It Is Never Too Early, or Too Late, to Show Kids the Investment Ropes
Financial literacy will keep your kids ahead of their mates because, from a tender age, they’re taught how money works, how it is controlled, who controls it and how the financial sector works.
LEARNING TO INVEST CAN be confusing and daunting.
I will tell you this for free; the only way to truly learn how to invest is by investing — but no one said you had to invest your dollars when you do.
Alongside digitized trading, the internet brought virtual investing, where you can teach and/or practise investing with unreal money. The problem with most investment games, however, is that they focus on stock trading. Stock market games teach investors to trade stocks for quick profits when most investors are better served by learning the slow-and-steady art of long-term investing.
Successful long-term investing is less about picking the right stock and more about choosing the right asset allocation, or a mix of investments, that will help you reach your goals and staying true to that allocation through ups and downs.
In this article, I have put together a list and in some cases links to online Games and Apps that teach kids about money and investing.
Online Games for Young Kids
Free online finance games appropriate for elementary age students.
- Fruit Shoot Coins
Requires kids to add the coins then shoot the fruit with the correct coin total.
- Peter Pigs Money Counter
For U.S. residents. Learning about money is fun with Peter Pig. In this interactive game, kids practise identifying, counting and saving money while learning fun facts about U.S. currency. After completing the game, players are rewarded with a trip to the virtual store to buy accessories within budget and dress up Peter Pig in fun scenes.
- Wise Pockets
Interactive game for kids to learn about managing money. Resource guides for teachers and parents.
- H.I.P. Pocket Change
A number of games from the U.S. Mint that teaches kids about currency and managing money.
Online Games and Apps for Preteen and Teenagers
Free online finance games and apps appropriate for middle and high school age students.
- Financial Football
An interactive football game that requires players to answer personal finance questions. Lesson plans and other materials by grade level also from Visa.
- Financial Soccer
The interactive soccer game that requires players to answer personal finance questions. Lesson plans and other materials by grade level also from Visa.
- Financial Entertainment
Financial Entertainment is a library of free online and mobile games, designed and developed by Commonwealth, that aim to improve personal financial capability, knowledge, and self-confidence.
- Stock Market Game
The Stock Market Game is the right tool for you to help your students build a fundamental understanding of investing while providing them with real-world skills practice in math, English Language Arts, economics, social studies, and other subjects.
- Gen I Revolution: Online Personal Finance Game
Developed for middle school and high school students, this online game gives your students the chance to learn important personal finance skills as they play and compete against fellow classmates.
- Chair The Fed Game
Learn how monetary policy works by taking charge of a simulated economy.
- Plan’it Prom App
To help combat the high cost of prom, Visa’s free app helps teens and parents budget for every prom-related expense.
Top 6 BOARD GAMES THAT TEACH YOU ABOUT INVESTING
With a push to stop the TV and iPad addiction, what better gift to give your kids than a board game the whole family can play together?
Here is our list of the top five board games that can teach you about investing:
Monopoly is one of the best board games for teaching you kids about money and investing. Why? Because the goal of the game is to invest in real estate, earn cash flow, and have the most money at the end.
How do you do it? By investing at the right time, and having enough cash to be able to do so. You can also upgrade and invest in your real estate to develop it and make it worth more.
This game also has planning and trading aspects — you have to plan what to do with your cash, and you have the opportunity to trade and make deals as well. This is a great way to teach kids about the basics of money management.
2. The Game Of Life
The Game of Life is another classic board game that teaches kids and families basic money topics. Similar to Monopoly, except you choose different paths based on simulated real-life choices, such as career and family.
The game teaches really great money skills, such as the importance of career and income. It also teaches kids why it’s important to start investing early, and how compound interest works.
3. Million Dollar Challenge
Million Dollar Challenge is the only “true” investing focused board game on this list. But it’s not at the top of the list because, honestly, it is a bit harder to learn than any of the other games.
The reason is that this game focuses specifically on investing — the first phase of the game focuses on learning how to trade, stop losses, and more. The second phase of the game enters into even more advanced topics into investing.
The goal, like the game, is titled, is to get to $1,000,000 before anyone else does.
This is a pretty rare game, but you can still find it sometimes on Amazon
4. Cashflow 101
CashFlow 101 is actually a board game created by Robert Kiyosaki. Love him or hate him, he does teach the fundamentals of money very well.
This game is a combination board game and learning tool. It has more teaching material than any other board game on this list. The goal of the game is not just to play, but to learn solid money management techniques.
This game will teach players the basics of investing, income and expenses, and even gets into advanced investing techniques.
5. Puerto Rico
Puerto Rico is probably the least known board game on this list, but it’s a lot of fun and a great way to teach kids about money.
The gameplay is all about being a capitalist on the Island of Puerto Rico. Your goal is to build up your company before the island runs out of workers, the capital becomes civilized, or the market has geared up to full capacity. The average game takes about an hour to an hour and a half to play.
This game will teach your kids about cash management, and also about the importance of investing. It will also teach your kids about managing change, and how investments may be positively or negatively impacted by changes in the market outside their control.
6. Settlers of Catan
Settlers of Catan is a board game where each player is a settler that is trying to build their holdings while developing resources and trading. This is a great money management game that has a few aspects of investing built-in.
I included it on the list because this game continues to increase in popularity every year.
The goal of the game is to get to 10 victory points by developing your land using resource cards. Players can also trade to get the resources they need. There are also unexpected events, such as a robber, who could stop production on the spot it lands on.
Best Stock Market Games For Kids
2. Empire Avenue
3. Wall Street Survivor
5. The Stock Market Game
7. How The Market Works
9. Stock Market Simulator
11. Busy kids
12. Digital investing 101
Your parents probably didn’t teach you about investing and personal investing. Now that you know better, do not hesitate to teach your teens. It builds their confidence in money, it helps save them from making irrational decisions about investing in future.
Financial literacy will keep your kids ahead of their mates and you wish to see your kids stay ahead.
Good knowledge of investment is a lot better for anyone who’s ready to live a life of fulfilment in the long run.
You probably need my advice on personal financing, kindly shot a DM on Twitter @chenemiabraham