Review of the book; Money Master the Game (II)

Welcome back to our review of the book; Money Master the Game, by Tony Robbins. We start with section 1.

Section 1          Welcome To The Jungle: The Journey Begins With This First Step

Chapter 1.1 It’s your money

Chapter 1.2 The 7 simple steps to financial freedom: Create an income for life

Chapter 1.3 Tap the power: Make the most important financial decision of your life

Chapter 1.4 Money mastery: It’s time to breakthrough

In this chapter, divided into the four subsections above, Tony tells us why he believes and sees money simply as a game even though it is a very important aspect of our lives, and many find the thought of referring to money as a game repugnant.

Money is simply a game

“Money is certainly one of the ways we can turn the dreams we have into the reality we live. But even if money is just a perception-an abstract concept- it doesn’t feel that way if you don’t have enough of it! And one thing is for sure: you either use it, or it uses you. You either master money, or, on some level, money masters you! How you deal with money reflects how you deal with power. Is it an affliction or a blessing? A game or a burden?”

He states that he aims to help the reader become an owner, to win big by becoming a successful investor and better manager of their money.

Meet the masters

He introduces the Masters of money he interviewed for this book including David Swensen, John C. Bogle,Warren Buffet, Paul Tudor Jones, Ray Dalio, Mary Callahan Erdoes, T. Boone Pickens, Kyle Bass, and Charles Schwab.

He also explains that part of his motivation for researching and writing this book is because of the financial crisis of 2008, where many people lost their entire life savings in the markets. Many who were to retire had nothing to fall back on, and American houses in the USA lost more than half their value. He wanted, not just to tell everyone how the rich invested, but to also open up the very same opportunities for everyone.

Mastery over anything in life requires 3 levels

He says this book is designed to give us a mastery over money at three levels: Cognitive understanding, emotional mastery and physical mastery, where our automatic system takes control of our actions because we have developed skill (and become skillful) by repetition.

How to get an income for life

Section 1 is about learning how to build an automated money machine that will generate income for you for life, while you sleep. And that income is to save, pay yourself regularly and automate the process. Then use the power of compound interest to generate an income for life.

[Like I have always shared on this blog, and as Credicoins Network will help Africans all over the world do...] Becoming wealthy and comfortable in life requires you earning an income even while you sleep. And the easiest way to do that is to EARN MORE THAN YOU SPEND, OR CAN EVER SPEND.

Whatever way you achieve that is left to you. We are here to simply help you achieve it by showing you the different ways and making it possible for you to live your dreams.

He mentioned Oseola McCarty and Theodore Johnson as good examples of people who saved their way out of poverty.

Why do you need more money-what is is all about?

Adolf Merckle, the richest man in German in 2007, committed suicide in 2009 because of some bad financial decisions that made him lose $3 billion, dropping his wealth down to $9 billion. It is important to know the real reason why you are working for money, and seeking to make your money work for you. Is it for any of these 6 needs...Certainty/comfort, Uncertainty/variety, significance, love and connection, growth, or, contribution?

However, the ultimate goal (of all our acquiring) is to Give Back. The secret to wealth, according to Sir John Templeton, is Gratitude.

Next will be section 2.