MONEY Master The Game

by Tony Robbins

Troy Shu
Troy Shu
Updated at: March 12, 2024
MONEY Master The Game
MONEY Master The Game

What are the big ideas? 1. The Power of Focus and Meaning: The book emphasizes that our focus shapes our emotions, beliefs, and actions. By consciously choosing wha

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What are the big ideas?

  1. The Power of Focus and Meaning: The book emphasizes that our focus shapes our emotions, beliefs, and actions. By consciously choosing what we focus on and giving meaning to our experiences, we can improve our overall quality of life. This approach is unique in its emphasis on the transformative power of focusing on gratitude and finding passion and purpose in life.
  2. The Role of Emotions in Wealth Creation: The book challenges the traditional view that emotions should be avoided in financial decision-making, instead advocating for embracing emotions as a source of wealth creation. The authors argue that understanding our emotions and learning to manage them effectively can help us make better investment decisions and build lasting wealth.
  3. The Interconnectedness of Human Needs: The book introduces the six human needs (certainty, uncertainty, love and connection, growth, purpose, and contribution) as a framework for understanding our motivations and behaviors. This model offers a unique perspective on the complex interplay between different aspects of human experience, providing insights into how to effectively satisfy each need and achieve overall fulfillment.
  4. The Importance of Giving: The book emphasizes that giving freely and joyfully is an essential component of living an exceptional life. By focusing on contribution and generosity, we not only enrich our own lives but also create positive change in the world around us. This perspective on wealth goes beyond material possessions to include emotional, spiritual, and relational wealth.
  5. The Influence of Technology on Our Lives: The book discusses how technological advancements will shape our future, addressing issues related to resource availability, sustainability, education, healthcare, and employment. By exploring these trends and considering their potential impact on our lives, we can make more informed decisions about where to invest our time, energy, and resources for long-term growth and success.


Introduction by Marc Benioff, founder and CEO of


  • Tony Robbins' Personal Power program transformed Marc Benioff's life and helped him define his deeper desires and goals.
  • V2MOM (Vision, Values, Methods, Obstacles, Measurement) is a tool used by Salesforce to focus on what they really want and create alignment within the company.
  • Asking clear, direct questions about your goals can bring awareness and clarity to your life.
  • Money Master the Game isn't just about money, but creating the life you want and aligning it with your values.
  • Find your true purpose in life and pursue it, as it will give you satisfaction and joy.
  • Businesses should aim to do good while doing well, creating a new computing model, business model, and philanthropic model.
  • Salesforce Foundation, which donates 1% of equity, profit, and employee time to nonprofits, has made a significant impact on the world.
  • Tony Robbins' teachings have transformed many lives, including Marc Benioff's, and will open the same door for readers.


“1. What do I really want? (Vision.) 2. What is important about it? (Values.) 3. How will I get it? (Methods.) 4. What is preventing me from having it? (Obstacles.) 5. How will I know I am successful? (Measurements.)”

“the quality of my life was the quality of my questions.”

“what matters is that you master money and it doesn’t master you. Then you are free to live life on your own terms.”

“The real joy in life comes from finding your true purpose and aligning it with what you do every single day.”

“the business of business was not just to make a profit but also to do good—to do good while doing well.”

Chapter 1.1: It’s Your Money! It’s Your Life! Take Control


  • Ray Dalio's investment system has helped achieve a compounded return of 21% for Bridgewater Associates while being wrong at times.
  • The average investor cannot compete in the financial markets against professionals and should consider a passive approach to investing.
  • Ray recommends learning from the best investors and following their systems, rather than trying to beat the system.
  • The last time Ray took outside money, the minimum investment was $100 million and only accessible to those with a $5 billion net worth.
  • Ray believes that life is a jungle filled with challenges, but by approaching it with humility and embracing what we don't know, we can learn and grow.
  • Wealth creation is not just for personal gain; it's also a privilege and responsibility to give back and help others in need.
  • In the name of his readers, Anthony Robbins is donating 50 million meals to feed the hungry in America.
  • The 7 Simple Steps to Financial Freedom will be outlined in the upcoming chapters.


“Money is a good servant but a bad master. —SIR FRANCIS BACON”

“You either master money, or, on some level, money masters you!”

“the best way to change your life is to find people who’ve already achieved what you want and then model their behavior.”

“The secret to wealth is simple: Find a way to do more for others than anyone else does. Become more valuable. Do more. Give more. Be more. Serve more. And you will have the opportunity to earn more—whether”

“An expert is an ordinary man away from home giving advice. —OSCAR WILDE”

“If you want to look for obstacles, what’s wrong is always available. But so is what’s right!”

“When you lack confidence about money, it unconsciously affects your confidence in other areas too.”

“He taught me that everything we create in our lives starts with thought.”

“To those souls who will never settle for less than they can be, do, share, and give”

“No matter how difficult our situation may be, there are always people who are suffering more.”

“I want to use this book as a vehicle to help you develop enough wealth- both physical and emotional- so that you can be a force for good through your economic contributions as well as your time. I will tell you, though, if you wont give a dime out of a dollar, you wont give $1 million out of $10 million. The time to give is now! When I had nothing, I began this process. The reward is that if you give, even at the times when you think you have very little, you'll teach your brain that there is more than enough. You can leave scarcity behind and move toward a world of abundance.”

“To avoid criticism, say nothing, do nothing, be nothing. —ARISTOTLE”

Chapter 1.2: The 7 Simple Steps to Financial Freedom: Create an Income for Life


  • Understand the basics of investing: Learn about compound interest, time value of money, and inflation.
  • Avoid common investment myths: Be aware of marketing myths designed to separate you from your money, such as high fees in mutual funds.
  • Set financial goals: Determine what you want and create a realistic plan to achieve it.
  • Proper asset allocation: Diversify investments into secure and riskier buckets for peace of mind and potential growth.
  • Create a lifetime income plan: Secure a foundation for true financial peace of mind by protecting your income from market fluctuations and taxes.
  • Learn from the masters: Gain insights from successful investors like Paul Tudor Jones, Carl Icahn, and Ray Dalio.
  • Enjoy life and share it: Live a better, fuller life by giving back to others and staying informed about new technologies that will improve our future.


“Remember this: anticipation is the ultimate power. Losers react; leaders anticipate.”

“You can be young without money, but you can’t be old without it. —TENNESSEE WILLIAMS”

“Thomas Friedman, the New York Times columnist and bestselling author, wrote, “If you are self-motivated, wow, this world is tailored for you. The boundaries are all gone. But if you’re not self-motivated, this world will be a challenge because the walls, ceilings and floors that protected people are also disappearing. . . . There will be fewer limits, but also fewer guarantees. Your specific contribution will define your specific benefits much more. Just showing up will not cut it.”

“Let’s start by admitting that human beings don’t always act rationally.”

“complexity is the enemy of execution.”

“Information without execution is poverty. Remember: we’re drowning in information, but we’re starving for wisdom.”

