Wisdom of Rich Dad

Over the weekend, I got five of my friends together to play this game that’s like Monopoly.  The game Cashflow was developed by Robert Kiyosaki, author of Rich Dad Poor Dad.  It teaches people financial intelligence. 

How can anyone learn financial IQ from a board game right?  I was skeptical in the beginning also.  But I was a fan of his book so I wanted to see what it was about.  It’s now my fourth time playing and I definitely picked up a thing or two.

At my first time playing, I did not land on an opportunity square for the last hour and half of playing.  I was getting shorted even though the odds of my landing on an opportunity is extremely high.  It’s every other spot!  But in life, that happens.  But you can either decide that’s your fate or you can just keep fighting. 

By the fourth time playing, I realized you could BUY other people’s opportunities.  This meant that whenever someone landed on one, they could either use it themselves or sell it to someone else.  Sometimes, that person can’t afford it because they don’t have the necessary capital.  The analogy in real life is like having a really good financial adviser who can suggest opportunities for you.  All you have to do is shell out the money.

More People Knowing The Market = More opportunities for you

Because the Market card came up so rarely, it helped when there were more players in the game.  And the Market card was the only one that can shake things up both good and bad.  So for us in real life, we need to surround ourselves with people that know the market very well.  Only then we will be able to make the right decision to make a gain or to avert a lost.

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Robert Kiyosaki, says he went from bankrupt homeless person at 38 to retired multimillionaire at 47. His story has inspired me to start writing a paperback telling fatties they should eat more chocolate and watch more TV if they want to look like supermodels.

The success of the Rich Dad, Poor Dad franchise shows that a book titled Making Money Is Extremely Hard Work just won’t sell. This may be why most of the books I recommended have to be ordered while you’re bound to find Kiyosaki’s paperbacks in your CNA.

Kiyosaki – now 63 and still scribbling away suspiciously much for a supposedly retired tycoon – tells stories about how his hard-working university graduate dad ended up poor while the high school drop-out dad of the kid next door became rich.

It is enjoyable fiction, unfortunately pretending to be fact. Much of Kiyosaki’s advice is extremely dangerous, especially for the lazy, uneducated market at which it is pitched.

Wall Street Journal personal finance writer Jonathan Clements kicked off his review Rich Men, Poor Advice: Their Book Is Hot, But Their Financial Tips Aren’t: “My entire career has been a pathetic waste of time. Or so Igather from Robert Kiyosaki and Donald Trump.

“You know all those articles I have written about saving diligently and buying mutual funds? This ‘may be good advice for the poor and middle class, it is not good advice for people who want to become rich,’ according to Why We Want You to Be Rich, the new book from Messrs Kiyosaki and Trump.

Clements concludes: “Don’t rush to dump your funds quite yet.”

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There are a great many computer games available online. If you have been playing online games for a while it might be time that you put your skills up to the task and see if you can win some cash for playing these online games . You really don’t have to be a professional gambler to win some cash from these sites. Just play online and see if you have what it takes to win some money with your skills. Some of the games are not games of chance but instead games of skill and these are the ones that you should be looking for. These types of games will mean that you have to put some practice into the games and get really proficient at playing. You will not be participating in a get rich quick scheme, just a way to put some of your online gaming skills to the challenge.

All you will have to do if you want to play some of these games for cash is find a site that offers this type of gaming. Deposit your money into your online account and get playing the games. There are free games on the sites in most cases so you can get some practice in before you begin playing the cash games.

Most of the games that you will play will match you up against other players who are playing at the same skill level as you. This will make the games more of a challenge and give you the opportunity to make some cash. Make sure that you play on a site that matches the players up against those that are in their same skill class.

One thing that you should keep in mind when you are playing these games for cash is that you should never spend money that you don’t have. If you are finding it hard to pay your bills, online gaming is not a good idea. There is still the possibility that you will lose your money no matter how good you are. You will always face the possibility that you will be playing against someone who is better than you are. Don’t bet your rent.

