Tony Robin’s Adviser and Five Smart Money Saving Tips

Everyone knows about Tony Robbins.

He’s a businessman and philanthropist that has become well-known through a series of self-help books and infomercials, but who advises Tony on his financial investments? The answer is Ajay Gupta, the 45 year old founder of Gupta Wealth Management (GWM). GWM is very successful and manages more than a billion dollars in assets for a plethora of worldwide clients.

Robbins really respects Gupta and has even mentioned him in his financial advising books.

As a result of this shout out, Gupta has seen a significant increase in his worldwide client base.

Today, GWM’s base investment amount is the same as it was before the Robbins referral (one million dollars minimum), but he’s noted that he’s seek an uptick of millennial investors as well.

 

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With this increased client base, Gupta has started making it standard practice to outline five key steps that all investors should consider in order to save big. Let’s take a look at them:

 

  1. Wealth Destroyers: Three Things to Avoid

 

The three main destroyers of wealth are fairly intuitive: fees, taxes, and decisions based on emotion. The most damaging one, emotion, should be avoided at all costs when making financial decisions as you should use your head when money is involved.

The other two, Gupta says, are avoidable by using his firm. He says that owning real estate provides a very efficient way of sheltering your wealth from taxes, partially due to the fact that your investment is depreciating.

 

  1. Businesses Fail, So Don’t Put Everything Into Yours

 

Always pay yourself first. When you’re an entrepreneur, your first instinct may be to risk it all and investing all of your equity into your new startup. This should be avoided because when you put everything into a new business, when and if it fails, you make no profit.

 

  1. Select a Cheap, Yet Solid 401(k)

 

A major point of emphasis from Ajay was to pick a nice, low cost 401(k) plan for your employees to use. This is beneficial because, as a business owner, you’ll be the fiduciary of that plan.

 

  1. Avoid Impulsive Decisions When You Have Your Money

 

This falls in line with not making emotional decisions. Making impulsive decisions may seem exciting, but Gupta states that even if you’ve sold your start up for millions or even billions, it’s important not to rush into your next investment. Take a break to reconnoiter and talk with a fiduciary about your next steps.

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A good practice is to split your new windfall into two “buckets.” The two buckets are your operating budget going forward and a 100 year plan bucket.

 

  1. Don’t Announce Your Money

 

Always keep your wealth under the radar, though Gupta acknowledges the fact that many successful entrepreneurs often are lifelong owners that try to lend funds whenever they can to friends who wish to start their own entrepreneurial paths.

Still a good idea to not advertise your wealth too often, as this will help you avoid those looking to cash in on your good nature.