When people recommend a financial planning book I often cringe. So many financial and investment books provide poor advice. But recently a client asked me to read Tony Robbins’ Money: Master The Game – 7 Simple Steps to Financial Freedom and I’ve found many solid, practical ideas in the book. Business owners and high net worth individuals may feel the same.
Yes, the book’s long. I’m only on page 340 of its 627 pages. But here are some reasons why Money: Master The Game may be worth your time.
First, I believe in taking financial and investment advice from high net worth individuals who have made great financial decisions and done well with their money. Tony Robbins certainly fits in that category. He’s a person who started with virtually nothing and now is worth is $480 million dollars.
Second, Robbins conducted extensive research for this book. He also conducted interviews with 50 other high net worth individuals who have brilliant financial minds including Warren Buffett, Charles Schwab, Mary Callahan Erdoes, T. Boone Pickens, Ray Dalio, and Sir John Templeton.
Another reason to consider Money: Master The Game is its readability. If you know Tony Robbins you know he’s most well known for being a life coach, motivator, and self-help author. Millions have found his presentations valuable and intriguing. He’s someone who knows how to gain and keep the interest of a live audience or the reading public.
Anticipation As The Ultimate Power
In the book Robbins calls anticipation the ultimate power. That’s true with money. People who obtain and grow great wealth tend to know how to anticipate the financial road ahead. If we look down at the path directly in front of our feet we miss the insights gained by looking at the horizon we’re approaching.
Money: Master The Game is realistic. Robbins builds a strong case that shows most people are not nearly saving enough, investing enough, and learning enough about how to manage their money. He does a good job of explaining many basic and crucial elements to building wealth like asset allocation and compound interest.
You’ll find instructive and true stories about money, successful high net worth individuals, and building wealth. For example, Robbins tells the story of Theodore Johnson who never made more than $14,000 a year and yet built that income to $70 million.
One of the most important ideas in the book is to use a fiduciary. Robbins says that if you choose to hire a financial consultant or investment coach, you should hire a fiduciary. A fiduciary is obligated to always provide investment advice that’s in your (the client’s) best interest. Many financial advisors are not fiduciaries are only obligated to provide “suitable” advice. I talked about this concept in details in last month’s blog post.
Money: Master The Game contains some surprises. Robbins talks about financial instruments that let you make money when the markets go up and not lose a penny when they go down. He’s talking about fixed indexed annuities, a financial product that many people haven’t heard much about. Be very careful with this one but read what he has to say.
There’s also an altruistic aspect to Robbins’ book. He says the secret to living is giving. He says sharing with others not only gives you a greater quality of life but it also brings you greater joy. And all the profits from this book are being donated to feed 50 million meals to people in need.
My purpose here is to convince business owners and high net worth individuals to always advance their knowledge and education about money. That’s also why I’ve made two ebooks about retirement available free of charge on my website. Plan, Retire, Relax is a retirement guide book for high net worth individuals and business owners. 21 Critical Retirement Questions Answered provides insights on many of the most common questions that plague people as they start thinking about retirement.
You can learn to be a better investor, protect your business, and build a more comfortable retirement through books like Money: Master The Game, my ebooks, or other books. Just try to continually become less of a consumer of money and more of a protector and grower of money.
Gene Thomas Offredi, CFP®, RFC™. Contact Gene on the web or by phone at 203.453.1017. Summit Investor Coach, LLC is a Registered Investment Advisor. Download my High Net Worth Individuals Retirement Series.