Tony Robbins on Morning Routines, Peak Performance, and Mastering Money

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“Our revenues are now over $5 billion annually. Without access to Tony and his teachings, Salesforce.com wouldn’t exist today.”
– Marc Benioff, Founder of Salesforce.com

“[Tony] distills the concepts of the best investors in the world into practical lessons that will benefit both naïve investors and skilled professionals.”
– Ray Dalio, Founder of Bridgewater Associates, the world’s largest hedge fund

Tony Robbins is the world’s most famous performance coach. He’s advised everyone from Bill Clinton to Serena Williams, and from Leonardo DiCaprio to Oprah (who calls him “superhuman”).

For years, you’ve also asked me to interview him in-depth — so here it is! I flew to Florida to spend time with Tony in his home, and what ensued was an epic two-part conversation.  It covers just about everything imaginable. Special thanks to Joe Polish and Peter Diamandis for re-introducing us.

Ep 37: Tony Robbins on Morning Routines, Peak Performance, and Mastering Money
Download

Ep 38: Tony Robbins (Part 2) on Morning Routines, Peak Performance, and Mastering Money
Download

My visit coincided with his first new book in 20 years: Money–Master the Game.

I love Tony’s work and it helped me start my first company, but when I got an early draft of the book, I thought to myself–really? Another book on money? Ugh. I prepared to be bored, especially since I think of myself as an experienced investor [pats self on back]. Instead, and very surprisingly, I was blown away. Before I knew it, I was pushing off other work, letting my dinner get cold, and staying up hours past bedtime each night, all because I couldn’t stop reading.

Why?

First off, he saved me years of my life! Over the last 10 years, I’ve been approached by several top hedge fund managers, who’ve suggested I write The 4-Hour Investor by collaborating with them and their friends. Tony has written that book perfectly, so it saves me the trouble. I can just point people to this book. Which leads me to…

Reason number two, he goes DEEP with many of the investing icons I’ve always wanted to meet, including Paul Tudor Jones (who he’s coached for 10+ years), Ray Dalio, Carl Icahn, David Swensen, Kyle Bass, and many more. These are the hard-to-interview “unicorns” who consistently beat the market, despite the fact that it’s called impossible. In this book, they disclose details and examples I’ve never seen anywhere else, and I’ve read A LOT of books on investing.  For me, the interviews alone were worth the entire book.

In the following interview, we dig into everything: Tony’s morning routines, his diet, how we works with the world’s highest-performing athletes and traders, common misconceptions about him, the most typical money mistakes he’s uncovered, and on and on.  I even ask him to palm my entire face (Here’s the pic!).

Enjoy!

Tons of links and goodies in show notes below…

If you can’t see the above embedded players, here are other ways to listen:

This podcast is brought to you by 99Designs, the world’s largest marketplace of graphic designers. Did you know I used 99Designs to rapid prototype the cover for The 4-Hour Body? Here are some of the impressive results.

Also, how would you like to join me and Sir Richard Branson on his private island for mentoring? It’s coming up soon, and it’s all-expenses-paid. Click here to learn more. It’s worth checking out.

QUESTION(S) OF THE DAY: What is the best piece of investment advice you ever received or read? Please let me know in the comments.

Scroll below for all show notes, and thank you for listening!…

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Selected Links from the Episode

Show Notes

Note: “Ep1” = Part 1 and “Ep2” = Part 2.

  • What it’s like to coach (and question) the worlds top 1%? [Ep1-10:07]
  • Tonys advice for ‘How to get out of a slump’ [Ep1-14:25]
  • Tony’s morning routine – including using cyrotherapy [Ep1-19:08]
  • Tony’s daily priming ritual [Ep1-26:16]
  • The biggest misconceptions people have about Tony [Ep1-32:20]
  • How 2 millimeters can change your life [Ep1-41:14]
  • What inspired Tony to write his first book in 20 years [Ep1-45:30]
  • How Tony’s new book is feeding 50 million people this year [Ep1-55:01]
  • The first questions Richard Branson always asks before going into a business [Ep1-59:14]
  • What a 50% investment loss actually means [Ep1-60:04]
  • Why a nickel costs 5 cents but is worth 6.8 cents. [Ep1-63:01]
  • What “average rates of return” actually do to your money [Ep2-3:40]
  • Nobel Prize winners’ advice on automating your investing [Ep2-5:16]
  • Why investing is just like monkeys playing with apples [Ep2-5:54]
  • One of the nine biggest lies in our investment lives [Ep2-6:23]
  • How mutual funds are driven not by rates of returns, but marketing [Ep2-9:10]
  • Why most mutual funds underperform the market [Ep2-9:54]
  • Ray Dalio’s “All Weather” Investing Principles [Ep2-12:51]
  • Why losers react and winners anticipate [Ep2-27:07]
  • What exactly is “diversification”? [Ep2-30:10]
  • Why investing should be maximising quality of life, not maximising returns [Ep2-34:08]
  • What you need to ensure against your lesser instinct [Ep2-39:23]
  • The story behind Tony wanting to punch Obama [Ep2-42:20]

People Mentioned

Posted on: October 15, 2014.

Please check out Tribe of Mentors, my newest book, which shares short, tactical life advice from 100+ world-class performers. Many of the world's most famous entrepreneurs, athletes, investors, poker players, and artists are part of the book. The tips and strategies in Tribe of Mentors have already changed my life, and I hope the same for you. Click here for a sample chapter and full details. Roughly 90% of the guests have never appeared on my podcast.

Who was interviewed? Here's a very partial list: tech icons (founders of Facebook, Twitter, LinkedIn, Craigslist, Pinterest, Spotify, Salesforce, Dropbox, and more), Jimmy Fallon, Arianna Huffington, Brandon Stanton (Humans of New York), Lord Rabbi Jonathan Sacks, Ayaan Hirsi Ali, Ben Stiller, Maurice Ashley (first African-American Grandmaster of chess), Brené Brown (researcher and bestselling author), Rick Rubin (legendary music producer), Temple Grandin (animal behavior expert and autism activist), Franklin Leonard (The Black List), Dara Torres (12-time Olympic medalist in swimming), David Lynch (director), Kelly Slater (surfing legend), Bozoma Saint John (Beats/Apple/Uber), Lewis Cantley (famed cancer researcher), Maria Sharapova, Chris Anderson (curator of TED), Terry Crews, Greg Norman (golf icon), Vitalik Buterin (creator of Ethereum), and nearly 100 more. Check it all out by clicking here.

