“The greatest mistake you can make in life is to be continually fearing you will make one.”
My father worked in construction and did contract work on the side.
I remember being with him on some of the job sites when I was a kid. He would give me simple tasks to do, but not tell me how to do them. Instead, he would let me try to figure it out for a while on my own. I almost never got it right the first time, but the process of making mistakes and trying to figure it out on my own before having his guidance has always made me remember the lesson.
Cashflow 101: The Game
As the introductory quote to this blog states, one can’t be afraid to make mistakes. I agree wholeheartedly with this and believe that making mistakes is one of the best ways to learn. With that said, I also believe that mitigating risk is an important concept to understand as well, especially when it comes to investing. So the key question becomes “how can one make mistakes so they can learn while at the same time reducing the impact of those mistakes?” Introducing Cashflow 101.
Cashflow 101, created by Rich Dad Poor Dad author Robert Kiyosaki, is an educational board game aimed at teaching investors concepts of accounting, finance and investing. Each person is given a profession cards that defines their income, expenses, assets and liabilities. The objective of the game is to “get out of the rat race” by accumulating enough passive income that exceeds your expenses. This is accomplished by doing “Small Deals” (buying/selling stock, single family homes, land and starting small …read more