Note Investing - What about the children?

Question

This post may not get much traction but through to throw it out there.How are Note & R/E investors out there teaching their children about what they do?

The other day, I was picking up a rent check from a tenant and my five year old son saw a garage sale across the street.He asked is we could take the rent money to go buy toys at the garage sale so the people could use the money to go buy food.

Below is a pic of my son playing Cash Flow for kids.Would love to get some more ideas from the group.Like many of you, I want my kids to have the best chance in life.

Dave Van Horn · Answer

@Martin Saenz Love this topic!

And I'm a big fan Cash Flow For Kids as well! Have used it with both my children and my grandchildren. We've also used it with folks in my office as well to promote many of the topics covered in the game.

Kinda like you, I've also taken the game one step further with my oldest grandchild. One of my sons (who is in his 30's), owns and operates a small contracting business. Owning property in the area, I of course hire him to work on my properties on occasion. So on days I was watching his son (my grandson), we would play Cash Flow For Kids and then I'd take him to one of my rental properties so he could see the actual asset. And since his dad is there and working on the place, it all becomes more tangible and I think lends to a greater understanding of the whole process.

Over the years I've done a variety of other things too with him to expand on the concepts in the game. I actually wrote an article about it for BiggerPockets where I covered 5 different strategies to teach children about Investing and Finance.

https://www.biggerpockets.com/renewsblog/teach-kid...

Basically here's what I covered:

1.) Learn by doing, together with your children - So the example I gave was, my son and I actually took a class on trading options together.Learning alongside one another definitely helped the both of us understand what we were being taught.

2.  Hiring your children to work on or in the business with you - I hired one of my sons to help me with light bookkeeping with my taxes, which of course led him to ask questions like "how do you use your

3.) Relate Games to Real Life - (like my Cash Flow For Kids/property tour example above),

4.) Encourage Good Habits - which was really showing my grandson how to save and question how his money comes in, and where his money is going.

5.) Investing on their behalf - The example I gave (which I've used elsewhere) was how my son and I bought a note together and used the payments to pay back his student loan - essentially getting him a college education for a fraction of the cost.

Curious to hear what others on the forum have to say!

Dave Van Horn · Answer

@Derek E. Definitely recommend it. It honestly works great for people of all ages! And the book that comes with the game is actually one of my favorite things Kiyosaki has written.

Derrick E. · Answer

I'm going to look into this Cash Flow For Kids. This is the first time I have ever heard of it.

Could probably use this from some of the adults in my family lol.

Martin Saenz · Answer

No, sir....just Martin.  Thanks again and look forward to meeting you at a conference at some point.  I'll be at the IMN conference in Fort Lauderdale this January.  All the best and, yes, you have your little one loaded up pretty good.

Martin Saenz · Answer

I'll take you up on it.  I'm putting together the curriculum now.  I've lived in a cave since starting r/e in 2009 and notes in 2013, and receive a calling to share with the world.  I'm really on a mission and have found a love in life I never know existed.

Martin Saenz · Answer

Sounds like you are a very engaged loving father, Account Closed.  I enjoyed reading your input.  Dave Ramsey would be proud of you and Grant Cardone would yell at you, lol.  I tend to be more on the Cardone side of the fence and focus on income growth and cash flow.  Have you played the Cash Flow for Kids game with your 8 year old.  I play it with my 5 year old and he gets so much knowledge out of it.  He understand the difference between passive income and earned income.  All the best to you, Robert

Account Closed · Answer

@Martin Saenz Thank you Sir. Actually I do believe in leverage and using debt, just right now I’m not. I have told my daughter (repeatedly) that money makes money. I haven’t bought the game because honestly she’s so involved in so many things. She does Brazilian Jui Jitsu, gymnastics, Mandarin classes, violin, piano, singing, art (she’s won money in that already) and of course general school homework,  so I don’t want to burn her out. Actually out of all the above mentioned things, she wants to do it all. The only thing I’m adamant about is the BJJ (self defense) and Mandarin (major world language) the rest is on her.  So doesn’t leave much time for other stuff (plus she needs to rest well) but finance is obviously important.

This thread was the little push to get more focused on finance. It’s all about building routines :).

Thanks again Sir and I look forward to reading your book soon.

Dave Van Horn · Answer

Thank you @Martin Saenz! So glad to hear it could be of help. I can tell this is something that you're also very passionate about.

I'd be very curious to hear how this workshop turns out. If you need any more help or want to bounce any ideas off me, feel free to shoot me a PM.

Martin Saenz · Answer

Dave this is incredibly insightful.  Thank you for sharing.

I'm putting together a financial education workshop for my church and this helps me with some topics.  I can merge the board games with the property tours, and other good habit lessons.  I'm very hands on with my kids now as we are home school them.  I'm going to be more formally engaged with them and create a curriculum by which to teach them.  I can co-use that curriculum for my church workshop.  This is awesome.  You helped me piece this together.  Dave, I meant it when I said you are a special person who has helped countless people more than you can know.  All the best!  Martin

Note Investing - What about the children?

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