contributions. Since I expect that my generation will be paying the higher taxes racked up by debt from my parents' generation - "thanks guys! ;^), it makes sense to pay my taxes now and ensure that when I withdraw, I don't have to pay what I believe will likely be higher taxes ahead.
I also learned about some indexed annuity options that guarantee principle protection while allowing for market-upside performance. While this isn't a necessity for me at this point in life, it does help a family member who wants to guarantee that a lump-sum will still be there in a trust for the beneficiaries, no matter what.
Finally, while they weren't actually new learnings, I was reminded how active investing is a sucker's game and how important it is to put your investments on an indexed auto-pilot across an allocation that can be simply rebalanced in a couple hours a year. The costs of active trading add up, in fees and inefficiency. I'd rather pick a simple index strategy and spend more time with my family, knowing that I'm beating 96% of the market over time. If you give up on the idea of getting rich quick in the stock market, recognize the fact that you don't know more than everybody else (and if you do know more than everybody else - you don't need this book), and ensure you don't give your money to financial vampires siphoning off your money, you'll do alright. I also found some great free resources for getting my wills and insurance plans in order in case something untowards happens to me. I'm hoping my family doesn't need it anytime soon.
1) The specificity of the product/company recommendations feels very marketing driven and the consistent foreshadowing of a can't lose portfolio - from a hedge fund manager not taking any clients (just stick with me) - feels like a bad late-night infomercial.
2) The recommended companies, in some cases, are called out as ones that Tony was exploring a business relationship with (I read some blog articles where Tony has backed out of those arrangements to avoid the conflict of interest). Like it or not, those disclosures are in the book and sully the high motives I think the book was actually written with.
Outside of this, I found the book to generally give sound advice and get you thinking about how you need to manage every phase of your financial life - from scratching out your first few dollars into savings and getting it automated, to setting yourself a permanent income plan later in life to supplement social security, and leaving your legacy.
As someone who has been managing my own investments and that of various family members for 20 years, there were some surprising learnings in here that I was not expecting. I was delighted to discover that my own 401k offered an option to make Roth-style contributions. Since I expect that my generation will be paying the higher taxes racked up by debt from my parents' generation - "thanks guys! ;^), it makes sense to pay my taxes now and ensure that when I withdraw, I don't have to pay what I believe will likely be higher taxes ahead.
I also learned about some indexed annuity options that guarantee principle protection while allowing for market-upside performance. While this isn't a necessity for me at this point in life, it does help a family member who wants to guarantee that a lump-sum will still be there in a trust for the beneficiaries, no matter what.
Finally, while they weren't actually new learnings, I was reminded how active investing is a sucker's game and how important it is to put your investments on an indexed auto-pilot across an allocation that can be simply rebalanced in a couple hours a year. The costs of active trading add up, in fees and inefficiency. I'd rather pick a simple index strategy and spend more time with my family, knowing that I'm beating 96% of the market over time. If you give up on the idea of getting rich quick in the stock market, recognize the fact that you don't know more than everybody else (and if you do know more than everybody else - you don't need this book), and ensure you don't give your money to financial vampires siphoning off your money, you'll do alright. I also found some great free resources for getting my wills and insurance plans in order in case something untowards happens to me. I'm hoping my family doesn't need it anytime soon.
November 15, 2014
The only reason I read this is because I am doing the Smiley360 campaign for the book and was given a free sampler that included the introduction and chapter 1. As always, my opinions are my own and receiving an item free does not mean I will gush over how wonderful the book is if it is not. And from what I have read of this book, it is not.
We received 55 pages and you don't even get to the table of contents until reading a bunch of fluffy statements praising Tony by his own rich friends and business associates who write vague praise about his personality and how smart they think he is without any proof to back it up. Then after 3 pages of Table of Contents, there are more blank pages and then two more buddies wrote a preface and an introduction which is just more public relations for Tony. You finally get to page 30 after reading 29 pages of what amounts to ass-kissing by his buddies. This made me wonder why he needed that. Why not just awe us with practical and useful information we can use rather than 30 pages of PR fluff?
Finally, on page 30 you get to chapter 1. After all of the buildup, I thought we had finally gotten to the meat and bones of the subject but was disappointed because Chapter 1 was more like that cherry Jello fluff dessert served at Christmas parties than substance. Tony was self-worshiping Tony and still on a public relations kick saying how important money was and how he was such an expert and giving the same kind of information I remember from a junior high school consumer math course I took. Where was Tony's originality, brilliance, and solid proven tools and advice? I don't know. It was like he was still trying to get Smiley360 members of this campaign to buy the book!
