Tony Robbins: 7 Tips for Building Financial Security in Tough Times
Written by
Gabrielle Olya
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Kristen Mae
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Money is an all-too-common source of worry and stress. We fear losing our jobs, stock market crashes or simply not being able to pay all of our bills next month. While we can’t control the greater economy or even our job security, there are steps we can take to protect our finances as much as possible and ride out any waves that come our way.
In a blog post, entrepreneur and author Tony Robbins outlined a few effective tips to build financial security, regardless of what’s happening in the wider economic environment. Here’s how to create financial certainty in an uncertain world.
1. Focus on What You Can Control
Don’t let your financial fears get the best of you.
“When the world seems uncertain, most people freeze or panic,” Robbins wrote. “But the most successful people in history — those who built fortunes and legacies — did so by acting when others were paralyzed by fear. Remember, where focus goes, energy flows. If you focus on what you can control, you’ll find the power to act, even when the sky seems to be falling.”
Some things you can do to gain control are to build an emergency fund for short-term needs and to plan ahead for long-term goals through retirement savings accounts and life insurance.
2. Shift Your Mindset
Robbins says that if you want to “shift your results,” you first have to “shift your state.”
“Don’t let the news or social media dictate your emotions,” he wrote. “Take care of your body, move, breathe deeply, and prime your mind every morning for strength and gratitude. Certainty starts from within.”
3. Focus on the Facts
Paying attention to negative speculation can make you feel more fearful than is necessary.
“In times of uncertainty, rumors and negativity spread faster than the truth,” Robbins wrote. “Get the real facts about your finances, your job and your opportunities. Make a list of your assets, your skills and your connections. Knowledge is power, and clarity is the antidote to fear.”
4. Create a Budget
One of the best ways to gain control of your money and work toward financial freedom is to create a budget that includes room for saving, investing and paying down debt.
“Now is the time to get lean and strategic,” Robbins wrote. “Review your expenses and cut what isn’t serving you. But don’t just focus on scarcity — look for places to invest in your growth. The greatest fortunes are made in times of crisis, not comfort. Invest in your skills, your relationships and your health. These are assets that no market crash can take away.”
5. Diversify Your Portfolio
Having diverse investments will help shield you from swings in the market.
“Volatile markets do not have to determine your stress level, and with the right strategy, they do not have to disrupt your future plans, either,” Robbins wrote. “Take the time to understand proven tactics — like asset allocation, risk management and the buy-and-hold strategy. Study what the world’s top investors are doing. Diversification and discipline are your best friends in uncertain times.”
In addition to investment diversification, also consider diversifying your income streams. This way, if one income source runs dry, you’ll have others to fall back on.
6. Grow Your Network
When you’re feeling anxious, your instinct may be to withdraw. But instead, focus on growing your network. That way, if you do lose your job, you already have connections that can help you find your next opportunity.
“Don’t isolate yourself,” Robbins wrote. “Reach out to mentors, peers and people who inspire you. Proximity is power. Surround yourself with those who are solution-focused and resilient. Share ideas, collaborate and support each other. Together, you’ll find strength and new opportunities.”
7. Keep Moving Forward
Even if you’re facing financial hardships right now, remember that this is a phase — and you can move past it.
“Every economic winter is followed by spring,” Robbins wrote. “The people who thrive are those who refuse to let fear dictate their actions. They adapt, they innovate and they keep moving forward. Decide now that you will be one of those people.”
Looking to build a legacy? Check out our Life to Legacy guide for expert advice and smart moves you can make today.
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