So you know I’m a landlady. Spoiler alert! Well….I guess it is in the name of the blog. But I don’t think I’ve really explained why I made the choice to become one. It’s not because rental property ownership is some family tradition I was raised to take up. It’s definitely NOT. No one talked about rentals at the dinner table and a lot of what I learned was by starting at zero and taking tons of workshops.
It’s not to win friends and influence people because my sparkling personality takes care of that for me. Ahem.
And contrary to what some past tenants must have believed when they stopped paying rent but chose to remain in my units until it was convenient for them to leave, I don’t own rental properties as some grand charitable hobby to provide free housing to select members of the community.
I became a landlady because I wanted to to make money and build wealth. But as I started to acquire property and money started to flow through my hands I realized I had some serious financial weaknesses. I didn’t really understand money, I didn’t know how to manage it and, believe it or not, I might have even been a little afraid of it.
It sounds strange but I’m being absolutely serious and painfully honest. I had a few situations where significant amounts of money passed through my hands and in the end I had trouble figuring out where it went. Definitely not into a savings account. It left me with such a feeling of embarrassment and frustration for having mismanaged my resources than I didn’t even want more money to come my way until I learned what to do with it when it came. I came to the shocking realization that wealth-building involves a heck of a lot more than just increasing your income.
I asked myself, “Is it possible that some of the attitudes and perceptions I have about money are the very things that keep financial independence outside of my grasp?”
Then I remembered that a former co-worker introduced me to a fun and interesting way to learn how wealthy people think about money called The Cashflow Game. Real Estate guru and game creator Robert Kiyosaki, says that “it marries the most boring subject on earth (accounting) to the most terrifying subject on earth (investing)” in an engaging way.
I’ve blogged before about the many groups all around the area who meet monthly to play. Conventional wisdom says that if the average person plays the game once a month for a year, they will develop a completely different perspective about money–how to get it and how to keep it. This is not just a marketing ploy. I’ve played the game regularly with various groups for about two years and I’ve definitely had some eye opening experiences.
To get some background information on the purpose of the game from the man himself watch this 6 minute youtube clip “Robert Kiyosaki – The CASHFLOW Game.” To get more detailed instructions about how the game is actually played, watch this very instructive 5 minute: 59 second clip “Cashflow – rules and how to play.”
I’m planning to play this weekend with the WCRT/Chicago Northside – Cashflow Game Day. So if you’re free this Saturday morning maybe you might want to come out and join me across a colorful game board? If you want to change some of your attitudes and misconceptions about building wealth, try playing The Cashflow Game with other people with the same goal. I hope to see you there. If not there’s another game scheduled with the South Loop Cashflow Meetup on June 23.
This post was a part of my June blogging challenge to hit the reset button and get back on a blogging schedule. Thank you to those readers who offered their support and encouragement! Week 1. Mission accomplished.
Be the first to read new Urban Landlady blog posts. Type your email address in the box and click the “create subscription” button. My list is completely spam free, and you can opt out at any time.