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At my table was a banker, a business owner and a...At 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 age After 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 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 women rolex watches 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 ourselves The 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 richSince our schools do not teach people what the rich know, we take advice from these peopleBut one day, you're driving down the highway, stuck in traffic, struggling to get to work, and you look over to your right and you see chanel purse spray your accountant stuck in the same traffic jamYou look to your left and you see your bankerThat should tell you something The computer programmer was also unimpressed by the game: "I can buy software to teach me this The banker, however, was moved"I studied this in school-the accounting part, that is-but I never knew how to apply it to real lifeI need to get myself out of the `Rat Race' " But it was my daughter's comments that most touched me"I had fun learning," she said"I learned a lot about how money really works and how to invest Then she added: "Now I know I can choose a profession for the work I want to perform and not because of job security, benefits or howmuch I get paidIf I learn what this game teaches, I'm free to do and study what my heart wants to studyather than study something because businesses are looking for certain job skillsIf I learn this, I won't have to worry about job security and Social Security the way most of my classmates handbags louis vuitton already do I was not able to stay and talk with Robert after we had played the game, but we agreed to meet later to further discuss his projectI knew he wanted to use the game to help others become more financially savvy, and I was eager to hear more about his plans My husband and I set up a dinner meeting with Robert and his wife within the next weekAlthough it was our first social get-together, we felt as if we had known each other for years We found out we had a lot in commonWe covered the gamut, from sports and plays to restaurants and socio-economic issuesWe talked about the changing worldWe spent a lot of time discussing how most Americans have little or nothing saved for retirement, as well as the almost bankrupt state of Social Security and MedicareWould my children be required to pay for the retirement of 75 million baby boomers? We wondered if people realize how risky it is to depend on a pension plan Robert's primary concern was the growing gap gucci women's watches between the haves and have nots, in America and around the worldA self-taught, self-made entrepreneur who traveled the world putting investments together, Robert was able to retire at the age of 47He came out of retirement because he shares the same concern I have for my own childrenHe knows that the world has changed, but education has not changed with itAccording to Robert, children spend years in an antiquated educational system, studying subjects they will never use, preparing for a world that no longer exists "Today, the most dangerous advice you can give a child is `Go to school, get good grades and look for a safe secure job,' " he likes to say"That is old advice, and it's bad adviceIf you could see what is happening in Asia, Europe, South America, you would be as concerned as I am It's bad advice, he believes, "because if you want your child to have a financially secure future, they can't play by the old set of rules I asked him what he meant by "old black chanel bag with white logo on the side rules2:10 PM - Wednesday, March 3, 2010
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