Updated: Apr 16
If you are looking for a book that can help you achieve financial freedom, you might want to check out "MONEY Master the Game: 7 Simple Steps to Financial Freedom" by Tony Robbins. This book is based on extensive research and interviews with some of the most successful investors and financial experts in the world, such as Warren Buffett, Ray Dalio, Carl Icahn, and John Bogle. In this book, Tony Robbins shares a 7-step blueprint that can guide you to create a plan for your money, save and invest wisely, and generate a lifetime income that can support your dreams and goals.
Here are some of the key takeaways from the book:
1. Make the most important financial decision of your life. This decision is to become an investor, not a consumer. Tony Robbins explains that most people spend more than they earn, and end up in debt and financial stress. He urges you to commit to saving and investing a portion of your income, no matter how small, and to automate this process so that you don't have to rely on willpower or emotions. He also shows you how to find your "financial freedom number", which is the amount of money you need to have invested to generate enough income to cover your expenses for the rest of your life.
2. Become an insider and know the rules of the game. Tony Robbins reveals some of the hidden fees, conflicts of interest, and biases that can erode your returns and put your money at risk in the financial industry. He teaches you how to avoid these pitfalls and how to choose the best financial advisors, products, and strategies for your situation. He also introduces you to the concept of asset allocation, which is how you divide your money among different types of investments, such as stocks, bonds, real estate, commodities, etc. He explains why asset allocation is more important than picking individual stocks or funds, and how to adjust it according to your risk tolerance, time horizon, and goals.
3. Make the game winnable. Tony Robbins argues that most people have unrealistic expectations about how much they can earn from their investments, and how much they need to save for retirement. He shows you how to use simple math and compounding to calculate how much money you can realistically expect to make from your investments over time, and how to increase your returns by reducing your fees, taxes, and inflation. He also shares some of the best strategies and vehicles for saving and investing for retirement, such as 401(k)s, IRAs, Roth IRAs, annuities, etc.
4. Make the most of what you have. Tony Robbins acknowledges that not everyone has the same amount of money or opportunities to invest. He offers some practical advice on how to increase your income, reduce your expenses, and optimize your cash flow. He also teaches you how to leverage the power of psychology and emotions to overcome fear, greed, procrastination, and self-sabotage. He shows you how to develop a positive mindset and habits that can help you achieve your financial goals.
5. Create a lifetime income plan. Tony Robbins warns that most people are not prepared for the challenges and risks that come with retirement, such as longevity, health care costs, market volatility, etc. He explains why you need to have a plan for generating a steady and reliable income that can last for as long as you live. He introduces you to some of the best options for creating a lifetime income plan, such as annuities, fixed income securities, dividend stocks, etc. He also shows you how to diversify your income sources and protect them from inflation and taxes.
6. Invest like the .001%. Tony Robbins shares some of the insights and secrets he learned from interviewing some of the most successful investors in the world, such as Warren Buffett, Ray Dalio, Carl Icahn, John Bogle, etc. He reveals some of their philosophies, principles, strategies, and tactics that can help you achieve extraordinary results with your investments. He also shows you how to apply some of their techniques to your own portfolio and situation.
7. Just do it! Tony Robbins concludes by encouraging you to take action on what you have learned from the book. He reminds you that knowledge is not power unless it is applied. He challenges you to implement at least one thing from each step of the blueprint within 45 days of reading the book. He also provides some resources and tools that can help you along the way.
Here are five important things to learn from Tony Robbins' book "MONEY Master the Game: 7 Simple Steps to Financial Freedom":
1. Decide what you want and why you want it. This is the first step toward financial freedom. You need a clear picture of your goals and a strong reason for why you want to reach them. Without a strong reason, you won't be able to stick to your plan and deal with the problems that come up along the way.
2. The second step is to start investing instead of spending money. You need to learn how to make your money work for you instead of against you. You need to know how powerful compound interest is, what the difference is between assets and expenses, and how important it is to spread your money around. You also need to stay away from things like fees, taxes, inflation, and market instability that can hurt your finances.
3. The third step is to make a plan for a long income that will keep you financially secure and give you peace of mind. You need to know how much money you need to live the way you want to live, how much money your businesses can bring in, and how to keep your money safe from risks and uncertainties. You should also make a plan for situations and things that come up that you didn't expect.
4. The fourth step is to get smarter about money and learn to understand the psychology of wealth. You need to learn about the basics of investing, the best practices of the most successful investors in the world, and the latest economic trends and chances. You also need to get past the thoughts, fears, and feelings that stop you from reaching your money goals.
5. Fifth, enjoy your money and give some of it to other people. You need to find a good mix between spending and saving, between living in the present and planning for the future. You should also use your money to make the world a better place by giving to causes you care about and helping people who are in need.
"MONEY Master the Game: 7 Simple Steps to Financial Freedom" by Tony Robbins is a comprehensive and practical guide that can help anyone who wants to improve their financial freedom.
Buy this book at Amazon: https://amzn.to/3omLPK4
Best-selling books from Tony Robbins:
- Awaken the Giant Within: How to Take Immediate Control of Your Mental, Emotional, Physical and Financial Destiny. This book is a comprehensive guide to self-mastery and personal transformation. It teaches you how to overcome your fears, change your beliefs, and create your own destiny.
- Unshakeable: Your Financial Freedom Playbook. This book is a practical and actionable roadmap to achieving financial freedom. It reveals the secrets of the world's most successful investors and shows you how to avoid the common pitfalls that can sabotage your wealth.
- Unlimited Power: The New Science of Personal Achievement. This book is a classic in the field of personal development. It introduces you to the power of Neuro-Linguistic Programming (NLP), a set of techniques that can help you improve your communication, persuasion, and performance.
- Giant Steps: Small Changes to Make a Big Difference. This book is a collection of daily exercises and insights that can help you make positive changes in your life. It covers topics such as goal setting, time management, health, relationships, and happiness.
- Notes from a Friend: A Quick and Simple Guide to Taking Charge of Your Life. This book is a short and easy-to-read introduction to Tony Robbins' philosophy and methods. It offers you some simple but powerful tools to improve your self-confidence, motivation, and direction.
- Unleash the Power Within: Personal Coaching to Transform Your Life! This book is a companion to Tony Robbins' live event of the same name. It gives you access to his proven strategies and techniques for overcoming any challenge and creating lasting change in your life.