The first time I heard about this book was during the pod-casting show Radical Personal Finance, I was so intrigued with the review that I decided to read it myself. Here are my impressions:
Tony Robbins wants to teach us about money
When someone as popular as Tony Robbins talks, his followers listen. Tony has a huge following and by talking about money he will inspire other people to think about their financial well being. If one person becomes interested in improving his financial life due to this book, then that is a big win.
Lessons I learned from: Money, Master the Game
Try to minimize taxes by keeping your money in tax protected accounts.
- Start investing early, take advantage of the compounding effect.
- Make savings automatic, make it go directly from your employer to your savings account.
- Avoid investments with high expense ratios. Most managers don’t beat the index. Stick to index funds or ETFs
- Have a diversified portfolio.
- Distrust Financial advisers. Most people in the financial industry are sales persons, they are not advisers. They are motivated by their self-interest, by commission or high service fees; they are not motivated by giving you the most for your money.
This information is not new nor revolutionary. This is merely a recycling of the same four or five ideas that I continue reading in other personal finance books. However, as a money coach, I am delighted that Tony Robbins is adding his voice to the chorus.
What I didn’t like about Money, Master the Game
I used to like, respect, and admire Tony Robbins until I read this book. This is not a book, this is a 600 pages brochure. Tony had a great time promoting himself, reminding us of his generosity, cheer-leading his accomplishment, name dropping anyone of fame who he has ever met, telling us how great he is, etc.
Every chapter ended with a promise that in the next chapter he was going to reveal the secret of wealth. There was so much huff and puff in the book that I had to struggle to get the few nuggets of information buried between the lines.
The actual useful information could have been written in about 100 pages. The other 500 pages were self promotion and promotion of his other business affiliates.
Weaved among the useful information, there was some deceptive information that could be harmful for less experienced readers. For example: in the chapter titled “2,750% more income.” An investor with $500,000 is presented with the option of investing in CDs at 0.23%, in Bonds at 3.00% or in an annuity. He neglected to point out the rate of return of the annuity, but highlighted that the investor would get a big monthly check about 2,759% bigger than what he would have received from his CD’s investment. Well, what he neglected to tell the reader was that the annuity’s rate of return was only 1.15% and that the payments were high (compared with the other alternatives) because the investor was getting his own money back. And of course, that he has a business relationship with the annuity provider he was promoting. Shame on you Tony.
I do NOT recommend this book. Every piece of valuable information is weaved with a sales pitch to one of his many business relationships, this makes the book a sales brochure. There is too much fluff and minimal substance. Don’t buy this book and thank me later for all the hour of your life which I saved you. I am not even putting an affiliate link on this book.