Review of Section 3; Money Master the Game

Section 3          What’s The Price Of Your Dreams? Make The Game Winnable

Chapter 3.1 What’s the price of your dreams? Make the game winnable

Chapter 3.2 What’s your plan

Chapter 3.3 Speed it up 1: Save more and invest the difference

Chapter 3.4 Speed it up 2: Earn more and invest the difference

Chapter 3.5 Speed it up 3: Reduce fees and taxes (and invest the difference)

Chapter 3.6 Speed it up 4: Get better returns and speed your way to victory

Chapter 3.7 Speed it up 5: Change your life- and lifestyle- for the better

We continue in this series reviewing the book Money Master the Game. Section three has 7 chapters as you have seen above.

What Tony wants the reader to take away from this section is simple- He wants you to make the game winnable!

For example, what is the essence of attempting to play -hoping to defeat- Roger Federer at a Tennis game when you don’t even know the rules of the game, and you don’t understand the game at all?

Here, Tony explains
1. How to calculate exactly how much money you need, to achieve your dreams (of Financial Security, independence, and/or Freedom). Many people have in mind (and think they need) a bloated, large amount of money to attain their dreams, but that isn’t so for most people. If you write down the amount you believe you need to become very comfortable and financially secure, you will discover, from the calculation, that you actually need far less than that.

He created the web application at https://financeapp.moneymasterthegame.com/ to assist the reader with that.

2. How to come up with an initial financial plan and a timeline for achievement by having three types of financial goals  (short, medium and long term), and

3. The 5 ways in which you can speed up your plan:

You can save more from your income, and invest the difference. You can reduce your taxes, or get better returns on your present investment and invest the difference. Or you can change your lifestyle (in order to live within your means) and invest the difference.

But my favourite is You can earn more and invest the difference (this is what experts such as Robert Kiyosaki advocates).  This is where self development comes in. THE BEST INVESTMENT ANYONE CAN UNDERTAKE IS TO INVEST IN HIM/HERSELF.

Ray Dalio made a great video that explains how the economy works, and to help the average investor become a better investor. You can watch it here or at his website- www.economicprinciples.org.

At the end of the video, he gives 3 advice (whether you are an individual, or a country like Greece, or a company trying to make profit): 

1. Don’t have debt rise faster than income. 

2. Don’t have income rise faster than productivity. 

3. Do all you can to raise your productivity.

Summarily, NEVER FORGET THAT ONE CAP DOES NOT FIT EVERYONE. BUT THE THREAD RUNNING THROUGH ALL THIS IS SIMPLE- HAVE MORE MONEY LEFTOVER/GET SOME EXTRA MONEY THAT YOU CAN INVEST IN ORDER TO ACHIEVE YOUR DREAMS!

In the next section, the book answers such questions as: ‘Where do I put my money?’ and, ‘What specific investments will maximize my upside and protect me against the downside?’ He teaches us how to make the most important investment decision of our lives.

See you soon.