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359 comments on “Tony Robbins on Morning Routines, Peak Performance, and Mastering Money

  1. Tim..Epic Podcasts with Tony. Amazing content, I was on the edge of my seat listening while driving into NYC in traffic. Tony is such an inspiring figure.

    I have like everyone else seen his commercials(every 30 minutes since 1989!) over the years but I guess now(at 41) that I run a small business and have a family his products will be more useful to me. I am looking through his products to find the best place to start.

    Tim I have been inspired by you for years now and when I picked up the 4HWW that was the tipping point for me leaving my job to start my own business. So thank you for that.

    I run an offline contracting business and have always been curious to try and apply Tim’s mindset/principals to my business. I have implemented Tim’s productivity techniques with email and time management which stopped me from running around like a headless chicken.

    I am also building my business with the mindset of it running without me. It is tough with my type of business but I am developing ways to make it happen. I have a website but haven’t done much with it. I would like to implement online marketing techniques , SEO and branding to take it to the next level.

    I am curious if anyone else has brought an offline business online using Tim’s and others(Pat Flynn) techniques and seen decent results. I guess it is true in today’s world even for my type of business services, that most people start online.

    Thanks

    Sean

    Like

  2. Tim: Your interview methods are really growing on me. Superb interview with Tony Robbins – I’m fascinated by two things:
    1. That Tony Robbins was such a huge inspiration in your youth.
    2. [Please don’t take this the wrong way] You were extremely quiet for long periods during the interview while Tony was rolling. I was smiling – wish I could have seen the look on your face during those moments.

    Many Thanks!

    Tony

    Liked by 1 person

  3. Love the AM routine questions, please continue asking them! I wake up at 430AM each morning and most of my friends have endless jokes (well-meaning of course) about my 430AM self development routine.

    I went to a Peter Thiel book signing and my boyfriend and I asked him point blank what time he woke up and how long he slept…he was totally perplexed/weirded out by our question but told us “ehh 6AM, and I get about 6/7 hours of sleep” [ we where quickly shoved along the line after our weird question].

    Like

  4. One of the best interviews ever, what a guy, Tony seize his height, def a book to read, never been selled in such an awesome way. My best piece of advise is to invest in yourself cause you the most important asset, don’t lose time and give all you can at every moment.

    Like

  5. “Well hello there, my dear little munchkins” made me laugh out loud. 🙂

    Congratulations, Tim, you converted me to Tony Robbins.

    Like

  6. I was looking forward to listening to this podcast, but had to turn it off after 10 minutes listening to you on the left, and Tony on the right on my headphones. Was this intented? Please don’t do that again, I can’t listen to it like that, that was too weird.

    Like

  7. While it is hard to be an investor with a large pile of student loans and no income, I think the best advice I have ever gotten regarding investing is from your podcast and the guests featured. If I had to choose another instance it would be from my grandfather, who after 80 years working his ass off as a cardiologist and raising 8 kids he said essentially that he wished he had many small residues forms of steady income.

    Tim – I asked you in Charleston what your ambitions are today and what you hope to accomplish moving forward…

    I want to let you know that you are already doing that today…even if it might not be at the scale or scope you invision it.

    Like

  8. Just got turned on to your podcast last week and I couldn’t pull away for 8 hours straight. By the end of the day I’d added 7 lines to my read/watch list, 2 to my bucket list and recommended the show to half a dozen other mavens. The bucket list question might be an interesting query to add to your usual battery since most of your guest have already done so much. I’d love to know what’s on yours?

    Like

  9. This was a great interview! I listened to it over a few days while driving and often found myself unable to pry myself away from it. Good stuff!

    Like

  10. Tim, the release of this podcast was very memorable. I’ve bought all of your books to date and consumed numerous video interviews of you and I never cease to be amazed. I believe you are the best teacher to people who want to improve their new business or working patterns! Loving the new podcast. I’ve listened to all 38!

    Like

  11. I am asking this from the most respectful place possible. Because I’d be super excited if someone could answer this for me.

    As a skeptic, what would be the best way for me to learn that the stuff Tony Robbins does (ie. removing someone’s stuttering in 10 mins) is not complete BS?

    Liked by 1 person

  12. Just to be devils advocate, there is more to life than the pursuit of money! Or even the pursuit of happiness! I am aware all these billionaire investor types are interesting to people, but being addicted to money is still a disease of the spirit. Having a perfect life, getting what you want, being comfortable – it can get a bit toxic all this striving for possessing and attaining. Sorry but the yuppie thing gets a bit stale. is there ever much focus on living ethically and making sure your gains don’t come at the expense of someone elses? Being kind and generous about the only important things there are.

    Like

  13. I mean, Americans are raised to believe being rich, successful and fabulous are the keys to happiness. ”It’s your birthright” Tyler Durden was one of the few to burst that bubble. And look what happened to him. Meanwhile the class war still rages. We don’t need mega wealth. We need different values. And role models teaching our children simplicity, sacrifice, creativity, community – not ”spawn your empire and be a GOD” – are what count. We need more like Ghandi. I’m not saying Robbins is spiritually bankrupt but many of his famous clients most definitely are

    Like

  14. I loved this Podcast! Great job. I keep coming back to this post waiting for the update on his morning breathing technique. How long till it’s posted or you have a link to what he promised he’d post?

    Thanks for the Podcasts. They are Olympic Golds in the world of Podcasting.

    Like

  15. When I was reading post on heat being a possible new performance enhancing drug I thought to myself why does Tim (Ferriss) not mention cryotherapy? I figured out he just does not state the obvious 🙂

    Being Polish I can tell you this. In Poland cryotherapy is often prescribed by doctors (especially sport ones and geriatrics) and I know one a very good sports clinic which has its own cryotherapy facility. In fact, one of the first things they do is they make you go there ( of course not in every case) and then exercise.

