Have you ever been to a Tony Robbins seminar? If not, then you’re missing a lot of great advice from this generation’s most brilliant life strategist. Known for his high energy talks on personal finance, business, and relationships, Tony Robbins has helped more than 50 million people worldwide. His seminars, video interviews, and five best selling books are treasure troves of information helping people grow and succeed in different aspects of their life. Robbins has shared a lot of financial advice through the years, and below are some of his best money advice for young adults and millennials.
1. Start Investing as Soon as Possible
For broke millennials who believe they can’t afford to invest, think again. Your chance of success is higher when you start investing earlier. If you haven’t invested yet and are trying to find the perfect moment to do it, there’s no better time than now. It doesn’t matter if you’re earning big or small, even if you don’t have much, you can still make the most of your hard earned cash by investing a small portion of your income. Tony Robbins wasn’t born into wealth, in fact, his family had to struggle because of lack of money. “For me, money was out of reach as a child. It was always a source of stress because there was never enough of it,” he says in his book Money: Master the Game.
How can you apply it to yourself and invest even if you have little money? Let’s say you earn $600 a week, if you invest even just $500 a month in your savings account, by the next forty years your money can grow to seven figures and yes, you can become a millionaire. To have a comfortable life savings when you retire you need to start investing as early as possible. When you make investing a habit, you can reach your financial goals faster. This is the best way to create lasting wealth.
2. Don’t risk everything you’ve got into your business
According to Tony Robbins, the rich stay rich because they do one thing: they don’t lose their money. Everyone’s telling you that to succeed you need to take risks, big risks… however, risking everything you have in a business can be your biggest make. For starters, your startup can fail. And even if you’re well-experienced and well-connected in your industry, there are still chances that your business can go bankrupt.
Bad things happen when you least expect them, so make sure you have prepared for the worst. No matter how much you think you’re good enough or have all the foundations to make your business succeed – it’s still very important to be smart about taking risks. The best way to reduce risks and grow your money safely is to diversify your portfolio. Put your money into several investments. Learn from the wealthy: these people will always take small risks for a potentially great reward. They don’t put all their eggs in one basket.
3. Create a Fool-Proof Business Map
What will you do when the market changes? How sure are you that your business will survive? Or that your employer won’t fire you? The great names in today’s industry have one thing in common: they have a map. A business map that guides them towards their future goals as a company. According to Robbins, creating a map for your business is essential to prepare for opportunities and threats that will affect your business’ growth. It’s what you need to establish your brand as a dominant figure in the industry.
“Once you really understand how to consistently offer more value than anyone else in your market, you’re in a better position to identify where you are now, and what it will take to get to where you want to be,” Robbins advises.
4. Seek Professional Help
Don’t be afraid to ask for help. As much as you want to do everything yourself, there are many things that you may not know about investing or growing your money. It’s so much better to seek help every time you make an investment decision. You can read books, learn from finance experts, or attend his upcoming seminars. If you want to hire a financial advisor, make sure that you’re choosing one that genuinely wants you to succeed, has your best interest, and is not simply there to milk you for money.