On the other side of the coin, if you have some extra cash and are interested in wagering a little bit of money on the skills that you have acquired there is nothing wrong with a little gaming now and then. It is perfectly legal as long as you are over eighteen years old. Make sure that you get in some practice before you put up your money in the games.

You can find these online gaming sites all over the Internet. Some of the sites will play traditional casino games and others will allow you to wager on word games and puzzle games. The choice is yours. If you find a game that you are particularly good at, then this might be the game for you to make some cash. Put your money where your mouth is and get playing for some cash online.

I have been fed up to my nostrils with people pretending and always talking about what they are “going” to do tomorrow. I am guilty of being in the company of spectators; they talk about winning but won’t put one foot in the game.

I recently decided to up the ante and find the players, the ones who are in the game of making things happen. As I pondered this subject, it makes an enormous amount of sense: If I want to be better and score higher, I need to be around those people who are making it happen.

Businessman and author Robert Kiyosaki sums it up best, “If you want to go somewhere, it is best to find someone who has already been there.”

Over the past several months, I’ve been closely examining the people in my personal and professional space; I noticed most were holding me back. They were incredibly brilliant in their dialog: They were talking big, but playing small. My initial response was that these people had no genuine purpose in my life, but in retrospect they did. They were human mirrors, reflecting my personal growth, current dissatisfactions and future ambitions.

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When your children are little, you purchase things for them that they may need or want. Once they hit the teenage years, that’s a different story. As the parent of a teenager, you need to have a plan for teaching teens to save money. When you child hits the teenage years the things they want seem to increase and so does the price. They still seem to think you have all the money in the world and you can and should buy them whatever they want.

Once they hit 16, they should get a job. But it can start earlier than that if you want it to. They can mow lawns, shovel sidewalks, or babysit. Working hard and making money will teach them the value of a dollar. Once they start making money they will probably want to spend quickly too. Teaching teens to save money may be difficult at first, but you need to do it.

Teaching teens to save money is important for their future. They need to know why they should save and how to do it. You may need to learn yourself so you can teach your teens to save money, but it will be a valuable lesson for you as well. The first thing you need to do is take them to the bank and set up a savings account for them.

Once you do this you need to set them up on a budget. Teaching teens to save money through a budget is one way to make this happen. You need to gather all their bills and their pay checks. Their checks will be different since they are probably not guaranteed the same number of hours each week.

You need to teach your teens the reasons why they need to save money. These reasons can include saving for a car, a special date, new clothes, or college. Teens want expensive things and when it gets to a point where they have their own money, you should consider making them pay for most of those things.

Teaching teens to save money can be a very difficult thing to do. You need to stand your ground when they try to tell you they have no need to save money. It may be hard for you, but you can do it and you will thank yourself for it in the future.

Your teen will thank you when they have a major repair that is needed on their car, or if they have to buy tires for it, or they find a new pair of shoes they “must” have. They will also be thankful when they are grown, married, and have their own kids and need money to buy their first house.

There are many reasons why teaching teens to save money is so important. Showing them how to save money will not only help them now, but in the future as well. They will be so happy you taught them these things later in life when they have a family and retirement to think about.

According to the Cashflow quadrants by Robert Kiyosaki, I will need to switch to either a business owner or an investor to become wealthy. If I were to choose the path as an investor, I realized that there are certain responsibilities that I need to fulfill.

What are the responsibilities?

To answer this question, let use the example of Investing in mutual funds.

As we all know, fund managers managed mutual funds. They are expert and more qualified than the average investor in stock investment. Thus they are in a better position to make money from the Stock Market.

Another advantage of mutual funds is that there is diversification to reduce risk. The amount of money is pooled to invest in different stocks, thus achieving diversification. These are the two selling points of investing in Mutual Funds.

When I initially started to invest in mutual funds, I never do any detailed research. Like most people, I simply invest in a mutual fund that I think it will make money. The decision is usually purely based on the information presented by the sale persons. Happily, I invested and forget about it. I felt that since the expert fund manager is managing my investment, I had nothing to worry about. And I never really monitor the performance of the mutual funds.

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