    If you do not have access to cryotherapy however, consider another thing that Poles leaving at the seaside do, which is getting into the sea during the winter time. Check it out, you won’t regret it!

    IMPORTANT: do not this in rivers, you will die; warm up really well;
    have a protective footwear (e.g. aqua shoes) ;
    DO NOT get your head underneath the weather or let it get very wet, in fact you should wear a beanie;
    as soon you feel that your feet or legs are going numb, leave the water immediately, if you wait too long you won’t be able to get out of the water alone;
    DO NOT do this alone, always have someone at the shore who can help you.

    Like

  16. Tim, thanks for writing the times next to the podcast highlights. Super, super helpful!

    As for Question of the Day, I don’t usually read investment advice, so the best advice I ever got was “spend less than you earn.” Effective, though.

    Like

  17. Hey Tim, I really liked the interview with Tony Robbins. Amazing guy and a true force for good in this world. I have one very small complaint about the podcast that I did see had been mentioned before. When those of us who don’t hear with both ears encounter a stereo blog it’s a real pain. Imagine me riding on BART and listening to one of you talk, then pausing when the other one starts, switching ears with the earbud, then listening until that person is done, etc. Probably kind of funny to watch I would expect. I know that my issue is definitely not universal, but I thought it would be a good idea to speak up anyway. I get that people like to feel like they are actually in the room, but maybe you could make the stereo effect a bit less pronounced. Thanks for reading this far!

    Like

  18. I don’t normally listen to podcasts because I can read faster than I can listen. Also, after watching a big name self-help author get knocked off his perch I decided (perhaps wrongly) that I wasn’t going to invest time on any others. As such, I was not familiar with his work before I listened. I particularly loved his story about meeting with the President! I have had those same thoughts and I’m glad someone had the guts to ask him.

    Did you get the impression during the interview whether Tony was bothered by the President’s snub after coaching Romney?

    Like

  19. Great podcast. I bet it was a fun (and intimidating) interview. I would be curious if Tim (and others) can recommend one of Tony’s books to start with, as I haven’t read anything of his.

    Like

  20. Hi. What was the name of the website Tony mentioned for working out your funds. I thought it was going to be added to the show notes but couldn’t see it.
    Thanks

    Like

  21. Hey Tim, since you always ask your guests about this, I wondered if you knew the German word “Backpfeifengesicht”. It means a face in need of a fist!

    Like

  22. Amazing podcast with Tony!,
    Tony mentioned about the Indian meditation technique for priming the brain, I found that very interesting,
    Does anyone know any more details about it ?

    Like

  23. I think you are not an audio geek, but I would suggest not panning the audio near as hard as you did on this podcast. A bit panned to the right and left is nice, but this far out I found distracting in the car and in my ears.

    Otherwise thanks for a fascinating interview, among many.

    Like

  24. Great interviews with Tony Robbins! Found the info on cryotherapy intriguing.
    Tim you are so much like Tony in your drive to learn and master all kinds of knowledge and keep on learning. Also love your voice, great for podcasts.

    Like

  25. Best piece of financial advice. Reported asks “What advice would you give to the average investor.” Answer “Don’t be average.”-Robert Kiyosaki

    Like

  26. This podcast has literally blown my socks off. THANK YOU, GRACIAS, MERCI. You have both provided us with a public service for all. I will definitely be buying the book because I can’t wait to get a proper education in finance. Thank you Tim for the introduction to Tony Robbins!

    Dominique

    Like

  27. Many thanks for excellent things. As I’m not good at english and robbins speaking is very fast, It’s hard to take a point. so I really need transcript please.

    Like

  28. The best investment advice that I’ve received has come from a combo of the “Little Book of Common Sense Investing” by John C Bogle (Founder of Vanguard) and Ramit Sethi’s book. The book “Seeking Wisdom: From Darwin to Munger” provided a strong framework for picking individual stocks (focus on betting on strong management).

    My investment strategy is simple:

    1) Dollar cost average into the S&P 500 and REIT Index
    2) Control management fees by investing in Vanguard Index Funds (.05% MGT Fee)
    3) Set 20% of my portfolio aside as “play money” to invest in individual stocks. I was fortunate to place a bet on TSLA after the 2 car fires and I also placed a bet on AAPL prior to Carl Icahn stepping in. Both have worked out really well. However, Bogle’s book will show that the S&P500 is less risky than individual
    equities and he’d say that there was a large element of luck in my 2 picks.

    The above strategy has led to a 19% return on my investments over the past 3+ years.

    Keep in mind that asset allocation is important and I’ll be shifting around my bets at the end of the year based on the global economy. As of right now I feel really strong about REITs ability to outpace the S&P for the short to medium term.

    For those that want to dig deeper, this article provides data that proves the S&P500 is the best investment over the past 100 years.

    http://www.investorsfriend.com/Asset%20Allocation%20Real%20Growth%20Scenarios.htm

    Liked by 1 person

  29. I had a long drive and listened to both parts of the Tony Robbins interview. i enjoyed it the most of any podcast I’ve listened to in quite a while. A rising tide lifts all boats and I thought it was Tim’s best interview I’ve heard.

    Like

  30. Warren Buffett endorses the simple dollar cost average into some form of total stock market low cost index mutual as proffered by John Bogle in the “Little Book of Common Sense Investing.” I think it’s hard to argue with the Buffett/Bogle proposition. However, I think value investing icon, Joel Greenblatt, does a convincing bolt-on to this strategy in “The Big Secret for the Small Investor.” He analyzes and describes flaws in the architecture of standard index funds (namely random and self defeating weighting method) and points out more sensibly weighted variations of the index method.

    Like

  31. TIm, this is my first serious encounter with Tony Robbins. I previous knew him only from his “info”-mercials and assumed him to be a cross between Tony Little, Yanni, and Dr. Oz (ie a complete charlatan). You’ve peak my interest. If you had to recommend a single book or product by him, which would it be? (“Money” excluded please). Thanks!

