3 Genius Things Tony Robbins Says To Do With Your Money

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Although Tony Robbins is best known for being a self-help guru, he's also written several best-selling money books. Recently, he announced he's starting a new podcast called 'The Holy Grail of Investing,' which is also the name of his third financial book.
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Robbins frequently speaks about business, personal finance and building wealth. He isn't afraid to share lesser-known wealth-building strategies typically only reserved for the ultra wealthy. You can find his money advice through his books, public talks, media appearances and on his website.
Here are three genius things he says that people should do with their money that can help them become financially successful.
Robbins explained in a blog post that money is 20% mechanics and 80% psychology. He said people's mindset matters when it comes to building wealth. If someone has an abundance mindset, they focus on learning from lessons and see more opportunities. If they focus on the negative, Robbins said people tend to sabotage themselves.
In other words, people often have their own limiting beliefs that prevent them from achieving success. Instead, Robbins wants people to think on an abundant scale. In another one of his blogs he encouraged his readers to give, even if they don't have a lot.
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In one of his blog posts, Robbins explained that many people make investing harder than it needs to be. He said, instead of instituting complicated strategies trying to beat the market, start investing early and reap the benefits of compound interest.
Even investing a small amount can grow due to compound interest, especially if people start young. That's because compound interest means that investors earn interest on their interest. While progress may seem slow at first, eventually compound interest over time makes investments grow quickly. This, in combination with selecting solid investments such as money market accounts, work-sponsored retirement plans and dividend stocks, can help build lasting wealth, according to Robbins.
Robbins cautioned people against taking out loans that will take decades to pay back and that includes student loan debt. In a blog post of his, he suggested that if students absolutely need to take out loans, they take out the bare minimum and try to start paying them back while in school. Having student loan debt can prevent people from building wealth in the future because they'll be making loan payments instead of using that money to invest.
In another blog, Robbins also cautioned people against accruing credit card debt. That's because paying the minimums on credit card debt can cause it to balloon due to high interest rates. Having credit card debt is usually the result of not having financial literacy, Robbins said, so he encouraged all people to learn as much as they can about creating a budget, paying down debt and building wealth.
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This article originally appeared on GOBankingRates.com: 3 Genius Things Tony Robbins Says To Do With Your Money
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