Episode 9: A Dollar From Your Pocket – with Paul Vasey of Cash Crunch Games
Bio: Paul Vasey, former teacher of business from the Uk, who is now living in the US working on financial literacy games after noticing that there was such a need for this overlooked and under rated life skill. Money is everywhere, we use it every day and are expected to be experts. If that was the case, there would be very little student debt credit card debt, fore closures and so on.
Currently has 2 games in the market – CashCrunch Junior – a physical board game for 7 to 12 year olds & CashCrunch 101 -an online game for ages 13 and upwards. Both games focus on learning the value of money, saving first, cashflow, budgets and making smarter decisions.
Show Description: Paul Vasey and I discuss Money Habits and some of the basic ideology of building savings and wealth. Simply Save First, Spend Later. We discuss Cash Crunch Games for kids and young adults and even college students and some practical ways to think about and spend in a more cognizant manner.
- 1:03 – What is Cash Crunch Games?
- 4:00 – Money Habits: Basic Money Skills People Learn
- 4:30 – Basic Ideology of Passive Income
- Over 50% of households can’t afford an unexpected bill of $500 of more
- 40% of Americans spend more than their income each month
- 5:35 – Join the Club: Save First, Spend Later
- 6:45 – The Simplicity of Saving: A Dollar in Pocket
- 8:18 – Anchoring: Mindset in Savings
- 9:50 – Reasons We Overspend: Money Habits
- 10:45 – How to Change Over Spending to Healthy Spending
- 12:20 – Formula to Calculate Your Hourly Wage Quickly
- 12:45 – The Question: Is It Worth My Time for This, Not Is It Worth This Money
- 14:23 – Savings Is Investing Your Time In Yourself
- 14:40 – Attitude “Spending Time” or “Investing Time”
- 16:05 – Saving Is A Habit And Muscle, Strengthened Like A Gym
- 17:45 – Start with little things. Empty your pockets!
- 18:10 – It’s Not About the Number, It’s About the Habit
- 19:50 – The Power of Habit Explained
- 21:02-22:11 – An Exercise With Your Money: Try This At Home!
- 23:00 – Cash Crunch Junior: Applied Learning Tools for Kids
- 24:30 – Basic Principles Of Finance
- 27:15 – Teaching Life Skills
“You Can’t Spend The Same Dollar Twice” – Paul Vasey
- Start saving $100 (or your choice, $10, $25, $50, $500) a month more than you currently are. Create a second bank account, or an extra checking account for that money. Make it a challenge with a friend to see who can save the most in a set period of time! (Loser pays for bowling!)
- Quickly calculate your hourly wage. Take 3 zeros off the end and divide in 2. ($60,000 a year = 60 /2 = $30 an hour roughly).
- Consider your next few purchases with that wage in mind. Is it worth that much of your time for this object/experience?
- Consciously think about time you “Spend”, start thinking about how you’re “Investing” that time. Comment what that means to you below!
- Take Your Monthly Income in Monopoly Money and Show Your Kids Where It Goes. (Physically show them!) It’ll help them learn about money.
- Try Out Cash Crunch Games Online Version of their game!
Contacts and Links from the Show
Rich Dad Poor Dad – Book
7Twelve Portfolio – Craig D Israelson