“The secret to living is giving”

Chapter 1.3: Tap the Power: Make the Most Important Financial Decision of Your Life


  • The first step to financial freedom is saving systematically and automatically.
  • Most people don't save because they feel it's a sacrifice or loss instead of a gift to themselves in the future.
  • Save More Tomorrow is a solution that makes saving painless by having employees agree to save more in the future when they get a pay raise, but not feeling it as a loss at that time.
  • Set up an automated investment plan for your Freedom Fund with a percentage of each paycheck or income.
  • If you're self-employed, set up automatic transfers from your checking account to your retirement or savings account.
  • Saving 10% or more is ideal, but start wherever you can and increase over time.
  • The Richest Man in Babylon emphasizes the importance of saving a portion of all that you earn, no matter what the amount may be.


“The man on top of the mountain didn’t fall there. —VINCE LOMBARDI”

“Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. —WILLIAM A. WARD”

“You’re already a financial trader. You might not think of it in just this way, but if you work for a living, you’re trading your time for money. Frankly, it’s just about the worst trade you can make. Why? You can always get more money, but you can’t get more time.”

“I can’t afford to waste my time making money. —JEAN LOUIS AGASSIZ”

“Contrary to popular wisdom, knowledge is not power—it’s potential power. Knowledge is not mastery. Execution is mastery. Execution will trump knowledge every day of the week.”

“The bottom line is, if we feel like we’re losing something, we avoid it; we won’t do it.”

“That’s the whole secret: earn more, spend less, and automate it.”

Chapter 1.4: Money Mastery: It’s Time to Break Through


  • The six human needs are Certainty, Uncertainty, Significance, Love and Connection, Growth, and Contribution.
  • Understanding these needs can help you determine why you're pursuing wealth and how to use it to meet your emotional and psychological desires.
  • Money is a tool to fulfill the six human needs, but it's not the only way.
  • Significance is often sought through money, but true significance comes from within.
  • Gratitude and appreciation are keys to happiness and wealth.
  • Be wary of people and organizations that may try to take advantage of your lack of experience or understanding in the world of investing.


“Money can’t change who we are. All it does is magnify our true natures. If you’re mean and selfish, you have more to be mean and selfish with. If you’re grateful and loving, you have more to appreciate and give.”

“Much of our life is guided by the beliefs we develop over the course of time; the story we create about what life’s about, how we’re supposed to be, what we’re supposed to do or give.”

“act differently in relationships, in business and finance, than”

“The fastest way to feel connection, a sense of how significant your life is, a deep sense of certainty and variety, and put yourself in a state where you can give to others, is to find a way each day to appreciate more and expect less.”

Chapter 2.0: Break Free: Shattering the 9 Financial Myths


  • Myth 1: Active Management vs. Passive Management (Index Funds)
  • Active management involves analyst research, forecasts, and judgment for investment decisions, while passive management, or indexing, follows a market index.
  • Reality 1: Active Management vs. Smart Beta Strategies
  • Active management is outdated; smart beta strategies use rules-based algorithms to outperform the benchmark without requiring constant monitoring.
  • Myth 2: Diversification
  • Investors should spread their investments across various asset classes, sectors, and geographic locations for risk reduction.
  • Reality 2: True Diversification
  • A well-diversified portfolio includes a mix of assets with different risk and return characteristics, as well as alternative investments that are uncorrelated to traditional markets.
  • Myth 3: Asset Allocation
  • The process of dividing your investment portfolio into various asset classes to manage risk and optimize returns.
  • Reality 3: Tactical Asset Allocation
  • Adjusting your asset allocation based on market conditions, trends, and economic indicators for optimal performance.
  • Myth 4: Long-term Investment Horizon
  • The longer you hold an investment, the more likely it is to outperform in the long run.
  • Reality 4: Market Volatility and Timing
  • Market volatility can impact returns, making it essential to have a solid plan for when to enter and exit markets.
  • Myth 5: Risk Tolerance
  • The amount of investment risk an investor is willing to accept based on their financial goals, time horizon, and personal circumstances.
  • Reality 5: Risk Capacity and Risk Management
  • Your ability to handle market downturns based on your overall financial situation and the importance of risk management strategies like stop-loss orders and portfolio hedging.
  • Myth 6: Taxes
  • Investors should pay taxes only when necessary, focusing on tax-efficient investments and strategies.
  • Reality 6: Tax Planning and Tax-Efficient Strategies
  • Proactively managing your tax situation through asset location, tax-loss harvesting, and other strategies to minimize your overall tax burden.
  • Myth 7: Fees and Expenses
  • Investors should focus on low-cost investments for long-term success.
  • Reality 7: Fees and Value Added
  • Examine the value added by advisers, investment managers, and other professionals to ensure that fees are justified based on their impact on your portfolio performance.
  • Myth 8: Market Timing
  • Trying to predict market trends and timing investments accordingly is an ineffective strategy for most investors.
  • Reality 8: Economic Cycles and Market Trends
  • Understanding economic cycles, market trends, and historical patterns can help inform your investment decisions and improve overall portfolio performance.
  • Myth 9: Bonds Provide Safety and Diversification
  • Bonds are a low-risk investment that can provide income and stability to a portfolio.
  • Reality 9: Alternative Investments for Income and Diversification
  • Consider alternative investments like real estate, commodities, and hedge funds to generate income and diversify your portfolio beyond traditional bonds and stocks.

Key takeaways:

  • Myths about investing can be misleading; understanding the new rules of money is crucial for financial success.
  • Smart beta strategies provide active management benefits without requiring constant monitoring.
  • True diversification includes a mix of assets with different risk and return characteristics, as well as alternative investments.
  • Tactical asset allocation allows for adjustments based on market conditions and trends.
  • Market volatility requires a solid plan for entering and exiting markets.
  • Risk capacity and management are essential to handle downturns.
  • Tax planning and tax-efficient strategies can minimize overall tax burden.
  • Examine fees and value added by professionals.
  • Understanding economic cycles, market trends, and historical patterns inform investment decisions.
  • Alternative investments provide income and diversification beyond bonds and stocks.

Chapter 2.1: Myth 1: The $13T Lie: “Invest with Us. We’ll Beat the Market!”


  • Active management involves a fund manager making individual investment decisions for a fund, aiming to outperform the overall market.
  • Research shows that most active managers underperform their benchmark index over time.
  • The average actively managed mutual fund lost 3.4% in 2008 while the S&P 500 was down only 37%.
  • Frontier markets may present opportunities for active management to outperform due to less transparency and faster information travel.
  • J.P. Morgan's Mary Callahan Erdoes believes that active managers can add value in frontier markets due to their resources and on-the-ground contacts.
  • An All Weather portfolio includes a mix of low-cost index funds and potentially some active management, depending on your individual circumstances and goals.
  • The stars (ratings) given to mutual funds by services like Morningstar are important to many investors but have limited predictive value for future performance.
  • High fees can significantly reduce investment returns over time, making it essential to understand the true cost of investing.


“Life isn’t about waiting for the storm to pass; it’s about learning to dance in the rain. It’s about removing the fear in this area of your life so you can focus on what matters most.”

Chapter 2.2: Myth 2: “Our Fees? They’re a Small Price to Pay!”


  • Over 96% of actively managed mutual funds cannot beat the market over the long term.
  • The average worker will lose $154,794 and a higher-income worker will lose $277,000 in fees over their lifetime due to excessive fees in 401(k)s.
  • High fees are as much of a risk for investors as economic instability in Europe or China.
  • The average mutual fund extracts enormous sums from investors in exchange for providing a shocking disservice.
  • Overwhelmingly, mutual funds charge excessive and hidden fees.
  • To escape the fee factories, lower your total annual fees to 1.25% or less on average.
  • Expense ratios are only part of the equation—transaction costs, taxes (401(k) costs), soft-dollar costs, cash drag, redemption fees, exchange fees, account fees, purchase fees, and sales charges (loads) all add up to significant costs.


