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Gamifying Financial Education for Kids · Earn Your Leisure

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  Speaker 2: Getting into some actionable items.
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  Speaker 3: I want to talk even off script for a little
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  Speaker 3: bit about like different ways, because like I feel like
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  Speaker 3: gamification is violently important when it comes to teaching anybody
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  Speaker 3: about anything, but especially children, right, So that's probably one
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  Speaker 3: of the first things that I think parents can do
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  Speaker 3: is actually gamify finances and make it relatable. So to
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  Speaker 3: give you some examples. Of course, there's games like Monopoly
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  Speaker 3: that's a very good game. But just like if you
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  Speaker 3: could create your own game, like you can have budget battles,
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  Speaker 3: right and see the budget battle is good because that
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  Speaker 3: actually forces people to learn vital skills early. So what
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  Speaker 3: a budget battle is is, let's say you have two kids, right,
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  Speaker 3: and it's two parents and two kids, and we're playing
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  Speaker 3: budget battle, right, and we have fake money. We'll use
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  Speaker 3: like five thousand dollars, right, But then you have a
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  Speaker 3: list of items that everybody gets.
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  Speaker 2: And you have rent or.
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  Speaker 3: A mortgage payment at fifteen hundred dollars, you have gas
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  Speaker 3: at one hundred.
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  Speaker 2: Dollars, you have genes at two hundred and fifty dollars.
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  Speaker 3: So what you do is you put necessities on there,
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  Speaker 3: but then you also put things that aren't necessities right
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  Speaker 3: on there as well. So you give you give everybody
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  Speaker 3: the sheet, right, and then you so now the sheet
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  Speaker 3: in total might equal ten thousand dollars, So you're not
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  Speaker 3: going to be able to spend all of the money
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  Speaker 3: on one thing.
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  Speaker 2: So you have to actually pick what's important to you.
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  Speaker 3: So usually a child that doesn't have full understanding of life, right,
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  Speaker 3: they're gonna pick travel, they're gonna pick clothes, they're gonna
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  Speaker 3: pick food, they're gonna pick going to Disney World. So
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  Speaker 3: now you explained to them the consequences of that, right,
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  Speaker 3: where it's like, okay, Like, now you you spent your
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  Speaker 3: five thousand dollars, and nowhere, nowhere in this five thousand
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  Speaker 3: dollars does it have anything to do with housing. Nowhere
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  Speaker 3: in this five thousand dollars to have anything to do
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  Speaker 3: with transportation. So now you had a good time and
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  Speaker 3: you went to Disney World, and you have a pair
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  Speaker 3: of jeans that.
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  Speaker 2: You like, but now you no longer have anywhere to live.
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  Speaker 3: Right, And it's rewarded as far as whoever makes the
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  Speaker 3: best financial decision actually potentially get real money.
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  Speaker 2: So like the win of the game gets one hundred dollars,
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  Speaker 2: let's say. Right.
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  Speaker 3: So, now what that does is a it teaches them
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  Speaker 3: early the importance of prioritizing things.
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  Speaker 2: Right.
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  Speaker 3: It also teaches them early the value of creating a budget.
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  Speaker 3: Creating a budget is probably one of the most underrated
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  Speaker 3: things when it comes to finance. Right, It's like insurance.
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  Speaker 3: It's not sexy, nobody wants to talk about it, but
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  Speaker 3: it's vitally important. When you look at Fortune five hundred companies,
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  Speaker 3: there's no Fortune five hundred company that operates without a budget.
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  Speaker 3: The United States government operates with a budget, but most
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  Speaker 3: people have no idea how much money is coming in
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  Speaker 3: or how much money is coming out?
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  Speaker 2: Right? Just think about that.
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  Speaker 3: Like if you were the CEO of a company and
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  Speaker 3: somebody asks you how much revenue did you have in
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  Speaker 3: this year? And you gave them a vague answer, and
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  Speaker 3: then they said, more importantly, how much money was going out?
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  Speaker 2: What was your expenses? And you have no answer at all?
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  Speaker 2: How long do you think that ce would last? Right?
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  Speaker 3: Even you you run a school, right, you have to
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  Speaker 3: know how much you guys are spending. You spend for
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  Speaker 3: school uniforms, you spend for lunch. Like, that's vitally important
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  Speaker 3: to know. Most people don't have any idea about that
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  Speaker 3: because it was never taught to them. It's not a
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  Speaker 3: complicated thing to teach, but it is vitally important.
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  Speaker 2: And one thing.
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  Speaker 3: About habits is that the habits that you develop young
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  Speaker 3: usually carry with you for a long time. Right, So
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  Speaker 3: it's like eating. This is why it's very important to
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  Speaker 3: introduce a healthy lifestyle early, because it's difficult to make
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  Speaker 3: somebody a vegan after they ate McDonald's for twenty five years.
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  Speaker 2: Right.
