4.0 out of 5 starsTony is great but this is very much for the American financial ...
1 August 2017
Tony is great but this is very much for the American financial market. Always good to read Tony's books for the positive aspect but don't bother expecting too much if you're UK based in terms of the financial guidance.
I invest regularly and have recently redesigned our long-term family investment plan so am fairly experienced with regards investing. HOWEVER, there were at least 2-3 jewels from Tony that have helped me refine my approach and no doubt have added significant value to my investment plans, which are not only likely to make me more money but manage risk and market uncertainly also. It took me two days to read on holiday and the lessons will help forever - a must read for anyone. Key not only to 'investing' but life planning and creating a life of security, financial freedom and abundance. Especially relevant to those in the UK who have/are building Stocks & Shares ISA portfolios (stay away from mutual funds unless they provide you with very significant returns, you'll read why!) which I would recommend to everyone as a key tool for creating long-term wealth for all in the UK and critical. If you are a layman this is a great book for you to read - also demystifies all financial jargon and breaks down an walls of intimidation for anyone nervous of investing. Enjoy, thank you Tony and all interviewed.
This is a very good book and is meant to complement his previous book - Money Master the Game.
The book is very well written and definitely stirred some emotions within me. The first section is a Rule Book, the Second is a playbook and the third is based on the psychology of wealth
Whether you are a newbie or have more experience with investing and working with money, this book really does have some useful information within itself. It also uncovers lots of the misunderstandings people have about investing in mutual funds for example. It has a specific chapter written by Peter Mallouk who talks about how his company Creative Planning navigated through the last bear market in 2008-09. This also really brings alive key points they are driving on the investment mindset.
The book has information showing why you should not get scared of corrections and market crashes, winning strategies of the best investors in the planet, fees, taxes and finding a really good financial adviser.
I am a newbie to this and what it has done is given great insights into financial freedom and crucially has created the motivation and confidence that I can take control of my finances and my financial future no matter what is thrown at me. This is where the book is particularly effective and it allows me to start doing some more research into Index funds for example.
Some of the examples given e.g. the power of compounding are not new but what Tony does effectively is use some great examples to really drive home the power of this concept.
The theme of the book is longterm investing so don't expect to see anything about short term money gains. However, what the book is effective in doing is communicating a very positive message, key insights and also strategies that can truly help you get more control and therefore be unshakeable.
It doesn't promise that everything is going to be great and here is the magic pill to make your next million and be financially free. It sets expectations that the market itself can be tough but having an understanding of key concepts can help you not only survive tough times but thrive, leverage and tremendously grow your financial assets. It highlights opportunities, what mistakes to avoid and is very good at getting you pumped up to do something. It certainly did for me.
Pros: Quick and easy read. It is a slim book compared to his previous so is something you can easily get through in 6-10 hours. Well laid out - It starts with the rule book, then playbook and finishes off with the psychology of wealth Includes an App - You can get access to the App which has some really great content on it. These really adds value to the book and as with other Tony Robbins content it is very effective. Great examples and emphasis on key concepts - The examples really help understand the key concepts and really get you thinking Thought provoking - The last section of the book - The Psychology of Wealth is very powerful. Tony starts with saying "The single biggest threat to your financial well-being is your own brain. The then uses this chapter to really help us understand how we can silence the enemy within and win this battle. All his profits from this book are going towards his charitable work in feeding America. He has fed 250,000,000 already and his target is to feed over 1 billion people.
Cons: Very USA Market focused. All examples are for the US so as a UK reader you will have to complete your own research. Lacking in detailed implementation information - It refers to Money Master the game on a few occasions. So in essence you would need to look at that book if you wanted to understand further concepts. Both would work well together but once again the other book is also very USA Market focused
I am very glad i bought this book as it has really helped me with my current situation. I feel quite positive about the future and most importantly I have tapped into some inner motivation to help me drive some actions that will help in my journey.
The key reason I did not give this 5 stars is because it is US focused and knowing lots of readers on UK Amazon site would also want to have more actionable and applicable advise on the UK Market.
I was very happy with this book and would highly recommend anyone wanting to plan for the short to longterm to buy this book. This book is not complex and is broken down in a very easy format for you to learn and understand.
This is essentially an abridged version of his previous (and lengthy) book "Money: Master the Game" - it was a solid effort but this will be more palatable to pople who are dipping their toes into investing.
Key topics include:
- using index-tracking instead of individual stock-picking; - realising that corrections and bear markets are more frequent than you'd think; - how to not let your emotions get the better of you and stay in the market long-term for higher returns; - and Tony's more self-help section near the end; - the appendix is also a good reminder to get your estate-planning house in order.
It's a good read, short, generally to the point and it blatantly contains lots of marketing for companies he's linked to (this is more relevant for Americans) but that's OK, it could help get people on the journey. Plus the proceeds of this are helping millions around the world.