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aargee's review
4.0
Fantastic book
The book starts talking about money, investment, businesses, interviews with most successful investors of all time & finally goes on to show other forms of wealth such as love, affection, family, ethics, honesty & so on. Overall it's a must read book & perhaps a life changing for someone as well
The book starts talking about money, investment, businesses, interviews with most successful investors of all time & finally goes on to show other forms of wealth such as love, affection, family, ethics, honesty & so on. Overall it's a must read book & perhaps a life changing for someone as well
ashleywantsbooks's review
5.0
I have a really deep appreciation for the financial lessons that are found within this tome. Thankfully, I read the kindle version so I have access to all my 300+ highlights and it fit comfortably into my purse to be toted around everywhere during the 10 days I read it. Unrelated, I got it from the digital library, so I got all the information for free, but it's totally worth the $14 to purchase either the digital or paperback version and have it available for reference whenever you need a refresher, or are ready to move on to the next step in your financial plan. I have made an extensive study of financial advice as a financial coach and I have learned more from this book than many other books combined. My one complaint is that Tony does a lot of alluding to 'later on in the book I will show you' - there's a way you can do that without making it frustrating for the reader, and he made it frustrating for the reader every single time. Don't mention the thing if you're not going to explain it right away, or at least give a chapter reference for where it will come up later so that the reader isn't constantly expecting the explanation to come, or can skip ahead to the explanation as needed.
A big reason I really like this book is because he interviews major financial players in the game, persons who manage millions or billions of dollars, and condense their advice for concise and easy consumption. I realize that one can go online and do some google searching and figure this out, but it's really nice to have them all in one place, being able to see how their plans are alike or different, and how they could work together as you form your own personal financial plan. Because it condenses the money views of so many financial superstars, it's the perfect beginner's book to learn the philosophies of investing and the many ways one can start. It's a great starting point if you really want to dig deep on one investor's philosophy over another's, and you don't have to then 'waste' your time and efforts doing research that you realize doesn't suit your personal investment ideals. I really like how he hits on diversification, not just by talking about different types of stocks or mutual funds, but by discussing bonds and bond funds, real estate and real estate funds, and most especially annuities - something many financial experts don't consider a worthwhile investment option.
The part of the book that REALLY resonated with me was when he talked about your personal magic number. The number of dollars that you feel you need to have invested to live the life you have always dreamed without HAVING to work for your lifestyle or having to reduce the principle. I wrote down a number as a note in my kindle, it's right there at the highlight. The number is ridiculously large. Tony then goes on to explain that there isn't just ONE magic number per person, but five! Those numbers are Financial Security, Financial Vitality, Financial Independence, Financial Freedom, and Absolute Financial Freedom. Financial Security is when your investments provide you with enough money to cover your basic living expenses. Financial Vitality provides you with your living expenses plus some of your luxuries, the things that make life worth living. Financial Independence is the cost of all your living expenses - usually slightly less or right at what most people make in job income a year. Financial Freedom is where you get to live your same lifestyle just elevated. And, finally, Absolute Financial Freedom is your big fat magic dream number. He goes on to explain how to calculate these numbers, by starting at the smallest one and then guesstimating up for each following level. I have my numbers written down in my daily planner and can take them out at any time and place to remind me of my goals. Your big number, is probably way less than you think it's going to be. Mine was. How to calculate is thus: Let's say my financial security number per month - all my living expenses: rent, food, utilities, transportation, insurance, and basic clothing (yes I know we didn't talk taxes that's too involved for this discussion we're guesstimating here)- is $4000. $4000 x 12 months is $48,000. Assuming a 5% annual rate of return on my invested money (which is a rather risk averse and conservative average), I take the $48,000 and multiply it by 20 for $960,000. You can double check your math by taking your big number, multiplying that by .o5 [5%], to get your Financial Security number. I'm not saying that's a small amount of money, but that's not as big as you were probably imagining was it? These are the doses of reality everyone needs to realize that you have to get your financial house in order, have a security fund for emergencies, then get yourself to investing. This book will help you create the investment plan in which you are comfortable, and allow you to learn how to do it yourself or give you the power to find the affordable help you need to get there.
A big reason I really like this book is because he interviews major financial players in the game, persons who manage millions or billions of dollars, and condense their advice for concise and easy consumption. I realize that one can go online and do some google searching and figure this out, but it's really nice to have them all in one place, being able to see how their plans are alike or different, and how they could work together as you form your own personal financial plan. Because it condenses the money views of so many financial superstars, it's the perfect beginner's book to learn the philosophies of investing and the many ways one can start. It's a great starting point if you really want to dig deep on one investor's philosophy over another's, and you don't have to then 'waste' your time and efforts doing research that you realize doesn't suit your personal investment ideals. I really like how he hits on diversification, not just by talking about different types of stocks or mutual funds, but by discussing bonds and bond funds, real estate and real estate funds, and most especially annuities - something many financial experts don't consider a worthwhile investment option.
