Which Game Are You Playing With Your Money?
- The Get Rich Game and The Stay Rich Game have two completely different sets of rules.
- It’s important to know which game you’re playing, so you know which rules to follow.
- If you’re clear on the rules, you’ll understand how to set up your investments.
Board games and card games can be a whole lot of fun, and they can be especially appealing when you’re looking for something to do on these cold winter nights, but don’t want to leave the house. Of course, they’re not very much fun if you’re playing with the wrong set of rules or if you’re just confused about how to play the game.
When it comes to money, it’s especially important to know what game you’re playing so you can understand the rules. Specifically, you need to know if you’re in The Get Rich Game or The Stay Rich Game.
What’s the difference? The Get Rich Game is where you don’t have enough money to retire and you still need an active income. The Stay Rich Game is where you have enough money and no longer need money coming in from outside sources. These two games have two sets of rules.
Let’s use Monopoly and Scrabble as our stand-ins for these two games. Monopoly is Get Rich and Scrabble is Stay Rich. With Monopoly, you’re taking chances on the board, you’re building houses and hotels, you’re trying to save money along the way, and you have an income from your tenants. With Scrabble, you’re using the tiles you have to create what you want.
Now, imagine playing Scrabble, but using Monopoly rules. It wouldn’t work, would it? The rules are completely different. Similarly, if you don’t realize you’re playing the Get Rich game, because you’re using the Stay Rich rules, and another recession with a bear stock market comes along, such as the 2007 – 2009 recession, you may find yourself caught off-guard if your investments were set up incorrectly.
So make sure you know which game you’re playing and get clarity on the rules. It’s a fundamental that’s important to your financial future. Until next time, enjoy.
Gary Klaben is in our Glenview, IL office and serves our clients who are now located all over the country. He has over 30 years of experience and is the author of Changing the Conversation, Wealth of Everything and co-author of The Business Battlefield. Whether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them.
Learn more about TransformingWealth™ , our proprietary approach designed to get your arms around the big picture, so you can make informed financial decisions. Ask Gary about Coyle’s TransformingWealth Preview Meeting and schedule a complimentary consultation and start living the Good Life Managed Well™.
We value your comments and opinions, but due to regulatory restrictions, we cannot accept comments directly onto our blog. We welcome your comments via e-mail and look forward to hearing from you.
All information is from sources deemed reliable, but no warranty is made to its accuracy or completeness. This material is being provided for informational or educational purposes only, and does not take into account the investment objectives or financial situation of any client or prospective client. The information is not intended as investment advice, and is not a recommendation to buy, sell, or invest in any particular investment or market segment. Those seeking information regarding their particular investment needs should contact a financial professional. Coyle, our employees, or our clients, may or may not be invested in any individual securities or market segments discussed in this material. The opinions expressed were current as of the date of posting, but are subject to change without notice due to market, political, or economic conditions.
Copyright © 2020 Coyle Financial Counsel. All rights reserved.