Frankly, I wouldn't waste my time with this PR piece designed to help the author sell more books. What was Simon and Schuster thinking when they decided to publish this- separating fools from their money so to profit themselves? It didn't work with me and I don't think many Smiley360 campaign members were impressed either.
We received 55 pages and you don't even get to the table of contents until reading a bunch of fluffy statements praising Tony by his own rich friends and business associates who write vague praise about his personality and how smart they think he is without any proof to back it up. Then after 3 pages of Table of Contents, there are more blank pages and then two more buddies wrote a preface and an introduction which is just more public relations for Tony. You finally get to page 30 after reading 29 pages of what amounts to ass-kissing by his buddies. This made me wonder why he needed that. Why not just awe us with practical and useful information we can use rather than 30 pages of PR fluff?
Finally, on page 30 you get to chapter 1. After all of the buildup, I thought we had finally gotten to the meat and bones of the subject but was disappointed because Chapter 1 was more like that cherry Jello fluff dessert served at Christmas parties than substance. Tony was self-worshiping Tony and still on a public relations kick saying how important money was and how he was such an expert and giving the same kind of information I remember from a junior high school consumer math course I took. Where was Tony's originality, brilliance, and solid proven tools and advice? I don't know. It was like he was still trying to get Smiley360 members of this campaign to buy the book!
Frankly, I wouldn't waste my time with this PR piece designed to help the author sell more books. What was Simon and Schuster thinking when they decided to publish this- separating fools from their money so to profit themselves? It didn't work with me and I don't think many Smiley360 campaign members were impressed either.
November 13, 2014
I received a free preview of this book from Smiley 360.
While this book is well written in an engaging style, the actual content was very off-putting. I am predisposed to dislike books that position their main selling point as their authors' success and general awesome-ness. I want to learn how to handle money better, not join a personality cult. Also, Robbins never fully explains why I should trust nor value the advice of "financial titans." And this directly after brief mention of the 2008 financial collapse! This book plays into the American Dream myth and our eternal optimism that we will be the one to win at a rigged game.
Additionally, he misused psychology for his own gain. As a psychology professional, I find that deeply offensive. It is also dangerous. By perpetuating misinformation about mental illnesses he is making it harder for those with any sort of disorder to live and function in an ignorant society.
Lastly, his information didn't seem to be backed up by any quantitative research. The attitude was "I'm Tony Robbins, so you should believe everything I tell you and I'll make you rich." I'd rather be poor and see some dadgum footnotes!
A perfectly fine read. But it didn't change my life. And Robbins came across as smarmy and a ittle too "reality TV."
While this book is well written in an engaging style, the actual content was very off-putting. I am predisposed to dislike books that position their main selling point as their authors' success and general awesome-ness. I want to learn how to handle money better, not join a personality cult. Also, Robbins never fully explains why I should trust nor value the advice of "financial titans." And this directly after brief mention of the 2008 financial collapse! This book plays into the American Dream myth and our eternal optimism that we will be the one to win at a rigged game.
Additionally, he misused psychology for his own gain. As a psychology professional, I find that deeply offensive. It is also dangerous. By perpetuating misinformation about mental illnesses he is making it harder for those with any sort of disorder to live and function in an ignorant society.
Lastly, his information didn't seem to be backed up by any quantitative research. The attitude was "I'm Tony Robbins, so you should believe everything I tell you and I'll make you rich." I'd rather be poor and see some dadgum footnotes!
A perfectly fine read. But it didn't change my life. And Robbins came across as smarmy and a ittle too "reality TV."
November 20, 2014
I'm only a few chapters in and I'm inspired by Tony's mission to democratize the financial industry. It's probably his most remarkable book in terms of impact, and the measure of his position and influence today that pretty much only he can pull off these amazing interviews.
It's been 20 years since Tony's last book. I recommend getting up to speed by listening to Timothy Ferriss's podcast interview with Tony and maybe watching the progressive documentary narrated by Matt Damon called "Inside Job" which Tony says inspired him to begin this work, available free online. These will certainly whet your desire to read this book.
It's an enormous book: almost 700 pages. But it is a book to be savored and enjoyed, so start at the start and read slowly through for the experience. You're in the hands of a master who's prepared a feast, so relax and go for it.
Highly recommended.
It's been 20 years since Tony's last book. I recommend getting up to speed by listening to Timothy Ferriss's podcast interview with Tony and maybe watching the progressive documentary narrated by Matt Damon called "Inside Job" which Tony says inspired him to begin this work, available free online. These will certainly whet your desire to read this book.