    Like

  32. Hi Tim,

    Thanks for posting this interview. Very useful indeed. Is it possible to have a transcript of these audios. Tony speaks really fast and sometimes it is very difficult to follow.

    Like

  33. Hi Tim, It was a great podcast. Thank you. Sound quality could be better although. Pre-bought Tony’s book, and was trying to claim videos, but could not find TimVIP on Tony’s website. Could you please provide a link. Many thanks.

    Like

  34. Hi Tim. I really like your podcast. You talk with so many interesting people that we can all learn a lot from. I especially liked when you talked with Tony Robbins. I read a book of his (forgot which one) about 15 years ago and thought it was good but I never followed through with plans based on the book. Listening to Tony now got me interested again and I’m gonna get his finance book when it comes out as well.

    Thanks for taking the time and putting in the effort to create such an awesome podcast!

    jimgf

    Like

  35. Hi Tim. I really enjoy all your podcasts! You always have interesting guests and there are always good things to learn from them.
    I especially liked your talks with Tony Robbins. I read one of his books (forgot which one) over 15 years ago and thought it was good but never followed through with any of the suggestions in it.
    Hearing your conversation with him, and the Ultimate Edge mp3 you provided, got me interested in what Tony has to say again. I’m also gonna buy his new money book.
    So, thanks for putting in the time and effort to create these podcasts!
    They’re awesome!

    jimgf

    Like

  36. Tim,
    Love the podcast and the blog. Great interview with Tony Robbins. It will be interesting to see the details in the book. A couple items to consider for the tribe of Tim Ferriss:
    – Do your research before you invest your hard earned money in anything!
    – Here is the warning regarding Tony’s endorsement of the Ray Dalio all weather portfolio and Stronghold Financial. This is from the Stronghold Financial firm brochure with the SEC —-“Future Member of the Firm: While the Firm is principally owned by Ajay Gupta, it is anticipated that Tony Robbins and/or Josh Jenkins-Robbins will also become a member of the Firm. A conflict of interest exists to the extent that Tony Robbins recommends the services of the Firm or Stronghold Financial and will be entitled to receive distributions or other compensation relative to his future ownership interest in the Firm.”
    – This strategy is also called a “Risk Parity” strategy.
    – This strategy has benefited from falling interest rates since 1981. Interest rates are now at 2.3% on the 10 year bond not 10%.
    – See the Fortune article — “Ray Dalio’s ‘All-Weather’ fund goes cold”
    – Be very careful about investing in Hedge Funds.
    – Study Jack Bogle, Dimensional Funds (DFA), AQR and others for their low cost investing strategies. DFA and AQR have enhanced indexing strategies that target value companies, small cap companies, companies with high profit and companies with strong momentum.
    – If you hire an Advisor, it is important that you only hire a fee-only Advisor. Not a fee based Advisor or an Insurance Rep. The fee-only Advisor has a fiduciary duty to put the clients best interest first. The others are typically sales reps who sell you product you may or may not need.
    – If you are a do-it-yourself investor, use Vanguard… they are great.
    Good luck to all.

    Like

  37. The website that Tony mentions, Stronghold Financial, was formed September, 2014. Ajay Gupta has experience at UBS and Merrill Lynch, but is not a part of Hightower. The firm has no track record. They require that you transfer your account over, but do not provide detailed information about your relationship with them. You have NO discretion. They will hold your money for a long time and you have to just trust the team. Yes, it’s low fees, but it does require a leap of faith. I’m a bit skeptical at this point. There are a variety of services like Wealthfront who provide algorithmic discretionary services for low fees. I’d be curious to know the economic interest that Tony Robbins, Ajay Gupta, and Hightower have in Stronghold. It’s a great way to gather AUM, and at 0.75%, it pays better than most ETFs for the managers.

    Like

  38. Tim – amazing interview with Robbins. So many great takeaways I could write a book about them. Maybe I will :). Have to read his new book first. Looking forward to digging into it.

    Like

  39. Excellent podcast Tim !! I’m already looking forward to reading Tony’s new book. I read ‘Unlimited Power’ some 10 years ago and it totally chnaged my life.

    How did the cryotherapy go ? Did he end up ‘throwing you in there’ as he promised ?

    Like

  40. Awesome interview Tim. Looking forward to reading the book. Loving the bit on money mistakes. I’ve found with many that we mentor that they can make money. But they don’t have the skill sets to keep it. This should be a big help!

    Like

  41. I found that Obama story the epitome of what bothers me about Tony Robbins — he’s so arrogant. Did he really think he could coach Mitt Romney, the man who was trying to take Obama’s job from him, and then still have the opportunity to coach Obama as well? That’s insane. Robbins clearly over-values his own skills (and let’s face it, he probably should have spent MORE time coaching Romney).
    At the end of the day Robbins really is more about hype than quality. He has no coherent programs. I dare you to listen to his audio sessions. They inspire you, yes, but you walk away with so little to hold onto.
    Tim does a much, much better job of drilling down to the basic principles and giving real, practicable advice.

    Like

    • I’ve been listening to Personal Power 2 and they give you clear exercises on how to change your habits. Its really good, I’m only 4 tracks in. I decided to check it out because Tim praised it during the podcast. Just my 2 cents Sarahd.

      Like

  42. About the best podcast I’ve ever heard in terms of insights and usefulness. Particularly good was how much in synch were Tim and Tony.

    Like

  43. Tim, in your podcast (great, GREAT interview by the way across the board), Tony mentioned if we turn in our Amazon receipt he will send 3 intro videos. Can’t find link or any info on this as stated. Is there an email to send to? thanks. Big fan,
    Corey

    Like

  44. [Question – How did you secure your guests for your podcasts]

    Hi Tim –

    I would love a ‘peek behind the curtains’ of how you go about lining up guests for your podcasts.

    And I mean this in terms of the specific process you follow: from how you decide on guests, how you approach them, how you follow up, how you phrase the value it would provide to your community for XYZ to come on, how you decided on the topics to discuss, etc.