“Knowledge is power, but execution trumps knowledge, so it’s what you do from here that will matter.”

Chapter 2.3: Myth 3: “Our Returns? What You See Is What You Get”


  • Mutual fund returns reported aren't actually earned by investors (Jack Bogle)
  • Average returns can be misleading, producing a false sense of gain or loss
  • Time-weighted returns advertised by mutual funds differ from dollar-weighted returns for investors making ongoing contributions and withdrawals
  • Jack Bogle advocates for investors to see their actual returns based on personal situation
  • Average returns are not the same as actual returns, and tools exist to calculate the latter
  • Financial professionals of integrity exist, and it's important to distinguish them from salespeople by following the money.


“And this real-world approach is called the dollar-weighted return.”

Chapter 2.4: Myth 4: “I’m Your Broker, and I’m Here to Help”


  • A fiduciary is legally bound to act in the best interest of their client and disclose any potential conflicts, while a broker is held to a lower "suitability" standard that allows for conflicted recommendations if the investment is suitable for the investor.
  • Brokers earn commissions for selling financial products, including mutual funds, while fiduciaries charge fees for providing advice and managing assets on behalf of their clients.
  • Fiduciaries have access to a broader range of investments and are not constrained by employer offerings or proprietary products, unlike brokers who may be influenced by their firm's incentives and offerings.
  • Fiduciaries must act independently and disclose any potential conflicts, while brokers may be subject to suitability standards that allow for proprietary product sales.
  • Fiduciaries hold clients' assets in third-party custodians, providing greater security and transparency, while brokers may earn commissions by acting as the custodian for clients' assets.


“by the way, you’ll never hear them referred to as “brokers.” They are called registered representatives, financial advisors, wealth advisors, vice president of this, that, or the other thing.”

“THE BUTCHER AND THE DIETITIAN A good friend of mine recently forwarded me a YouTube video entitled The Butcher vs. the Dietitian, a two-minute cartoon that effectively and succinctly highlighted the major difference between a broker and a legal fiduciary. The video made the glaringly obvious point that when you walk into a butcher shop, you are always encouraged to buy meat. Ask a butcher what’s for dinner, and the answer is always “Meat!” But a dietitian, on the other hand, will advise you to eat what’s best for your health. She has no interest in selling you meat if fish is better for you. Brokers are butchers, while fiduciaries are dietitians. They have no “dog in the race” to sell you a specific product or fund. This simple distinction gives you a position of power! Insiders know the difference.”

Chapter 2.5: Myth 5: “Your Retirement Is Just a 401(k) Away”


  • Contribute as much as possible to your employer-sponsored 401(k) plan, especially if it is a low-cost index fund or target-date fund and you have the option of making Roth contributions.
  • Participate in your company's 401(k) plan by checking the box for Roth tax treatment if you believe taxes will be higher in retirement.
  • Set up a Roth IRA account with a discount brokerage firm to contribute additional funds and take advantage of tax-free growth and withdrawals.
  • Consider converting traditional IRAs to a Roth IRA, but only if you are confident that taxes will not be lower in the future.
  • Roll over old 401(k) plans into an IRA to gain more control over your investments and potentially convert them to a Roth IRA.
  • High-income business owners can add a cash-balance plan on top of their 401(k) and profit-sharing plans to take advantage of larger, fully deductible contributions.

Chapter 2.6: Myth 6: Target-Date Funds: “Just Set It and Forget It”


  • Approximately 90% of 401(k) plans require pay-to-play fees for mutual funds to be included in the investment options.
  • Target-date funds (TDFs) may not provide the expected allocation as each manager can choose their own "glide path" and there's no uniform standard.
  • The assumptions that bonds are safe and move in the opposite direction of stocks during market downturns are incorrect.
  • TDF investors had misconceptions, such as thinking they wouldn't lose money over a ten-year period or that it would provide a guaranteed rate of return.
  • Instead of picking from a list of fund options, with TDFs you buy one fund and let it handle your asset allocation for you.
  • The industry-sponsored study promoting TDFs was heavily flawed and painted TDFs in the best possible light by making assumptions such as no correlation between stocks and bonds.
  • By the end of 2013, over 41% of 401(k) participants used target-date funds.
  • Prior to TDFs, investors made poor decisions and were often overconcentrated in their employer's stock or divided their money equally among funds, leading to confusion and poor decision making.


“Asset allocation, where to park your money and how to divide it up, is the single most important skill of a successful investor.”

Chapter 2.7: Myth 7: “I Hate Annuities, and You Should Too”


  • Annuities have been used for over 2000 years as a tool for creating a guaranteed income stream, but not all annuities are created equal.
  • Variable annuities, which invest in mutual funds and offer tax benefits, often come with high fees that can significantly reduce returns, making them an expensive form of life insurance.
  • Fees for variable annuities include mutual fund expenses, mortality and expense risk charges, and administrative costs, totaling around 4.7% per year.
  • Some experts recommend avoiding variable annuities due to their high fees and potential lack of transparency, instead favoring low-cost indexed or traditional annuities.
  • It's important to understand the type of annuity that is best for your individual financial situation and to regularly review its pros and cons, fees, guarantees, and potential for exchange with a specialist.
  • Annuities can provide peace of mind by offering guaranteed income streams and protecting principal, but it's essential to consider asset allocation and understand the specific features of the annuity before making a decision.

Chapter 2.8: Myth 8: “You Gotta Take Huge Risks to Get Big Rewards!”


  • Myth: Nobody beats the market, so individual stock picking is essential for high returns. Reality: Most active fund managers underperform the market, and low-cost index funds can provide similar returns while charging much lower fees.
  • Myth: Brokers have your best interests at heart. Reality: Fiduciaries have a legal obligation to act in your best interests.
  • Myth: Reducing investment fees is not important. Reality: Lower fees mean more money in retirement or faster progress toward financial freedom.
  • Myth: Target-date funds are a good option for diversification. Reality: They can be expensive and offer little advantage over creating your own asset allocation.
  • Myth: Variable annuities are the only type of annuity worth considering. Reality: Fixed indexed annuities provide principal protection and upside potential without downside risk.
  • Myth: Wealth without risk is impossible. Reality: Structured notes, market-linked CDs, and fixed indexed annuities allow for upside potential while protecting against downside risk.
  • Myth: There's nothing you can do to change your financial situation. Reality: Shattering limiting beliefs and myths is the first step toward taking control of your finances.


“Structured Notes. These are perhaps one of the more exciting tools available today, but, unfortunately, they are rarely offered to the general public because the high-net-worth investors gobble them up like pigeon seed in Central Park. Luckily, the right fiduciary is able to grant access for individuals even without large sums of investment capital. p176”

Chapter 2.9: Myth 9: “The Lies We Tell Ourselves”


  • Myth #1: I don't have enough time or money.
  • Myth #2: I can't afford it.
  • Myth #3: It takes money to make money.
  • Myth #4: The economy is too uncertain.
  • Myth #5: The stock market is a gamble.
  • Myth #6: I'll never be able to pay off my debts.
  • Myth #7: I don't have the right education or experience.
  • Myth #8: It's too late for me.
  • Myth #9: Money is the root of all evil.
  • Change your story, change your life. Divorce limiting beliefs and marry the truth.
  • Your state shapes your perception and experience of reality. Change your state to change your mind and your story.
  • Power posing can increase testosterone levels and reduce cortisol levels, leading to assertiveness and confidence.
  • Determine to create a new financial story and commit to taking massive action with the right strategy to make it happen.


