Money - Master The Game - Tony Robbins
It’s your Money! It’s your life! Take Control
What we’re really after are the feelings, the emotions, we think money can create : Freedom, Security, helping those we love and those in need, having a choice and feeling alive.
Money is certainly one of the ways we can turn the dreams we have into the reality we live. You either use it, or it uses you. You either master money, or, on some level, money masters you.
Secret the wealth is simple : Find a way to do more for others than anyone else does, become more valuable. Do more. Give more. Be more. Serve more. And you will have the opportunity to earn more.
What has been successful for me through my whole life is to not be arrogant about knowing, but to embrace the fact that I have weaknesses that I don’t know a lot about this, that, and the other thing. The more you learn, the more you realize you don’t know.
Kindness in words create confidence. Kindness in thinking creates profoundness. Kindness in giving creates love.
The 7 Simple steps to financial freedom : Create an income for life.
Anticipation is the ultimate power.
The first is cognitive understanding. It’s your ability to understand the concept.
The second step is emotional master - That’s where you have heard something with enough repetition and it’s stimulated enough feelings inside you, desires, hungers, fears, concern, that you now become conscious and capable of consistently using what you’ve learned.
The ultimate mastery is physical mastery - That means you don’t have to think about what you do; your actions are second nature. And the only way to get it is through consistent repetition. Repetition is the mother of skill.
Tap the power: Make the most important financial decision of your life
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. - William A. Ward
Imagine a box you’ll fill with your investment savings. You’ll put money into it every pay period, a set percentage that you get to determine. Whatever that number is, you’ve got to stick to it. In good times and bad. No matter what. Why? because the laws of compounding punish even one missed contribution.
By committing to a simple but steady code of savings, by drawing down on your income each pay period and paying yourself first, there’s a way to tap the power of compound savings and let it take you to unimaginable heights.
The foundation for creating wealth, the difference between being a wage earner and an investor, and it starts with setting aside a portion of your income that you lock away automatically and keep for yourself and your family.
Knowledge is not power, it’s potential power. Knowledge is not mastery. Execution is mastery. Execution will trump knowledge every of the week.
If we feel like we’re losing something, we avoid it, we won’t do it. That’s why so many people don’t save and invest. Saving sounds like you’re giving something up, you’re losing something today. But you’re not. It’s giving yourself a gift today of peace of mind. of certainty, of the large fortune in your future.
Money mastery: It’s time to break through
Need 1: Certainty / Comfort
They first human need is the need for certainty. it’s a survival mechanism. The higher the need for certainty, the less risk you’ll be willing to take or emotionally bear, this is where your real “risk tolerance” comes from.
Need 2: Uncertainty / variety
You like the surprises you want. The ones you don’t want you call problems! but you still need them to put some muscle in your life.
Need 3: Significance
You need to feel important, special, unique or needed.
Need 4 Love and connection
Love is the oxygen of life, it’s what we all want and need most. When we love completely, we feel alive, but when we lose love, the pain is so great that most people settle on connection, the crumbs of love. You can get that sense of connection or love through intimacy or friendship or prayer or walking in nature.
Need 5: Growth
The reason we grow is so we have something of value to give.
Need 6: Contribution
Life is really about creating meaning. and meaning does not come from what you get, it comes from what you give. Ultimately, what you get will never make you happy long term. But who you become and what you contribute will.
The fastest way to feel connection, a sense of how significant your life is, a deep sense of certainty and variety, and put yourself in a state where you can give to others, is to find a way each day to appreciate more and expect less. The wealthiest person on earth is one who appreciates.
If you want to be rich, start rich. What can you be grateful for today? Who can you be grateful for today? Could you even be grateful for some of the problems and the pain that you’ve been through in your life? What if you took on the new belief that everything in life happens for a reason and a purpose, and it serves you? What if you believed in your heart of hearts that life doesn’t happen to you, it happens for you? That every step along the way is helping strengthen you so that you can become more, enjoy more, and give more. If you’ll start from that place, money won’t be the source of your pleasure or your pain. Making money will just be a fun journey of mastery, and wealth a great vehicle to achieve what matters most in life.
Break free: Shattering the 9 financial myths
Money Power Principle number 1 - Don’t get in the game unless you know the rules.
The core concept of successful investing is simple: Grow your saving to a point at which the interest from your investments will generate enough income to support your lifestyle without having to work. Eventually you reach a “tipping point” at which your saving will hit a critical mass. This simply means that you don’t have to work anymore - unless you choose to because the interest and growth being generated by your account gives toward.