    Specifically, I’m curious about how you convinced Tony to come on your show twice (not that I think it would have been too hard, given his obvious passion and commitment to help people), but I would like to know how you followed up from the first interview.

    Cheers
    Arv

    Like

  45. I was surprised that Tony uses so much foul language in his vocabulary. I remember listening to one of his inspirational cassette tapes back in the mid 1990’s, part of his lecture was about using powerful language and changing your vocabulary so that you use words that uplift and give you power.

    Like

  46. Loved, loved, LOVED this podcast! I’ve always admired Tony Robbins. Purchased Personal Power II and “Awaken The Giant Within” back in the day. I’m excited for his new money book, and the Obama story was the most surprising of all. It was refreshing to hear from someone with an actual critique about policy and execution, but still respecting and admiring the person of President Obama. Also, just hearing where Tony is now in his evolution and career was inspiring. I repurchased his Awaken book on Kindle (my hardback book is in storage right now) just so I can have it as I get myself going on my other projects. Good to know he’s still basically the same passionate, focused, giving, and motivated success coach out there.

    Like

  47. Do not recommend Stronghold Financial. If you look carefully, you’ll see that if you decided to join Stronghold and use them as your broker, you’ll be charged a 0.75% fee quarterly based on your assets (not clear if that means a 3% fee/yr or if that’s the annual fee) PLUS they may charge “custodial fees, brokerage commissions, transaction fees, charges imposed directly by a mutual, index or exchange traded fund, transfer taxes, and wire transfer and electronic fund fees.”

    Save your money. Go it on your own. VTI or straight to SPY.

    Love,
    Kuno

    Like

  48. Tim,

    First of all I feel sorry for your lyme disease and I pray for you to get that shit out of your body because we all need you here ! But I know you’ll hack that ;).

    Like many others, I’ve learned so much through your books, podcasts, interviews, articles, TV show, random shows and now in-between episode hehe.
    Now I have a request for that last one. Can you please talk about relationships ? Cause we all know this is everything in life. We are the average of the 5 people we spend the most time with.

    Books, blogs, podcasts, videos have changed my life for the best but still I miss this part.It kills me and yet I’ve read canergie + Keith ferrazzi.

    *How have you met those amazing polymath guys like Kevin Rose, Josh Waitzkin, A.J Jacobs, Peter diamondis, Tony robbins… ?
    *Anything in common to find them ?
    *Is SF the only place around ?
    *Who were your mentors in the past years ? Now ?
    *Which people are you following the most ?
    *Is blogging the best way to build a community ?

    and at least : *What activities or communities or events or places whatsoever would you recommand to find “Tim Ferriss” like-minded people ?” 🙂

    How to build a big network with an expert like Keith will be a great podcast but here it’s not about quantity, it’s about the 5 friends with whom you can talk about philosophy, finance, sports, new experiences, health, travels, books(…) just like you do on the random show. It must feel amazing I guess.

    Btw, PLEASE make an another video with Kevin just before or after 2015 to talk about your new resolutions, past experiences, books ect. It’s always a pleasure to watch !

    Cheers

    Like

  49. On the interview, which was great, you mentioned show notes which would have some info on Tony’s breathing practice. How can I get access to the show notes. Thanks.

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  50. I used to teach and best thing to hear was the kids saying how the class affected them. So because of your podcast, I did my first Spartan Run and am half way through my cryo-chamber therapy (currently at -120 2min), so jealous you got that time with Tony, thank-you for the great material and books, all the best.

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  51. Tim (or anyone else that can help), I’ve enjoyed your books and I’m a new fan. After listening to your podcast with Tony Robbins I was compelled to get his book on money. I’m several hours into the audiobook and I’m noticing that his advice is possibly contradictory to your book (4HWW) in some ways. Can you help clarify?
    I’m currently out of the public markets because I feel it’s a rigged system, it’s immoral, and it is a zero game system with winners and losers. Your answers of freedom seems to take the philosophy of entrepreneurship (which I adore) whereas Tony’s strategy is putting money into the stock market. The very same market that Tony was so angry about from the documentary (Inside Job), is the very same tactic again….”put more away”.
    Can you (and any other fans) help clarify? Thanks for all you do, I’m learning here.

    Like

  52. The odds are, you don’t know what the odds are.

    Some people believe man never walked on the moon and some believe man walked on the water. There will always be people who will believe all kinds of nonsense regardless of the proof.

    If you are an investor or want to invest in the market then you should read this. – Especially the 2nd part of this review titled “Risk and Return”

    Obviously Tony is an excellent motivator and has helped a lot of people to get better in every aspect of their life. I am a fan of Tony and his mentor Jim Rohn’s teachings on developing a value system. But I disagree with some of Tony’s mixed messages regarding investments in this book. Don’t get me wrong, there are a lot of good thing in this book that one can learn from. But he mixed good advise with bad advise. Result, readers will get confuse again.

    1) In this book Tony has repeatedly said that you are now an insider. That is a false claim. All the investment information he is talking about already available publicly online and in books. Listening to this, some time I thought, is Tony addressing the uneducated, ignorant people only or what? We all know what insider and public information is.

    2) On one hand, Tony correctly agrees with the French-Fama research work that *no one* can predict the market but then he turns around and tries to predict the market several times in the past. He was proven wrong. Please Google for Tony’s market prediction.

    3) Again, on one hand Tony correctly advised to invest in optimally covariance asset class, in globally diversified index fund, for the historical (30+ years) highest return for the historical (30+ years) lowest standard deviation, for the long haul then he turns around and talked about annuity, TIPS, structured notes etc. without warning against investing on these. A mixed message at the best..

    4) Most of his advice on how to save money is age-old advice. The book is full of very basic math on saving. No brainier there. Uneducated and less sophisticated people are not the one who will pick up Tony’s book or any book for that matter or any matter. Ha…ha….They don’t read books. Period.

    5) Tony recommended http://www.LifetimeIncome.com
    Take a look at this website. It is obvious, this website is created in a hurry just to meet volume of calls due to Tony’s books. I also talked to them. They do not have return vs. risk historical data over 30+ years period. Did Tony not know that before recommending it? BTW< their phone lines are always busy.

