Gimme a quick summary
- Easily digestible (and audio book read by Tony)
- Large chunks are US specific
- Advocates low cost index funds
- Holistic approach including visualisation techniques
- Regularly plugs Creative Financial Solutions in which he has a commercial interest
- Solid introduction to investing
Overall: 8 out of 10
What’s it about?
Tony Robbins needs little introduction as an incredibly well known life coach, entrepreneur and author with a prolific media presence that spans decades.
This book is a focused, more concise (yet still comprehensive) follow-up to its tome of a prequel, Money: Master the Game. It is Tony’s specific guide to the world of investments and is a quality read for all levels of investors, particularly those beginning their journey.
It covers the myths surrounding investments, looks at the history of the markets and covers typical aspects such as portfolio diversification. The main purpose of all this is to embolden you to ‘hold your nerve’ when riding the investment waves. It also covers other areas such as personal financial planning (wills and probate, tax efficiency etc.) and also how to develop the right mind-set for investing (including a few ‘mindfulness’ exercises that make this is a quintessentially ‘Tony Robbins’ book).
Overall a great general guide with a holistic approach for all levels of investors: 8/10
What does FI Guy 101 think?
I read this via the audiobook and what I like (and which will often make me decide to purchase an audiobook) is that Tony reads at least part of it himself. When the authors narrate their own books (less common than you may think), they inject that level of passion that only the creator can muster, which draws you in to their world.
This combined with the accessible language and insightful content, which was an incredibly valuable crash course as a newbie investor, meant that I devoured this book inside 2 days. I couldn’t get enough. But maybe that was because of where I was on my journey and most of the information was new. Also, when he gives examples of the power of compound interest, what a difference a little amount can make over a long time and how this can turn in to millions, it’s easy to get pretty excited.
Some things to bear in mind though; it has a clear US bias in regards to explaining the tax system, legalities and the financial advice industry. It’s easy enough to roughly translate this is to a UK context, but it’s just another element you have to add.
Furthermore, he continually references Creative Financial Solutions, a US based financial services company that he is affiliated to (as ‘Head of Investment Psychology’). Despite the ‘full disclosure’ mentioned on several occasions, you could cynically view this as all part of their sales funnel intended to drive you towards their services. But that’s just me.
Two thirds through the book Tony starts to leave the specifics of investing and delves in to other topics of personal finance, such how to select a credible and independent Financial Advisor, legacy and estate planning and then some ‘vision techniques’. Of course building personal wealth and financial independence is not all about the numbers and very much incorporates other important aspects of your life, including the physical and spiritual. For some this will be an important holistic approach you find valuable, I know I did. For others who are more interested in purely crunching the numbers, then you’ve been warned that this book that is not averse to an occasional dalliance into the world of Woo Woo. But for a frustrated hippy like me living behind a corporate mask, I found it to be a perfect balance.
What about Cash Curator?
Let me just start by saying I am a massive Tony Robbins fan. I love his back story and how he turned a pretty terrible life into something great. He is an inspiration to a lot of people and I believe he is genuine in his teaching.
In his book Tony Robbins basically sums up what Financial Independence is all about however I don’t recall him actually using the phase. His focus is around knowledge and power, you need to understand how your money is invested. I get the impression there are a lot of Americans out there who pay their stock brokers and financial planners a lot of money without actually realising it – I’m not saying that isn’t the case in the UK however it seems more normal in the states. I get the impression Tony himself has been a victim of this trap and wants others not to be in that same place.
I listened to this book on Audible and do I feel it was worth my 1 credit (about £8)? I think if I didn’t know anything about investing then this would definitely be a book I would recommend to someone looking to gain knowledge in an easy to digest format. I think a lot of the content can be found in blogs in the FI space. The book is also tailored to the American audience however it can be easily translated into UK financial terms.
Personally I really wish Tony read out the whole book as his voice is awesome and I probably would have listened to the the whole thing in one go!
So to summarise for someone already invested in low cost index funds then this is not for you (unless you just really love Tony’s voice!). If you are just starting your financial fitness plan then I would definitely recommend.
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