Hello Steemians, since these days I'm reading a lot of books (not A LOT just a lot for me!) I decided to start this section for other bookworms to write the review of my books. I would love to describe what I think about them and maybe get some recommendations! I love books that are written after a lifetime of achievement from a person I know and respect. Even better if the author is a legend!
Nevertheless, I want to write about the latest book of legendary Tony Robbins, Unshakeable.
Image credit: My Instagram!
I learned about this new book of Tony Robbins from one of my favorite shows, Ask Gary Vee. It's an entrepreneurship show from Gary Vaynerchuk about leadership, social media and hustling! I will put the link to the video in the bottom of this article so you can get the positive energy of Tony Robbins while he is talking about his new book in this show.
However, I was not really convinced to start the book, until I find an unwrapped version of the book in one of my favorite bookstores and opened to quickly riffle through the book.
What I found was fascinating! The book is full of great and short financial advices that you can use in your daily life. This book is written for normal people who don't understand about investment and are looking for a quick way to keep their finances safe and sound. Even so, interviewing fifty of the billionaires and investment legends gave Robbins an edge about how to see the big picture and make financial decision which is brilliant even for a veteran.
The real reason for Tony to write this book is to make a shorter version of his previous book Money: Master The Game to make it accessible for people like us that are stuck in the middle of a busy day to day life and cannot invest enough time to read a +600 pages book. It is giving the readers the same value without going through the details of all the interviews he made with wealthy people of investment world.
What good things he says in the book?
He talks a lot about managing the risk and reward. "Do not risk 100% of your money to reward 30%" he says while insisting on the fact that most of the experts cannot actually predict the market and brings many evidences of how famous market analysts were wrong many times but they only talk about the times that they were right!
He believes that it is very important to reduce the fees while making the decision about the type of investment you want to do. Most of the hedge funds and managed funds brokers charge customers around 2% with the promise of beating the market with smart investments even though he provide numbers that in the long run 96% of these actively managed funds fail to beat the market and charge for being under-performant.
He also write about The Core Four which is basically four practical principles which he found mutual between most of the successful investors and he claims by understanding these four you are about to change the way you manage your investments. If you are curious these four principles are: Don't lose, Asymmetric Risk/Reward, Tax Efficiency and Diversification (they don't make much sense if you don't read the full explanation from him)
Conclusion
Even though it's a brilliant book from a brilliant author and is very easy to read, you should take the advices with a grain of salt. Well think about it, Tony is a very popular and influential author and a billionaire these days. He wouldn't talk about the best ways of making money but the safest ways for mostly americans. Investing in index funds like S&P500 are not the best way to keep your money but the most effective way for most people. I believe smart people wouldn't need to do things exactly like he suggests, but you can learn a lot about the psychology of market, reacting in corrections (like the way we had with Bitcoin recently) and making money in financial crisis from him. And for me that's all that matters, I learn the attitude of the game from him, the rest I can Google!
By the way, 100% of the profit of this book goes to charity. If that makes any difference for you, order one now!
Video I promised from Gary's show:
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I need to reread the Tony, thanks!