The Kevin Rose Show – Tony Robbins on Transforming Your Financial Life

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Intro
Unshakeable
  • For this book, Tony interviewed the most brilliant minds in finance, and figured out how they create “unshakeable” portfolios
  • How did he get the interviews?
    • “Great people know great people”
  • “Success leaves clues”
    • The longer someone is successful, the less likely luck is playing a role
    • There are almost certainly things the average person can learn from their success
  • Check out the documentary Inside Job about the 2008 financial crisis
  • Americans have the majority of their money two places: a 401k and their home
    • The 401k industry is a $6 trillion industry
    • Up until 6 years ago, it wasn’t required that 401k companies disclose their fees
    • 71% of Americans think they have no 401k fees – Tony calls this “the biggest lie on the plant”
      • If you’re paying 1% more than you need to, that’s the equivalent of 10 years of retirement income
      • The average person is paying 3.4% (when they think they’re paying nothing)
      • In these Podcast Notes, here’s what Ramit Sethi had to say about investing and fees:
        • If you’re paying 1% in fees, this can reduce your investment returns by over 25%
        • If you’re paying 2% in fees, this can reduce your investment returns by over 63%
      • Check out the website showmethefees.com
What are some strategies you can use to find extra money to invest?
  • Automate your investments – take 20% of each paycheck, and automatically have it sent to a 401k or other high interest investment account
    • The idea here is automation – you don’t want to even see the money
  • Maximize compounding interest – “The more time you have, the less money you need”
    • Start investing early – the earlier the better
    • By investing $300/month at a interest rate of 8%, starting at age 19 and stopping at age 27, you’ll have $1.8 million at age 65
      • If you did this same thing, but waited to start investing until age 27 and stopped at age 65, you’d have $400k less
Rules for Making Your Portfolio Unshakeable
  • Be obsessed with not losing money, as opposed to making money
    • If you lose 50% of your net worth, you have to make 100% to get back even
  • Be obsessed with asset allocation
    • Constantly look and ask – “How can I protect the downside by better allocating my assets?”
      • One way to do this – diversify your assets to hedge against big market drops
      • “Diversify your risk so you’re never at that much risk in any asset”
  • You want asymmetrical risk reward
    • Look for investment opportunities with the least risk, and the most upside
    • For example – When Richard Branson started Virgin Air, he bought 10 planes from Boeing, after negotiating with them for a year in order to get a deal where he would be able to return the planes risk free after a year if things weren’t going as planned
  • Be obsessed with tax efficiency 
    • The biggest costs with any investment are fees and taxes
  • Don’t put all your eggs in one basket
    • Diversify among assets
      • Example – real estate vs. tech vs. land vs. stocks
    • Diversify within assets
      • Example – don’t put all your money in one piece of real estate or in one company
    • Diversify across time
      • Invest over time, because you’ll often be wrong at any specific instance
Money and Happiness
  • Tony says the vast majority of billionaires aren’t happy
  • Money is a magnifying tool – all it does is magnify your true nature
    • If you’re mean, you have more to be mean with
    • If you’re loving and giving, you have more to give with
    • “If you have a billion dollars, and you’re not grateful, you’re not rich. If you have nothing, and are grateful, you’re rich as can be.”
  • “A man with health has a million dreams and goals. A man with no health has one goal – get healthy.”
  • “What makes you feel great about life, is pushing yourself beyond what you think you’re capable of. When you force yourself to do something you think is difficult, that’s what gives you inner pride.”
  • “Find something you care about more than yourself – that’s what produces energy and brings life to you”
  • “Meaning in life comes from growing and giving”
Tony’s Routines
  • Kevin uses a sauna and cold plunge almost ever day
    • Tony also uses a cold plunge every day as well
  • Tony does cryotherapy 3x a week to reduce inflammation
    • He does it at a temperature of -240 °F for 2.5-3 minutes
    • He uses it for about 40 hours every 3 months
  • He also gets stem cell injections every 3 months
  • How does Tony calm down at night?
    • He uses a Nucalm to help him relax
      • It activates the parasympathetic nervous system (which helps relax the body), and boosts GABA in the brain
    • He also uses a Hocatt PEMF machine for 20-30 minutes each night – this also activate the parasympathetic nervous system
Random
  • Tony is writing a new book about regenerative medicine
    • “There are things coming right now, things that you might think would happen in 20 years from now, that are coming in the next 2-4 years, that will revolutuionize our experience with regenerative medicine”
    • He’s applying the same methodology he used to write Unshakeable, interviewing the most brilliant minds in regenerative medicine and bringing that knowledge to the public
  • 49 million people in the US (the richest country in the world) wake up not knowing where there next meal will come from
    • 17 million are children
  • Even if you are completely broke in the US, living in total poverty, you’re in the top 1% of earners on earth
    • 2/3rds of the planet lives on $2.50 a day
  • Tony’s next big event is Nov. 8-10 in NYC
  • The average person looks at their phone 86 times a day
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