Putting the Fun in fundMyLife
Often, the best lessons in life are learned through games. In sports you learn to work hard, cultivate resilience, and build grit. In video games, you learn things like strategizing, working in a team, and hand-eye coordination, etc. But how about financial literacy and skills? We here at fundMyLife are all about having fun in life, and what better way to incorporate fun and personal finances than to use games to go about it! In this article, we look at some of the board games out there that you can enjoy with your family while learning about managing personal finances at the same time. Start ‘em young, we say!
1. Happy Pigs
Number of players: 2-5
Time to play: 30-50 mins
Happy Pigs is a fun and silly game for the entire family! The main aim of this game is to raise the pigs in farms and keep them alive by feeding and vaccinating them, with the objective of selling them off at a good price. The games have 16 rounds: with 4 in each season – Spring, Summer, Fall and Winter. It is not difficult to play, once you understand the importance of optimizing the Costs and Returns within a limited timeframe. The richest player wins! Happy Pigs is a strategy game that is perfect for kids, and teaches them to overcome the challenges of working with limited resources and terms.
Number of players: 2-8
Time to play: 60 mins (or forever)
For kids, the most recommended game is the classic board game MONOPOLY. This game puts you in the shoes of a real estate tycoon – in this game you are buying and selling, or investing in properties. Parents, through this game your kids will encounter basic ideas in economics, e.g., cash flow, assets, debt, stock market, and bankruptcy. The ultimate goal of this game is to be the last player left with cash in hand. While some luck is involved, it is still an educational game for the whole family.
3. Cashflow For Kids
Number of players: 2-6
Time to play: 60 mins
Cashflow For Kids, developed by Robert Kiyosaki, author of “Rich Dad Poor Dad”, is an interesting game which gives young players some ideas of how accounting works in the real world. The aim of the game is to encourage players to think about different streams of passive incomes, such as mutual bonds and stocks, instead of focusing on the limited and stabilized salary income.
One astonishing characteristic of the game is the accounting sheet given to assist players. It is for recording income earned and expenses incurred to help kids better visualise financial scenarios, and for assessing the performance of their investments.
While the accounting sheets given are different from actual financial statements, it is designed to give your kids ideas about passive income, unexpected expenses, unsystematic risks, and the importance of cash in real life. This is a sophisticated game with many volatile variables and it is not easy to play, but the depth of financial knowledge gained would be extremely useful for your kids. As the creator said, children will learn most by playing this game regularly. Anyone can train to have a higher financial IQ! Even your 6 year old!
That’s All Folks!
Having adequate financial knowledge is no longer a “good-to-have”, but a “must-have” in today’s world and economic climate! Besides cultivating good habits, you have to teach your kids to take care of their money, and they will take care of you in your old age with their money.
Why else do we have kids for? OH, you mean the joys of parenthood?
fundMyLife is a platform that aims to empower the average Singaporean to make financial decisions confidently. We also connect consumers to the right financial planners in a private and anonymous manner, based on their financial planning questions. Follow us on our Facebook page to get exciting updates and your dose of finance knowledge! Let us know what you want to know about finances or something that you wish your friends knew.