There are two phases to your investing game: the accumulation phase, in which you are socking away money for growth and the decumulation during which you are withdrawing income.
Myth 1: The $13T lie : Invest with us, we’ll beat the market
Life isn’t about waiting for the storm to pass, it’s about learning to dance in the rain. It’s about removing the fear in this area of your life so you can focus on what matters most.
So if you look at these experts model without fully understanding asset allocation, it’s like building a house on a weak foundation. Or if you focus on asset allocation before knowing your goals, it will be a complete waste of time.
Myth 2: Our fees? They’re a small price to pay!
Myth 3: “Our returns? what you see is what you get”
Myth 4: “I’m your broker, and I’m here to help”
so the obvious question is, if the people who manage the fund aren’t investing in the fund they run, why in the world would I? Good Question!! The chef doesn’t eat his own cooking if the ingredients are bad or if he knows what the kitchen really looks and smells like. These fund managers are smart, they work under the hood.
Myth 5: “Your retirement is just a 401 (k) away”
Money Power Principe 2. One of the most important Money power principles is “you get what you tolerate.” Don’t tolerate having your money in a plan that is siphoning of fees to the benefit of someone else.
Myth 6: Target-date funds: “Just set it and forget it”
Myth 7: “I hate annuities and you should too”
Myth 8: “You gotta take huge risks to get big rewards”
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative. Benjamin Graham
If there is one common denominator of successful insiders, it’s that they don’t speculate with their hard-earned savings, they strategize. Remember Warren Buffett top two rules of investing? Rule 1: Don’t lose money! Rule 2: see rule1.
Risk a little, make a lot.
take small risks for big rewards. Taking a swing for the fence with no downside protection is a recipe for disaster.
Below are four proven strategies for achieving strong returns while anchored firmly in calmer waters.
- Structured Notes. it’s a simply a loan to a bank, The bank issues you a note in exchange for lending it your money. At the end of the time period (also called the term) the bank guarantees to pay you the greater of 100% of your deposit back or a certain percentage of the upside of the market gains.
- Market-Linked CD
- Fixed Indexed Annuities
- An annuity without the annuity
Myth 9: “The lies we tell ourselves
The ultimate thing that stops most of us from making significant progress in our lives is not somebody else’s limitations, but rather our own limiting perceptions or belief.
Talent and skill are two key elements to success attainable by anyone who is truly committed. You can get the skill if you get beyond the mental limits of how hard, difficult, or “impossible” it may be to master something.
A breakthrough is a moment in time when the impossible becomes possible. when you don’t just talk about something, but you finally take massive action and do whatever it takes to make it happen. You make a move to truly change and improve your world.
There was a a time when things seemed like they couldn’t change, but you did it, you made it happen. You do have the ability to change everything in your life. No matter how long it’s been this way, you can change it all in a moment, a moment of real decision, a decision that is acted upon. That’s a breakthrough, and one is waiting for you right now.
If you want to change your life you have to change your strategy, you have to change your story, and you have to change your state.
So to find a strategy that works, you go to the best; those how have proven results for the long term.
The right strategy can do is save you the most valuable resource of all : time. If you start with a proven plan, the right strategy, you can literally convert decades of struggle into days of achievement. You can avoid the inevitable frustration that comes with learning something for the first time by trial and error. Instead, you can get results in days, instead of years, by learning from people who have achieved success already. Why reinvest the wheel.
I always say that 80% of success in life is psychology and 20% is mechanics. when someone has the right strategy in front of her and she still doesn’t succeed, it’s because she’s missing the second key to a breakthrough: The power of story.
With a disempowering story, failure is nothing less than guaranteed, which reinforce your belief that nothing will work, and so the cycle continue.
You can use your story or your story can use you.
Turns out stress might just be our friend. Just as you put stress on a muscle to make it stronger, emotional stress can make us physically and psychologically stronger too.
The bottom line is, science has now proven that how you think about stress matters, the story you attach to stress. Telling yourself it’s good for you instead of harmful could mean the difference between a stress-induced heart-attack at 50 or living well into your 90s.
The only way to become wealthy and stay wealthy is to find a way to do more for others than anyone else is doing in an area that people really value. If you become a blessing in other people’s lives, you too will be blessed. Money is only one of those blessings, but it is a blessing. It’s simply another form of freedom and abundance.
Money is nothing more than a reflection of your creativity, your capacity to focus, and your ability to add value and receive back.
Change your story, change your life. Divorce the story of limitation and marry the story of the truth and everything changes.
