Review: MONEY Master the Game: 7 Simple Steps to Financial Freedom

MONEY Master the Game: 7 Simple Steps to Financial Freedom by Anthony Robbins
My rating: 3 of 5 stars

The book is basically a collection of advice from some of the top richest people in America on how to manage your money. This book was insightful, but I found it a bit too much of oh look at me donating to charity, you should too!

I can sum up the most valuable thing about this book here:

The golden/foolproof/long term gainer Asset Allocation:
30% stock index funds
40% long term bonds (term of 20-25 year treasuries)
15% intermediate government bonds (term of 7-10 year treasuries)
7.5% gold
7.5% commodities

And if you're younger, and okay with more risk -> go heavier into stocks.
On a yearly basis rebalance this allocation if gains in one allocation is getting too high and out of balance

Notes:
- compounding is very powerful, make sure a portion is in a compounding interest account
- Stock market - invest in index’s like the S&P 500, don’t invest into mutual funds, so many hidden fee’s that ruin it
- Automatically transfer money from paycheck or bank account into a savings account periodically so you never even see that money
- Try to save at least 15% of your money into a compounding savings account
- advise to get a feduciary (not a meat butcher but a dietician analogy) Anthony recommends these guys: STRWealth
- Get free software that manages your asset allocation
- Make sure to create stop limits, potentially lose a little but gain a lot
- He quotes Warren Buffet: "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1"
- The problem may lie with you and you thinking
- Ray dalio “In your life time it’s almost certain that whatever you’re going to put your money in there will come a day when you will lose 50-70%” - so diversify or die!
- The power of Dollar cost averaging over the time, set it up automatically
- Asset allocation rebalancing - when one soars and the asset allocation is off redistribute so it’s back to equally balanced - increase probability it success - 1-2 times per year depending on you
- Tax loss harvesting?
- Diversify asset classes, markets and time
- Have one short term saving for a car or vacay etc
- Annuities for ppl Over 50
- Get out of anything that goes below the 200 day moving average
- Invest in the 5 to 1 discipline

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