Unshakeable
I didn’t know much about Tony Robbins besides the fact that he’s a self help guru and motivational speaker who has appeared on Oprah. Based on that, I didn’t think I’d enjoy his books. However, after Unshakeable was recommended to me, I saw that Robbins interviewed and based his investment insights gleaned from interviews with the likes of John C. Bogle and David Swensen, I thought I would give it a read. Unshakeable is a financial guide that aims to provide readers with strategies to achieve financial freedom and security. The book emphasizes the importance of developing an “unshakeable” mindset to withstand the inevitable volatility of the stock market and offers practical advice on how to minimize fees and taxes, diversify investment portfolios, and avoid common psychological traps.
The advice can be summarized as:
- Nobody can predict the market, therefore, invest in US and international index funds.
- Avoid management fees, transaction costs, cash drag and tax bills of active funds or individual stocks.
- Stick with your strategy through corrections and bear markets. In fact, take advantage of bargain basement equity prices during a bear market.
- Find the right asset allocation to fit your situation (not your appetite to risk) to reduce risk.
- Be confident in your plan (this is the unshakeable part).
- Find happiness in freedom but also in giving back.
