Editor’s note: This article was first published in March 2018. The book it reviews is called Tony Robbins’s “latest”; Money: Master the Game came out in 2014, and Robbins had also published Unshakeable in 2017. The remark on bonds’ performance over the previous 30 years reflects 2018; long-term bonds fell sharply in 2022.
After 20 years without writing a book, Tony Robbins is back, this time with a book unlike what he has accustomed us to. With MONEY Master the Game: 7 Simple Steps to Financial Freedom, Anthony Robbins moves into financial education, with what aims to be a guide to reaching your financial goals and teaching you to invest. But, but, but…
I admire Tony Robbins, and I think his book Awaken the Giant Within is probably the best personal development book written to date. But in the case of his latest book, Money: Master the Game, although I do recommend it, the truth is that it disappointed me. Let me explain why.
My review of Money: Master the Game
The book has a style similar to his previous books, although this time the subject is finance. Even so, something has changed in Tony Robbins, who shows a more commercial style throughout these 700 pages.
The book whets the appetite with the weak spots we run into when investing, topics we have discussed on several occasions, such as high fees, advisory costs, the danger of overly active fund management, and market manipulation.
Given that most of the best financial education books are written by Americans, some advice inevitably has to be adapted to our own market, but that does not take any value away from these books.
See also: 3 financial formulas that will help you achieve financial freedom
Do I recommend it to readers who are starting to invest or learning about finance?
Without a doubt. The book contains a lot of useful information and can be very instructive on finance and investing. Intermediate or advanced investors, I’m sorry to say, won’t find many good ideas. Only a few, and unfortunately they will have to wade through many pages of filler that could prove boring.
The book’s drawback for beginner investors
The biggest drawback I see in Money: Master the Game is the amount of contradictory advice it contains, which can leave investors lost.
While an advanced investor can understand why one person recommends passive investing while another recommends a more active approach, a first-time investor will clearly get lost in some of the interviews in the book, where some recommend investing in index funds to achieve financial freedom while others, such as Ray Dalio, recommend investing in more active funds.
These inconsistencies are perhaps the weakest points I see in this book when recommending it to someone who wants to learn about finance.
Another drawback, and I think this one is typical of personal development writers, is repetition, which may be necessary in personal development but, in a financial education book, is frankly exhausting. Likewise, readers who are not used to Tony Robbins’s writing style, which mixes knowledge, education, entertainment and self-promotion, will find something of an infomercial in the pages of this book. Let’s say he has gone a bit overboard with the self-promotion this time.
Of course, for beginners the constant repetition may be helpful. And Robbins diligently summarises every step of the way.
See also: The best book for learning to invest in the stock market, according to the experts
It’s not all downsides
I apologise in advance, because it may seem that I’m criticising the book, when in fact that’s not entirely the case. It’s just that, this being Tony Robbins, my expectations were too high and they weren’t met. But it is a book I will include among my recommended financial education books.
Interesting points in Money: Master the Game
Tony makes clear how much money you should save and how to diversify your investments, something that both beginners and experts benefit from being reminded of.
You’ll find interviews with various highly regarded figures in finance, so even if they contradict one another, it’s good to hear what they have to say and take a little from each.
The asset diversification Tony Robbins recommends in the book looks like this:
- Stocks: 30%
- US bonds (7-10 years): 15%
- US bonds (10-25 years): 40%
- Gold: 7.5%
- Commodities: 7.5%
His exposure to bonds is supported by the excellent run they have had over the past 30 years. Given that this asset allocation is meant for a very long-term investor, the question is whether bonds will keep performing this well in the future.
In this respect, depending on each person’s investor profile, you should clearly consider whether to follow this kind of diversification or another.
In short: do I recommend this book?
Despite everything I’ve mentioned, and bearing in mind that I expected much more, the truth is that I do recommend it to anyone who wants to learn about finance and pick up the basics of financial education and investing. Those of you who already have a fair amount of experience will find the interview section of the book interesting; even if the advice is contradictory, it’s always a pleasure to hear what people like Dalio or Jack Bogle have to say.
Featured image: Randy Stewart, CC BY-SA 2.0, via Wikimedia Commons.