    6) The best investment currently available for 7.0% risk level (standard deviation) is about 8.8% over the past 50 years of historical data. How can one know if he is getting a better deal if he/she can't compare the alternative investment that Tony is recommending? Shame on Tony for implying to invest in unknown risk /return data. That's gambling. Why Shame on Tony? Because I expected better than that from Tony.

    7) You can find the best available return for each percentage of risk online. Then pick the percentage of standard deviation (risk) to match your personal situation and mental/emotional state.

    8) Even the motivation parts of the book is not new but it helps to hear it repeatedly. Again, I liked the general motivational part of the book very much.

    9) Tony is a fan of Ray Dalio. Of course, Ray is a smart guy, very rich guy and resourceful person. Ray Dalio calls his strategy an "All Season Strategy". This name correctly implies that some asset classes do well in one season and poorly in another season. Whereas, other asset classes do just the opposite. By mixing these asset classes one could lower their risk. However, Ray tries to give the impression that he knows something, has skill, knowledge, and has a crystal ball that you and I don't have, that can be used to get a better return. Therefore pay him and make him rich.

    10) French-Fama has already proven that no one is smart enough to consistently beat the market. No genius is required to get the best return for the same risk by investing in index funds with optimal risk-return value. Process is mechanical.

    11) Tony recommended Stronghold and Gupta Wealth Management (WM). Both are owned by the same person. I called Gupta Wealth Management. I gave them run for their money. First, I talked to Phil and then the owner of the Gupta WM. Their fee is lower than others but by no means is the lowest in the industry. Gupta WM charges 0.75% to 1.00%. I pay half of that for the same exact investment that Tony advised and Gupta offers. Why did Tony not research for the lowest cost of investment available before recommending Gupta?

    12) Was Tony doing a favor to his friend Gupta?
    13) I know that all the money from this book money will go to charity. But as Tony said, and I agree, that after certain income level, money is not the end. Power is. Tony doesn't need money anymore. He needs power. Doing a favor to a friend like Ajay Gupta, and others is one way to accumulate power. The question one has to ask, "Is if the favor Tony did to Ajay Gupta is fair and just?". Gupta is not the cheapest index investment in the market.

    14) Then Tony talks about asymmetrical risk. We all understand, that every now and then you might find a very good deal buying a car or house when the seller needs cash in an emergency to pay for his mom's surgery. Or you might get a similar but other form of asymmetrical advantage. For example, a company is in financial distress and you can jump in to take the advantage of it, buy it cheap. Big companies buy out a small company all the time who needs the money urgently. That is not for an average investor. Was Tony talking about this kind of anomaly? Of course, not. The context of his writing implies that there exists a persistent systematic asymmetrical advantage. But that is not true. When a new thing with a very high return with low risk (asymmetrical risk or value) comes out, very quickly, everyone jumps in. In a matter of minutes that asymmetrical value will be smoothed out. The market will come back to the norm.

    15) What is the market norm? The optimal return/risk value provided by value index fund over long historical data. Period.

    16) Of course, every now and then some gambler beats the norm. But smart people do not plan their life, their long term consistent strategy on luck, anomalies, angels or man walking on the water.

    17) Tony's book gives mixed messages as it is given in holy books such as the Qu'ran, Bible etc. In one chapter, the Qu'ran talks about being kind and forgiving. Then in the very next page it says to go kill the infidels. You can find similar contradictions in the Bible too. In one chapter Tony correctly advocated to invest in index funds then in next chapters he turns around and advises to buy into several different kinds of investment without knowing its risk / return graph of the past 30 to 50 years.

    Personal Story
    ============
    I am an average of the group who would read Tony's book or my this long review. I am a software architect, physicist, and self-proclaimed philosopher. During 1998 to 2000, sitting in my home office, using 3 computers, I was trading with E-Trade, Charles Schwab, Fidelity, almost on daily basis. I saw all the dot com stocks going up. Along with millions of people in the US and around the world I thought, I am genius. I am invincible. I was making hundreds of thousands of dollars a week of my personal money – but only on the computer screen.

    Those graphs on my monitor, those phosphorus dots on the screen, had the power to change my mood, my happiness, my sadness. It totally absorbed me, my emotion, and my world. Then the bust came. Dot com burst.

    I lost most of my wife's and my net worth in the dot com burst. I used to get up in the middle of night, sob and cry I did not know what to do. This went on for months.

    After losing my shirt and pants in the year 2000 dot com bust I learned to invest correctly. It took me the following 6 months to learn these stuff. Since then I invest only in "Globally Diversified, Optimally Co-Varianced, Multiple Value-Index-Funds" for the last 14 years. I pay tiny amount to the trader/manager. It has served me well. I also sleep well at night. Instead of tying myself to daily, weekly, quarterly or even yearly market fluctuation. I now enjoy my work, the real life with friends and family, travel around the world while my money work for me 24 hours/day, 365 days/year with predefined standard deviation and return. I was laughing at 2008 market crash while still invested in the market.

    Most of my friends left the market for good. They never trust the market again. They invested in real estate or somewhere else. I thought, after losing so much money if I do not learn the stock market then all these loss is in vain. I must learn and conquer it. So I started my journey.
    14 years ago, over 6 months, several hours/week, debate/discussion with a very smart money manager, a nuclear physicist by education, I eventually learned. In connection to stock market investment we discussed everything under the sun, from quantum mechanics uncertainty principle to determinism, From free will to passion versus rationality, from luck to intelligence, from behavioral economics to evolution theory. We discussed these over the long distance phone calls. This went on over 6 months. After reading stack of books over two feet high, digesting the content and pondering over it weeks after week, I asked my money manager, as a compliment, the following question.

    When are you going to send me a certificate of graduation from your Institute so that I can tear my Harvard Business School degree in finance and flush it in the toilet?
    [No, I don't have a degree from Harvard.]

    People ask, can you still lose money in the market?
    My Answer: Yes, I can. But before you see a single drop of tear in my eyes again due to my stock market losses you will hear in the CNN and Fox news thousands of people are committing suicide left and right and there is a big riot on the street.

