Thank you to RichDad for sponsoring today’s post and inspiring me to be financially savvy with CASHFLOW board game!
Spending. Saving. Borrowing. Repaying. Finances. Money.
As you know Chuck and I have been on a necessary journey to pay off our debt. Money management is a vital life skill and we believe it is essential to teach our children these skills. Up until five or six years ago we lived completely debt-free; even with our large family. Then medical bills and various life circumstances slowly found us accumulating and then relying on debt. In January 2014 we made a plan and committed to pay off our debt little by little no matter how long it takes. So far we have paid off over $16,000. Woo-hoo!!!
We have chosen to be very transparent with our children about our debt. They know (and see) that we are making very real choices to become debt free. We keep the dollar amount of debt we have paid off so far ($16,077) on our dry erase board in the dining room so they can track the progress along with us.
We believe that by allowing our children to be part of the journey to debt-free living, they will be learning sound financial principles along the way. I wish our story was one of “we never had any debt” but instead it is going to be one of perseverance and success and that might be even better in the long run.
Aside from just being transparent with our kids about the debt, we allow them to see how and where we spend our money. We are being intentional as we teach them about spending, saving and giving. We also enjoy teaching them about money management through the CASHFLOW board game. CASHFLOW has been a favorite of my kids for years. We introduced David to the game while he was visiting last month and I think it is safe to say he is hooked now as well.
So what exactly is so great about the CASHFLOW board game?
CASHFLOW 101 teaches you and your kids how to get out of the Rat Race and onto the Fast Track, how to make your money work for you – not the other way around. CASHFLOW 101 is an educational board game that simulates real life financial strategies and situations. As a simulation, you learn valuable lessons and gain priceless insights into personal finance and investing without having to put your actual money at risk. CASHFLOW 101 is the ultimate realization of Robert Kiyosaki’s vision of an interactive tool for financial education, and the fulfillment of his belief that we learn best by doing. CASHFLOW 101 is an educational board game that teaches accounting, finance, and investing at the same time – and makes learning fun!
The basic premise of CASHFLOW is this: You start out in the rat race. To escape, your passive income has to be greater than your total expenses (sound familiar?) Along the way you collect Big Deal, Small Deal and Doodad cards. This game includes financial statements and cash ledgers that the players fill out. Hezekiah (10) and Tucker (9) love to play this (though they need a bit of assistance from a parent or older sibling). I love, love, love the principles picked up during play.
This game has offered our family hours of fun over the years (and a whole lot of learning). After playing it with our friends again a few weeks ago Chuck announced that he wanted to buy our own copy of the game for the kids.
Are you intentional about teaching your kids financial skills? Are you open about money discussions or is that something you keep private?