Your Financial Freedom Playbook
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Tony Robbins and Peter Mallouk
Notes
Invest immediately is better than dollar cost averaging.
It’s much better to be the one who collects tolls than the one who pays them.
The largest expense in your life is taxes, and paying more taxes than you need to pay is insane – especially when it is absolutely avoidable.
Many of the funds you get to choose from in your 401(k) plan are on the list only because the fund company paid the provider to include them.
(Dually registered brokers) want to wear the white hat and not the black hat. And so they took the risk and made the jump to RIA, only to discover that the truth is that it’s financially hard to be a pure fiduciary.
All the billionaires I’ve ever met with have one attribute in common: they and their advisors are really smart about taxes.
“The holy grail of investing is to have 15 or more good – they don’t have to be great – uncorrelated bets.“
Ray Dalio
One of the criteria we established was that before he could make any investment, Paul [Tudor Jones] had to first establish in his own heart and soul that it was a hard trade – meaning that it wasn’t a trade that everyone would make.
“If you can’t add value, if you can’t create an asymmetry, then the best thing you can do is minimize cost.“
Howard Marks
Guy [Spier] suggests checking your portfolio only once per year. He recommends avoiding financial TV entirely. And he suggests that you disregard all research produced by Wall Street firms, recognizing that their motive is to push products and not share wisdom.