We’re going to be reviewing Unshakeable by Tony Robbins. I explain the valuable contents Tony Robbins brings us into financial mastery, covering things like the financial rulebook. Would you want to learn the mindsets, tools, and strategies that the world’s most successful investors use to deal with the marketplace?
Your financial goals should be 20 times your yearly income. Tony Robbins suggested we pay ourselves first to save and use that money to invest and ultimately build Freedom Fund. This book will teach you how to find the right investment strategies, minimize the fees you’re paying, and minimize the tax. Get that unshakeable mindset to fortify those investment decisions you’ll be making.
About Tony Robbins
Anthony Jay Robbins is an American coach, author, motivational speaker, and philanthropist. He is known for his podcasts, seminars, and self-improvement books, including Unlimited Power and Awakens the Giant Within. His book Unshakeable is a popular one. This book achieves the number 8 position in Money Management & Budgeting category on Amazon.
Unshakeable Book Summary
The Unshakeable book has 3 main sections. In the first section, Tony Robbins talks about wealth, then playbook, and lastly, the psychology of wealth. First, he talks about how financial advisors in the US do not have to recommend products that benefit the advising people. But legally, they don’t have an obligation to do that. So they often recommend products they’re getting a commission for selling and have high fees like two or three percent.
He talks about the only type of financial advisor legally forced to recommend things that benefit the client as a fiduciary. But the complicated thing is fiduciaries can also be regular financial advisors. You don’t know what they’re acting as when you employ them.
So the whole thing is a vast grey area, strange and complicated. Robbins recommends using straight ETFs and index funds that ETF index funds. It has fees certainly lower than one percent, maybe 0.5 percent or even less per year, and will let your wealth grow much faster.
That’s why this book is about long-term investing, basically saving for retirement. A lot of it’s about minimizing fees and minimizing your tax burden. So try tax-efficient accounts to get the most out of buying and holding portfolios. He does have some recommendations.
He recommends ETFs and masters limited partnerships REITs real estate investment trusts as good investment vehicles for steady long-term gains. He advises against investing in gold. Gold certainly does act as great insurance for when the market goes down. So gold used the stocks and used the cash to buy more shares.
Another thing in the book, he points out the importance of starting early. He gives some great examples of a person who saved 28,000 dollars by the time he was around 30, didn’t save anymore, and retired with like 1.8 million or something like that. So starting, they can make money grow very fast towards the end of their saving. If you started at 20 and are in your late 40s and mid-50s, your money will grow exponentially.
Book Specification
Unshakeable is about 220 pages long and easy to read and understand. It’s a personal finance book.
Author: Tony Robbins
Average Rating: (4.0 out of 5, on Goodreads)
Category: Business, Personal Finance, Budgeting & Money Management
Position 8, in Money Management & Budgeting category.
Narrator: Tony Robbins, Jeremy Bobb
Publisher: Simon & Schuster Audio
Dimensions: 6.02 x 0.71 x 9.21 inches
Unshakeable Book Review
Unshakeable is a state of mind as it relates to money. When trying to figure out how to create financial freedom, most people create more stress for themselves. What Tony suggests in the book is you become unshakeable. Nothing will upset you. Nothing rattles you for any length of time. The state of mind will allow you to become a leader, not a follower. Tony Robbins goes to great lengths to explain to you why it’s essential to have financial goals so that you can ultimately ask questions.
You will get your answers through this book. Now I’m reviewing the essential clues of this book to earn you financial freedom.
Section: Wealth (The Rule Book)
People who make millions of dollars become wealthy. They become rich through either fame or hard work and determination. Then we see them years down the road, needy, broke, and penniless. An example would be Michael Jackson, amassing a fortune relatively quickly, only to lose it years later. So what Tony Robbins points out in this book is that we cannot earn financial freedom if our money depends on us. We have to work for it every single day. Then our income is dependent on that job, on that career. What happens if we were to lose that?
