Tony Robbins Unshakeable – Your Financial Freedom Playbook Review and YouTube Playlist

Tony Robbins, the success coach guru, has recently released a new book titledUnshakeable: Your Financial Freedom Playbook.

This book is a follow up to his 2014 releaseMoney: Master The Game.

With each purchase forUnshakeable: Your Financial Freedom PlaybookFeeding America and The Billon Meals Challenge will provide 50 meals. That level of social responsible is one of the many reasons I support literature written by Robbins.

Both of these books are setup to help empower readers to financial freedom. Along with reading these books, it is also important to take real steps to accomplishing your goals.

Personally, I have bought and readMoney: Master The Game, andUnshakeable: Your Financial Freedom Playbook.The major difference between these two books is with Master The Game, Tony Robbins searched out the top 50 financial leaders in the world, and went around interviewing them. He collected the interview and compiled them in a book.

The feel that I get from Your Financial Freedom Playbookis that Robbins has built a solid understanding of the principals that people need to know when investing and building financial security.

In Chapter 6 to the playbook, Robbins shares his view on what helps create success.

“What I’ve found over almost four decades of studying success is that the most successful people in any field aren’t just lucky. They have a different set of beliefs. They have a different strategy. They do things differently than everyone else.” – Tony Robbins

Robbins has noted that he will appear at the Real Estate Wealth Expo in Chicago on April 2nd. He will be joined by additional real estate industry leaders.

Watch over a YouTube playlist featuring and interview with Tony Robbins and co-author Peter Mallock.

Let’s Talk About It: Finding your financial footing after abuse

But if you’re a survivor of domestic abuse, these words might trigger warning bells. You know that abusers thrive off power and control, and keeping their victim isolated is one of the first steps to achieving this.

And isolation begins with not allowing a victim to leave the house;not to see friends, not visit family and not to work.

“I’ve talked to a lot of women who are thinking of leaving (their abusers) and the number one reason they can’t is because their financial situation doesn’t allow them to,” says Kristen Paruginog, a survivor and the founder and executive director of Break the Silence Against Domestic Violence.

This stems from survivors either not making enough money or not having any income at all.

Another strategy abusers use is to put everything financially related in the survivor’s name, even if the abuser is paying for it. This way, if the survivor leaves, the abuser can stop paying for things, such as a mortgage, credit card or car loan; and ruin a survivor’s credit for years to come.

So, a survivor’s bank account is in the red, but he or she wants to leave, or has left already. Where do you start when you want to find your financial freedom? Here are five tips to get started:

1. Believe in Yourself. When your abuser told you not to get a job, did he or she also throw in some digs about how you’re not smart enough or good enough to have a career? This is a type of psychological abuse; by tearing down your self-esteem, it’s easier for the abuser to control you. It’s time to start changing those beliefs.

Americans are dying with an average of $62K of debt

You’re probably going to die with some debt to your name. Most people do. In fact, 73 percent of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875.

The data is based on Experian’s FileOne database, which includes 220 million consumers. (There are about 242 million adults in the US, according to 2015 estimates from the Census Bureau.) To determine the average debt people have when they die, Experian looked at consumers who died from October to December of 2016,

It found that 73 percent of consumers had debt when they died. Sixty-eight percent of those with debt had credit card balances. The next most common debt category was for mortgages (37 percent), followed by auto loans (25 percent), personal loans (12 percent) and student loans (6 percent).

These were the average unpaid balances: credit cards, $4,531; auto loans, $17,111; personal loans, $14,793; and student loans, $25,391.

That’s a lot of debt, and it doesn’t just disappear when someone dies.

For the most part, your debt dies with you, but that doesn’t mean it won’t affect the people you leave behind.

“Debt belongs to the deceased person or that person’s estate,” said Darra L. Rayndon, an estate planning attorney with Clark Hill PLC in Scottsdale, Arizona. If someone has enough assets to cover their debts, the creditors get paid, and beneficiaries receive whatever remains. But if there aren’t enough assets to satisfy debts, creditors lose out (they may get some, but not all, of what they’re owed). Family members do not then become responsible for the debt.

