The child is born and goes to schoolThe proud parents are excited because the child excels, gets fair to good grades, and is accepted into a collegeThe child graduates, maybe goes on to graduate school and then does exactly as programmed: looks for a safe, secure job or careerThe child finds that job, maybe as a doctor or a lawyer, or joins the Army or works for the governmentGenerally, the child begins to make money, credit cards start to arrive in mass, and the shopping begins, if it already hasn't"Having money to burn, the child goes to places where other young people just like them hang out, and they meet people, they date, and sometimes they get marriedLife is wonderful now, because today, both men and women workTwo incomes are blissThey feel successful, their future is bright, and they decide to buy a house, a car, a television, take vacations and have childrenThe happy bundle arrivesThe demand for cash is enormousThe happy couple decides that their careers are
louis vuitton backpacks vitally important and begin to work harder, seeking promotions and raisesThe raises come, and so does another child and the need for a bigger houseThey work harder, become better employees, even more dedicatedThey go back to school to get more specialized skills so they can earn more moneyMaybe they take a second jobTheir incomes go up, but so does the tax bracket they're in and the real estate taxes on their new large home, and their Social Security taxes, and all the other taxesThey get their large paycheck and wonder where all the money wentThey buy some mutual funds and buy groceries with their credit cardThe children reach 5 or 6 years of age, and the need to save for college increases as well as the need to save for their retirement"That happy couple, born 35 years ago, is now trapped in the Rat Race for the rest of their working daysThey work for the owners of their company, for the government paying taxes, and for the bank paying off a mortgage and credit
omega usa cards"Then, they advise their own children to `study hard, get good grades, and find a safe job or career' They learn nothing about money, except from those who profit from their na?et? and work hard all their livesThe process repeats into another hard-working generationThis is the `Rat Race'
The only way to get out of the "Rat Race" is to prove your proficiency at both accounting and investing, arguably two of the most difficult subjects to masterAs a trained CPA who once worked for a Big 8 accounting firm, I was surprised that Robert had made the learning of these two subjects both fun and excitingThe process was so well disguised that while we were diligently working to get out of the "Rat Race," we quickly forgot we were learningSoon a product test turned into a fun afternoon with my daughter, talking about things we had never discussed beforeAs an accountant, playing a game that required an Income Statement and Balance Sheet was easySo I had the time to help my daughter
chanel logo earrings and the other players at my table with concepts they did not understandI was the first person-and the only person in the entire test group-to get out of the "Rat Race" that dayI was out within 50 minutes, although the game went on for nearly three hoursAt my table was a banker, a business owner and a computer programmerWhat greatly disturbed me was how little these people knew about either accounting or investing, subjects so important in their livesI wondered how they managed their own financial affairs in real lifeI could understand why my 19-year-old daughter would not understand, but these were grown adults, at least twice her ageAfter I was out of the "Rat Race," for the next two hours I watched my daughter and these educated, affluent adults roll the dice and move their markersAlthough I was glad they were all learning so much, I was disturbed by how much the adults did not know about the basics of simple accounting and investingThey had difficulty grasping the
prada clutch relationship between their Income Statement and their Balance SheetAs they bought and sold assets, they had trouble remembering that each transaction could impact their monthly cash flowI thought, how many millions of people are out there in the real world struggling financially, only because they have never been taught these subjects?
Thank goodness they're having fun and are distracted by the desire to win the game, I said to myselfAfter Robert ended the contest, he allowed us fifteen minutes to discuss and critique CASHFLOW among ourselvesThe business owner at my table was not happyHe did not like the game"I don't need to know this," he said out loud"I hire accountants, bankers and attorneys to tell me about this stuff
To which Robert replied, "Have you ever noticed that there are a lot of accountants who aren't rich? And bankers, and attorneys, and stockbrokers and real estate brokersThey know a lot, and for the most part are smart people, but most of them are not
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