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When the hype is reaching new heights, it may be a good time to reach for the tried and true.

As the S&P 500 (^GSPC) sets new records and "Magnificent Seven" trades such as Nvidia (NVDA) sail past red to white hot, remember to keep an even keel, advised life and business strategist Tony Robbins.

"If a Ferrari was on sale for 70% off, you'd buy it. But when your favorite stock is, people freak out. And when the thing is too expensive, they want to buy it," Robbins told Yahoo Finance. "It's the crazy part of humanity."

Long-term fortunes are not built on a single asset class, let alone a single industry. Diversification is key to wealth generation, said Robbins, who has interviewed the likes of billionaires Ray Dalio, Robert Smith, and Berkshire Hathaway's (BRK-A, BRK-B) Warren Buffett. His latest book, "The Holy Grail of Investing," digs into the power of alternative assets in a world obsessed with stocks.

"There [are] 250,000 companies that are from a $100 million to $3 billion [in value] that private equity can step into," said Robbins. "Instead of trying to evaluate [the Magnificent Seven], create the diversification for yourself. So you reduce your risk by 80%."

His other tip for success includes turning a consumer mindset into an investor mindset: Those iPhone upgrades will cost you thousands, but a pile of Apple (AAPL) stock can set you up for the future.

And regardless of where you're sitting in life, staying hungry can turn a losing tide — or extend a winning streak.

"If you're hungry, you'll find the answers. If you're hungry, you'll push through," said Robbins.