“His story wasn’t “I’ll never read,” it was “I have dyslexia, so I have to work harder to make everything happen—and I will.”

“You can use your story, or your story can use you.”

“Kelly McGonigal, a health psychologist at Stanford University, warned about the dangers of stress for a full decade before she realized that maybe it was her advice, rather than stress itself, that was sending people to their graves faster. “I’m converting a stimulus [stress] that could be strengthening people into a source of disease.” With a breakthrough in her thinking, and some powerful new research, McGonigal made a complete turnaround. Turns out, stress might just be our friend. Just as you put stress on a muscle to make it stronger (by lifting weights or running), emotional stress can make us physically and psychologically stronger too. McGonigal now highlights new research showing that when you change your mind about stress, you can literally change your body’s physical reaction to it. In an eight-year study, adults who experienced a “lot of stress” and who believed stress was harmful to their health had a 43% increase in their risk of dying. (That sure stressed me out.) However, people who experienced an equal amount of stress but did not view stress as harmful were no more likely to die! McGonigal says that physical signs of stress (a pounding heart, faster breathing, breaking out in a sweat) aren’t necessarily physical evidence of anxiety or signs that we aren’t coping well with pressure. Instead, we can interpret them as indications that our body is energized and preparing us to meet the next challenge. The bottom line is, science has now proven that how you think about stress matters—the story you attach to stress. Telling yourself it’s good for you instead of harmful could mean the difference between a stress-induced heart attack at 50 or living well into your 90s.”

“Money is nothing more than a reflection of your creativity, your capacity to focus, and your ability to add value and receive back.”

“Remember: we all get what we tolerate. So stop tolerating excuses within yourself, limiting beliefs of the past, or half-assed or fearful states. Use your body as a tool to snap yourself into a place of sheer will, determination, and commitment. Face your challenges head on with the core belief that problems are just speed bumps on the road to your dreams. And from that place, when you take massive action—with an effective and proven strategy—you will rewrite your history.”

Chapter 3.1: What’s the Price of Your Dreams?: Make the Game Winnable


  • Unleash your hunger and desire for financial freedom, and focus on it with laser-like intensity
  • Take massive and effective action towards achieving your financial goals
  • Be open to receiving grace or coincidences that can help you on your journey
  • Identify three financial dreams, including at least one short-term and one long-term goal
  • Calculate the annual income required for Absolute Financial Freedom based on desired luxuries and lifestyle
  • Develop a plan to save and invest towards achieving your financial goals.


“when you seek Significance, you’re always comparing yourself with someone else. And there’s always someone bigger, taller, stronger, faster, richer, funnier, younger, more handsome, more beautiful, with a bigger yacht, a nicer car, a nicer home.”

“Some call it luck, coincidence, fate, or God’s hand. I call it grace: the acknowledgment that there’s more in this world than just ourselves, and that perhaps a higher power gives us both the privilege of this life as well as the gifts of insight and guidance when we’re open to them. It’s amazing how, when you take care of the first two steps, God or the universe or grace—whatever you like to call it—tends to step in and support what you’re doing. Things flow to you when you do your part first. We’ve all experienced the phenomenon of serendipity. Something happens that defies explanation, so we call it a coincidence. We miss a train and meet the person we end up marrying. We fill in for a friend, and it leads us to the job of our dreams. We didn’t figure it out in advance, didn’t earn it—it just happened. To me, that’s grace. And the more you acknowledge and appreciate the grace that’s already in your life, the more you experience the gifts that are beyond what you’ve created.”

Chapter 3.2: What’s Your Plan?


  • Angela, a 48-year-old woman with no savings, was able to achieve Financial Security in just 14 years by including Social Security income and investing in senior housing real estate investment trusts.
  • Most people underestimate what they can accomplish in the long term and overestimate what they can do in a year.
  • You are not a manager of circumstances, but the architect of your life's experience.
  • The power of compounding makes what seems impossible possible.
  • Find your gift and deliver it to as many people as possible to create personal growth and happiness.


“If you don’t know where you are going, every road will get you nowhere. —HENRY KISSINGER”

“The only person you should try to be better than is the person you were yesterday.”

“Disappointment can drive us, or it can defeat us.”

Chapter 3.3: Speed It Up: 1. Save More and Invest the Difference


  • Identify recurring expenditures that can be eliminated or reduced.
  • Determine how much joy you get from each expense and compare it to the feeling of Absolute Financial Freedom.
  • Decide which is more important: the joy from recurring expenses or the feeling of financial freedom.
  • Eliminate at least three expenditures to save money.
  • Calculate the total savings over the next year.


“You can be rich by having more than you need, or by needing less than you have. —JIM MOTT”

Chapter 3.4: Speed It Up: 2. Earn More and Invest the Difference


  • Adding value is the key to earning more and increasing your impact, regardless of your job or profession.
  • Creativity, contribution, and focus are the drivers of value creation.
  • People who refuse to buy into limiting beliefs, like "I'll never make enough money doing what I love," find ways to add value and create new opportunities.
  • Success stories include a South Korean schoolteacher who became a millionaire by teaching online, a marketing employee who took on three jobs and proved her worth, and entrepreneurs like Nick Woodman (GoPro) and Sara Blakely (Spanx) who disrupted industries or created new ones.
  • The marketplace always tells you your true worth or value.
  • To add more value and earn more, find a way to innovate, learn, educate yourself, mentor others, or offer your skills to those in need.
  • Get in front of trends and be willing to take calculated risks.


“Try not to become a man of success, but rather try to become a man of value. —ALBERT EINSTEIN”

Chapter 3.5: Speed It Up: 3. Reduce Fees and Taxes (and Invest the Difference)


  • High fees on mutual funds can cost investors hundreds of thousands of dollars over time, reducing their potential growth.
  • Reducing fees and taxes on investments allows for more money to be reinvested and compounded, speeding up the path to financial freedom.
  • The average American pays more than half of their income in taxes, including income tax and interest payments.
  • Tax efficiency is a simple way to increase portfolio returns and achieve financial freedom faster.
  • Understanding different types of taxes as an investor (ordinary income tax, long-term capital gains, short-term capital gains) can help minimize tax bills and maximize investment returns.

Chapter 3.6: Speed It Up: 4. Get Better Returns and Speed Your Way to Victory


  • Asymmetric risk/reward is a strategy used by successful investors to maximize returns while reducing risk. This involves finding investment opportunities where potential gains far outweigh possible losses.
  • Investing in retirement communities can offer both financial returns and alignment with values, as the market for senior living facilities is projected to grow significantly due to demographic trends.
  • Real estate investment offers tax benefits through depreciation and potential long-term property value appreciation.
  • Lending money with a first trust deed as collateral can yield higher returns than traditional investments.
  • A great fiduciary advisor can help identify investment opportunities with favorable risk/reward ratios.
  • Accredited investors have access to certain real estate investment opportunities, while non-accredited investors can consider publicly traded REITs.


