John Paul Pigeon, the Cashflow Kid, at Umlimited Motivation seminar.
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John-Paul Pigeon started reading the Rich Dad books at just 7 years old when he found Rich Dad Poor Dad. Now at a very mature 11 years old, he is one of the most business-aware young investors in Texas.
Listen to John Paul Pigeon as he talks about business and investing:
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Now there is another electronic version of Robert Kiyosaki’s CashFlow Game – the version for kids at home and at school. This is targetted at kids going to or starting schooling.
CashFlow for Kids at Home is an electronic version of the CashFlow for Kids board game. Objectives for the new game include: New Character design, educational content beyond the board game, expose kids to finance concepts and terms, easy to use, and above all, fun to play.
In the Home version, Kindergartners are taught similar concepts to investing with Toki’s Carrots and Bunnies. Nearly all test subjects reported a fundamental understanding of investing, saving and spending after playing the game.
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The author of the bestseller Rich Dad, Poor Dad, told a Tel Aviv audience yesterday that the middle class in the U.S. is about to disappear, and the rich will get richer; and the U.S. is heading toward a recession that will last for a few years. This is bad news for many people, but not for investors, Robert Kiyosaki explained.
Kiyosaki was in Israel to promote the publication of the Hebrew translation of his latest book, Why We Want You To Be Rich, co-authored with the American developer and reality TV star, Donald Trump, as well as the launch of his new board game: Cashflow.
Speaking at a news conference yesterday, Kiyosaki said it’s time to start teaching children how to manage money, because more education is the way for today’s younger generation to escape financial ruin. Otherwise, explained Kiyosaki, the gap between rich and poor will only grow.
“The problem with most people being poor is that they’re taking advice from financial losers,” Kiyosaki said. “All I’m asking is that a kid have a chance to be rich or poor.”
The new book is not really about how to get rich, Kiyosaki said. “It is very simply about why we think it’s important to get rich.” Kiyosaki is trying to teach children about money management with a child version of his Cashflow board game. He said that he is trying to help people acquire financial intelligence.
The U.S. government is continuing to print money, salaries are not rising at the same pace, and the middle class is collapsing – and all this reminds Kiyosaki of Germany at the start of the 1930s.
“Hitler was elected for only one reason – the German government printed money,” he told listeners. “So much money that the middle class was wiped out, and that is what is happening now in the U.S. That is how Hitler rose to power, and it will happen again, if we do not teach people how to make money – and teach politicians not to print as much money as they want.”
The time has come for people to learn from the rich, said Kiyosaki. “We need to understand history.”
He proposed adding financial education to the school curriculum, including in Israel. “Israel has an opportunity to change its educational system and teach how to make money.” Kiyosaki explained that “what is important is financial intelligence – now that is what makes you rich – not money.”
He explained that you can buy gold, bonds or houses – and still go bankrupt. What makes you rich is financial intelligence, he added.
In the past he has attacked investment advisors, saying that all that interests them is making money from their customers. Yesterday he was scheduled to speak to investment advisors from investment house Excellence Nessuah.
When asked what he would say to them, he responded that he would tell them that it was nothing personal. He said that he feels that large institutions lead people to lose money, which is why financial institutions are persecuting him. He said that he is not against them, but that he wants them to educate.
He said that “Excellence wants to educate people to make better investment decisions. It is like a beer company telling the public: “Don’t drink and drive.” That is social responsibility,” he explained.
The recent world financial and credit crisis has done Kiyosaki’s business a lot of good. He said he has made more money since the start of the crisis than in the rest of the year, and that the crisis has caused more people to seek out his advice. He says that in the past people viewed him cynically, but now they are taking him seriously.
Kiyosaki explained that America is now the world’s biggest debtor nation, and President Bush is not reporting it. That is why it is necessary to educate people to become rich, and that is why he put out his Cashflow game. The game is like Monopoly, but the difference is that the new game combines investment and accounting.
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A majority of British people believe buying property is now a safer place to put their money than saving with a bank or building society. Research for the BBC Two series, The Truth About Property, found 53% of respondents believed owning property was safer than cash.
The poll took place in the aftermath of the Northern Rock crisis, the first run on a British bank in nearly 150 years.
The findings come despite mounting evidence of a slowing housing market.
‘Extreme measures’
Prices have fallen in many parts of the UK in the past few months, prompting some analysts to question whether the decade-long housing boom is coming to an end.
In order to gauge how record house prices were affecting people’s lives, the BBC commissioned NOP to conduct research on the issue at the end of last month.
Asked which they thought was a safer investment at the moment, 53% of those surveyed said buying property was safer than cash.
That belief is directly at odds with the view accepted by the overwhelming majority of investment professionals.
They regard cash as safer than property because as long as the bank is solvent, there is no risk to your capital.
It will also raise questions about the success of the government’s attempts to reassure the public following the run on Northern Rock.
The programme also discovered that first-time buyers, fearing the first rung of the property ladder is drifting out of reach, are taking extreme steps to obtain a property.
Such steps included:
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Just as you teach your children to read books, you can help them become financially literate as well. Here are some ideas for your financial lesson plans.
Begin Early
Teach three and four year olds to count their change; it can be a financial lesson, as well as a mathematical one and help them become familiar with the concept of money.
Experts recommend starting an allowance when your children reach grade school when number concepts are mastered. An allowance will help them make independent financial decisions and install a good work ethic.
As they grow older, you can teach your children the importance of sticking to a budget by giving them a set amount each month to pay for some of their own expenses. If they need an advance, consider it a loan and charge them interest.
Explain Money Matters
Encourage your children to monitor what they have saved by opening their own savings accounts. You may require them to save 10 percent of their allowances and monetary gifts, and you might consider matching the funds. Take advantage of everyday opportunities, too. Show them how to calculate the tip in a restaurant, help them find the best grocery deals and explain how a credit card works.
From Pennies to Paychecks
Once your teenagers earn regular paychecks, open a checking account. Teens can take charge of their funds and track spending habits. An ATM card or VISA CheckCard gives convenient access to cash and maintaining their own accounts will give them confidence to handle their finances as adults.
Teaching your children to be smart money managers will help ensure their future financial stability as adults.
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