The first time I heard about this book was during the pod-casting show Radical Personal Finance, I was so intrigued by 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 salespersons, 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.

Nothing new

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.

Misleading Information

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.

It’s your money. It’s your life. Take control. Money, for some, it’s vital and crucial, but not paramount. For others, they give up things more valuable than money like time, health, family, self worth, and sometimes even their integrity. At it’s core, money is power. It is the power to create to destroy, to help people or to start a war. Money isn’t even dollar bills or gold coins at this point, but it’s 0s and 1s in computers. Money is one way we can convert dreams into reality. Money either uses you or you use it, and you either master money or money will master you.

Most masters of money think of it as a game. Tony’s promise: if you follow these seven simple steps that we’re going to review in this book, you can win at this game. With an inside look at the game, you can go from a chess piece to an actual chess player, or better yet, to the board. Financial freedom is defined as working because you want to, not because you have to.

Did you know that one in three baby boomers have less than $1,000 saved? You need to make the shift from being a consumer to being an owner and becoming an investor. Success leaves clues. If successful people are doing something differently, they’re not just lucky. A few people have great relationships, great joy, great wealth, and endless gratitude.

If I can step outside of this book for a second, from what I know of Tony Robbins, I think he might be one of these people, which is the reason why I’m reviewing this book. There’s no point following a guide if the guide isn’t already where you want to be and has already taken that path. I’ve learned that Tony came from humble beginnings and has taken a path that is incredible, and truly Tony can be a mentor for us.

The system is rigged and it’s fixed, and it’s not gotten any better since 2008. This book is based on the interviews of 50 financial titans, and the idea is to know how to survive and thrive in any market conditions. What principles will you pass onto your kids? This book has seven simple steps. Not only will this book help you save for retirement, but enjoy life more today as well.

I think that many people are caught in the trap of saving for tomorrow and missing out on so much enjoyment for today. Fear and complexity keeps us from taking charge. The system is designed to be confusing so that we give up control and allow the professionals who then profit handsomely from us giving up our control.

Philosopher James Allen states that how a man thinks, so his heart will be, or everything we create in our lives starts with thought. At some point, Tony realized his past did not equal his future. Sharing critical insights in a way that anyone can act on is the mission of this book.

Keep in mind, you always need to ask what you don’t know. Ask and acknowledge that you have weaknesses. We will learn about investments with asymmetric risk and reward, low risk with a high upside potential. These seven steps will give you abundance. They’ll give it to you now. They’ll give it to you later, and they’ll train your mind to know that there is enough and you can, and should, give to others.

The seven simple steps to financial freedom: create an income for life. Anticipation is the ultimate power. Leaders anticipate and losers react. The book is designed to give you real financial freedom, income for life, without having to work again.

Retirement is a new concept over the last one to two generations at the max. You used to work until you died. When Social Security started, the life expectancy was 62 years, and Social Security didn’t start until 65 years of age. The average person at the age 65 was expected to live for two more years. The number one fear for baby boomers is running out of money, and death is a distant second.

Taxes are a huge problem for investors, decreasing rates of return massively. Complexity is the enemy of execution. If it’s too complex or there’s too many choices, this usually means that we make no choice because that is the way we are wired.

Now there’s a free app at www.tonyrobbins.com/masterthegame. Tony wants us to master this topic, and mastery requires, number one, cognitive understanding, number two, emotional mastery, and number three, physical mastery or habits.

• Section number one is a road map where the essential first steps are discussed.
• Section number two, here the rules are explained, including investment lies exposed. You will save $250 to $400k minimum from this section alone.
• Section three, you determine your dreams and set goals and a plan. You will know how much wealth and how to build it and enjoy the journey.
• Section number four, is an investment allocation.
• Section number five, is to explore creative ways you can stop or drastically limit losses and increase your gains. Upside without downside and to avoid tax destruction of wealth.
• Section six, is the billionaire playbook. 12 of the most brilliant minds share their insights.
• Section seven, just do it, enjoy it, and share it. Giving gives a greater quality of life and more joy to the giver than the actual receiver.

Conclusion

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 are too much fluff and minimal substance. Don’t buy this book and thank me later for all the hours of your life which I saved you. I am not even putting an affiliate link on this book.

Read my other book review of: Awaken the Gian Within by Tony Robbins

Previous Book reviews

1. Financial Post: Guide to Investing and Personal Finance
2. The Wealthy Barber by David Chilton: Book review
3. Book Review: Outliers by Malcolm Gladwell