Ouch.ģ) It’s OK if you want to play it safe, you can still get out of the rat race Everyone who had 3 bedroom/ 2 bath houses was affected and the owner had to let go of their properties. One time during the game, someone drew a catastrophic market card - a financial crisis, if you may. Of course, it is not always as rosy as it sounds. And because you have the property, you get to sell it to him.
Someone may be looking to buy for a new house. For example, in the game when someone draws out a market card, it could turn out positive changes to the players. The surprising thing was, because of the law of leverage, those who bought assets turned out to be in better position to take advantage of opportunities when the market changed. And it certainly is a wise advise, especially if you are still learning your way to financial literacy and you don’t have the discipline to pay off what you owe. One of the most popular advise you will get is to NEVER borrow money. What he considered to be an asset was actually eating him alive because of the HUGE loans, causing him to file for bankruptcy.ĭoes this sound familiar? I think this is very similar to the housing crisis a couple of years back, and still being felt up to this day.Ģ) It’s OK to borrow money as long as your asset is paying for it. He had lots of cash and he didn’t have to pay every month for his “asset”. The surprising thing was, after getting rid of his “asset” he was actually better off. That means, he had extra money at the end of the month again. After selling his “assets” off and paying his debts, he finally got into a positive cashflow situation.
After declaring bankruptcy, he had to sell off all his assets for half the price. Needless to say, this led to his downfall as he eventually filed for BANKRUPTCY. Whenever he passes by the “Paycheck” cell, instead of receiving income, he now shells out extra cash to pay out his debts. In short, his expenses was greater than his income. One of the players over leveraged and got into debt so much so that he was already paying more money than what he was able to earn. Here are 5 lessons they’ve willingly shared that I am now passing on to you so you too can learn from them as well. Seeing their spirits come alive and become animated as they celebrate their personal victory is truly an amazing experience.Īfter the game, I asked the participants what realizations they’ve had while playing the game. It was a gratifying experience witnessing the participants get out of the rat race and cross over to the fast track. Hosting the second cashflow 101 session had its own challenges but the fact that everyone got out of the rat race was a reward in itself. I felt really bad for the participants and promised myself never to allow a similar experience to happen again. But when the guard saw us, the caretaker didn’t have any other choice than to request us to stop playing, even though we weren’t done yet…just when the participants were now beginning to see how the cashflow 101 game works. We were lucky the caretaker still allowed us to play the game if only for a couple of hours. The first time I hosted a Cashflow 101 game in Tapa King Edsa Central, we were kicked out because apparently playing cashflow boardgame is prohibited inside the restaurant. Second, we had the luxury of time and we were able to enjoy the game without getting kicked out of the restaurant. The more like-minded people you surround yourself with, the more people will support you and cheer you on as you go for your dream of financial freedom. In hindsight, I realized that this is also true in real life. Everyone focused on making more passive income from then on so they too can also get out of the rat race. It could be because they saw that getting out of the rat race is indeed possible. In the end, however, when one of them finally got out, like magic, everyone followed suit and got out in no time at all. Congratulations to the participants! Yehey! Granted, it took some time for some of the participants to get out. There were two great news in this session of Cashflow 101 game compared to last time -įirst and foremost, all participants got out of the rat race. This time, at The Old Spaghetti House (TOSH) Restaurant at Robinsons Forum, EDSA Pioneer, Mandaluyong City. Last April 3, I had the priviledge of hosting our second session of Rich Money Habits’ Cashflow 101 games.
0 kommentar(er)
