Written By: Tony Robbins
Narrated By: Tony Robbins, Jeremy Bobb
Publisher: Simon & Schuster
Duration: 21 Hours 7 Minutes
Summary: Tony Robbins is one of the most revered writers and thinkers of our time. People from all over the world, from the disadvantaged to the well-heeled, from twenty-somethings to retirees, credit him for giving them the inspiration and the tools for transforming their lives. From diet and fitness, to business and leadership, to relationships and self-respect, Tony Robbins’s books have changed people in profound and lasting ways. Now, for the first time, he has assembled advice for the aspect of our… Read more.
What a life changer! He makes the insanely complex world of investing and personal finance seem so easy! Spend less than you earn and invest the difference. Follow a few solid investment principles. Maintain a steady allocation of your portfolio, and you’ll be on your way to wealth!!!
No book is a one-stop shop, but Money Master the Game certainly comes close. Robbins does a great job of breaking everything down into an easy to follow plan, and points you in the right direction for managing your finances.
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Money: Master the Game Audio – A Summary
Tony Robbins is perhaps the best known motivational speaker and self-help guru in the world. He has helped thousands of people achieve the career success that they deserve. However, he has not been well known for his training materials on finance. His book, Money: Master the Game is an attempt to fill this hole in his portfolio of self-help trainings.
Money: Master the Game is about saving and investing in your future. Earning a lot of money is one thing. Keeping it and making it compound to greater wealth is another. That is the focus of this book.
Mr. Robbins emphasizes the need to develop the habit of saving. He gives the advice that you should pay oneself first, setting aside a percentage of money for you and your family like you would for a bill. He also discussed the power of compounding returns. As returns build on themselves, small amounts of money can become large amounts over time.
Mr. Robbins tells people to avoid mutual funds in general. The problem with mutual funds is that they are all competing with other in a contest that is a zero-sum game. It is very hard to outperform the market when you charge high fees and the group of funds themselves defines the market. It is thus not surprising that only 4% of mutual funds do better than the market averages.
As a result, Robbins suggests that people allocate their stock exposure to index funds and ETFs instead of traditional active managed funds. These funds just buy the entire market and should closely track broader stock market indices. At the same time, fees are at a bare minimum since there is no active management going on. Another advantage of ETFs is that one can buy one and hold onto it, not being liable for taxes every year generated as mutual funds take profits through the year. This enhances the ability to compound returns.
Robbins also recommends the “All Weather Portfolio” as a way to reduce market volatility in your portfolio. This concept was popularized by the founder of Bridgewater Associates, Ray Dalio. The allocation rests 30% in stocks, 40% in long term bonds, 15% in intermediate bonds, 7.5% in precious metals, and 7.5% in commodities. This particular portfolio has indeed performed well the last few decades.
One problem with Robbins analysis is that the All Weather Portfolio is heavily weighted in bonds which have been in the midst of an unprecedented 30-plus year bull market. Indeed many have noted that the global market in government bonds yielding close to zero percent, and yielding negative interest rates in some cases, is the largest bubble in human history. So investing in the “All Weather” portfolio might not be such a great idea now. When one considers the fact that stocks also have benefited from a dramatically lower risk premium over the same three-decade period, 85% of the portfolio’s assets could take quite a beating if interest rates just normalize.
Tony Robbins presents a lot of common sense financial advice in Money: Master the Game. While much of it is spot on, there are some aspects that might not be optimal for investors if they believe interest rates will not always stay close to zero.