Master Your Money or It Will Master You!

People make several mistakes when saving and investing for retirement, and one of the biggest ones is not getting started because they think they need a large sum of money to begin, says Tony Robbins, 54, an inspirational speaker and best-selling author.

 

Some folks think investing and personal finance are so complex that they “never take the time to figure it out,” he says.  His goal with the new book is to “help the average person to cut through all the complexity and all the mythology that is sold to us about how you really can’t manage your own finances, and show them that the best people on earth have given them the guideposts and the steps to go from wherever they are financially to where they truly want to be.”

But his advice isn’t guaranteed to make you money. Even professional investors took different paths to their fortunes.

 

After researching the new book, Robbins developed what he calls the seven steps to financial freedom. Those are:

 

Step 1. Make the decision to become an investor, not a consumer. “You don’t want to own an Apple phone, you want to own Apple,” he says.

You have to commit a certain percentage of your income to savings for your financial freedom. Whatever that number is — 10%, 15% — stick to it in good times and bad. Have it taken automatically from your paycheck and put directly into a retirement or savings account.

 

Step 2. Become an insider on investing. Know the rules of the game. Understand mutual funds and learn what mutual funds beat the market or their benchmark over any 10-year period. Look into the fees you are paying on mutual funds and how that affects your financial future.

He says people also don’t read the fine print on their investments so they don’t realize what fees they are paying. Just like there is compounding growth, there are compounding costs, he says.

If you are only paying 1% in fees, you will probably end up with a lot more in your final nest egg than if you are paying 3% in fees, he says.

He points out that if you had a $100,000 investment and were lucky enough to get 7% annually, paying 1% in fees, you’d have about $574,000 after 30 years. If you paid 3% in fees, you’d only have about $324,000.

“What you don’t know will hurt you in the financial world. But once you know these things, you’ll be able to take advantage of the system instead of having the system take advantage of you.”

 

Step 3. Make the game winnable. “Most people have a number that’s so big that they never begin the journey,” Robbins says. Figure out how much money you need for financial security and financial independence. Calculate this and come up with a plan. Look for places you can save more.

 

Step 4. Evaluate your asset allocation. “You have to create a bucket list. You have to learn where to put your money to keep it safe and where to put your money to grow it with some risk,” he says. Put your money in different types of investments, such as stocks, bonds, commodities or real estate. Diversify your investments.

 

Step 5. Create a lifetime income plan. Make sure you won’t run out of income for as long as you live. “Income is all that matters. Assets won’t buy your food. They won’t let you travel. You have to focus on income. The investment community wants you to think about keeping your money in assets.”

 

Step 6. Invest like the .001%. “That means learn from the very best on earth (Schwab, Icahn, Bogle, Dalio, Forbes and others he interviewed for the book), and what you learn from them apply and you’ll achieve financial security faster than you will any other way.”

 

Step 7. Just do it, enjoy it and share it. Make a commitment to be wealthy now, not in the future. “Start where you are, and you’ll begin to find out that there’s more than enough.”

Robbins advises people to educate themselves in investing. It’s worth the time, and it’ll pay off. “You master money, or it masters you,” he says.

Based on article written by:

Nanci Hellmick

USA Today

Referencing book written by:

Anthony Robbins

Money: Master The Game

Financial Services now hiring

The shortest path to financial prosperity is not hard work or big plans.  It is first understanding the rules of the Money Game! We are licensed financial services referral agents.  We work with an independent financial services marketing company as independent agents.  We provide expert financial needs analysis for every family and small business currently in North America.  We do this and then provide professional recommendations to reach those goals. In the ‘information age’ the rules of the money game are no longer a secret of the wealthy.   The financial industry is the biggest industry in the world and is triple the size as the 2nd closes industry, which is real estate.  Bigger than the second and third industries combined.

Additionally, currently financial services is dominantly men in their late 40’s early 50’s, which leaves a tremendous hiring gap.  There is a great need for women in the financial services arena.  “In an era where financial services firms face increasing competition from new market entrants, ever-present regulatory overhead and the challenge of achieving growth in a low interest rate environment, it’s critical to build greater innovation and flexibility into the workforce. A proactive approach to diversity planning will broaden the talent pool and enhance workplace culture to better prepare financial services firms to thrive in the future.” — Nigel Carter, Partner and Global Leader, Financial Services Industry

As you can see, men and women both are encouraged to delve into the financial services industry, however, we are strongly encouraging women especially.  We are trying to educate Americans on the fact that not only is there a need but this particular industry helps answer so many increased questions that plaque most.  Look into your options!!

