Want to teach your kids about personal finance? Then pull out the classic board game “Life.” Personal finance blogger Life teaches several practical money lessons including:
* Net worth is how you keep score.
* It pays to get a college education/the career you pick has a big impact on your life.
* College doesn’t always make a difference in your pay.
* Lose your job and you take a big financial hit.
* The more you make, the more you’re taxed.
* Kids are costly.
* Don’t get sued.
* Don’t get into debt.
* It pays to invest.
* Luck has a role in how well you do.
* Consumer spending can kill you.
Alas, the game is not always an accurate reflection of the real world. So I’m also listing lists a few ways the game reinforces some money-related ideas that simply aren’t true. That said, you can always explain to your kids what’s correct and what isn’t. Besides, can you think of a better way to teach financial principles than by playing a game?
Ok, so playing Life is a good way to teach your kids about personal finance. Now, what’s a good way to teach your parents the same thing?
How The Game of Life Teaches Personal Finance [Free Money Finance]