“If you’re prepared, and you know what it takes, it’s not a risk. You just have to figure out how to get there. There is always a way to get there. —MARK CUBAN”

Chapter 3.7: Speed It Up: 5. Change Your Life—and Lifestyle—for the Better


  • Consider moving to a new city or town for a better climate, lower cost of living, and improved quality of life.
  • Moving can save you significant amounts of money, allowing you to invest more and reach financial freedom faster.
  • Generations have retired in places with desirable climates and lower costs of living. Why not do it while still young?
  • Tax efficiency in your personal life can lead to substantial savings.
  • Look for locations with no or low state income tax, such as Florida, Nevada, South Dakota, Texas, Washington, Wyoming, Tennessee, or New Hampshire.
  • Explore options outside the US, like Bali, Fiji, Uruguay, or Costa Rica, for even greater cost savings and potential career opportunities.
  • Improve your lifestyle while reducing expenses to accelerate your path to financial freedom.
  • Albert Einstein said, "Life is like a bicycle. To keep your balance, you must keep moving." Be efficient and effective with your earnings and savings.


“My favorite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time. —STEVE JOBS”

“Life is like a bicycle. To keep your balance, you must keep moving. —ALBERT EINSTEIN”

Chapter 4.1: The Ultimate Bucket List: Asset Allocation


  • A well-diversified portfolio is essential for managing risk and maximizing returns.
  • The foundation of a diversified portfolio includes cash, bonds, and stocks.
  • Cash serves as a liquidity reserve and provides peace of mind.
  • Bonds provide income and offer a lower level of risk compared to stocks.
  • Understanding different types of bonds, such as US Treasury bonds, corporate bonds, municipal bonds, and high-yield bonds, can help you make informed investment decisions.
  • It's crucial to consider the level of risk associated with each type of bond before investing.
  • A fiduciary advisor or investment expert can help you navigate complex bond markets and reduce risks.
  • Low-cost, low-fee bond index funds provide diversification by owning a slice of every part of the bond market.


“Never test the depth of the river with both feet. —WARREN BUFFETT”

Chapter 4.2: Playing to Win: The Risk/Growth Bucket


  • The Risk/Growth and Security buckets are essential components of a well-diversified investment portfolio.
  • The percentage allocation between these two buckets depends on individual financial goals, risk tolerance, and time horizon.
  • Aggressive investors like David Swensen may prefer a 30% Security Bucket and a 70% Risk/Growth Bucket, while more conservative investors might opt for a 60/40 or even 80/20 split.
  • It's crucial to find the right balance that aligns with your personal financial situation and emotional needs.
  • A fiduciary investment manager can help you make informed decisions and keep your portfolio in balance over time.
  • The next chapter introduces a third bucket, the Dream Bucket, which focuses on investing in areas of passion or inspiration for a better quality of life today.


“In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.”

Chapter 4.3: The Dream Bucket


  • Allocate investments among different types and classes of assets based on risk tolerance and time horizon.
  • Divide savings into separate buckets: Security/Peace of Mind, Risk/Growth, and Dream.
  • Take profits from bonuses or stock market gains and allocate them to the three buckets (Security, Risk/Growth, and Dream).
  • Set aside a percentage of income for Dream Bucket.
  • List dreams and prioritize them, then decide how much to save for each one.
  • Save more, earn more, reduce fees and taxes, get better returns, or change lifestyle to increase savings for Freedom Fund and Dream Bucket.
  • Make saving for dreams a burning passion to find new ways to achieve financial freedom and live life fully.
  • Be grateful for the wealth in love, joy, opportunities, health, friends, and family.


“I met with a group of a hundred or so fifth graders from a poor neighborhood at a school in Houston, Texas. Most of them were on a track that would never get them to college. So I decided then and there to make a contract with them. I would pay for their four-year college education if they kept a B average and stayed out of trouble. I made it clear that with focus, anyone could be above average, and I would provide mentoring support to them. I had a couple of key criteria: They had to stay out of jail. They couldn't get pregnant before graduating high school. Most importantly, they needed to contribute 20 hours of service per year to some organization in their community. Why did I add this? College is wonderful, but what was even more important to me was to teach them they had something to give, not just something to get in life. I had no idea how I was going to pay for it in the long run, but I was completely committed, and I signed a legally binding contract requiring me to deliver the funds. It's funny how motivating it can be when you have no choice but to move forward. I always say, if you want to take the island, you have to burn your boats! So I signed those contracts. Twenty-three of those kids worked with me from the fifth grade all the way to college. Several went on to graduate school, including law school! I call them my champions. Today they are social workers, business owners, and parents. Just a few years ago, we had a reunion, and I got to hear the magnificent stories of how early-in-life giving to others had become a lifelong pattern. How it caused them to believe they had real worth in life. How it gave them such joy to give, and how many of them now are teaching this to their own children.”

Chapter 4.4: Timing Is Everything?


  • Investing in a diversified portfolio can help mitigate risk and increase returns over the long term.
  • Dollar-cost averaging is an effective strategy for investing regularly, regardless of market volatility.
  • Rebalancing is a disciplined approach to maintaining your desired asset allocation and can lead to higher returns over time.
  • Tax-loss harvesting can help reduce taxes on investment gains while still maintaining a diversified portfolio.
  • Understanding these strategies and implementing them can give investors a greater sense of control and peace of mind in their financial journey.


“So if you think you can time the markets, you’re wrong.”

Chapter 5.1: Invincible, Unsinkable, Unconquerable: The All Seasons Strategy


  • Ray Dalio's All Weather portfolio approach suggests dividing investments into four categories based on potential economic environments: inflation, deflation, rising economic growth, and declining economic growth.
  • The ideal investment for each season is determined by the specific economic environment: stocks perform well in inflationary conditions, bonds (especially long-term) excel during deflation, real estate thrives with rising economic growth, and commodities shine in declining economic growth.
  • A simplified version of the All Weather portfolio for individual investors includes 30% stocks, 40% long-term bonds, 15% intermediate term bonds, 7.5% gold, and 7.5% commodities.
  • Regular rebalancing is necessary to maintain the original allocation and maximize tax efficiency.
  • The All Weather portfolio aims for the best possible returns in any market environment with the least amount of risk.


“The secret of all victory lies in the organization of the nonobvious. —MARCUS AURELIUS”

“So tell me, Ray, what are the percentages you would put in stocks? What percentage in gold? and so on."... "First, he said, we need 30% in stocks (for instance, the S&P 500 or other indexes for further diversification in this basket)... "Then you need long-term government bonds. Fifteen percent in intermediate term [seven- to ten-year Treasuries] and forty percent in long-term bonds [20- to 25-year Treasuries]."... He rounded out the portfolio with 7.5% in gold and 7.5% in commodities... Lastly, the portfolio must be rebalanced. Meaning, when one segment does well, you must sell a portion and reallocate back to the original allocation. This should be done at least annually, and, if done properly, can actually increase tax efficiency. p390”

Chapter 5.2: It’s Time to Thrive: Storm-Proof Returns and Unrivaled Results


  • Ray Dalio's All Seasons portfolio is designed to perform well in any economic environment by balancing stocks and bonds.
  • The portfolio consists of six asset classes: US Stocks, International Stocks, US Bonds, International Bonds, Commodities, and Cash.
  • The allocation between these asset classes changes based on the current economic season.
  • The All Seasons portfolio has a long-term track record of outperforming during bull and bear markets.
  • The portfolio is designed to be emotionally scaffolding, protecting investors from making poor decisions during market downturns.
  • The All Seasons approach can be implemented on your own or with the help of a fiduciary advisor.
  • To create your own personal plan, go to Stronghold Financial's website ( for a complimentary analysis.
  • The next step is to turn your investments into a guaranteed income stream, creating a lifetime income plan.


