You need to sign in or sign up before continuing.
Take a photo of a barcode or cover
A review by yourlovelyman
Money Master the Game: 7 Simple Steps to Financial Freedom by Tony Robbins
5.0
This book was recommended to me by my financial advisor. I asked if he could suggest any books for financial planning and general money management. He looked at his shelf and said "Money: Master the Game, by Tony Robbins. But skip the part about annuities." Full disclosure, that's what I did.
Admittedly, the book could have had some fat trimmed, especially in the beginning. Many early pages are spent hyping up what will come later, with phrases like "This book will arm you with the offense you need!" And stylistically it reads like Robbins threw back a Red Bull every time he sat down to write: "Look at what a difference one percent makes!"
But if you can get past these issues, here are some takeaways:
• Safe, sound investment strategies are encouraged over risky ones. Index funds over mutual funds, the latter of which don't generally outperform the market over sustained periods of time (and charge higher fees since they're actively managed).
• Avoiding a loss is more important than growing. A 50% loss takes 100% growth to get back to where you were, and you don't get the lost time back.
• Diversify investments and asset classes, and diversify across time via dollar-cost averaging. If part of the market takes a hit, you're still in good shape, and if the whole thing takes a hit today, it's easier to recover tomorrow.
• Consider what you really want from your money. Do you really want a private island in the Caribbean? Even if you do, renting could be a tenth of the cost.
• Once you've considered your goals, come up with a plan. How much do you need to be safe? Secure? Independent? Totally free, never having to worry about money again?
• And ultimately, Robbins preaches gratitude, contentment, and charity. The secret to living is giving, he says.
Even though it suffers from some editorial shortcomings and life coach quirks, if someone asked me to recommend a book about financial planning, I have to say I'd recommend Money: Master the Game.
Admittedly, the book could have had some fat trimmed, especially in the beginning. Many early pages are spent hyping up what will come later, with phrases like "This book will arm you with the offense you need!" And stylistically it reads like Robbins threw back a Red Bull every time he sat down to write: "Look at what a difference one percent makes!"
But if you can get past these issues, here are some takeaways:
• Safe, sound investment strategies are encouraged over risky ones. Index funds over mutual funds, the latter of which don't generally outperform the market over sustained periods of time (and charge higher fees since they're actively managed).
• Avoiding a loss is more important than growing. A 50% loss takes 100% growth to get back to where you were, and you don't get the lost time back.
• Diversify investments and asset classes, and diversify across time via dollar-cost averaging. If part of the market takes a hit, you're still in good shape, and if the whole thing takes a hit today, it's easier to recover tomorrow.
• Consider what you really want from your money. Do you really want a private island in the Caribbean? Even if you do, renting could be a tenth of the cost.
• Once you've considered your goals, come up with a plan. How much do you need to be safe? Secure? Independent? Totally free, never having to worry about money again?
• And ultimately, Robbins preaches gratitude, contentment, and charity. The secret to living is giving, he says.
Even though it suffers from some editorial shortcomings and life coach quirks, if someone asked me to recommend a book about financial planning, I have to say I'd recommend Money: Master the Game.