Tony Robbins - Money - Master the Game - my review

Money: Master the Game: 7 Simple Steps to Financial Freedom

I still can't quite decide whether I love Tony Robbins or I hate him..... This is a very long book, unnecessarily long. Robbins point, in principle, is debt reduction with long-term investment in asset-allocated, low-cost, portfolios, with periodic rebalancing. This is the theme of my pension investment strategy, courtesy of David Swenson et al, from 'The Ivy Portfolio'. Of course, this is the complete antithesis of the financial strategy that I have with, and whilst it might seem a complete contradiction to attempt to identify trends and trade them, whilst investing long-term in assets that will accumulate, I do think it is possible to live with this contradiction (I do).

Interestingly, Robbins gushes when discussing some of his financial heroes - Paul Tudor Jones, Ray Dalio, Kyle Bass. These are folk who have got rich by stock-picking and taking strong, often contrarian, risks in order to make huge profits. This is the complete opposite of what he proposes the reader do to become wealthy. I find his kind of fawning - 'Thank you Paul. I love you, brother' hugely irritable because of this contradiction. Yet what probably makes me so irritated by it is because it represents the same dilemma that I have - a desire to become wealthy by taking a heroic trade that brings in millions, coupled with the knowledge that, for most of us, probably, that approach is the quickest way to wipe out our trading accounts. I so wish I was Kyle Bass....

Irritations aside, I am glad to have read the book because:

1. It reminds me to keep going with an asset allocation investment strategy - it makes so much sense. More of this issue in another post.

2. I need to find out more about life assurance income and annuities, to guard against massive stock losses

3. There was a hint from Kyle Bass about betting against Japanese bonds - he implied this could be a massive trade with huge returns, similar to the housing plunge that made Bass his millions. I need to investigate this more. Maybe an option trade?

4. Living is giving. A timely reminder that it's not all about me...... I will start to tithe.

Thank you Tony Robbins - you are still irritating - but it's probably just jealousy on my part!


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