12 Tips For Getting The Most Value From The Cashflow 101 Game
By: Leon van der WaltÂ (financial-inspiration.com)
Robert Kiyosaki’s Cashflow 101 game is a great learning tool. The following hints have been compiled so that you can get the most value you possibly can from the game. These tips apply to real life as well, so keep your heads up.
1. Don’t cheat. The purpose of the game Cashflow 101 is for you to learn so if you cheat you learn to cheat. Why make money illegally when it is so easy to do it legally?
2. Read the rules. You should especially read the three-hour millionaire piece on the back of the Cashflow 101 rulebook. See also Robert Kiyosaki’s Hot Tips page that comes with the game. Know the legal side of things and listen to the advice of professionals.
3. Find learners to play it with. Find people who want to learn more about investing and money to play with. It is wholly different to play with people with the same money and financial interests, than family and friends who play with you because no one else would. Some action is better than none, but better yet is someone motivated to the action for his/her own personal reasons.
4. Know there will always come another deal. If you haven’t got interest in a deal at this very moment, know that the next deal of the decade is around the corner (or the next card in the deck).
5. Investigate your options. Don’t let a shortage of cash let you out of great deals. There are other people in the game that might be interested in the deals only you’ve got access too.
6. Learn to share. Share deals – split the cost and the return if you feel the risk of borrowing the money is too great.
7. Understand the power of leverage. If that $1 deal comes along and you don’t have any cash, borrow if you must, but take it. This is just one example of how you can leverage of the bank’s money for extraordinary returns.
8. Have backup in a calculator. Yes, you might know your sums pretty well, but it does not hurt to have a calculator handy for estimating how long it will take you to get out of the rat race.
9. Understand potential of grey areas in rules. Yes, rules and laws do not cover everything so there might be some loopholes. But rather than using loopholes, set up a contract that at least two parties can agree to that is a win-win situation for both. Do not see the absence of rules as an obstacle, but rather see it as an opportunity.
For the advanced player:
10. Play it real. Change the job cards to the actual jobs that some of your Cashflow circle members has and see how different people would get out of your financial situation. Example: Job Title – Store Checkout Clerk, Salary $1,500, Taxes $300, Monthly Cashflow $150, etc.
11. Play it real II. Change the Big Deal, Small Deal, Doodad and Market cards to reflect situations that you have been in personally, or where you might land in. Example: Market Card – Lose all assets due to litigation; Doodad – Buy new computer for $1,000 monthly expenses goes up by $150; Small deal – Buy stock in a small-cap company (market card might either quadruple your money or lose your whole investment); etc.
12. Teach and learn. There is always some area where you will be better in than others – why don’t you teach them how they can get better at it. Give and then receive. Allow others to teach you in areas where they are more skilled than you.
Leon van der Walt is an aspiring netrepreneur in the fields of inspiration and financial freedom. Leon has a masters degree in quantitative risk management and when not working on the Net is a bank employee. He strives to continually improve himself and is focussing on increasing financial literacy.