Day 5 of the Tony Robbins Comeback Challenge – Money and Finance

KK starts us off and tells us today’s topic is Money and Finance

She introduces Brian who gives us our daily warmup exercise

Then KK tells us they’re up to over 375,000 participants in the challenge and have they donated 8.4 million meals through feeding America

My one takeaway from her rant today was “Entrepreneurial Mindset”

Then she introduces Tony

Investing isn’t based on employees

He talks about two books that he has written “Money – Master The Game” and “Unshakable”. Here are Amazon affiliate links for both books

He talks about what a fiduciary is – a financial advisor who has your best interest in mind – not a broker – and says everybody should use one

Then he introduces Peter Mallouk who was the Co-author for Unshakeable and The Path from the company Creative Planning

Peter talked about public investments versus private investments

He talked about the stock market and how every year it goes down 14% but it always comes back up

For the market to do well people need to have money to spend

Then they showed a slide with two examples Joe was 19 years old and started investing $300 a month. Bob at 27 years old started investing $300 a month. Joe stopped investing when he was 27 and leaves it to compound in a tax free environment at 10% per year he invests $28,800 total. When he retires it is worth $1,863,287. Bob stops paying when he’s 65 and invest a total of $140,000. When Bob retires he only has $1,589,733.

Then Tony introduces Ajay Gupta

He talks about going from consumer mindset to owner example of this is instead of buying a $5 coffee from Starbucks twice a day, to make your own coffee at home. When you compound this savings on one simple thing it turns into a lot of money.

Put the savings away into investments

The time to start investing is right away

Then they show a few slides and talk about diversified portfolios

They mentioned that fees really matter 1% is best and 3% is high and will give you a huge difference in return

He encourages everyone to pay your mortgage every two weeks instead of once per month this would make an extra payment per year and cut your mortgage by 7 years and save an incredible amount of interest

Acronym CNEI Constant Never Ending Improvement

Back to Tony

Make fundamental principle decisions

Most people trading time for money which is terrible you can’t get back time

Make a decision How much you will pay yourself 1st

Set up an automated payment based on a percentage of your income minimum 10%

Security bucket versus growth bucket

1 What you invest in is controlled by your goals
2 How much cash flow do you have
3 What is your real risk tolerance

Again he tells us to get a fiduciary

Then he shows a bunch of slides

Next he introduces Maria Menounos

She agreed about paying the mortgage biweekly and recommends both the books Unshakable and Money Master The Game

Divorce your story . Get out of victim mode.

She learned how to access happiness

Back to Tony hey quickly talks about the UPW virtual event

Back to KK for our challenge for the day

That’s it for today. Thanks for reading!