That’s the general rule, but things are not always that straightforward. The type of debt, one’s geographical location and the value of the deceased’s estate significantly affects the complexity of the situation. (For example, federal student loan debt is eligible for cancellation upon a borrower’s death, but private student loan companies tend not to offer the same benefit. They can go after the borrower’s estate for payment.)

There are lots of ways things can get messy. Say your only asset is a home other people live in. That asset must be used to satisfy debts, whether it’s the mortgage on that home or a lot of credit card debt, meaning the people who live there may have to take over the mortgage, or your family may need to sell the home in order to pay creditors. Accounts with co-signers or co-applicants can also result in the debt falling on someone else’s shoulders.

“It’s one thing if the beneficiaries are relatives that don’t need your money, but if your beneficiaries are a surviving spouse, minor children — people like that who depend on you for their welfare, then life insurance is a great way to provide additional money in the estate to pay debts,” Rayndon said.

One way to make sure debt doesn’t make a mess of your estate is to stay out of it. You can keep tabs on your debt by reviewing a free snapshot of your credit report on Credit.com, in addition to sticking to a budget that helps you live below your means. You may also want to consider getting life insurance and meeting with an estate planning attorney to make sure everything’s covered in the event of your death. If you’re worried about leaving behind debt after death, here’s more on how protect your loved ones.

Poor planning can leave your loved ones with some significant stress. For example, if you don’t have a will or designate beneficiaries for your assets, the law in your state of residence decides who gets what. “If you don’t write a will, your state of residence will write one for you should you pass away,” said James M. Matthews, a certified financial planner and managing director of Blueprint, a financial planning firm in Charlotte, North Carolina. “Odds are the state laws and your wishes are different.”

It can also get expensive to have these matters determined by the courts, and administrative costs get paid before creditors and beneficiaries. If you’d like to provide for your loved ones after you die, you won’t want court costs and outstanding debts to eat away at your estate.

Remember, estate planning can involve more than just drafting a will. Here are seven documents you’ll need to fill out before you die.

Christine DiGangi is a deputy managing editor at Credit.com.

Any opinions expressed in this column are solely those of the author.

More on Credit.com: How to Pay Off Your Credit Cards Trapped in Payday Loan Debt? Here’s How to Escape My Credit Is the Worst. How Can I Fix it?

3 Things Not Counted in Your Credit Score

Douglass:And credit-counseling services also not included.

Hamilton:Yes, and thats the third one. If you look at it, the preceding things that may affect your credit score — if you go through a bankruptcy, thats going to affect your FICO score. But credit-counseling services that you may take advantage of after that fact arent going to affect your FICO score because, essentially, if you think about it, it is a good move by you to improve your finances, and that should be reflected in your FICO score. You definitely shouldnt be dinged, which is what the model accounts for.

Douglass:Absolutely. That makes sense. And the fact of the matter is, with the internet being what it is, there is a lot of misinformation out there, and so its important to have a good resource. And fortunately weve got one. Its fool.com/credit-cards. There weve got a lot of information about credit, about debt, about managing debt, budgeting, and credit cards.

Hamilton:And more credit score stuff.

Douglass:Right, absolutely. Weve got free copies of our credit card guide, and we also have our picks for the best credit cards of 2017, which should be useful to a lot of different people. So well hope to see you there. Nathan, thanks much.

Hamilton:Thank you.

[End]

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Credit card rates high, but personal loan rates also too high

She points out that instead of falling in line with the cash rate, the average credit card interest rate has dropped only slightly since mid-2011 from 17.41 per cent to 17.35 per cent.

If rates had moved in line with the cash rate, Australian credit card holders would have paid $3.49 billion less in interest since mid-2011.

