Ok so as some of you may know I have been reading Tony Robbins’ Money: Master the Game. Well, I’m happy to report 3 1/2 months and some 600 pages later I finally finished it, yay! And man oh man I’ve never been more blown away by this financial advice from Tony Robbins. ::Long post alert::
Like most people, I had a horrible relationship with money. I kept telling myself, ‘Everything’s going to be fine. Once I get this job, then I’ll save and be rich and do everything I want to do’.
I would justify spending hundreds, which over the course of the years turned to thousands, of dollars on things I “absolutely needed”. I am kicking myself so much for all my careless financial mistakes, BUT I am also forever grateful for this book because it has literally changed my life and a huge weight has been lifted knowing the sooner I start making these changes the sooner I can do everything I want to do instead of waiting, (and hoping), for things to turn out like I planned.
Of course I more than strongly recommend reading all 607 pages of Money: Master the Game, but I know how busy life can get, so I highlighted all the really really good stuff to share with you. You’re welcome.
♥ Investment Fun Facts
Stay away from “actively managed” mutual funds, they will NOT beat the market!
Invest 40-60% of your $ in a low cost index fund (aka the S+P500, which is for Standard + Poor’s Fortune 500 Companies)
There are 100 basis points in 1%, (the % is how much of the market or stock you own)
Stay away from 401Ks, opt for a Roth IRA (individual retirement account) instead
Visit Personal Fund to find out your current investment fees
Your annual investment fees should be 1.25% or less
♥ Ways to Make More $$
Do more for others than anyone else is doing in an area that people really value
Spend less (limit dinner dates to take out once a week, skip the weekly mani-pedis, hold off on the iPad, etc.)
Increase how much you save
Create a product that solves a problem that you would use
Move to a state with no income tax (Florida, Alaska, Texas, Nevada, Wyoming…)
♥ A Billionaire’s Financial Plan that Works
Automatically put away a chosen % to invest (preferably 10-20% of every paycheck + any bonuses/raises)
Stay away from TDFs (target date funds)
Keep as much money as possible in a tax deferred location (Roth IRA or Roth 401K)
Hire a fiduciary from Stronghold and let them do the dirty work
Ray Dalio (worth $15.4 BILLION) says put 30% in stocks, 7.5% in commodities, 7.5% in gold, 40% in long term U.S. bonds, 15% in intermediate bonds
David Swenson says 20% domestic stock, 20% international stock, 10% emerging stock markets, 20% REITs, 15% long-term US Treasuries, 15% TIPS
♥ Inspirational Tidbits
Knowledge is not power, it’s potential power… it’s only power when you put it to action
Sharing enhances everything you experience
The best way to get results is to find someone who has already accomplished what you’re after and model his/her behavior
Wherever your focus goes, energy flows
You can fulfill your dreams, if you want it badly enough, you’ll find a way
Life supports what supports more life
Have you read this book? How’d you like it?!
xx
No Comments