Book Snapshot – Money, Master the Game

Hello Money Vikings.  Providing a review/synopsis of the book, Money, Master the Game by Tony Robbins.  No matter your opinions of self help gurus, I really enjoyed this book and thought it contained some very valuable information.  The ideas are not original to Tony and he is upfront about that.  He basically gained access to and interviewed the most successful investors in the world (Buffett, Dalio, Bogle, etc.) and got them to boil down their habits and practices for everyone to know about.  Most people are working hard, investing and raising a family, therefore have very little time for reading these days.  So, here are some gems from the book that you can use in your own life to create more wealth:
  1.  Your “Freedom Fund” may not be that out of reach.  Tony illustrates how one can imagine their dream life and then find a way to place a dollar figure on it and achieve it.  You can actually reach your ideal life.
  2. Keep fees low.  Tony interviews the great Jack Bogle of Vanguard group investments.  Mr. Bogle points out how the average American is getting fleeced by investment fees that seem small when a sales person describes them to you, but over time they eat away at your net worth.  Keep fees below 1.2%.  The low fees is one reason Money Vikings like the Vanguard Group.
  3. Have an all weather portfolio, not just a good times portfolio.  Ray Dalio points out that most portfolios do well when the market is up and do poorly when it is down.  An all weather portfolio consists of 30% stocks, 15% intermediate bonds, 40% long term bonds, 7.5% gold and 7.5% commodities.  Another name for this is the “you can sleep at night” portfolio.  You didn’t need to pay some fancy “investment professional” for that.
  4. Create financial security fund that covers the basics.  Home, utilities, food, basic transportation and Insurance.
  5. The motivational stuff:  Money is a reflection of our creativity, add value to other peoples lives.  You can make breakthroughs!  The secret to wealth is gratitude.  Build your “Freedom Fund” one brick at a time!

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