It's an enormous book: almost 700 pages. But it is a book to be savored and enjoyed, so start at the start and read slowly through for the experience. You're in the hands of a master who's prepared a feast, so relax and go for it.
Highly recommended.
July 7, 2017
I really tried to finish this book, but I suffered. It took me eons. Although the style of writing is engaging, you dont seem to get simple and direct information. The constant promotional material and name dropping, and repetitive statements eventually leave you feeling frustrated and annoyed.
I much prefered "The rules of wealth". It simple and succinct. I read a few rules a day. Sometimes a few more than others.
I chose this genre of books for something different to read and to get some insight into what is available out there.
I really did not enjoy the style of writing at all. I am an advert reader and have read a wide genre of books. I am extremely disappointed because I feel like I wasted my time. Life is too short to deal with waffle and fluff.
If this book was more succinct and clear, I think it would be easier to identify that the relevant points, but I dont feel like I have learnt much. I have read other "business"/personal finance advice books and have never felt like this.
I work within the accounting sector, so this was not new to me. I just thought it would be good to get someones else's take on using the markets to gain "financial freedom".
I will not be reading any of his other books. I prefer watch his videos because he comes across as a pleasant and interesting and you can choose what you want to listen too. But.... the same style just does not work for a book.
Thank goodness I borrowed the book.
I am sorry, because I dont like writing this review, but honestly I feel like I wasted my time. I keep waiting for some substance, but....nothing.
There are a few tips, but they get lost in all the pomp and you loose the plot because of how frustrated you end up feeling.
I much prefered "The rules of wealth". It simple and succinct. I read a few rules a day. Sometimes a few more than others.
I chose this genre of books for something different to read and to get some insight into what is available out there.
I really did not enjoy the style of writing at all. I am an advert reader and have read a wide genre of books. I am extremely disappointed because I feel like I wasted my time. Life is too short to deal with waffle and fluff.
If this book was more succinct and clear, I think it would be easier to identify that the relevant points, but I dont feel like I have learnt much. I have read other "business"/personal finance advice books and have never felt like this.
I work within the accounting sector, so this was not new to me. I just thought it would be good to get someones else's take on using the markets to gain "financial freedom".
I will not be reading any of his other books. I prefer watch his videos because he comes across as a pleasant and interesting and you can choose what you want to listen too. But.... the same style just does not work for a book.
Thank goodness I borrowed the book.
I am sorry, because I dont like writing this review, but honestly I feel like I wasted my time. I keep waiting for some substance, but....nothing.
There are a few tips, but they get lost in all the pomp and you loose the plot because of how frustrated you end up feeling.
February 14, 2016
It takes guts to read a book of this size about finance. And surely the 7 Steps aren't Simple. But you wouldn't really think they would be, given the size, would you?
So if we talk about the subtitle of the book, it's definitely misleading. But here's what I heard recently from one copywriter:
„Sell people what they want, then give them what they need“
And what I needed it was. Before this book, I wasn't investing much (except for few investments I made 2 years ago). Even though I've been studying the subject a bit before, for the most part the advice I got was frustrating and often incongruent, so I hesitated, because I didn't fully understand what I would be doing.
Now I feel confident in making some investing decisions myself - enough to restart my investments.
The only "criticism" I have for this book is that it's much more useful as-is for US citizens than for the rest of the world, reason being that most of the financial services and tools Tony is promoting are only available if you live in US. The rest of the world will have to do some extra research to get the best out of it.
Bottom line: if you don't want to invest, but are willing to be convinced, or if you do, but you find the subject of finance intimidating, definitely give this book a chance. You'll be amazed.
So if we talk about the subtitle of the book, it's definitely misleading. But here's what I heard recently from one copywriter:
„Sell people what they want, then give them what they need“
And what I needed it was. Before this book, I wasn't investing much (except for few investments I made 2 years ago). Even though I've been studying the subject a bit before, for the most part the advice I got was frustrating and often incongruent, so I hesitated, because I didn't fully understand what I would be doing.
Now I feel confident in making some investing decisions myself - enough to restart my investments.
The only "criticism" I have for this book is that it's much more useful as-is for US citizens than for the rest of the world, reason being that most of the financial services and tools Tony is promoting are only available if you live in US. The rest of the world will have to do some extra research to get the best out of it.
Bottom line: if you don't want to invest, but are willing to be convinced, or if you do, but you find the subject of finance intimidating, definitely give this book a chance. You'll be amazed.
