Earlier this year I listened to a Tony Robbins radio interview about his new book, MONEY Master the Game: 7 Simple Steps to Financial Freedom. Most of us know Tony Robbins as one the most recognized self-help gurus of our day. Yes he is an expert on self-help topics but what does he know about personal finances? So it was with skepticism that I listened to his interview. What I heard that day intrigued me sufficiently to buy his book.
I’ve read several books on this topic. I would guess that many of my readers have too. What sets this book apart from other books on personal finance is the extensive research that he conducted.
The back cover of his book says it best: “Now for the first time… he’s turned to the topic that vexes us all: How to secure financial freedom for ourselves and our families. Based on extensive research and one-on-one interviews with more than 50 of the most legendary financial experts in the world—from Carl Icahn and Warren Buffett, to Ray Dalio and Steve Forbes—Tony Robbins has created a simple 7-step blueprint that anyone can use for financial freedom.”
So what are the 7 simple steps to financial freedom?
- The journey begins with the first step. Commit to paying yourself first by automatically withdrawing money from your paycheck before you ever see it.
- Become the insider. Before you get in the investment game, know the 9 myths of investing.
- Make the game winnable. Understand exactly how much money it will take to achieve financial freedom.
- Make the most important investment decision of your life. Know the best way to allocate assets so you never put yourself in a position to lose too much.
- Create a lifetime income plan. Establish a guaranteed lifetime income plan by investing in fixed indexed annuities.
- Invest like the .001%. Learn the four common investment obsessions of the world’s wealthiest financial experts.
- Just do it, enjoy it, and share it! Figure out your higher purpose in life. The secret to living is giving.
The book is very well written and I whole heartedly recommend it to my readers. But I do have two criticisms:
- The book is over 600 pages long. Mr. Robbins could have easily cut 100 pages out of the book, maybe more, and it would have been a better book. On several occasions he rambled on when a more succinct explanation would have been better for the reader.
- He went into great detail about the best way to invest in stocks, bonds and annuities but he didn’t even mention the best investment of all – owning commercial real estate. As I’ve said many times before, I believe the best way to increase your net worth is to own modestly leveraged income producing properties. Mr. Robbins never discussed this investment vehicle.
That said, I would highly recommend reading the book. It is a worthy read. For those of you who don’t have the time to plow through a 600 page book, I have written an 8 page summary of the book that can be accessed by clicking on the following link: MONEY Master the Game.