2382: [Part 2] How The Game of Life Teaches Personal Finance by ESI of ESI Money

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Business, Education, Investing, Self-improvement

4.5 • 1.3K Ratings

🗓️ 19 July 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

ESI of ESI Money talks about how The Game of Life teaches personal finance. This is part 2 of 2. Episode 2382: [Part 2] How The Game of Life Teaches Personal Finance by ESI of ESI Money ESI Money is written by "ESI", a 50-something retiree. The site is basically a list of what's allowed him to become financially independent and how you can implement those successes in your life. His philosophy is simple and focuses on doing three simple things to achieve financial independence: earn, save, invest. There's a bit more to it than that, of course, but if you can concentrate on these three areas, they will get you at least 90% of the way there. The original post is located here: https://esimoney.com/how-the-game-of-life-teaches-personal-finance/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 2382.
0:04.6	How the Game of Life teaches personal finance, Part 2, by ESI of ESIMoney.com.
0:11.2	And I'm your host and personal finance enthusiast, Diana Merriam.
0:15.3	Today's post is actually a continuation from yesterday.
0:18.4	So if you're new here, it'd be best to listen to yesterday's episode first.
0:22.6	But if you're all caught up, let's hear Part 2 and continue optimizing your life.
0:31.0	How the Game of Life teaches personal finance, Part 2, by ESI of ESIMoney.com.
0:39.0	Number 8. Don't Get into Dead.
0:42.0	One game we played. My wife got sued. Then sued again. Then sued again.
0:49.0	By the time it was over, she had to borrow $200,000 to pay off her debts,
0:54.0	and had to pay an extra $5,000 for every $20,000 borrowed.
0:58.0	Though she had lots of income the rest of the game, she got killed when she had to pay it back.
1:03.0	Key lesson. Stay or get out of debt. It's a financial killer.
1:09.0	Number 8. It Pays to Invest.
1:12.0	At the start of the game, you can buy an investment.
1:15.0	You pay $10,000 for a number on the spinner, one through 10,
1:19.0	and every time someone spends that number, you get $5,000 from the bank.
1:23.0	It's a good deal that has always paid off for every person investing.
1:27.0	If your number hits only twice, you're at break even,
1:30.0	and most numbers will hit many more than two times.
1:33.0	Key lesson. Investing is a great way to make your money grow.
1:38.0	Number 10. Luck has a role in how well you do.
	...

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