Lifestyle Success Topic 3 Review – Financial Education

Get into groups. We need captains. Choose.

Who can Get Rich? Self-Fulfilling Prophecy.         Education/Knowledge is Power.

 

Project: What did your parents teach you about money?

School, Job , Retirement (How much to retire?) What do you intend to do when you retire?
When do you want to retire?     Debt vs Equity  

Good debt vs Bad Debt                 How long does it take to save 1 Million?                Borrow 1 Million? 

1.       Money is an Idea (mindset)

2.       Money Does not Make You Rich

3.       2 Kinds of Money Problems (Too little/Too much)

 

Can Money Solve Problems? Ex.: Mike Tyson

What produces the most Millionaires?                   Zero-Aire
What Bank let’s you borrow to buy Stock?           An Idea (business)? 

3 Types of Literacy: Academic, Professional, Financial

 

Project: Define Assets and Liabilities                                                       Middle Class vs. Wealthy

 

“I can’t do (afford) it?” vs “How CAN I do (afford) it?”

 

Types of Income: Earned, Passive, and Portfolio (Taxes created by…)

 

Can you Read a financial statement?

Project –Define:

E- Employee

S- Specialist

B- Business

I-Investor  

 

Project: List assets and liabilities to get your cashflow
Example

House – $100,000              $80,000 Mortgage comes from…

$100 cash flow vs Evicted                              $100,000

 

Homework:  Define Wealth…How long can you last if you lost your job today? Credit Card. Take Charge.   
Read – Rich Dad Poor Dad, Cash Flow Quadrant, Think and Grow Rich.