Inspired by the Academy Award winning documentary, Inside Job, a documentary that explains the global financial crisis of 2008, Tony Robbins has written his first book in 20 years. Money: Master the Game, is packed full of over 600 pages of financial wisdom that is meant to help hardworking, everyday people “stop being the chess piece and become the chess player [in the game of money].”
Mr. Robbins, being the behavioral psychologist and world-class motivator he is, teaches us the game of money by first getting us to understand ourselves better. He begins by asking the question, “why do you want money?” He goes on to say that we are not after money, but the desires money can fulfill. Whether it’s certainty, variety, significance, love and connection, growth, or contribution, money is more about emotions than material objects. Describing money in this way forced me to put the book aside for a few minutes and think deeply about my relationship with money and what it means to me emotionally.
After helping me “get my mind right,” it was time to delve through the safest and most expeditious ways of acquiring wealth. This information came from some of the best in the industry because Tony personally interviewed over 50 of the world’s top money moguls including Charles Schwab, Carl Icahn, and Mary Callahan Erdoes so that you and I could receive the best advice possible.
Every person interviewed shared some priceless information, but it turns out that most agreed that allocation was the overall key to financial success. Followed by leveraging risks, avoiding unnecessary fees and finding a fiduciary to help with execution.
There are seven simple steps to financial freedom. You can skip ahead to the end of the book to find them if you don’t want to read the 600 pages that preclude them. However, I feel this would be a grave mistake because in Robbins’ own words, “you need to always know the rules before you get into the game.”
And one rule that was most certainly loud and clear was that over time, ETF’s or exchange-traded funds are a much better route to take than trying to beat the market. These types of funds are frequently used to leverage risk and avoid the ups-and-downs that most people experience trying to outdo the market.
Now, after you understand the how, it is time to ask yourself the question, “how do I want to retire?” Most people never act even after they understand the money game because they don’t have a target. And, as the saying goes, “if you don’t have a target, you will miss every time.” Tony helps us define our target by providing formulas that will provide the exact dollar amount you need to retire on your terms. And once you have figured out this amount, your target will become one of the following four.
- Financial security.
- Financial vitality.
- Financial independence.
- Financial freedom.
Before you play any game, you must get your mind right and prepare to perform at your best. Tony Robbins is arguably the best in the world when it comes to mindset, but mindset alone will not produce wealth. We must understand financial terms, arm ourselves with a professional who can assist us in making the best decisions possible, and know exactly what we want and why we want it. Too many of us suffer from “analysis paralysis” and lack of activity. Money: Master the Game is here to end this self-defeating behavior and put you on the path to financial freedom. Start living the life you deserve. It’s time to thrive! Become the chess player.