We cannot be afraid of the stock market. Every time we turn on the news, and there’s a news story, the stock market is at an all-time low. It’s volatile, plummeting whatever big words make you second guess putting money into it. The book’s author says that we must understand that winter is coming. He means that the stock market is always going to have low moments. It’s going to go down sometime. So he gives us two terms we should know: a bear market and a correction.
A correction is when the stock market goes down 10 percent from its peak, a bear market, which people tend to be afraid of, is when the stock market goes down 20 percent from its peak thing. We need to know about these two things that they occur relatively often.
Corrections often occur yearly, and bear markets occur for five to seven years. So we should expect the market to go down. But here’s the interesting thing. After a market experience is a bear or correction, there’s always a surge upward. So we shouldn’t be afraid to invest our money into stocks because the market trends upward in the long run.
The next part is compound interest. The power of compound interest is what’s truly going to be able to lead you to financial freedom. Tony uses an example or story that hammers his home in the book. That initial investment compounds. It increases. It doubles on itself.
So every year you get a little bit richer. That’s the exciting thing about compound interest: initially, it’s slow. It’s so slow that you almost can’t even notice it’s imperceptible. After a while, it has a train that begins to move so fast that it can’t even be stopped. In this book, Tony is trying to make that we have to realize the power of compound interest and its impact on the stock.
Section: The Unshakeable Playbook
Wealth creation is a truthful aspect of creating a purposeful life. The purpose of business is to produce happiness, not pile up money. Fear and fezzes are the two biggest things stopping people from investing. Most people have invested when they need to get rid of that and invest in fees. We got to be cautious of what fees are charged. But in the long term, the investment market’s always going up. We’ve got to ensure that we’re investing in it and choosing wisely.
The next topic is being Unshakeable. When fear doesn’t take you over, when nothing unravels you, you take advantage. In 2008, when everything crashed, suffering and terror was everywhere. Everybody sold their stocks, backed out of the market, and dropped everywhere. But the smartest people went all. Then we should focus on what we can control. You need to stay in the game to become the financial master.
The important topic that the author discusses the fees and taxes. The average fund charges you two percent and costs a year. The average return on your investment is seven percent. So the company took 35% of your profits while you put all the money and took all the risk. You have to defeat the true enemy’s fees and taxes. Taxes are also a brutal game because if you own a fund and the broker sells, whether you made money or not. You still hold capital gains so that the profit can be slashed. Watch out for taxes and watch out for hidden fees.
Successful people aren’t lucky, and they do things differently. We got to recognize these patterns and follow them ourselves. The four successful patterns that folks are using out there. You might think they’re simple, but the execution is what matters.
- Number one, don’t lose. The first question investors ask is, how can I avoid losing money if we lose 50 percent on an investment? You’ve got to get a 100 percent return to invest in ways that protect you from unexpected events.
- Number two, essentially risk-reward. The award should always outweigh the risk of one dollar to gain five.
- Number three is the tax efficiency manager. Your taxes are as low as possible. Stay clear of actively managed funds. Mutual fund managers act as if taxes don’t matter, but they do. They matter a lot. Take every single opportunity to invest in a tax-deferred way.
You always got to ask what the net number is for diversified. Don’t put your eggs in one basket. Spread them out through many different assets and many other accounts worldwide. Take away the number slaying the bear, being Unshakeable, living without fear. Never give another person a thing. Control of your destiny. You can never be specific in the financial market. But that doesn’t mean that you shouldn’t invest. You should use what right now and make the best decision. Risk comes from not knowing what you’re doing.
Section: The Psychology Of Wealth
Real wealth is an essential part of the entire book. If you achieve real wealth, then you win. Tony Robbins considers being rich and miserable to be the ultimate failure. Financial freedom is awesome in every single way. However, it is not enough. You must accumulate real wealth. The idea is to be happy with your life, to live out a life based on your terms. The goal is not to be rich and suffer, nor is the goal to be poor and suffer. The goal is to live extraordinary lives when people dream about becoming wealthy.
