You teach your little ones to be respectful and hardworking. You also teach them that they can grow up to be whatever they want to be. After all, you want them to develop traits which will ensure them their best possible future; but a better tomorrow isn’t possible without learning financial responsibility!
The authors of “$100 to $1,000,000” (a book on empowering kids in financial matters) recently said: “Kids don’t understand the power of compound interest and how it works. That needs to be brought to their attention, as small amounts saved now can make a huge difference later.”
This got us thinking: if we need to teach our kids about money, why not do it in the form of a game? After all there’s no better way to weave together education and entertainment value! So here’s a brief review of five popular games you can play with your children in order to increase their financial literacy while also having fun.
Top 5 Games
- Monopoly: Honestly, did you really think that we could get through our list without mentioning this classic? The iconic game teaches us to get all we can, while we can. While it may be a bit over-the-top in its enthusiasm for capitalism, it’s an excellent way to bring attention to the importance of financial independence.
- Startup: A Business Game for all Ages. With this ambitious game kids will need some guidance from mom and dad. This business board game (yes, that’s a thing) encourages players use their math skills in order to grow their own startup. By playing it kids learn the value of investing— along with the inherent risk and rewards that come with various business opportunities.
- Pay Day: The perfect game for learning how to budget money, Pay Day teaches kids how to dole out their paycheck in order to cover their monthly expenses. Responsible budgeting? What parent doesn’t want that!?
- Capitalism II: For the computer game enthusiast, Capitalism II allows players to become a corporate CEO, while navigating multiple real-world business challenges. If you’re lucky, you’ll grow an entire empire.
- The Game of Life: A true classic, The Game of Life starts by requiring that its players make a key financial decision: do you take on a loan for college or go debt-free (and degree-less) instead? Hmmmmmm…
We hope that this list has been helpful. We like to think that it’s a new way of saying what parents have been telling their children for generations: money doesn’t grow on trees, so you need to plan!