Longer work hours, higher debt, few raises, horrible bosses, less family time — you can become a business owner regardless of age, ethnicity, background, experience level.  A year from now, will you be in the same place, financially, professionally?  Will you have the same schedule and the same boss?  Just know that you can be a business owner from coast to coast, with a world class education on how money works. You can get your life back, get control of your money, your retirement, you and your families future!
Find the off ramp from corporate America and be free and help all you know to do the same.

We’re hiring folks that want to take control of their own destiny.  Schedule your appointment for more information.

Sindy Moon, Broker, Marketing Director

Eclipse Financial Division

770-655-7726


When should you review your insurance policy?

The National Association of Insurance Commissioners (NAIC) suggests that you regularly consider a life insurance policy review to determine if the coverage in your policy is still appropriate for your situation. In fact, most financial advisors and insurance professionals recommend reviewing your life insurance coverage annually.

Reviewing your life insurance policy should be part of your overall financial plan. So when you sit down to check up on things such as your retirement and savings accounts, emergency fund, and even your family budget, it just makes sense to include your life insurance.

If it has been a while since you reviewed your life insurance policy, there’s no time like the present. The following are five tips to better understand when and what to review your policy as your life changes.

  1. Your family status has changed. 

If your family is growing, you’ll most likely need to make some adjustments to your life insurance policy such as increasing your coverage. Keep in mind that if you were to die unexpectedly, your paycheck would stop supporting your family.

2. Your health has changed.

If your health has significantly improved since you took out your life insurance policy, check with your agent about the possibility of getting better rates. Some insurers may be willing to take another look at your overall insurability.

3. Your marital status has changed.

If you got married, you’ll want to discuss with your agent the fact that you and your new spouse may now depend on each other’s income. If you experience a divorce, then you may find that your coverage or policy beneficiaries need to be adjusted.

4. Your beneficiaries have changed.

To dovetail on tip number three, a new marriage could mean updating your life insurance policy to add your new spouse as a beneficiary. In contrast, a divorce may warrant revoking a former spouse.

5. Your housing situation has changed.

Did you buy a new house? Congratulations! But now you need to consider the fact that if you were to die unexpectedly, how would your family continue to pay the mortgage. On the flip side, if you downsized or paid off your home, you may not need as much life insurance coverage.

Just as often as you re-evaluate your auto insurance, homeowners insurance or even cell phone insurance, you should re-evaluate your life insurance to ensure you have the best (and correct) coverage for the least amount of money.

And as a side note, how about reviewing your current investments? Or evaluating whether your current savings plan is preparing you properly for retirement?

Just a few things to consider and keep on your annual TO DO list.

Why continue the INSANITY?

So if the definition of insanity is “doing the same thing over and over again expecting a different result” Albert Einstein then working a J.O.B. (Just Over Broke) is insane!

⃝      Wake up, shower and get dressed.

⃝      Drive to a job.

⃝      Work all day doing the exact same thing you do every day.

⃝      Drive home.

⃝      Eat and “unwind” in front of the TV.

⃝      Go to bed, just to get up and repeat the same thing the next day.

STOP THE INSANITY!!

A paycheck is the bribe you are given to forget or postpone YOUR dreams while helping others realize theirs.  Never let the flame of your dreams be extinguished by accepting a mundane existence.  Even a dim flicker of a dream can be fanned back to a raging fire of determined progress.  It is not easy to change a pattern in life.  “Ease is a greater threat to progress than hardship” Denzel Washington.

You can force yourself to dedicate one hour everyday toward fulfilling your dream.  Even when you are tired, sick, overwhelmed and frustrated, this one hour must be spent as an investment in YOURSELF.  Within a short period of time before you realize what has happened, you WILL achieve your desired goal (one hour at a time).

You will then have a renewed faith in yourself and your ability.  You will begin to dream even bigger.  Before you realize what has happened, you will be living the life you have always wanted.

Two things are needed:

  1. A dream worth fighting for;
  2. A vehicle (plan) to get your dreams accomplished.

So are you tired of the insanity yet?

Do you have a dream worth fighting for?

What is your current plan?

Once you answer these:

STAY THE COURSE AND FOCUS ON THE DREAM!

B.Sadler 2020