The part of the book that REALLY resonated with me was when he talked about your personal magic number. The number of dollars that you feel you need to have invested to live the life you have always dreamed without HAVING to work for your lifestyle or having to reduce the principle. I wrote down a number as a note in my kindle, it's right there at the highlight. The number is ridiculously large. Tony then goes on to explain that there isn't just ONE magic number per person, but five! Those numbers are Financial Security, Financial Vitality, Financial Independence, Financial Freedom, and Absolute Financial Freedom. Financial Security is when your investments provide you with enough money to cover your basic living expenses. Financial Vitality provides you with your living expenses plus some of your luxuries, the things that make life worth living. Financial Independence is the cost of all your living expenses - usually slightly less or right at what most people make in job income a year. Financial Freedom is where you get to live your same lifestyle just elevated. And, finally, Absolute Financial Freedom is your big fat magic dream number. He goes on to explain how to calculate these numbers, by starting at the smallest one and then guesstimating up for each following level. I have my numbers written down in my daily planner and can take them out at any time and place to remind me of my goals. Your big number, is probably way less than you think it's going to be. Mine was. How to calculate is thus: Let's say my financial security number per month - all my living expenses: rent, food, utilities, transportation, insurance, and basic clothing (yes I know we didn't talk taxes that's too involved for this discussion we're guesstimating here)- is $4000. $4000 x 12 months is $48,000. Assuming a 5% annual rate of return on my invested money (which is a rather risk averse and conservative average), I take the $48,000 and multiply it by 20 for $960,000. You can double check your math by taking your big number, multiplying that by .o5 [5%], to get your Financial Security number. I'm not saying that's a small amount of money, but that's not as big as you were probably imagining was it? These are the doses of reality everyone needs to realize that you have to get your financial house in order, have a security fund for emergencies, then get yourself to investing. This book will help you create the investment plan in which you are comfortable, and allow you to learn how to do it yourself or give you the power to find the affordable help you need to get there.
kojobaffoe's review
3.0
A Useful Tool
The reason I gave it rating of 3 stars was primarily because a lot of the investment options/vehicles detailed are American but, overall, it opened my mind up to some of the possibilities out there. I also love that it speaks to the kind of human being you are and how you just to live your live.
The reason I gave it rating of 3 stars was primarily because a lot of the investment options/vehicles detailed are American but, overall, it opened my mind up to some of the possibilities out there. I also love that it speaks to the kind of human being you are and how you just to live your live.
jason1234's review
4.0
Long read
I have given the book 4 stars because I have learned from it. The information and insights that were in the book were not particularly unique. I love Tony Robbins for all the positive ways in which he has impacted my life. But it was very hard to stay on course with this book. A lot of it seemed like ramblings and adversitisements for future chapters. This book could have been condensed.. a lot.
But, then again, I just read 'the intelligent investor' and found it too hard to understand. This book give is much more simpler to understand.
Just wish it was more concise.
I have given the book 4 stars because I have learned from it. The information and insights that were in the book were not particularly unique. I love Tony Robbins for all the positive ways in which he has impacted my life. But it was very hard to stay on course with this book. A lot of it seemed like ramblings and adversitisements for future chapters. This book could have been condensed.. a lot.
But, then again, I just read 'the intelligent investor' and found it too hard to understand. This book give is much more simpler to understand.
Just wish it was more concise.
julissadantes's review
4.0
Good one! Makes you want to put your money in motion asap.
This is a book about investing like an insider, by telling the reader all the details to look out for in every investment venture, including the mentality you should have if you want to make money, and how to handle yourself after you make that money.
Note: Very USA citizens oriented since it cover a lot of tax details that were just no use to me.
This is a book about investing like an insider, by telling the reader all the details to look out for in every investment venture, including the mentality you should have if you want to make money, and how to handle yourself after you make that money.
Note: Very USA citizens oriented since it cover a lot of tax details that were just no use to me.
orlandom1188's review
informative
inspiring
lighthearted
medium-paced
4.25
Tony had so many tips. For a beginner investor, this book and Ray Dalios Principles is a good beginner stack to do.
spiceee's review
3.0
I've enjoyed the tips on investing (even though some of them are very US-centric) and the interviews but his plans require a steady flow of cash until they don't - something that is not very easy to do in an economy such as the current one, particularly in the American economy where the middle class jobs are disappearing.
anmcfarland's review
3.0
Some good information here. Repetitive at times, but I did learn a great deal throughout. New spins on tried and true tips. Helps you walk through action steps and breaks things down into (both lower-level and higher-level) fundamentals.