Choice is citing figures from comparison site, Mozo, which shows thatalthough the Reserve Bank has cut rates by 3.25 percentage points since June 2011, credit card holders have seen little relief in the form of cuts to credit card purchase rates.

Personal loan rates

But whilemost of the attention is given to mortgage and to credit card interest rates, the rates charged on personal loans is slipping under the radar, leaving the banks to maintain high rates withlittle scrutiny.

The gap between the average unsecured fixed-rate personal loans and the official cash rate has reached its highest point on record.

Since 2000, the gap has almost doubled, analysis of Reserve Bank figures by comparison site Finder shows.

Between 2000 and 2009, the gap was between 6 and 7 percentage points.

It climbed to about 10 percentage points during the global financial crisis in 2008.

The cash rate set, which is set by the Reserve Bank, sits at 1.5 per cent, while the average unsecured fixed personal loan rate is 13.9 per cent – a difference of 12.4 percentage points – the highest on record.

While the credit card interest rate gap has increased by 77 per cent since the start of 2000, the gap for fixed-rate personal loans has increased by 92 per cent.

Less scrutiny

The personal loan interest rates tracked by Finder are for fixed-rate loans where the loan is unsecured, as is the case with credit card debt.

Borrowers expect to pay higher interest on unsecured loans that are riskier for lenders compared withlending with security over the borrowers home.

But its the level of interest rates of credit cards and personal loans that concern Choice and others.

Kirsty Lamont, a director of Mozo, says that during the last period of rate hikes between late 2009 to late 2010 when the cash rate increased 1.75 percentage points, the big four banks each passed through the full increase on their credit cards, with two hiking by even more.

ANZ and CommBank jacked-up interest rates across their card portfolios by an average of 1.75 percentage points, while Westpac and NAB whacked cardholders with average rate rises of 1.95 and 2.17 percentage points respectively, she says.

Diane Tate, the executive director of retail policy at the AustralianBankersAssociation, says banks dont get their funds at the Reserve Bank cash rate.

She says they borrow from domestic and from offshore markets, where interest rates are higher and are dependent on global financial conditions.

Tate says after the global financial crisis, the average cost of funds for banks changed significantly.

This resulted in an increase in the spread to the cash rate for a broad range of lending products, not only in Australia but also overseas, she says.

Bells and whistles

Banks prefer to compete more on the bells and whistles oftheir credit cards, such as rewards programs, than on interest rates.

Lower-rate cards are available, but they are not offered by the big banks, though Westpacs sub-10 per cent card when it is launched,may change that.

There are deals such as balance transfer offers, which are also offered by the big banks, where no interest is charged ondebt that is transferred from another card for a period of time.

And about one-third of credit card holders pay off the whole debt by the due date and pay no interest at all.

Martin North, principal of Digital Finance Analytics, says the economics for banks of cards business and personal loans is a mix of loss rates, transaction costs and rewards programs.

However, he says, it is also about competitive positioning and market share and other pressures such as scrutiny by politicians and the media.

North says there is not as much competition on personal loans as with other types of debt and themarket for personal loans is relatively small.

With pressure on mortgage margins, banks have quietly ratcheted-up the interest rates on personal loans, cards and small business loans, he says.

Competition

Bessie Hassan, money expert at Finder, says an unsecured personal loan can be effective tool to consolidate debts so that your repayments are in one place.

Rolling credit card debt into a personal loan can be a good way of getting the debt under control as long as the personal loan has a reasonable interest rate.

Unlike with credit cards, where the minimum payment has to be made each month, and the debt does not have to paid off, personal loans have a set repayment schedule so that it is paid off over time.

Variable-rate personal loans are generally more flexible than fixed-interest-rate loans, Hassan says.

With a variable loan youre normally allowed to repay early without penalty and you can make extra repayments, but these features are rarely offered with a fixed-rate loan, she says.

Consumers should shop around as there are credit cards and personal loans with interest rates under 10 per cent, Hassan says.