Over the decades, Tony Robbins has built an empire and amassed a net worth estimated at $600 million. He has held countless seminars and workshops to help coach people about life and wealth all over the world, inspiring a legion of followers and students while making plenty of money along the way.
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Robbins is not without his critics, but it’s hard to deny that he knows at least a thing or two about getting rich. He has even made a point of talking to other successful people to learn more about building wealth. Keep reading to discover Robbins’ 10 steps to becoming rich.
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Step 1. Develop the Right Mindset
Robbins has always preached that mindset is the foundation of success — like going from negative to positive thinking, from a fixed mindset to a growth mindset or from expectations to appreciation. Reframing the way you think about your life and goals can be a powerful change.
Step 2. Be Prepared To Work
It’s going to require some work to get rich and reach your goals. Robbins, who basically wrote the table of contents of mastering commerce, emphasizes the classic aphorism of working smarter instead of harder. His acronym, SMART, helps remind people to set goals that are specific, measurable, achievable, realistic and anchored in a time frame.
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Step 3. Protect Your Money
Robbins says that “while so many of us are focused on making money, the most successful investors on the planet are obsessed with not losing it.” The math here holds up. If you invest $100 and suffer a 20% loss, you’ll then have to get a 25% return just to break even.
No matter your short-term or long-term financial goals, your main focus should be not only to grow your wealth but to protect it as well. Focusing first on avoiding losses helps ensure that your returns stay in your bank account.
Step 4. Be Smart About Risk
You can’t avoid taking on risk, whether that’s with your investment accounts or any other facet of life. What’s important is that you understand the risks you are taking — this is the key difference between a professional gambler and someone pulling the lever on a slot machine.
The house may always win in the end, but that doesn’t mean there aren’t opportunities to leverage your own risk tolerance and win a few hands yourself. It’s also important not to bet more than you can afford to lose.
Step 5. Expect Failure
Failure is necessarily going to be part of your journey. Not every investment or idea is going to work out, and some might even fail spectacularly. Robbins shared an anecdote about investing in penny stocks and losing all of it, based on advice from a wealthy person he met. The best thing you can do after a failure is bounce back, learn what you can from it and then get back to your plan.
Step 6. Never Stop Learning
Robbins has said that continuous improvement means always striving to be the best you can be through cultivating a growth mindset. A growth mindset means you relish taking on new challenges and see adversity as a chance to grow rather than something to be avoided at all costs. This could mean seeking out assignments at work, mastering a new skill or hobby or even just learning to accept criticism with a more positive attitude.
Step 7. Put Your Money To Work
Robbins acknowledges the importance of budgeting, saving and increasing your income, but notes that true wealth-building strategies need the power of investing. It allows you to passively build wealth through the power of compounding interest — as you reinvest your returns, your money starts to make money on its own, and over time, you can build wealth even if you aren’t earning a massive salary.
Step 8. Have a Tax Strategy
Another part of protecting your money is managing how much of it gets taxed away. Regardless of your current level of wealth, if you aren’t paying attention to your taxes, you could easily be paying more than you need to be. In particular, make sure your investment strategy is as tax-efficient as it can be.
Step 9. Find a Mentor
Robbins has often spoken of his mentor, a motivational speaker and author named Jim Rohn, who became a millionaire in his 30s by giving seminars throughout the country. Mentors aren’t just valuable for the knowledge they can pass on to you, but for the opportunities they can put in front of you.
Step 10. Be Grateful
Robbins has often said that abundance is a mindset — he likes mindsets — and not a dollar amount. It’s a fair point. If you feel gratitude for what you have right now, everything that comes on top of that will feel even better.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Tony Robbins’ 10-Step Strategy To Becoming Rich