    Here is the summary for the investment chapters of entire books. If you are college graduate and have average IQ you will understand this.

    Risk and Return
    =============

    Well proven facts you can Google and find the sources on your own.

    1) Some people believe Man never walked on the moon and some believe man walked on the water. There will always be people who will believe all kinds of nonsense regardless of the proof.

    2) No one, no one, in the world could ever predict the market consistently
    You can say the same thing in another way: No one, no one, in the world can time the market

    3) Each investment (stock, fund, bond, real estate) has objectively measurable, quantifiable, numerical Risk and return values. These information are publicly available. We have the data since the Dutch Tulip mania to date.

    4) The longer the duration over which you measure average return and average risk (standard deviation) std, the more is its reliability This risk of an investment is nothing but the measure of the fluctuation of return over time. There is a very specific statistical formula for it. You can Google for the formula of standard deviation.

    b. But for layman, you can view risk as follows:
    c. In the stock market or fund investment one could stay rich for x number of days and then stay poor for the next y number days, then again stay rich for the next z number of days, and poor again, etc. The measure of how often and how long you stayed rich and poor at what level is the standard deviation. This is what risk is. Risk is also called Beta. Ideally you want to stay rich all the time – std. = 0. Risk adjusted return is called Greek letter a, alpha.

    5) A portfolio that has higher return will have higher risk. But just because a portfolio has higher risk doesn't necessarily mean has higher return. Because, there exist unrewarded risk in the real world.

    6) Therefore, to get a higher return you must take higher risk but not the unrewarded risk. But remember, never take higher than the risk you can handle. More about personal risk capacity later.

    7) You do not invest on the basis of IBM is going to come out with new technology or hired a top notch CEO etc. therefore, let's buy IBM stocks. But you invest looking at the historical risk vs. return of IBM stock. Again, history is the only thing that counts in investment. You may hope a better future. But your hope must be based on the past history of the stock, fund, or portfolio – regardless of what you invest in.

    8) If you do not have the data then do not invest. Otherwise, you are gambling. Tony is not consistent in his explanation and teaching. At the best he gave a mixed message. He omitted the danger of lack of data of his proposed alternative investments.

    9) You must invest for the very long haul, 20 to 50 years.

    10) How to enter or exit the market?
    Do dollar cost averaging. This means don't put all of your money in the market at once. Do not take all of your money out of the market at once. Instead put smaller amounts every month or quarter.

    11) Although, you must take the highest possible risk that you can afford to get the biggest return. In other words, never take more risk than your "risk budget". This is also called your "risk capacity"

    12) Unlike the risk (std.) of a portfolio, your risk level is neither objective nor quantifiable. Your risk level depends upon how old you are, your educational level, number of children you have, your health, etc.

    13) Secondly, but very important part of your risk level is purely psychological. How do you cope with ups and downs of the market? This is almost impossible to quantify. Alas, we have to use this unquantifiable risk against the quantifiable risk (standard deviation or Beta) of the investment.

    14) When you invest, you invest using two things, 1) money 2) your risk balance. If you run out of any of these two then you can no longer invest.

    15) The most difficult part is to know when you run out of your very subjective-non-quantifiable, risk budget while consuming quantifiable risk of a particular investment. Subjective vs. Objective. There is no way out of this dilemma. That's is where money managers take advantage of you.

    16) There exist dozens of value index funds. Vanguard and DFA are the most popular companies who package the index funds. I use DFA funds. Investing different percentages of your total cash into various index funds is called asset allocation. This will produce a net "risk versus return" graph for your overall portfolio. Different asset allocations generally give you different risk vs. return graphs.

    17) Different money managers can produce the same risk and return with different combinations of asset allocations. A simple computer program can optimize the risk / return. No human brain is required. No experts, no experience, or money manager is needed. That is why it doesn't make sense to pay a high fee for this kind of investment. Interestingly, most importantly no other form of investment produces more return for the same risk.

    18) Coming up with an asset allocation that produces a better return for any given risk requires no human intelligence. The process is mechanical. A computer will try out various combinations of asset allocation, mix and match and produce a better result than before. It is not a product of a money manager's genius. One doesn't have to be a financial guru to do this. Software does. Money manager cannot do this. It requires trial and error by the computer, an iterative method, a dumb process as dumb as genetic evolution.

    19) If you need a financial guru to pick a winning stock (or a winning lottery number) then hire a money manager. A computer cannot pick a winning stock any more than a winning lottery number. But a computer can find a better return-risk asset allocation by iterative trial of various asset allocations.

    20) So how do money managers still keep their jobs?
    d. Answer: By miss-representation or outright deception. Overwhelming majority of the managers either do not know about Globally Diversified, Optimally Co-Varianced, Multiple Value-Index-Funds returns best risk-return or do not believe it does. Among those who knows and believe in it won't tell you because then they lose their high fees.

    21) Money managers play with the subjective part of your risk budget. Since your risk budget is subjective you can't prove them wrong. As prophets fools their disciples by claiming supernatural powers.

    22) Lesson: Ask them to show you their best asset allocation to produce highest return for the std. of 1%, 2%….x%. Compare the return of your Money Manager with other Money Manager for the same risk level. This will be independent of the investor. You should shop for the best return for each standard deviation. Then, you should pick the one that matches your risk level and gives you the highest return. You can't go wrong by this method.

    23) Here is the list of all DFA funds
    e. http://quicktake.morningstar.com/fundfamily/dimensional-fund-advisors/0C00004AKC/fund-list.aspx (link as of Nov 2014)
    f. You can find the Vanguard index fund at http://www.vanguard.com

    24) Again, the trick the money managers will play by saying, "We will find a best match for YOU."
    g. Your response should be, don't worry about me. Just show me your best product for each risk level. Then compare that with portfolios offered based on value index funds by other money managers. Remember, no one, no one, will care about your money more than you can. Self-reliance is the key. Consult the expert but YOU must make the decision rationally.

