13 Apr Millionaire Maker
Been playing the Millionaire Maker game on a weekly basis and learning about business strategies and investments. There are 4 different worksheets of people that have various cash machines , income and net worth. We picked the ones with the most challenge and see how we can build the net worth to 1 million or more.
There are several stack of cards divided into Wealth Account, Entities, Cash Machine,
TLC (Team, Leadership, Conditioning), Forecasting, Challenge, Debt Management.
Apparently we are supposed to ignore the Debt Management and focus on the Cash Machine to generate income. First you need TLC points to do any transaction and to move ahead. Having a team, being in charge and a leader of your business and having the mental attitude and conditioning is stressed.
Rolling the dice moves you around the board depending on which section you start. Each card will tell you what to do. Some cards give you extra cash for doing daily reading/ learning, and some give free TLC points for giving free samples of your product or when presenting your product at a meeting. Most require payment to enhance your business with marketing and joint ventures. This can increase your payday. Sometimes you land on a Challenge card and more times than not it is negative. You can lose your income, add to your expenses or lose your investments if you did not forecast it or did not have it protected in an entity.
You get paid after expenses are deducted from income. Once you have enough cash coming in then you can start using it to build your Wealth Account. Money gets deposited from your cash on hand and when you do an automatic deduction from your payday. Only money from the wealth account can be used to buy investments. Investments can be Real Estate, Oil & Gas, Promissory Notes, Equity Shares.
The information is tracked on a balance sheet and Profit/Loss worksheet where Income, Expenses, Assets and Liabilities are tracked. Net worth = Total Assets – Total Liabilities. The winner is the one who has the greatest net worth at a designated period of time. I think anyone who can get more than what they started with is a winner.
The board game does promote a few of Ms. Langemeier products. Extra points/ credits are given when you get a card that states you “attended the Cash Machine, Big Table, or Real Estate as Leverage workshop. You get extra when you joint venture. Extra points is given for reading her books.
So what have the game taught me so far?
It has taught me the importance of having a team and doing joint ventures to leverage our time, efforts and funding. It has taught me to focus on growing our Real Estate Cash Machine and other cash producing activities vs debt. We already have our existing properties protected with entities otherwise having your assets protected would be very important. Also learned the importance of forecasting our income, expenses and taxes so that future funds are available.
As far as learning about investments in Real Estate, the game seems to focus more on traditional methods of putting a down payment and getting a loan to cover the majority of the purchase. There is not a big difference between the liability and assets of an investment property. While the Millionaire Maker Game is great for overall business strategies and ideas, the Cash Flow 101 game by Kiyosaki maybe a better game to focus on Real Estate Investments.
What do you think about the game? What have you learned by playing the game?
Investing in Your Future