September 3, 2022
Great info but it could be half as long and have the same content. My recommendation… get an ebook. Underline a bunch but skim the repeats.
December 9, 2014
The best book available on the market today to help someone secure their financial future for themselves and their family.
For those who want to do the very best to secure your future and ensure your family and children are secure, willing to make a few tough decisions along the way then this is exactly what you need and I am confident that following this advice will transform the next 10-30 years for me.
It is long, but very interesting and easy to read and requires discipline to follow. You can't retire young and well if you spend more than you earn, or what little you do save, put that away earning 0.5% with your local bank.
The book is American so you do need to take the general principles, replace S&P500 with FTSE, replace 401(k) with pension and Roth IRA with ISA. It would be great if there was a chapter for us Brits but there isn't and if you can't research the subtle differences of what we need to do differently here in the UK, then you are not going to have the discipline to follow through, save, invest and retire, you might as well not read the book in the first place.
Likewise for those of your disgusted at the thought you might need to make a few cutbacks and save more, you will be disappointed. There are no chapters on winning the lottery or getting free money out of thin air, this is real life and succeeding in real life takes hard work, hard choices and discipline. Anything that is worthwhile takes a little hard work.
I am stunned that so many people felt they were qualified to leave a review of this 650 page book after reading just the first chapter, many of those freely admit they only read the first 3-5 pages. If you don't take your future financial security and your family's future seriously enough to spend £10/$15 and a few days reading the book properly then you will get exactly the results you deserve both financially and in other areas of life. In a world of instant gratification, instant fame and magic pills it appears much of the world has forgotten that the underlying principle of hard work is still the driving force behind 99.9% of success in the world.
For those who want to do the very best to secure your future and ensure your family and children are secure, willing to make a few tough decisions along the way then this is exactly what you need and I am confident that following this advice will transform the next 10-30 years for me.
It is long, but very interesting and easy to read and requires discipline to follow. You can't retire young and well if you spend more than you earn, or what little you do save, put that away earning 0.5% with your local bank.
The book is American so you do need to take the general principles, replace S&P500 with FTSE, replace 401(k) with pension and Roth IRA with ISA. It would be great if there was a chapter for us Brits but there isn't and if you can't research the subtle differences of what we need to do differently here in the UK, then you are not going to have the discipline to follow through, save, invest and retire, you might as well not read the book in the first place.
Likewise for those of your disgusted at the thought you might need to make a few cutbacks and save more, you will be disappointed. There are no chapters on winning the lottery or getting free money out of thin air, this is real life and succeeding in real life takes hard work, hard choices and discipline. Anything that is worthwhile takes a little hard work.
I am stunned that so many people felt they were qualified to leave a review of this 650 page book after reading just the first chapter, many of those freely admit they only read the first 3-5 pages. If you don't take your future financial security and your family's future seriously enough to spend £10/$15 and a few days reading the book properly then you will get exactly the results you deserve both financially and in other areas of life. In a world of instant gratification, instant fame and magic pills it appears much of the world has forgotten that the underlying principle of hard work is still the driving force behind 99.9% of success in the world.
January 26, 2015
This book offers deep insights and wisdom only after a few hundred pages! I can see how Tony Robbins can be a phenomenal motivational speaker because he leaves me wanting to learn more BUT in this book the sentences similar to "And later, I will show you how and what" is used too often. This book is around 600 pages and probably 200 of these pages are made up of useless fluff words.
If you can manage to look past the fluffers, the inspirational words and financial knowledge of this book is worth it. I especially like the chapters more on personal development than on investing.
If you can manage to look past the fluffers, the inspirational words and financial knowledge of this book is worth it. I especially like the chapters more on personal development than on investing.
January 31, 2021
Einfach großartig. Ein zugegeben sehr dickes Buch, aber enorm lesenswert. Meine Synapsen begannen zu funken und ich habe mir viele Notizen gemacht, die ich kommende Woche beginnen möchte umzusetzen. Robbins ist für mich ein unglaublich inspirierender Mann, der wirklich für seinem Job berufen ist. Es wird nicht das letzte Buch gewesen sein, was ich von ihm lese.
Currently reading
November 13, 2014First off, this is a review for Smiley360 (https://smiley.socialmedialink.com). I received a sample chapter of the book for review, so this review is not based on the complete book. Reader be warned.