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  Speaker 3: This is why cigarette companies used to target kids at
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  Speaker 3: a very young age, because they know that if you
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  Speaker 3: get a child, you get a lifelong customer. This is
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  Speaker 3: why McDonald's has Ronald McDonald. When they have kids parties,
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  Speaker 3: they target young people because usually the habits that you
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  Speaker 3: make early you continue for the rest of your life.
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  Speaker 3: But if you can make good habits early, you can
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  Speaker 3: continue for the rest of your life. So the budget
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  Speaker 3: game is something that is a very good way to
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  Speaker 3: gamify what. You can incentify it as well, but early
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  Speaker 3: you can teach people the value teach kids the value
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  Speaker 3: of what they're spending their money on and the importance
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  Speaker 3: of having a discipline budget right as opposed to spending
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  Speaker 3: money fervously right, And you have to explain to them
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  Speaker 3: like why since you didn't do this, the consequences of
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  Speaker 3: you not doing this is this right. So that's something
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  Speaker 3: that I think is important before we continue. I just
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  Speaker 3: wanted to kind of start with some level of gamification
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  Speaker 3: because I do think that that is a major part
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  Speaker 3: in the learning process. And like I said, that's something
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  Speaker 3: that you can do a family out and you can
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  Speaker 3: have a spreadsheet, you can put on the internet. You
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  Speaker 3: can make it as complex or as simple as you want.
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  Speaker 3: It's up to you, but it's really not difficult. And
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  Speaker 3: if you are playing games like Monopoly, I think it's
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  Speaker 3: important to fully explain the Monopoly game, right, Like explain,
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  Speaker 3: you know why buying property is so violently important because
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  Speaker 3: you're getting rent. Right, So in the middle of the game,
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  Speaker 3: just stop. You're gonna learn about financing just by playing
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  Speaker 3: the game. But I think it's important to kind of
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  Speaker 3: stop the game and intervals and explain, like, Okay, now,
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  Speaker 3: the reason why you want to have these houses is
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  Speaker 3: because you're collecting rent and you're a landlord, right, So
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  Speaker 3: now landlords, everybody in real estate is everybody in real estate, right.
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  Speaker 3: Everybody participates in real estate unless you're homeless. So I
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  Speaker 3: think it's important to teach children that early. Everybody participates
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  Speaker 3: in real estate unless you're homeless. So you say, okay,
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  Speaker 3: now you can participate and pay rent to somebody, right now,
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  Speaker 3: every month you have to pay, and what you're actually
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  Speaker 3: doing is paying their mortgage, which is a loan from
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  Speaker 3: the bank, which you learn.
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  Speaker 2: That in the game.
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  Speaker 3: But the other side of that is that you have
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  Speaker 3: a landlord who's actually collecting rent. So there's only two
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  Speaker 3: ways that you can play this game. You can either
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  Speaker 3: pay or you can collect, right, that's the two ways
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  Speaker 3: to go about it. So explaining why it's always going
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  Speaker 3: to be better usually to be on the collecting side
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  Speaker 3: as opposed to the paying side, I think is something
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  Speaker 3: that in a game like Monopoly, when you fully explain it,
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  Speaker 3: break it down now, you start to have more of
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  Speaker 3: an appreciation as opposed to just.
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  Speaker 2: Playing a game just trying to win. Right.
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  Speaker 3: Like I said, it's still beneficial in that way, but
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  Speaker 3: if you can actually start to explain it, even in
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  Speaker 3: very elementary, easy to understand ways to go about it,
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  Speaker 3: and even the strategy of buying the same street, right,
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  Speaker 3: that's a strategy.
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  Speaker 2: That's a real estate strategy.
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  Speaker 3: It's like, okay, we want all we want all blue,
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  Speaker 3: we want boardwalk, and we want all of those blue
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  Speaker 3: properties because usually it's going to work better if you
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  Speaker 3: buy real estate close to each other.
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  Speaker 2: Right.
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  Speaker 3: There's a reason why most people that have large real
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  Speaker 3: estate portfolios it's in clusters. They don't have like one
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  Speaker 3: house in Michigan, one house and all beneath. Because you
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  Speaker 3: learn the market, you get familiar with the town government, right,
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  Speaker 3: you have incentives. It's easier for you to manipulate the
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  Speaker 3: situation when you have things close by in a cluster.
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  Speaker 3: That's another thing that you learn in monopoly, like it's
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  Speaker 3: more beneficial to own a set as opposed.
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  Speaker 2: To just owning everything randomly. Right.
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  Speaker 3: So little stuff like that when you when you start
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  Speaker 3: to train children and even adults, but you start to
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  Speaker 3: train them in the form of gamification, and then you're
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  Speaker 3: explaining it to them as you're actually playing. I think
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  Speaker 3: that that's a major step in them getting to understand
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  Speaker 3: the dynamics of how how money in business works.
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