Real wealth is far more than money. It is psychological well-being as well as spiritual and emotional well-being. Decide to live in a beautiful state. Remember, 80 percent of success is psychology, and only 20 percent of mechanics don’t make a financial goal with an emotional contingency. You will be happy once you achieve the goal. With that type of attitude, you aren’t never, ever happy. Fall in love with the process of accumulating your fortune. Enjoy the journey every day.
Along the way, it can take time to accumulate a fortune, which is fine. Have patience. However, with the psychological, emotional, and spiritual wealth you can attain right now, all it takes is a choice to exist in a beautiful state. Feel yourself to be in a beautiful state. You can put yourself in a beautiful state to work best by expressing what you are genuinely grateful for. Feel the power of gratitude.
There are two skills that you must master.
- The first skill is the science of achievement.
- The second is the art of fulfillment.
Now, let’s get into the first skill, the science of achievement. There are rules of success in almost every field, and you’ll be rewarded with success when you follow them. A great hack to achieving financial mastery is to model the strategies, principles, and tools of previously successful people before you with the science of achievement. Three key steps can enable you to achieve whatever you want in life.
The first step is to focus. When you put your entire focus on something that matters to you. This burning desire can help you to obtain what might otherwise be unattainable. The second step to the science of achievement is to go beyond hunger, drive, and desire. Many people out there tend to dream big but never get started on the path to achieving. You need to stop dreaming, stop pandering, and instead take massive action and learn.
One way to speed this process exponentially is to model people who have already achieved massive success. If you can prevent mistakes along the way, that’s a huge timesaver. Now, the last step in the science of achievement is Grace. Grace is the third step to achieving whatever it is that you want. Be grateful and appreciative of what you do have.
The more you recognize grace, the more grace will be present in your life. Be grateful that you don’t have to earn something like your brain or heart. It was given to you. The art of fulfillment is reducing and overcoming the suffering we experience in our lives. To live an extraordinary life, we must learn not to suffer and assist others in not suffering. Feel yourself to be in a beautiful state right now.
To achieve fulfillment, there are two principles that you can model. The first principle to model is that you must keep growing. If you are not growing, you’re dying. One of my favorite Tony Robbins quotes is Progress equals happiness. If you do not keep growing, you will become miserable, frustrated, depressed, irritable, and intellectually stagnant.
The second principle you can model to achieve fulfillment is to give if you want to feel fulfilled, you have to give. We are all naturally ingrained to care for others and help others. We are ingrained to care more about others and even ourselves than most people. To achieve real success, you must feel fulfilled. If you do not have fulfillment, you have nothing.
10 Main Points From Unshakeable
- Don’t let fear control your investment decisions; stay disciplined and focus on your long-term goals.
- Diversification is key to minimizing risk in your investment portfolio.
- Avoid high fees and commissions by investing in low-cost index funds.
- Invest for the long term and don’t try to time the market.
- Rebalance your portfolio regularly to maintain your desired asset allocation.
- Understand the difference between “active” and “passive” investing, and why passive investing is often the better choice.
- Always consider taxes when making investment decisions.
- Choose a financial advisor carefully and make sure they are a fiduciary who is legally required to act in your best interest.
- Focus on what you can control, such as your investment expenses and asset allocation.
- Don’t let short-term market fluctuations distract you from your long-term investment plan.
Personal Opinion
One of the things that I loved the most about this book is that it covers the psychology of money. Does it dig deep into what you get into with this money? There are many basic concepts of the market going up and down and the benefits of still being in the market. If you know the pros and cons of something but you still want to move forward with it, at least you made an educated decision.
Personal rating: 4.7/5
Read it if you’re interested in the long-term buy and hold without much maintenance. But this book probably isn’t for you if you’re more interested in getting into, like picking individual stocks and trading. He doesn’t talk about how to pick stocks. He talks about investing in indexes, index funds, ETFs, and that’s it.
Humans always remember the negative things, but we never remember the positive. Make sure when you’re thinking things, think clearly from both sides. Commit to living in a beautiful state.
Learn more: Top 10 Financial Lessons From Unshakeable
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