I was recently at an Entrepreneurship conference at Montclair State University and I happened to make the acquaintance of a very interesting woman named Dawn. We shared our goals for what we had hoped to get out of our businesses when we started talking about stocks.
Naturally, I was curious about her experiences with the market and she told me that not only did she and her husband instill money-savvy practices in their kids they made it FUN for them.
How? They turned the stock market into a game!
Dawn and her husband turned the stock market into a competitive game between their son and daughter all the while they were kids and through their teenage years (both are now college students). They would give their kids $100 each year in their individual brokerage accounts and the kids would decide which companies' stocks to include in their own portfolio. Then the kids would leave the money alone for the whole year and at the end of the year the kid with the most money would win a prize - they could make the other handle their chores for a week, got to choose what the family would have for dinner for a week, something really basic yet something they would really want to win.
Not only did these kids come away with good money skills and a pretty sizable investment account, I admired the fact that the parents taught their kids how to think and do basic stock analysis.
Neither Dawn nor her husband are investment professionals, so it just goes to show you that anyone can play this game with their kids! If you do, I really hope you share - this is something that should be happening in all families into the future!
And to think...all this idea cost me was a granola bar from my purse :)
Greetings, GradMoney Readers!
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