I recently read about Kathleen Deggelman’s work on Ray Higdon’s blog. Kathleen is a very successful woman in Network Marketing and has hung a shingle out to teach financial literacy to network marketers.
This is important work.
You see, many people who are successful in network marketing don’t come from backgrounds of affluence. Though hardworking, they have rarely come from backgrounds in which large amounts of surplus cash are just sitting around looking for a home.
The sort of people who are successful in this industry are often self-employed business people with large overheads. They are people from industries who are used to working long hours but for little recognition or reward.
They are professional people such as lawyers, accountants, financial planners, IT people and, they are mums and dads who decided they needed to do something different to change their financial future.
Unfortunately, this means they’re also woefully ill prepared for the mountains of cash that come to people who make a conscious decision to build a network marketing business to its highest levels.
So, admittedly I was a bit excited when I learned about the money game she had created to teach money consciousness so that they used the incomes they received to build real long term wealth.
How it works
The Money Game is run over 30 days. On day one, you pretend $10,000 has been added to your bank account and you have to write down how you’re going to spend it.
On day 2, you receive $20,000. Day 3, $30,000 and so on, until Day 30 when $300,000 is added to your account. You write all your decisions about how you allocated the money in a diary. You might choose to invest some, pay off debt, go for a much need holiday with your family or help a relative in need.
You might also like to help a charity or community group. The journey is yours and only you can decide how these growing sum of money is spent. I’ve posted a table at the bottom to show how quickly the money accumulates.
What I learned
For the last 5 days, I have been playing the money game on my facebook wall and invited my friends to join me as we all grow and think of cool things we can do with an endless supply of cash.
The principal lesson that was confirmed for me was the abundance of money. That there is plenty out there and we only need reach out and create however much we want for ourselves.
I learned that once you have cash greater than your needs, you quickly start to clarify what your priorities are. For me, I realised that with a roof over my head, I don’t need more than $5,000 a week for general living expenses.
I re-learned that there’s only so much you can waste on crap. Something I had forgotten since the GFC. I realised that, after putting money aside into investments for your future, money should absolutely be enjoyed.
Travel the world, learn the language, buy the car your heart desires. Or, better still hire a race track and take all your mates out for a drive day.
This is different money from the $5,000 a week I said I could live on before. This is investing in memories. Buying another pair of shoes, or suit, or food that goes uneaten in the fridge. Those are a waste.
Buying memories has become my new investment category.
The most important lesson, I learned from a business perspective, is to invest in your people. Not just to buy them the tools they need to do their job but to look for ways to help each person in your organisation grow in a way that is meaningful to him and his life.
You know what else I learned that I found fascinating? As the daily dollar amounts got larger, some of the early participants dropped off and new ones joined. People with a bigger view of wealth.
If you want a healthier relationship with wealth, try the money game for yourself. If you’re ready to really change your financial future, buy me a coffee. I really can help you change your life forever.