Learn How To Teach Your Kids About Money And Set Them Up For Financial Success
Board games won’t work
The best way kids learn about money is pain. Nothing else works if they don’t feel the real thing.
Why is it that many kids who are good at monopoly don’t transition the lesson into real life as they grow up? It is because they see it as a game! It is not real. Unless they have a guide to teaches them how to do it in the real world, they can’t.
There are other board games like RichDad’s Cashflow game. It is very good too. But I believe it is more for adults who have already dealt with real money and are trying to change their thinking.
Kids have not really dealt with money. Hence the concept is abstract. They only know how to ask for things and get them. Or how to work for money (at best). And teaching kids about money is about decision making. The primary is how to know what to do with the money when there are many needs calling for it.
The inspiration for this was from a TEDx Talk where Adam Carroll presented an experiment he did with his kids about money. He decided to withdraw real cash from the bank and get them to use it in a game of monopoly. He wanted to see whether the approach of the kids changed when they stopped using the paper from the game and used real cash.
