The game

The Game of Money is one of the most important games during adult life. It covers all aspects of monetary matters like finance, economics, investing, wealth planning, and tax optimising. I call it a game because it has rules, different types of players with different game plans, and as in any game there are winners and losers. Besides, calling it a game allows a certain intellectual distance, which I find helpful when dealing with money.

The goal

In the Game of Money, the ultimate goal for any player is to become financially independent. Financial independence is achieved when you have accumulated and invested enough money for the return on your investments to cover all your living expenses. This means that you no longer need to work for money because your money is doing the working for you. Hence, by achieving financial independence you also gain the freedom to choose the life you truly want to live. 

The players

Most adults play the Game of Money as employees. Business owners and investors belong to the other major group of players far less in number than the first group. Many professionals like chiropractors, medical doctors, dentists, lawyers, and accountants are self-employed. A self-employed person has the option of playing either as an employee or as a business owner. Unfortunately, most self-employed people including most doctors end up playing as employees mainly due to lack of knowledge and poor advice from “professional” financial advisors (most of whom are also playing the Game of Money as employees).   

The rules

The Game of Money has strict rules and the players have to play in accordance with tax, commercial, and common laws. However, the rules are not equal to all the players; employees have to play a different game than business owners. As a matter of fact, the rules make it a lot easier to win the Game of Money by playing as a business owner.

The plan

Just choosing to be a business owner instead of an employee will not automatically make you a winner. In order to win you need a winning game plan containing specific financial strategies concerning all aspects of the Game of Money. Developing a winning game plan on your own is certainly possible – after all, most winners in the Game of Money do it by trial and error (and luck). The smart way though, is to model the game plan of someone similar to you (i.e. a doctor and clinic owner) who has already won.

The winners

Less than 5 % of all people achieve financial independence and if we exclude those who inherit or marry their way to it, then we are down to approximately 3 %. It makes the Game of Money very much like the game of Monopoly where usually only one player wins. However, in the Game of Money all players could in theory become winners. The reason is twofold: 1) Just because you achieve financial independence does not exclude someone else (or in others words, just because you eat the pizza someone else does not have to eat the box). 2) The winning game plan is in fact teachable and the results reproducible. Therefore, you (and anybody else who wishes so) can learn to win.

The coach

When playing any game, the professional players always use a coach. A coach will help the player select the right (i.e. winning) game plan and will make certain that the specific strategies contained in the plan are all thoroughly applied. Furthermore, a coach will keep the player focused and on track for as long as it takes to achieve the set goal. So when you decide to become a winner in the Game of Money decide also to play as a professional and obtain the service of a coach who knows the winning game plan inside out.

How to win the Game of Money

Decide you want to win. Find yourself a coach. Determine with your coach exactly where you are financially right now. Decide what you actually want in your life and calculate how much this standard of living will cost. Let your coach present you a winning plan containing specific financial strategies for bringing you from where you are now to where you want to be. Implement your plan into to all aspects of your financial life in particular your clinic life. And then stick to your plan until you have reached your goal.