Introduction
It is 15 minutes video called 10 things the rich teach their kids about money. Here is the link. I wrote down the notes in my blog, but somehow I forgot to save it at the end of it. I need to replay, but this time I like to write a blog about #2 with a case study, Looking Good but going nowhere!
Case study of two people with $60,000 dollars
The case study starts from video 2:40 - 5:11/ 15:13.
Assets and liability
Spending patterns
Bad example:
$6,000/ Month
Pay his bills
Going out
Shopping
Buying things
Getting a new car
Nice stuff - stuck in the rat race, and it will take years to get out.
Good example:
He saves $3,000 and puts it into cash flow investments
Put away $40,000
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