Tony Robbins’ newest book, Money: Master The Game
, should be required reading for every high school senior.
The problem is, teenagers don’t care about saving money. At that age, retirement is so far away, they think the world will surely implode before wrinkles begin to show and Alzheimer’s sets in. They’d rather blow their summer earnings on Doc Martens and lollipops than watch it disappear into a black hole called an “investment account” until such time that will surely never arrive…
I remember in high school, I learned that if I just put $100 per month into an IRA, I would be a guaranteed millionaire by age 65. “Wow, that’s amazing.” I thought. “But where the hell am I going to get $100 per month? I’m just a kid.”
Even once I had a steady salary, I didn’t take investing serious enough. My spending money was too important to me. Perhaps we should rephrase the concept of “saving for retirement” to “becoming an automatic millionaire”. Would teenagers and twenty-somethings care then?
Fast forward to the day I opened my first 401(k), fresh in my career and looking at a list of investment options. I’m clueless. My shiny new business degree and multiple finance classes are not helping one bit. I may as well throw money at random into this list of funds.
“Foreign Large-Cap what?? …Whoa, this one averaged 10% returns in the last 5 years. That must be the right choice… Hmm, maybe I should just have a financial advisor choose. Surely they know what is best for me.”
Does your internal dialogue sound similar? Most people feel utterly confused when faced with the myriad of investment fund options. So what do they do? They call a mutual fund manager and say, “Take care of this for me, would ya?” Not knowing that the mutual fund advisor is about as good at beating the market as a trained gorilla. Worse yet, they are not looking out for YOUR best interests; they are looking out for THEIRS.
Page 84: I want you to imagine that someone comes to you with the following investment opportunity: he wants you to put up 100% of the capital and take 100% percent of the risk, and if it makes money, he wants 60% or more of the upside to come to him in fees. Oh, and by the way, if it loses money, you lose, and he still gets paid. Are you in?
Of course you wouldn’t take this offer. Problem is, if you’re like 90% of American investors, you’ve unwittingly agreed to those terms.
Oh, your mutual fund manager only charges a 1.5% commission? Do you really know the power of compounding and what that 1.5% is really taking out of your nest egg? Do you… really?
It’s time to get educated.
Tony’s 624 page tome takes the mystery, fear, and doubt out of handling your own personal investments. Even more, Tony teaches you how to bring financial freedom within arm’s length. He exposes the common financial myths and shows you how the millionaires invest. He breaks it down into easy concepts and paves the way for the average investor. With Tony’s motivation and guidance, financial independence is no longer a pie in the sky.
Replace your ignorance with knowledge and confidence. Stop the bleeding in your retirement fund. Stop being a dumb teenager. Turn those Washingtons into Benjamins.
Read the book
.