    25) I say, I do not care, what your asset allocation is, I do not care if the investment is about selling thin air or if the investment is in a business that sells houses in the heaven that one would get after they die, just show me a simple X-Y axis graph of return versus risk over the past 30 to 50 years. Then I can make my decision.

    26) Have you noticed, overwhelming majority of the mutual funds do not have more than 20 years of data? Why? To cover up, to hide the incompetency of their investment, or asset allocation. They sell hope, more accurately, false hope.

    27) Let me help you to understand.
    One of my friend who has finance degree from one of the top notch university and practicing investment advises his friends to buy Google stocks because it is a good company. I say, Stupid, stupid, stupid. Ask yourself, Is it a public information that Google is a good company or only you know it?
    If it is a public information then Google stock price already have adjusted to its proper value. You are not going to get any special value by this piece of information for any specific stock. That is why you need to invest in the massive number of stocks, indexing and preferably value indexing.
    Did you know that old boring business like Walgreen produced more return for its investors than the famous, exciting company like Intel over its life time? Ha…ha….

    [Moderator: Email address removed.]

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  53. Great Interview with Tony… I listened to the whole thing & considering it was 2 hours long, it flew by! One question: I am in the UK and the UK Amazon reviews generally say that this book is only helpful for the U.S. markets & tax system. Does anybody have any feedback from a UK perspective?

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  54. [Question] – Morning rituals

    So for those of us who don’t live near hot springs, how can we shock our nervous system first thing in the morning? A hot shower followed by a cold shower?

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  55. The clip breakdown(show notes) is awesome, ive not seen that before. Tim your legend, Anthony Robbins inspired me from a young age. Great podcast, Thank you both

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  56. Love the fact it took me exactly 4 hours to listen to this powerful sit down (I’m a slow listener). Two sages in a room and it’s recorded. Tony’s willingness to serve and share remains legendary. Tim’s questions aligned with what I would ask Tony if I ever had the courage to sit across from him. This interview is one for the ages — bookmarked, saved and to be referred to over and over. It’s not about money, it’s about living.

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  57. I know this is almost two months old, but the best investment advice is in line with Tony’s about minimizing your spending. Mr. Money Mustache just blew my mind. Really hammers home the concept of the positive impact of decreasing your spending. This is a two-fold event that increases your savings and decreases what you need in retirement. So neat.

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  58. Excellent stuffs here!

    My investment lessons comes from Robert Kiyosaki who believe that assets are what brings you money and liabilities take money away from the purse.

    Its also said that when an investment opportunity looks too good to be true, then its not true!

    Keep up the good work Tim!
    Roland

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  59. Tim, thank you for sharing your history with Tony Robbins. Another reminder on the small and interconnected nature of the business world.

    Best piece of investment advice:
    “Pay yourself first” (i.e. save money for investing FIRST before spending money on anything else). I know this is basic but I didn’t understand this in my early 20s. I’d spend money and then “save” whatever was left. Classic novice error. I now set an investment target in dollar terms and automate most of it.

    Assuming you have the above rule fully implemented, I would agree with Robbins on the importance of asset allocation. It is a decision you can make once and then monitor (10 minutes per month is more than enough).

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  60. Hey Tim, firstly – thank you for finding your way to Tony and allowing us all the privilege to hear both of you bounce ideas in living a more enriching life. Secondly, I’m currently only my USA book/speaking tour and have done 18 events in 4 weeks through 15+ different cities! Now in San Fran for the next 4 weeks. I’ve referenced you and Tony on the back of my book and just want to personally say that I could not have been so quick to take action without you and Tony’s monitorship. We have never met (I’m from Sydney, Australia) and at 28 I feel that my life has become so much more profound because of the paths you have both paved. I am deeply grateful. If ever you’d like to get in touch, I’d love to say thanks briefly, properly. However I know you’re incredibly busy and am just one other person in the ocean of many fans who have been positively effected by your journey.

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  61. Hey Tim, firstly – thank you for finding your way to Tony and allowing us all the privilege to hear both of you bounce ideas in living a more enriching life. Secondly, I’m currently only my USA book/speaking tour and have done 18 events in 4 weeks through 15+ different cities! Now in San Fran for the next 4 weeks. I’ve referenced you and Tony on the back of my book and just want to personally say that I could not have been so quick to take action without you and Tony’s monitorship. We have never met (I’m from Sydney, Australia) and at 28 I feel that my life has become so much more profound because of the paths you have both paved. I am deeply grateful. If ever you’d like to get in touch, I’d love to say thanks briefly, properly. However I know you’re incredibly busy and am just one other person in the ocean of many fans who have been positively effected by your journey. -Ram Castillo

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    • Thank you so very much for the kind comment, Ram. You made it all happen; I just write the words 🙂 Best of luck with the book tour!

      Happy holidays,

      Tim

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  62. Hi Tim,

    You’ve done it again – exceeded my expectations and added so much value to my life!

    I am a huge fan of your work and I love your podcast, and I want to let you know that your interview with Tony Robbins was absolutely amazing! Everytime I listen to it it gets me so pumped that even thinking about it now changes my physiology in an instant. It has opened so many doors to my personal development that is is crazy to think I never paid much attention to ‘The Legend’ and his teachings. Tony may not like to hear this, but I was of the opinion that he was a quick fix motivator – how utterly wrong I was. I am now singing his praises to anyone who’ll listen. Thanks again Tim, for properly introducing me to Tony’s work.

    Thank you so much also for being such a crazy self experimenter, passionist learner, teacher and powerful example of the human potential! I look forward to meeting you in person one day my man.

    Peace & Love,
    B.

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  63. Hi Tim, just starting to check out your podcasts. (Know and love your books.) Six minutes into TR interview and it still hasn’t actually started yet… this is frustrating. I’d prefer very short intros and just get rolling with the content. Maybe 45-50 seconds max, including plugs would be much better. Very de-motivating for someone who’s busy and trying to maximize time. Thanks.

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  64. Thanks a lot for this. I really enjoyed both episodes. As a small start up online homewares store based in Sydney, Australia this has given me some amazing advice and ideas.

    Looking forward to the next one!

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