The book begins as any hyped-up book does - with numerous pages of positive reviews. I generally skip these because I really don't want them to color my opinion of the actual book. But I feel obliged to note that there were, in fact, 5 pages of hype before the title of the book. This is followed by a Foreward and Introduction that is basically drawn out examples of the same thing. All of the hype is designed to 'prime' you for what the author is trying to sell.
The book itself does not begin until about page 30 (30 of 55 on the pdf version I was asked to review). The first chapter, appropriate to the book's title, deals with money. It goes on to emphasize the importance of money in our day-to-day lives with "I want to remind you, this is a game that you and your family can’t afford to lose." This impresses on the reader their need to continue reading this book. This is further implied by the following: "My promise to you is this: if you will stay with me and follow the 7 Simple Steps in this book—the steps that have been distilled from the world’s most successful financial players—you and your family will win this game. And you can win big!"
Not too subtle. "I hope you’ll let me be your translator as well as your guide on this journey. Together we’ll break the code and cut through the complexity that keeps most of us feeling like outsiders in the world of finance." Okay. I'm game... "Before you know it, you’ll be an insider too." Wait... what? So, this is basically a book about Insider Trading for Dummies?
And then comes the name-dropping. (I won't bother quoting the list. Just know that for someone this famous, name-dropping is bad form.) While some of the tips and suggestions hinted at in the first chapter do seem intriguing, they are not enough to answer the question posed at the end of the first chapter: "Do I have you hooked on what’s really possible for your life now?"
This may be a book I come back to later, to read the full story, and thus update my review, but as things stand, I cannot bring myself to place this on the top of my "Reading Shelf". For those looking to get into investing, this is a good place to turn, but for everyone else... do yourself a favor and pass.
The book begins as any hyped-up book does - with numerous pages of positive reviews. I generally skip these because I really don't want them to color my opinion of the actual book. But I feel obliged to note that there were, in fact, 5 pages of hype before the title of the book. This is followed by a Foreward and Introduction that is basically drawn out examples of the same thing. All of the hype is designed to 'prime' you for what the author is trying to sell.
The book itself does not begin until about page 30 (30 of 55 on the pdf version I was asked to review). The first chapter, appropriate to the book's title, deals with money. It goes on to emphasize the importance of money in our day-to-day lives with "I want to remind you, this is a game that you and your family can’t afford to lose." This impresses on the reader their need to continue reading this book. This is further implied by the following: "My promise to you is this: if you will stay with me and follow the 7 Simple Steps in this book—the steps that have been distilled from the world’s most successful financial players—you and your family will win this game. And you can win big!"
Not too subtle. "I hope you’ll let me be your translator as well as your guide on this journey. Together we’ll break the code and cut through the complexity that keeps most of us feeling like outsiders in the world of finance." Okay. I'm game... "Before you know it, you’ll be an insider too." Wait... what? So, this is basically a book about Insider Trading for Dummies?
And then comes the name-dropping. (I won't bother quoting the list. Just know that for someone this famous, name-dropping is bad form.) While some of the tips and suggestions hinted at in the first chapter do seem intriguing, they are not enough to answer the question posed at the end of the first chapter: "Do I have you hooked on what’s really possible for your life now?"
This may be a book I come back to later, to read the full story, and thus update my review, but as things stand, I cannot bring myself to place this on the top of my "Reading Shelf". For those looking to get into investing, this is a good place to turn, but for everyone else... do yourself a favor and pass.
January 8, 2016
The fundamentals, covered thoroughly.
I have an ok financial education, so I didn't take away a lot of new information from this book. But the organization and emphasis made abstract concepts sink in in a way they hadn't before. After completing it, I feel adequately prepared to begin a healthier financial life.
It is very repetitive. Very repetitive. But I never felt unprepared for a concept he introduced, and my retention is a lot higher than other non-fiction books I've read in the last few years.
This is a beginning, not an end, to your financial education. But an excellent beginning.
I have an ok financial education, so I didn't take away a lot of new information from this book. But the organization and emphasis made abstract concepts sink in in a way they hadn't before. After completing it, I feel adequately prepared to begin a healthier financial life.
It is very repetitive. Very repetitive. But I never felt unprepared for a concept he introduced, and my retention is a lot higher than other non-fiction books I've read in the last few years.
This is a beginning, not an end, to your financial education. But an excellent beginning.
January 3, 2015
A must read for the new year. In depth, intelligent look at everything to do with money. Get your future sorted & read this now - then put it into action
January 22, 2021
قرأت 150 صفحة ولم أعرف ولا معلومة مفيدة من الكاتب سوي أنني سأصبح غنيا جداً بعد التقاعد.
لم أكمله.
لم أكمله.
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