Money Master the Game Book Summary

Book Summary

15 min

Audio available

Brief Summary

Anyone can master money and put themselves on a path to financial freedom. You have to define what your goals are and start working towards them immediately. Rely on diverse investments, expert advice, and your own research to make strategic investments. Be realistic and prepare for the ups and downs. Keep working on your financial progress, even if it feels slow at first. By mastering your money, you’ll be free to spend it how you want.

About the Author

Tony Robbins is an American author, public speaker, life coach, and philanthropist. He has written many self-help books, launched seminars and infomercials.

When he was 17 years old, he began his career promoting seminars for author Jim Rohn. In 1988, he released his own first infomercial, Personal Power, produced by Guthy Renker, which helped him sell his self-help audiotapes. By 1991, over 100 million Americans had seen his infomercials.

He was a speaker in the 2007 Technology, Education, and Design (TED) conference. Over 4 million people have attended his seminars.

He founded Robbins-Madanes Center, which trains life coaches to help families and people handle addiction and other issues.

In 2014, he and others acquired the rises to launch a Major League Soccer franchise in Los Angeles, California known as the Los Angeles Football Club, which started competing in 2018.

He has been named as one of the Top Business Intellectuals by Accenture and Top 200 Business Gurus by Harvard Business Press. In 2007, he was named in the Forbes Celebrity 100 list. He has worked with Bill Clinton, Hugh Jackman, Selena Gomez, as well as other celebrities.

He is married and has four children.

Topics

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Money Master the Game Book Summary Preview

Life coach Tony Robbins tackles the goal of financial freedom in Money: Master the Game. If this feels like an overwhelming task, you’re not alone. More than half of Americans don’t have a plan for investment or to manage their spending.

To get yourself on track to meet your financial goals, Robbins has a seven-step plan.

Save and invest early and regularly

Understand the rules and myths of investing

Set goals that work for you

Plan for risk

Make a lifelong financial plan

Look to experts to help

Think beyond money for true wealth

Robbins admits that his expertise is not as an investment advisor or money manager. He knows how to coach people to meet their goals. That’s the aim of this book. Bring together lessons from experts so that you can meet your own financial goals.

The main points of the book are:

Step 0: Get out of your feelings and get started.

Finance is intimidating. You may be afraid of the risk involved in investing. You may worry that you don’t make enough to ever be financially secure. Well, you’ll never be secure if you don’t start somewhere.

If you’re married, there’s a 50% chance of at least you or your spouse living to 92. Without a financial strategy, most people couldn’t handle not working for 25 years or longer in retirement.

You need a plan and you need to start now. Acknowledge the emotions and be aware of how they impact your decisions. But don’t let your fear stop you.

Step 1: Start saving and investing early and leave the money where it is.

Benjamin Franklin left the cities of Boston and Philadelphia $1,000 each when he died in 1790, but the cities had to wait 100 years before they could withdraw $500,000. The city governments did as Franklin told them to. After taking out half a million in 1890, the cities left the money alone for another 100 years. By then, the meager $1,000 had become $6.5 million.

Okay, waiting 200 years probably won’t work for you. But the principle remains the same. The earlier you start and the longer you wait, the more your money will grow. Even with modest sums. That’s thanks to compounding.

Compounding takes the money you start with and earns interest. That interest stays in the account with the original money. Now, you’re earning interest on the original money plus interest. Your next interest payment is a larger amount and that stays in the account for even more interest. As more interest is left in the account, the money grows faster.

Traditional savings and retirement funds don’t do enough. You have to invest.

You work hard for your money and compounding lets your money work hard for you. But traditional savings accounts come with minuscule interest rates if anything.

Relying on traditional retirement funds also doesn’t work. Pensions are shrinking and disappearing. The 2008 financial crisis dried up many pension plans, jeopardizing the retirement plans of those who paid into them.

To get the biggest bang for your buck, you want a better rate of return. Instead of being a consumer saving...