You can immediately and radically change how you feel ( and not just hope you feel good) by learning that by changing your body first, you can change your mind. The simplest way is to change your physiology. you can change the way you think by changing the way you move and breathe. Emotion is created by motion. Massive action is the cure to all fear. Think about it, fear is physical. You feel in your mouth, in your body, in your stomach. So is courage and you can move from one to another in matter of millisecond if you learn to make radical shifts in the way you move, breathe, speak and use your physical body.
With a strong enough state, you will develop a strong story. my story was “ this ends here and now, my new life begins today” and I meant it. you’ll find or create the right strategy to get what you’re committed to. That’s how you create a real breakthrough, a new state with a new story and proven strategy.
Great strategies can surround you but they will be invisible yo you unless you put yourself in a strong, determined and empowered state. A state that will automatically breed the beliefs and stories that you can , must and will achieve.
Disappointment is inevitable when you are attempting to do anything of great scale. Instead, let your disappointments drive you to find new answers. discipline your disappointments. Learn from every failure, act on those learning and success become inevitable.
What’s the price of your dreams? Make the game winnable
Certainty is the first human need that influences our behavior or action.
Always remember the ultimate truth: life is not about money. it’s about emotion.
Money itself is not the goal. Our worth is not measured by the weight of our bank accounts but rather by the weight of our souls. The path to money, the places money can take us, the time and freedom and opportunity money can bring, these are what we’re really after.
You can’t manage your health if you can’t measure it. And the same goes for your finances. You can’t reach your financial dreams unless you know precisely how much it will take to get there.
Financial Security - How amazing would you feel if these 5 things were paid for as long as you live, without ever having to work to pay for them again? Home mortgage, utilities, food, transportation, insurance.
Financial Vitality - How would it feel if half of those costs were already happens when you reach financial Vitality. Half of your current monthly clothing, dining and entertainment, small indulgence or little luxury, additional income, monthly financial security number, income necessary for vitality.
Financial Independence - money is now your slave, you are not the slave to money. Money works for you, you don’t work for it. If you don’t like your job, you can tell your boss to shove it. Or you can keep right on working with a smile on your face and song in your heart, knowing that you’re working because you want to, not because you have to.
Financial Freedom - Financial Freedom would mean you’re independent, you’ve got everything you have today, plus two or three significant luxuries you want in the future, and you don’t have to work to pay for them either.
Absolute financial freedom - What would it be like if you could do anything you wanted, anytime you wanted? How would it feel if you and your family never had to want for anything again? What makes most people just dreamers versus those who live the dream is that dreamers have never figured out the price of their dreams.
Step 1 : Unleash your hunger and desire and awaken Laser-like focus.
Anything that’s important, anything that’s focused on, energy flows into it. And when you have that level of hunger, desire and focus time for massive and effective action.
Step 2 : You take massive and effective action.
If you’re willing to do whatever it takes, you still have to execute your plan carefully, and keep adapting your approach. Because effort with effective execution creates magic. By consistently taking massive and effective action, and adapting your approach whenever it doesn’t work and trying something new , you will move toward your dream.
Step 3 : Grace!
The acknowledgement that there’s more in this world than just ourselves, and that perhaps a higher power gives us both the privilege of this life as well as the gifts of insight and guidance when we’re open to them.
The more you acknowledge and appreciate the grace that’s already in your life, the more you experience the gifts that are beyond what you’ve created. Gratitude connects you to grace and when you’re grateful, there is no anger and fear.
What’s your plan
How do you win? You win by living on your own terms, as well and as fully as you can, for as long as you can. You create a plan that meets your needs, that works for you, and you stick to it. That’s success, plain and simple. If you’re scrambling, constantly competing with others views of success or financial independence and trying to achieve an elusive goal, you’re going to fall behind and become frustrated. If you’re chasing someone else’s goal, you also lose.
There’s no first place or last place, Life is not a competition. Often people use money and the acquisition of things to measure where they stand. The reality is, it doesn’t matter where we start. It’s how we finish that counts.
The race of life is a marathon, not a sprint. The only thing to do is focus on the path in front of you. Look ahead. Establish your own pace. Keep moving forward. and then create that plan.
Remember, it’s not conditions but decisions that determine our lives. Disappointment can drive us, or it can defeat us.
And yet contrast is a beautiful thing. When you get around people who are playing the game of life at a higher level, you either get depressed, pissed off, or inspired.
Most people overestimate what they can do in a year, and they massively underestimate what they can accomplish in a decade or two. The fact is, you are not a manager of circumstance, you’re the architect of your life’s experience. Just because something isn’t in the foreground or isn’t within striking distance, don’t underestimate the power the right actions take relentlessly.
