The following is a presentation I gave at the Milwaukee SItecore Developer meetup. The presentation was sort of a back to basics...
MONEY Master the Game: 7 Simple Steps to Financial Freedom
by Tony RobbinsDerek Dysart
by Tony Robbins
I know he’s polarizing, but I first have to admit I find Tony Robbins fascinating. I can’t put a finger on why, but he’d be someone I’d love to meet sometime. That said, I first heard about this book on Tim Ferris’s podcast (another polarizing individual). That said, this book was good, but long. I mainly listened to the audio book, but did switch to the Kindle version from time to time. The audiobook is 21 hours long.
Having just finished Millionare Fastlane (see below), much of this book felt “slow lane” but it is a very worth coverage of traditional personal finance. The “7 steps” are really steps in so much as ways to break up the book. They are
- Make the decision to be an investor, not a consumer
- Become the insider: know the rules (what are the true costs of investments, and how do they really do)
- Make the game winable
- Make the most important investment descision of your life
- Create a lifetime income plan
- Invest like the 0.001%
- Just do it, enjoy it, and share it.
Having taken an interest early in my life of knowing the basics of personal finance, much of the book was well trodden ground, but still a good refresher nonetheless. A couple interesting takeaway I had were:
- Of all the huge titans of finance he interviewed, they universally said invest in index funds. You’ll pay low fees, and 94% of mutual fund managers don’t beat the index.
- The other thing universally recommended was the other key to building financial wealth was good asset allocation
- Know the difference between a broker and a fiduciary
- Find out what your real numbers are. How much to you need to live on so you can know how much you’d need to have to live off of the investment returns:
- Financial security – the cost of your living space, utilities, food, basic transportation, basic insurance
- Financial vitality – most of your costs are covered including some clothing, some entertainment and extras
- Financial independance – have the same lifestyle you lead right now
- Financial freedom – you’re independant, plus two or three luxuries you want and you don’t have to work to get them
- Absolute financial freedom – you can do anything you want, anytime you want
- The chapter on real numbers was good, especially for the stories on how most people over estimate what they need to have to “live off of the interest”. It’s an exercise I’m still working through for my family.
This books is a great primer on how to invest your money and stay sane, plus a lot of great philosophy to go with it.
Buy it on Amazon