Money, Master The Game, 7 Simple Steps to Financial Freedom, by Tony Robbins, Simon & Schuster, 2014
"There's a 50% chance that, among married couples, at least one spouse will live to the age of 92 and a 25% chance that one will live to 97." Phew! 97! That's a lot of physical therapy, and vitamins, and gifts for the grandchildren!
But best-selling and outstandingly handsome author Tony Robbins believes that our longer life expectancy doesn't guarantee happiness. Money helps, and his seven-step program designed to help us discover, design and achieve our financial goals, no matter whether we are Boomers, Millennials, or newbies, offers serious work.
For example:
Two twin brothers have just turned age 65, their retirement age.
William, the early starter, invested a total of $80,000 ($4000 per year x 20 yrs at 10%. William started investing his money at age 20, and kept his contributions going until age 40 when he stopped, letting the money sit tax-free at 10% each year.
But James, the late bloomer, didn't start investing until age 40, for a total of $100,000 ($4000 per yr x 25 yrs at 10%).
Which twin ended up with more money when he retired?
William, the brother who got an early start and stopped saving BEFORE his brother began, ended up with $2.5M.
But poor James, because of his late start - here Robbins is pitching to Millennials - ended up with less than $400,000!
That's the difference between a worry-free retirement community for William, and a county cot for James. Boom. The power of compounding!
This book is crammed with advice, examples, and Section 6 contains chapters highlighting the success stories of 12 financial giants, including Charles Schwab, one of my dyslexic heroes. In his interview with Schwab, Robbins uncovers Schwab's optimism, despite the slowdown. He attributes this positive viewpoint to what he calls our unique financial position "... there's no way you're going to take the growth component out of America. The innovation going on in this country is profound..."
To keep your 7-Step plan on track, Robbins has also created a smartphone app to supplement your 7 Steps work.