28 Jan “CREATING YOUR CASH FLOW WITH RICH DAD, POOR DAD”
Many would agree, that the gateway of success to the start of one’s entrepreneurial journey, is the development of a solid and sustainable Cash Flow statement which paints the financial picture of a business for a specific time period. Through his work with entrepreneurs, Roger Moore, President of Cash Flow Clubs (Trinidad and Tobago), has been using the six-time New York Times Bestseller “Rich Dad, Poor Dad’ currently the most successful book on personal finance, to demonstrate the simplicity of his cash flow concept which is proven to be highly beneficial to entrepreneurs.
According to Moore “the author of this book, Robert Kiyosaki, found a way to teach investing, finance and entrepreneurship to just about anyone.” But according to Moore “the Rich Dad books became so successful, that the world missed out on the true prize – his games and simulations; our brains seem to be wired for simulations, as we remember 90% and more of what we do in a simulation.” Moore continued “we use simulations to teach investing, finance and business; simulations are the gold standard in the military and aerospace industries because they work.”
When compared with traditional accounting principles, simplification and added value are the greatest attributes associated with this concept. “We have a different definition of an asset. An asset puts money into your pocket every month, a liability takes money out of your pocket. We teach people to acquire assets (real estate, etc.,) to aim for multiple sources of income” said Moore. Through the simulations’ approach, individuals are taught how to raise capital for their investments, and are also able to practice raising capital repeatedly in the simulations, until they get it right.
Entrepreneurs have been experiencing huge success with the Cash Flow Club, with some venturing in both full and part-time business endeavours. This is a much-needed boost for the 18-35 entrepreneurial community for which Youth Business Trinidad and Tobago is responsible. According to YBTT’s General Manager, Shedron Collins “we are continuously seeking simple yet meaningful mechanisms to effectively demonstrate the best cash flow structure for our entrepreneurs, which comprise of a wide cross-section of industries, and so, we have teamed up with the Cash Flow Club to assist with the relevant training.”
Moore truly believes that his organization has found the solution to “income inequality” which is a major worldwide problem.
Register for the Cash Flow 101 Training here: https://www.ybtt.org/trainingreg/training-registration-form/