“If no mistake have you made, yet losing you are . . . a different game you should play. —YODA”

Chapter 5.3: Freedom: Creating Your Lifetime Income Plan


  • The 4% rule is outdated due to low interest rates, which make it difficult for retirees to create a reliable income stream from their savings.
  • Sequence of returns risk can significantly impact retirement income and longevity. Early market losses in retirement can lead to significant shortfalls in income and savings.
  • David Babbel, a professor with six degrees, decided on annuities as part of his retirement plan due to their ability to provide a reliable lifetime income stream.
  • Jeff Brown, an advisor to the US Treasury and the World Bank, believes that Americans should convert at least half of their retirement savings into annuities.
  • Annuities come in various forms, including fixed-rate, variable, and indexed annuities. They allow individuals to create a guaranteed lifetime income stream while also potentially earning returns based on market performance.
  • The US Social Security Advisory Board appointed seven individuals, including Jeff Brown, to help evaluate future Social Security strategies.
  • Income insurance, coupled with the All Seasons Portfolio, can provide retirees with a reliable and predictable income stream for the remainder of their lives.

Chapter 5.4: Time to Win: Your Income Is the Outcome


  • The All Seasons Portfolio is a powerful investment strategy that can help protect and grow your wealth during all economic seasons.
  • A Fixed Indexed Annuity (FIA) is an income insurance product that guarantees you'll never lose your deposits and provides the upside of the stock market without the downside.
  • The minimum age for most FIAs was previously 50 or 55, and required a large deposit. However, new products are now available that allow younger people to start with a small deposit and smaller monthly contributions.
  • A guaranteed income stream can provide peace of mind and financial security for retirement, especially when coupled with an All Seasons Portfolio.
  • Fixed indexed annuities offer tax deferral on growth, and the income payments are subject to ordinary income tax rates upon withdrawal.
  • The history of stock market crashes shows that it can take many years to recover losses, making a product like a FIA appealing for those looking to avoid market downturns.

Chapter 5.5: Secrets of the Ultrawealthy (That You Can Use Too!)


  • The ultrawealthy, including billionaires and corporations, buy large life insurance policies not for death benefits but as tax-advantaged investment vehicles.
  • Private Placement Life Insurance (PPLI) allows investors to grow their investments tax-free and access the funds tax-free through loans or withdrawals, making it a powerful tax-planning tool.
  • PPLI can significantly accelerate one's path towards financial independence by reducing the amount needed due to the absence of taxes on growth and withdrawals.
  • Investments within PPLI are managed by third-party investment professionals and have no commissions, surrender charges, or other fees.
  • TIAA-CREF offers a version of PPLI for nonaccredited investors with minimal investments, providing tax benefits similar to those for accredited investors.
  • Establishing a living trust is an essential step in protecting one's family and assets by avoiding probate and providing incapacity protection.

Chapter 6.0: Meet the Masters


  • Interviewed over 50 self-made billionaires, Nobel Prize winners, investment titans, bestselling authors, professors, and financial legends for an integrated, simple 7-step financial blueprint.
  • Synthesized the best insights from these experts into a practical way for individual investors to move from current financial situation to desired financial state.
  • Seek knowledge from those who have dominated markets decade after decade and ask about their competitive advantages and insights.
  • Prioritize protecting downside over chasing high returns.
  • Look for opportunities with asymmetric risk/reward, where potential gains far outweigh potential losses.
  • Anticipate and diversify to protect against uncertainty and lack of complete information.
  • Continuously learn, earn, and grow with a never-ending hunger for knowledge and success.
  • Give back and use gifts to serve others as true meaning in life comes from what you have to give.

Chapter 6.1: Carl Icahn: Master of the Universe


  • Carl Icahn is a highly competitive and passionate investor who has aimed to be the best in everything he does throughout his life, from academics to business.
  • Icahn started investing in the stock market after losing all of his savings in the 1962 market crash. He became an expert in arbitrage, but later shifted his focus to taking over undervalued companies and improving their management.
  • Icahn believes that public companies are poorly governed and that shareholders have little power or voice in how these companies are run. He advocates for removing poison pills, staggered board elections, and making CEOs more accountable to shareholders.
  • Icahn's son and business partner made a successful investment in Netflix, which led to a $2 billion profit for the Icahn Enterprises. Icahn did not attempt a proxy fight with Netflix and instead cashed out some of his profits.
  • Icahn is currently focused on using his wealth to change the way business is done in the US, particularly in relation to corporate governance and education. He has signed the Giving Pledge and has donated $30 million to charter schools.


“When you buy a company, what you’re really buying are its assets. So you’ve got to look at those assets and ask yourself, “Why aren’t they doing as well as they should be?” Fully 90% of the time, the reason is management”

Chapter 6.2: David Swensen: A $23.9 Billion Labor of Love


  • Diversification is crucial in investing to manage risk and increase potential returns.
  • Asset allocation is the most important tool for increasing returns, followed by market timing and security selection.
  • Low-cost index funds offer broad market exposure at a low cost, making them an effective investment choice for individual investors.
  • Taxes are significant expenses in investing; maximizing tax-advantaged opportunities is essential to achieving long-term financial success.
  • A well-diversified portfolio should include a mix of US and foreign stocks, bonds, TIPS, REITs, and other asset classes, with proper weighting based on individual circumstances and risk tolerance.
  • Maintaining a long-term investment horizon is essential for achieving superior returns, as markets are unpredictable in the short term.


“The future has many names. For the weak, it’s unattainable. For the fearful, it’s unknown. For the bold, it’s ideal. —VICTOR HUGO”

“From an asset-allocation perspective, when we talk about diversification, we're talking about investing in multiple asset classes. There are six that I think are really important and they are US stocks, US Treasury bonds, US Treasure inflation-protected securities [TIPS], foreign developed equities, foreign emerging-market equities and real estate investment trusts [REITS]. p473”

Chapter 6.3: John C. Bogle: The Vanguard of Investing


  • Jack Bogle is a pioneer in index investing and the founder of Vanguard Group
  • Index funds offer low costs, diversification, and market returns
  • Active management has not proven to consistently outperform index funds
  • The financial services industry has a conflict of interest between maximizing fees for shareholders and maximizing profits for executives
  • A universal fiduciary standard would require advisors to act in the best interests of their clients
  • Corporate America is expected to continue growing, but there is a risk of another financial crisis due to excess reserves held by the Federal Reserve
  • Emotions should be kept out of investing and a long-term perspective should be maintained.


“Investing is 95% luck and 5% skill. And maybe if I’m wrong, it’s 98 and 2.”

“History may not repeat itself, but it rhymes.”

