When I was younger, I experienced several moments of financial panic that seem to be standard for young adults. I overdrafted my checking account once or twice or, let’s be honest, several times. I lived on oatmeal and ramen in college, and I occasionally stashed food from the dining hall into ziplock baggies that I smuggled out in my pockets. (Side note: the freshman 15 actually refers to the way students’ pockets bulge with these bags of stolen food, not excess weight.) Once, at the tender age of 18, I bought a dress to wear to a party, and then promptly returned it the next day because I actually couldn’t afford it. To summarize, I struggled, made some dumb mistakes, learned a few lessons, and eventually stumbled my way into becoming a fairly responsible and financially literate adult.
Some of this financial struggle in one’s life is normal and necessary in order to learn how to save, invest, and spend responsibly. However, there are several ways that parents can teach their children about the financial world early on. Additionally, teaching your children about real estate is key to helping them become financially literate, smart, responsible investors later on.
To help you get started, over the next few months, we’ll publish a series of blog posts on real estate for kids. Since the holidays are coming up, we’ll kick off this series with the best gifts for teaching kids about real estate and financial literacy.
1. Monopoly or Monopoly Junior
Created in 1904, this game is a classic that will introduce your children to the basics of investing in property. Players pay rent and buy property, make money, and try to stay out of jail. Monopoly Junior allows players to buy fun properties like ice cream parlors and skate parks.
2. Money Savvy Piggy Bank
This slightly more complex twist on the classic piggy bank allows children to deposit their money into several different slots labelled “save,” “spend,” “donate,” and “invest.” This gift will teach your children about setting and saving for financial goals–such as buying a home someday–and it will empower them to make and learn from their own financial choices.
3. Cashflow for Kids
Though not exactly cheap, Cashflow is another class game that does wonders in teaching financial literacy. As part of the Rich Dad Company, of Rich Dad Poor Dad fame, Cashflow introduces players to foundations of cashflow, capital gains, assets, and liabilities. This game is best for children between the ages of 7 to 14.
4. Play Money Set
A play money set is a great gift for younger children. You can use this gift to engage with your child through setting up financial “challenges” and other activities for them, such as asking them to “pay” for daily items like special snacks or screen time.
4. Settlers of Catan
Though this might not be the most obvious choice for teaching financial literacy, the highly addictive Settlers of Catan will sneakily introduce kids to the basics of money management. Set on a fantastical and agriculturally-rich island, players must trade, combine, and purchase resources. This game is best for kids age ten and older.
In addition to these holiday gift ideas, let the SeaReal Team know if you are interested in buying or selling a home right now. You can contact a real estate agent at (206) 518-5518 or firstname.lastname@example.org.