Financial burden can be the root of stress, arguments, and anxiety in our everyday lives. Millennials --21 to 34 -- hold an estimated $1.1 trillion of the country's $3.6 trillion in consumer debt, according to UBS, which can cause a delay in big-ticket spending decisions like buying a home, getting married, and saving for retirement.
Due to this cash-strap, paycheck-to-paycheck lifestyle, a lot of people are asking themselves, "Will I ever achieve financial freedom?" Some people will call it a pipe dream, but life success coach Tony Robbins believes it's possible with his playbook on money compounding. This principle requires you to set money aside in the bank and allowing it to grow based on the interest every year.
An example Robbins used was Theodore R. Johnson, a UPS driver in the 1950s who never made more than $14,000 a year but invested wisely and saved $70 million by the time he retired. "A friend of his told him exactly to do what I teach," Robbins told On Air with Ryan Seacrest on Thursday. "He said, 'Listen, I'm going to put a tax on you. His was aggressive. He said, 'We're going to put a 20 percent tax on you,' and [Theodore] said, 'I can't do that, I make $14,000 a year.'"
Once Theodore agreed to put his money in an investment account and allowed it compound and grow, he achieved millionaire status and ended up donating $36 million of his fortune to education.
Robbins also advised parents to push their kids to start saving early with a small amount. On where to invest the cash, he promised that his new book, Unshakeable: Your Financial Freedom Playbook, will "show you the best places to put it and are proven by the best investors in history."
"If you're wondering what to do, this book will show you exactly what to do," he added. "Literally you can read this in three or four hours, or a weekend."
One hundred percent of the book's proceeds will go towards his ongoing project to feed millions of Americans who struggle with hunger. "I fed 100 million people last year, 100 million people the year before, we're going to feed 100 million people this year," he said, "and we're going to feed 1 billion people in the next seven years. So you can change your own life and you can also help somebody who is really in need of help simultaneously."
Unshakeable: Your Financial Freedom Playbook is out now.