Chapter 6.4: Warren Buffett: The Oracle of Omaha


  • Warren Buffett, a humble stockbroker from Nebraska, transformed failing textile business Berkshire Hathaway into a multibillion-dollar company through value investing, focusing on undervalued companies and long-term growth.
  • Buffett has been enormously successful in business and philanthropy, with billions in personal fortune pledged to charity.
  • He's known for his quotable wisdom and has already written numerous books about investing.
  • In 1970, Buffett began publishing an annual letter with investing advice, making indexing the recommended investment strategy for individual investors: invest in low-cost S&P 500 index funds and hold them long term.
  • Buffett endorses the strategy promoted by Jack Bogle for almost 40 years.
  • In a well-known wager, Buffett bet against five top hedge fund managers that they couldn't beat the S&P 500 index over ten years. As of February 2014, the S&P 500 outperformed the hedge funds.

Chapter 6.5: Paul Tudor Jones: A Modern-Day Robin Hood


  • Paul Tudor Jones is a legendary hedge fund manager known for his successful trend-following strategy and his philanthropic work.
  • He advises investors to focus on protecting their capital rather than trying to make big gains, using tools such as the 200-day moving average and five-to-one risk/reward ratio.
  • Jones' greatest investment successes have come from turning points in trends, including the 1987 stock market crash, where he made 60% returns in a single day by staying out of the market until it turned around.
  • He emphasizes the importance of discipline and sticking to a plan, even when it's difficult or goes against conventional wisdom.
  • Jones has been driven to give back throughout his life, inspired by acts of kindness he received as a child. His philanthropic work includes conservation projects, education initiatives, and disaster relief efforts.
  • He believes financial stress never goes away, but rather takes on new forms as one's financial situation changes. For Jones, this means constantly seeking opportunities to make a positive impact on the world through charitable giving and other means.

Chapter 6.6: Ray Dalio: A Man for All Seasons


  • Ray Dalio, founder and Co-Chief Investment Officer of Bridgewater Associates, shares his investment plan for individual investors to grow their nest egg in all seasons without risking life savings.
  • His answer is the Holy Grail for growing wealth in volatile markets and has been generously shared with the public.
  • Read chapters 5.1 and 5.2 for context on Ray's background and investment strategy, which lays out the basis for his entire portfolio.
  • Implement the All Seasons strategy to thrive in various market conditions.

Chapter 6.7: Mary Callahan Erdoes: The Trillion-Dollar Woman


  • Mary Callahan Erdoes is a successful CEO in the financial industry, overseeing $2.5 trillion in assets for J.P. Morgan.
  • She advocates for actively managed funds as effective investments, despite the general consensus promoting passive, low-fee options.
  • Erdoes' leadership style is described as loyal, team-oriented, and caring. She values getting to know her employees and balancing work with family life.
  • Financial services contribute significantly to society by providing capital for growth and employment opportunities.
  • Active management can lead to substantial returns over long periods of time, despite the challenges of market anomalies and the impossibility of perfectly timing investments.
  • A well-diversified portfolio is crucial for capturing opportunities and protecting against risks in different market conditions.
  • Investing in long-term growth opportunities and maintaining a balanced perspective on personal and professional responsibilities are essential elements of managing wealth.

Chapter 6.8: T. Boone Pickens: Made to Be Rich, Made to Give


  • Boone Pickens was born in Oklahoma during the Great Depression and learned the value of hard work from an early age.
  • He attended Oklahoma State University on a football scholarship but had to drop out due to injury.
  • After serving in the military, he returned to Oklahoma and started his career in oil exploration.
  • Pickens's fortune grew rapidly during the 1960s, particularly after the discovery of the Dolomite field in Kansas.
  • In 1983, he pledged to give away ninety percent of his wealth before dying.
  • He founded the Pickens Foundation in 1974, which focuses on education and health care for rural Oklahoma children.
  • In 2008, he launched the Pickens Plan to reduce America's dependence on oil imports from unstable or hostile foreign countries.
  • The Pickens Plan calls for upgrading renewable energy sources and producing natural gas domestically for transportation fuels.
  • He spent $100 million of his own money promoting the plan.
  • In 2018, he announced that his foundation would give away $250 million annually starting in 2024.
  • Pickens's net worth is estimated to be over $3 billion in 2021.

Chapter 6.9: Kyle Bass: The Master of Risk


  • Kyle Bass, founder and CIO of Hayman Capital Management, identified structural imbalances in global balance sheets during the 2008 financial crisis.
  • He saw that countries like Greece and Ireland had unsustainable debt levels and called for investors to buy protection against defaults.
  • His analysis led him to spend several months constructing a world balance sheet to understand the situation better, consulting with experts such as Professor Kenneth Rogoff.
  • Bass's firm bought credit default swaps on Greek and Irish sovereign debt before the European sovereign debt crisis.
  • He now focuses on Japan, believing it is the biggest opportunity in the world due to its low risk-free rate and suppressed volatility, which he believes will lead to a significant move in Japanese bond yields.
  • Bass uses an options pricing model to estimate the potential payoff of his investment strategy and considers himself a prudent fiduciary for taking on "tail risk," or the possibility of extreme market moves that are unlikely but could have significant consequences if they occur.

Chapter 6.10: Marc Faber: The Billionaire They Call Dr. Doom


  • Marc Faber is a billionaire investor known for his bearish outlook and contrarian investment strategies, earning him the nickname "Dr. Doom"
  • He follows the advice of investing during market downturns when there's "blood in the streets" and looks for bargains ignored by others
  • Faber is a critic of central banks, particularly the US Federal Reserve, for flooding the economy with trillions of dollars "printed" out of thin air
  • He has earned high returns as a member of the Barron's Roundtable and author of several books on Asian markets
  • Marc Faber recommends avoiding financial advisors who sell dream investments, focusing instead on individuals with honesty and integrity
  • There are different investment theories, but Faber believes some people have skills in analyzing companies for individual securities selection
  • Markets can still be risky, particularly in emerging economies, and it's too late to buy US stocks at high prices
  • Inflation is defined as an increase in the quantity of money and can result in different price movements for various assets
  • Faber suggests a diversified asset allocation with cash, bonds (emerging market bonds), real estate, and gold.
  • He emphasizes being careful about buying assets at high prices and keeping cool during market downturns.

Chapter 6.11: Charles Schwab: Talking to Chuck, the People’s Broker


  • Charlie Munger emphasizes the importance of earning and saving money, getting a good education, having a well-paying job, and putting the saved money into proper investments.
  • He believes in leaving something for future generations but not large sums that might hinder their sense of self-reliance and fulfillment.
  • Munger attributes his success to being good with math, understanding people, and having a team of talented individuals around him.
  • He is passionate about the responsibility individuals have to save for retirement as people are living longer and retirement can last decades.
  • Munger believes that necessity may be 99% of why some people become successful, but it takes curiosity, motivation, and perseverance to identify opportunities and seize them.
  • He advises starting a business by getting all the education and practical experience, having patience, and serving customers every day without missing a beat.
  • Munger wants to be remembered for making a significant change in the practice of Wall Street by putting clients first, inspiring others to do the same, and building a successful company on the West Coast that led this transformation.


