Tony Robbins: 6 Money Moves All Rich People Do
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Peter Burns
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Zuri Anderson
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Successful people from all walks of life often share some common traits, including knowledge on building wealth. Bestselling author and entrepreneur Tony Robbins breaks down six things that all prosperous individuals do in a blog post on his website.
If you’re hoping to increase your wealth this year, you’ll want to take notice of these and tweak some of your habits.
Maximize Returns
Some believe successful people take on large amounts of risk to get where they are. Robbins disagrees. He said successful people find opportunities where the least risk could yield the most reward.
Amazon founder Jeff Bezos is a well-known entrepreneur who has capitalized on this. Bezos has taken some small risks that paid off, such as starting Amazon Prime, investing in Kindle and digital books and trying out voice assistants like Alexa.
Bezos said that the outcomes of using new technology can lead to very asymmetric results. If Amazon Prime had failed, he wouldn’t have gone bankrupt. However, it worked and became a massive success.
Keep Learning
One thing that never changes is that everything always changes. Being obsessed with learning the newest trends and information while striving to improve is another thing successful people do.
Robbins pointed out that reading books, listening to podcasts, honing your skills and surrounding yourself with the right people will catapult you into a better position.
Technology, business practice and investing are constantly changing. Continuous learning can help you reach your goals, even if you aren’t an entrepreneur. Zippia, a career planning website, conducted research and found that the average American has 12 different jobs throughout their lifetime and the average tenure at one company lasts 4.1 years.
Staying curious can help you get ahead and find new financial opportunities when things around you change.
Be Smart With Money
It’s impossible to never lose money, but Robins notes that successful people don’t like doing it. He quotes successful investor Warren Buffet, who said, “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.”
Loss aversion is when someone hates losing something more than they enjoy gaining something. Most view successful people as those who enjoy getting more money, but more so, they hate losing it.
Give Back
When we think about rich people, we might focus solely on what they can buy. We may picture a wealthy individual driving a Ferrari or flying in a private plane. However, Robbins points out that true wealth isn’t clinging to the money you have but finding fulfillment in supporting those in need.
Robbins isn’t the only finance expert who condones giving money to charity. Dave Ramsey, host of The Ramsey Show, also preaches about sharing your wealth. Ramsey noted that no one has ever gotten poor by giving, adding, “Not only does it generate good, but it generates contentment.”
Keeping a charitable mindset throughout your financial journey keeps you humble and positive.
Pay Your Taxes Efficiently
Taxes aren’t the most popular topic, but they’re a fact of life. Knowing how to file your taxes efficiently is one of the things Robbins noticed successful business people do.
He pointed out that there are legal avenues the IRS provides so you can keep more of it when tax season rolls around. Familiarizing yourself with the ways to pay less taxes or finding someone who can help you is a big step toward reaching your financial goals.
Don’t Fear Being Wrong
No one can be right about everything. Staying humble and admitting when you’re wrong is a trait that successful people share. Being wrong creates learning opportunities for more success in the future.
Losing the fear of being wrong can also help you make better decisions. When you accept that you’ll be wrong sometimes, you can find ways to overcome setbacks more easily.
Robbins pointed out that investors often structure their portfolios to continue to make money even when some of their bets don’t work out.
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