Billionaires in Training & Cashflow 101 Game

I was at Generis Solutions today to attend the BIT (Billionaires in Training) and  i learnt a few lessons. We did play the Cashflow 101 Game created by Robert Kiyoshaki. Busayo, who facilitated the game  intimated us on the rules and we all set off. I must say that the game was quite an interesting one as it get your mental abilities to work. For those of us who are not familiar with Cashflow 101 board game, the main objective is to get out of the Rat Race to become financially free. To be able to do this, you’ll have to earn a passive income that is capable of paying off your monthly expenses.

Over the course of the game, i learnt quite a lot about myself, my thinking abilities, instincts etc and i’ll just share a couple of them here:

1. Cashflow is very Important:  If you want to be financially free, you need a consistent stream of income. This source of income ensures that you have money flowing in for you as a result of the work you do. Your cashflow determines if you’d be able to buy into opportunities or not. It also helps you project for the long term.

2. Have a strategy: There are various strategic positions to get out of the rat race. There is no clear cut Holy Grail. SImply identify a strategy that works and pursue it, irrespective of what others are doing. For example, during the course of the game, i discovered that buying more properties on mortgage does increases my passive income, as the rent pays mortgage bills and gives a nice passive income so i stopped selling properties acquired except in the utmost need of it.

3. A reduction in income does not mean a bad investment: The fact that your income reduced to pay off for investment in opportunities does not mean you have a bad investment.

4.Keep Expenses as low as possible: While playing the game, i discovered that the higher your income/passive income, the lower your expenses should be. The more expenses you have, the more difficult it is to attain financially free status.

5. There are room for mistakes: While i seem to have read as many possible books on Investment, No money down, Stocks and other financial management piece, my theory could not create a sense of perfection. The theoretical aspect of investing should not compensate for the practical.

My conclusion: attaining financial freedom requires calculated gut instincts. Like Deolu said, Luck is the name we give to what we do not understand. Therefore, attaining financial freedom is more of planning and strategising ahead, rather than looking at it as a game of luck. I recommend this for everyone who intends leaving the rat race to become financially free. If you’d like to attend the next BIT ( billionaires in training) then its happening on 13th December 2008 at Oluwatobi House, 71, Allen Avenue, Ikeja. You can visit www.deoluakinyemi.com for more information though.