Unshakeable is now my top recommendation in terms of books about investing!
After interviewing fifty of the world’s greatest financial minds and penning the #1 New York Times bestseller Money: Master the Game, Tony Robbins returns with Unshakeable, a step-by-step playbook, taking you on a journey to transform your financial life and accelerate your path to financial freedom. No matter your salary, your stage of life, or when you started, this book will provide the tools to help you achieve your financial goals more rapidly than you ever thought possible.
If you don’t know Tony Robbins, he’s a very famous motivational speaker. So why is he writing about investing? He is actually just the voice of top investors. He interviewed over 50 of them and took noted all the best bit of advice and constructed this book. This means the book touches on a lot of technical topics but uses Tony’s ability to communicate to make the key messages simple and easy to understand. Therefore, regardless of whether you have invested before or not, this book is for you.
Unshakeable has taken the mantle as my favourite investment book from ‘The long and short of it‘ by John Kay. This book is a lot easier to read and a lot more engaging. It covers some of the same common mistakes people make when investing which I covered in my blog ‘The long and short of investing to become a Rich Dad‘, namely:
1- Paying too much in fees
2- Trying to time the markets
3- Too concentrated investment portfolio
In addition to the above this book provides more information about how you should manage your investments over time and when is the right time to start investing. Spoiler alert – it’s now!
There are also some really good quotes. My favourites are:
“By admitting to yourself that you don’t have any special advantage, you give yourself an enormous advantage!”
“Never ask your barber if you need a haircut”
The book also discusses how so many financial advisors are conflicted, which I totally agree with. You’ll know this if you have read my blog ‘What is my issue with personal financial advisors?‘
Lastly, the book focuses a lot on the psychology of investing. A lot of mistakes people make when investing are due to their emotions. For example, they get scared and sell when markets fall, even though they know that there has always been a correction after a market fall. The book highlights the emotional mistakes and helps address how you should deal with these, regardless of what happens to the markets. Hence the book is called Unshakeable.
Is there anything that I can take from Unshakeable?
The book reinforced that the portfolio that we invested in after reading ‘The long and short of it’ is a sensible and robust portfolio.
‘Unshakeable’ provides more information about how you should manage your portfolio over time. Something that I felt I was missing after reading ‘The long and short of it’. I have actually written an entire blog on the actions I’m taking with our portfolio as a result of reading this book: Unshakeable Investing: When to buy? When to sell?
In short the key actions are:
1- Investing when there is “blood on the streets”
2- Not selling our investments
3- Not looking at our investments regularly
Would I recommend this book?
Yes – this is definitely the best investment book I’ve read to date. It is simple to follow and I found it engaging. You can probably read it over a single weekend. You don’t need to know anything about investing before reading this book. Buy it now, via Amazon.
Joy of reading = 8 (out of 10)
Thought provoking = 8 (out of 10)
Money making = 9 (out of 10)
Read again = Probably
Overall score = 8.4