Question for the Money Doctors
Question submitted on Nov 1, 2016.
QuestionI'm a grandparent of boys 9 & 13. Thinking of xmas present involving education on investments for kids.
Any suggestions ? Rhoda
What a great Christmas gift that will help your grandchildren for years to come! There are a couple of great board games that were created with children in mind that focus on smart investing.
One popular game on the market is called Cash Flow for Kids. This board game created for children ages 6 and up and focuses on teaching kids to manage their money using simple and hands approach that they will understand. Much like other board games, players make acquisitions of property, stocks, and businesses, but instead of playing against each other you play against the financial world of the stock market, housing markets, and even mother nature! This game can be purchased on the manufacturers web site or on Amazon.com.
If your grandchildren would like to learn more about the stock market, then Daytrader: A Financial Board Game for children ages 10 and upmay be a great fit for them as well. This game allows players to get live the excitement of the day in and day out investments in the stock market, without all of the real-life risk that goes along with it. This game focuses on earning money, savings, investing basics, retirement planning and of course risk. This game is available for purchase online at Amazon.com
If you were looking for an option that you can find easily in local stores around you, Monopoly is always an option. Players can purchase properties, invest in them, and start charging visitors rent as they learn about property investments and money management.
If you are looking for a free tool, there are plenty of web sites out there for children that touch on these same topics. The AICPA has one of the best, called Feed the Pig. This web site is full of financial information created for kids in a very interactive format. You can check out this web site at:
Of course, we highly recommend reviewing the content on the 360 Degrees of Financial Literacy web site because it is full of valuable information that is suited for multiple age groups and life situations. You can find this web site here:
For additional information visit http://www.360financialliteracy.org/