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