“Well, getting all the education and the practical experience. And then having the patience to do it day in and day out. Day in and day out. It’s not easy, let me tell you that. It’s like the restaurateur serving great food every meal. It’s not easy. But that’s how you make a great restaurant. That’s how you make a great car dealership. Service every day. You can’t miss the ball. You’ve gotta hit the ball out of the park every day. With service. And the same with technology. In our lifetime, we’ve seen many companies go in the tank because they weren’t able to innovate. Or actually, they didn’t figure out a product or service that really served the customer well. They lost their customers. Never lose a customer. Figure that one out.”

Chapter 6.12: Sir John Templeton: The Greatest Investor of the 20th Century?


  • Sir John Templeton was a great investor and human being known for his ability to find opportunities in difficult situations.
  • He came from humble beginnings, worked hard, and became a contrarian investor who bought stocks at the depths of bear markets.
  • He established the world's largest annual award for spiritual achievements and funded research in science and technology.
  • Sir John believed that treating others fairly and with integrity is the secret to success and prosperity.
  • His first investment was $100 worth of every stock valued at $1 or less during the early stages of World War II, which led to a vast personal fortune.
  • He advised investors to be diversified in order to reduce risk and find better opportunities.
  • Sir John believed that being a go-giver rather than a go-getter is key to success and happiness.
  • To overcome fear, he suggested practicing an attitude of gratitude.
  • Sir John saw life as a challenge and an adventure, and wanted to be remembered for his spiritual growth and dedication to learning.


“Always start out to give more than is expected from you, to treat the other person more fairly, and that is the secret of success. Never try to take advantage of anyone or to hold anyone back in their own progress. The more you help others, the more prosperous you will be personally. p542”

Chapter 7.1: The Future Is Brighter Than You Think


  • The global population is projected to reach 9.7 billion by 2050, posing significant challenges for resource availability and sustainability.
  • Rapid technological advancements in various fields such as energy, agriculture, water, education, and healthcare will help mitigate these challenges and improve overall quality of life.
  • Renewable energy sources like solar, wind, hydroelectric, and geothermal power are becoming increasingly cost-effective and efficient.
  • Advancements in agriculture, including precision farming, vertical farming, and lab-grown meat, will help address food scarcity issues and reduce the environmental impact of agriculture.
  • Technological innovations in water management, such as desalination and advanced filtration systems, will help ensure a reliable supply of clean water for all.
  • Education technology, including massive open online courses (MOOCs), virtual reality, and artificial intelligence, will make education more accessible and effective for everyone.
  • Advancements in healthcare, including gene editing, regenerative medicine, and artificial intelligence, will help address various health challenges and extend human lifespan.
  • As technology continues to advance and eliminate scarcity, it's important to consider the potential impact on employment and the need for meaningful work for everyone.
  • Finding purpose and meaning in life is essential for personal fulfillment and happiness. Focusing on values, relationships, learning, and giving back can help create a sense of wealth beyond material possessions.

Chapter 7.2: The Wealth of Passion


  • Focus is a choice. What we focus on expands, and our emotions follow our focus.
  • Meaning equals emotion, and emotion equals life. Our beliefs about what we're experiencing shape our emotions.
  • The three decisions that shape our lives: (1) What am I focusing on? (2) What meaning am I giving to my experience? (3) What am I going to do about it?
  • Priming is a psychological concept where words, ideas, and sensory experiences color our perceptions of the world and affect our emotions, motivations, and actions.
  • Gratitude is an emotion that eliminates anger and fear. Practicing gratitude daily through priming can help condition ourselves to live in positive emotions.
  • Growth and contribution are the two spiritual needs that fulfill human beings. Finding something we care deeply for and giving it our all—even our lives, if necessary—unleashes the deepest meaning and wealth in life.


“Man is only great when he acts from passion.”

“Happiness is not something ready-made. It comes from your own actions. —DALAI LAMA XIV”

“As the saying goes, if what you learn leads to knowledge, you become a fool; but if what you learn leads to action, you can become wealthy.”

“What’s the point of massive achievement if your life has no balance? And what’s the point of winning the game if you never take the time to celebrate and appreciate the life you have? There’s nothing worse than a rich person who’s chronically angry or unhappy.”

“Sir John Templeton said, “If you’ve got a billion dollars and you’re ungrateful, you’re a poor man. If you have very little but you’re grateful for what you have, you’re truly rich.”

“Which do you tend to focus on more—what you have or what’s missing from your life?”

“Do you tend to focus more on what you can control or what you can’t control?”

“Meanings don't just affect the way we feel; they affect all of our relationships and interactions. Some people think the first ten years of a relationship is just the beginning; that they're just now getting to know each other, and it's really exciting. It's an opportunity to go deeper. Other people could be ten days into a relationship, and the first time they have an argument, they think it's the end. Now tell me, if you think this is the beginning of a relationship, are you going to behave the same way as if it were the end? That one slight shift in perception, in meaning, can change your whole life in a moment. In the beginning of a relationship, if you're totally in love and attracted, what will you do for the other person? The answer is: anything! If he or she asks you to take out the trash, you might leap to your feet and say, "Anything that lights you up, sweetheart!" But after seven days, seven years, or seventy years, people say things like, "What the hell do you think I am, your janitor?!" And they wonder what happened to the passion in their life. I've often shared with couples having trouble in their relationships that if you do what you did in the beginning of the relationship, there wont be an end! Because in the beginning of the relationship, you were a giver, not an accountant. You weren't weighing constantly the meaning of who was giving more. Your entire focus was just lighting up that person, and his or her happiness made you feel like your life was filled with joy.”

“My teacher Jim Rohn taught me a simple principle: every day, stand guard at the door of your mind, and you alone decide what thoughts and beliefs you let into your life. For they will shape whether you feel rich or poor, cursed or blessed.”

Chapter 7.3: The Final Secret


  • The six human needs that drive our behavior: certainty, uncertainty, love and connection, growth, purpose, and contribution
  • Our primary motivation is to satisfy these needs, and we often seek their fulfillment through various sources or substitutes
  • Each need is interconnected with the others, and achieving fulfillment in one area can positively impact your experience of other needs
  • The strategies for satisfying each need will vary based on individual perspectives and circumstances, but understanding your primary drivers can help you make more intentional choices and improve your overall quality of life
  • Living an exceptional life means embracing challenges, taking risks, and constantly seeking growth and new experiences while maintaining a strong foundation in love, certainty, and contribution
  • The secret to living is giving: give freely, openly, easily, and enjoyably to expand your sense of abundance and enrich the lives of others.


“Arianna Huffington cites studies in her brilliant book Thrive that show how the act of giving actually improves your physical and mental health. One example I love in particular is the 2013 study from Britain’s University of Exeter Medical School that reveals how volunteering is associated with lower rates of depression, higher reports of well-being, and a 22% reduction in death rates! She also writes, “Volunteering at least once a week yields improvements to well-being tantamount to your salary increasing from $20,000 to $75,000!”

“Life is always happening for you, not to you. Appreciate that gift, and you are wealthy, now and forever.”

“Live life fully while you’re here. Experience everything. Take care of yourself and your friends. Have fun, be crazy, be weird. Go out and screw up! You’re going to anyway, so you might as well enjoy the process. Take the opportunity to learn from your mistakes: find the cause of your problem and eliminate it. Don’t try to be perfect; just be an excellent example of being human. —TONY ROBBINS”


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