Speed it up
Strategy 1 : Save more and invest the difference.
Money Power Principle 3. Cut your mortgage payments in half! the next time you write your monthly mortgage check, write a second check for the principal-only portion of next month’s payment.
Strategy 2 : Earn more and invest the difference.
How do you truly become more valuable? Learn to work harder on yourself than you do on your job.
Strategy 3 : Reduce fees and taxes ( and invest the difference )
Money Power Principle 4. Tax efficiency is one of the simplest ways to continuously increase the real returns on your portfolio. Tax efficiency equals faster financial freedom.
Strategy 4 : Get better returns and speed your way to victory
If you’re prepared, and you know what it takes, it’s not a risk. You just have to figure out how to get there. There is always a way to get there. - Mark Cuban
Strategy 5 : Change your life and lifestyle - for the better
My favorite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time. - Steve Jobs
The Ultimate bucket list - Asset Allocation
Asset allocation is the most important investment decision of your lifetime, more important than any single investment you’re going to make in stocks, bonds, real estate, o0r anything else.
Anybody can become wealthy’ asset allocation is how you stay wealthy.
Ultimately, it’s the right mix at the right time that brings you victory.
What’s the purpose of investing? Isn’t it about making sure that we have that economic freedom for ourselves and for our families? to be able to do the things you want to do, but not at the expense of the stress, the strains, and the discomfort that goes along with a bad market environment.
Your dreams buckets are not designed to give you financial payoff, they are designed to give you a greater quality of life. You can fulfill your dreams. If you want it badly enough, you’ll find a way.
Grace comes when you commit to doing something that will serve more than just yourself, some would call it luck or coincidence. Just know that when you give your all, the rewards are infinite.
The key to creating wealth is to unleash your creativity and find a way to do more for others than anyone else is doing. If you find a way to add more value than anyone else, you can also find a way to proper personally.
The most important thing is to make a list of your dreams. Put them in order of importance, big and small, short term and long term. Write down why you must achieve them or experience them.
Two keys of asset allocation : diversify across asset classes and diversify across markets. third there’s diversify across time, and that’s what dollar cost averaging does for you. Asset allocation is the theory dollar cost averaging is how you execute it.
To be successful investor, you need to rebalance your portfolio at regular intervals.
Hope is not a strategy when it comes to your family’s well-being.
There are many ways to win, many ways to succeed financially and become wealthy in the world we live in today.
- Don’t lose. If you lose 50% it takes 100% to get back to where you started and that takes something you can never get back: time.
- Risk a little to make a lot.
- Anticipate and diversify.
- You’re never done.
We make a living by what we get. we make a life by what we give. -Winston churchill
What unites them is the ultimate truth that life is about more than what you have. It’s really about what you have to give.
One of the great fulfillments of achieving great success is being able to, in your lifetime, give back to things, that it really enhances many, many times, you know, what people can really enjoy and yourself.
Would you want to deal with a business-man you could not trust? No! If a man has a reputation for not being trustworthy, people will runaway from him. His business will fail. But if another man has high ethical principles, high spiritual principles, he will try to give to his customers and his employees more than they expect. If so, he will be popular. He will have more customers. He will make more profit. He will do more good in the world, and thereby he will prosper himself and have more friends and be more respected.
To overcome fear, the best thing is to be overwhelmingly grateful. If you wake up each morning and think of 5 new things for which you’re overwhelmingly grateful, you’re not likely to be fearful, you’re likely to radiate your optimism, your attitude of gratitude, you’re likely to do things in a better way, draw more people to you.
Self esteem can be measured by how much we feel we control the events in our life versus feeling that life’s events are controlling us.
A change of focus and a change in meaning can literally change your biochemistry in a matter of minutes. Learning to master this becomes an emotional game changer.
So take control and always remember: meaning equals emotion and emotion equals life. Choose consciously and wisely. Find the empowering meaning in anything, and wealth in its deepest sense will be yours today.
You must train yourself if you want to have an extraordinary quality of fulfillment, enjoyment, happiness and achievement in your personal, professional, and intimate live. You must train yourself to focus, feel and find the most empowering meanings.
This practice is rooted in a concept in psychology called priming, in which words, ideas, and sensory experiences color our perceptions of the world and affect our emotions, motivations, and actions.
Spend your money that will actually increase your happiness significantly.
- Investing inexperiences. such as travel, learning a new skill, or taking some courses, rather than acquiring more possessions.
- Buying time for yourself. Whenever we can outsource our most dreaded tasks, money can transform the way we spend our time, freeing us to pursue our passions.
- Investing in others, Giving our money away actually makes us really happy.