Tony Robbins has 6 tips for Building Wealth Now. Let’s look at each of the tips and apply the “would anyone advise the opposite?” filter to assess the value of Robbins’ advice. Don’t lose money. I’m not kidding, that’s the first tip. Would anyone advise “Lose money”? No. So this “tip” is useless. Look for investments in which rewards far outweigh risks. Would anyone advise “Look for investments in which risks far outweigh rewards’? No. Robbins recommends using “the 5-to-1 rule,” in which the potential returns on an investment are 5 times greater than the potential losses. Why 5? Why not 10? Or 100? Where do you find these investments? I have no idea. Don’t overpay taxes. Would anyone advise “Overpay taxes”? No. Diversify. Would anyone advise “Don’t diversify”? Possibly. There’s a couple of schools of thought on diversification: 1) Don’t put all your eggs in one basket; and 2)… Read more →