I recently read Tony Robbins book “Money” Mater the game”. I have never really followed Tony Robbins and he only came into my peripheral attention over the last 2 years. It may have actually been with the publication of this book. I have always been impressed by his backstory; literally rags to riches- The American Dream. Despite all the positive energy it was difficult to see if he is genuine or not. Granted this impression is all from what I see on TV or read in print, as I have never met the man. He may actually be quite a stand up guy and fun to get a drink with. I am not sure but if I have the opportunity to do so one day then I will let you know.
Now onto the book… I found the beginning and end a bit difficult to read with a lot of good stuff in the middle.
Beginning of Tony Robbins book
He begins the book by discussing the importance of managing your money (Section 1). Understanding where it comes from, where you spend it, and the power of compounding. This is very powerful information and for someone who has never read a financial book or blog very important. For those who read financial information, investment, etc. at least semi-regularly, none of this will be surprising or particularly useful. It will just remind you that you are on the right track.
Section 2 is also full of good information for readers new to the financial world. An in-depth discussion of the danger of fees in your retirement and savings account is important for anyone hoping to make progress financially. Again, information most financial blog readers will already know.
In section 3 he discusses how through some simple steps anyone can save more money and invest the difference. He discusses the importance of creating a savings and investing plan, the importance of lowering fees, and basically good habits to get you moving forward with your financial health.
Section 4 and 5 were my favorite parts of the book discussing risk levels in one’s portfolios. Bonds vs Stocks, TIPS, REITs, and other basic information. While I personally still only carry a relatively straightforward, stock heavy portfolio it was nice to get further insight into various investment strategies. He discusses “The All Seasons Strategy” which has gotten some good an bad PR regarding its returns. Once again, what he presents is not the specific All Season’s portfolio but more of a mix on how funds should be allocated. Now whether or not one should follow this strategy is beyond the scope of this blog. That should be a personal decision. Still this section had me rethink my current allocation and gave me some new information.
Section 6 is interesting as he talks to some of the big names in the industry. I found the section interesting but more so because I enjoy reading biographies and historical books. This section is definitely not necessary for getting to financial freedom.
Finally section 7 was a bit dull for me. It is nice that he goes through some success stories and how one can “pay it forward” but I found the last section unnecessary. Read it if you want, but it is not necessary for coming up with a good financial plan.
So all in all it was a good book. It provided some good information for the beginner in finance, but is unlikely to help the intermediate or more advanced investor or FIRE member community. It is also riddled with Tony’s own product and company endorsements. While I understand he feels these companies would help people gain financial freedom, it seemed a bit disingenuous. This goes back to whether he is selling us something or truly concerned about our welfare. I would like to think that he does truly care but cannot make that judgment based on books and TV.
Verdict: So is it worth buying and reading. Yes for the beginner and No for any one else. Don’t waste the money if you already have some background.
Also published on Medium.