WEBVTT - Gamifying Financial Education for Kids

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<v Speaker 1>This episode is brought to you by P and C Bank.

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<v Speaker 2>Getting into some actionable items.

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<v Speaker 3>I want to talk even off script for a little

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<v Speaker 3>bit about like different ways, because like I feel like

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<v Speaker 3>gamification is violently important when it comes to teaching anybody

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<v Speaker 3>about anything, but especially children, right, So that's probably one

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<v Speaker 3>of the first things that I think parents can do

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<v Speaker 3>is actually gamify finances and make it relatable. So to

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<v Speaker 3>give you some examples. Of course, there's games like Monopoly

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<v Speaker 3>that's a very good game. But just like if you

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<v Speaker 3>could create your own game, like you can have budget battles,

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<v Speaker 3>right and see the budget battle is good because that

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<v Speaker 3>actually forces people to learn vital skills early. So what

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<v Speaker 3>a budget battle is is, let's say you have two kids, right,

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<v Speaker 3>and it's two parents and two kids, and we're playing

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<v Speaker 3>budget battle, right, and we have fake money. We'll use

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<v Speaker 3>like five thousand dollars, right, But then you have a

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<v Speaker 3>list of items that everybody gets.

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<v Speaker 2>And you have rent or.

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<v Speaker 3>A mortgage payment at fifteen hundred dollars, you have gas

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<v Speaker 3>at one hundred.

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<v Speaker 2>Dollars, you have genes at two hundred and fifty dollars.

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<v Speaker 3>So what you do is you put necessities on there,

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<v Speaker 3>but then you also put things that aren't necessities right

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<v Speaker 3>on there as well. So you give you give everybody

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<v Speaker 3>the sheet, right, and then you so now the sheet

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<v Speaker 3>in total might equal ten thousand dollars, So you're not

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<v Speaker 3>going to be able to spend all of the money

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<v Speaker 3>on one thing.

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<v Speaker 2>So you have to actually pick what's important to you.

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<v Speaker 3>So usually a child that doesn't have full understanding of life, right,

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<v Speaker 3>they're gonna pick travel, they're gonna pick clothes, they're gonna

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<v Speaker 3>pick food, they're gonna pick going to Disney World. So

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<v Speaker 3>now you explained to them the consequences of that, right,

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<v Speaker 3>where it's like, okay, Like, now you you spent your

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<v Speaker 3>five thousand dollars, and nowhere, nowhere in this five thousand

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<v Speaker 3>dollars does it have anything to do with housing. Nowhere

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<v Speaker 3>in this five thousand dollars to have anything to do

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<v Speaker 3>with transportation. So now you had a good time and

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<v Speaker 3>you went to Disney World, and you have a pair

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<v Speaker 3>of jeans that.

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<v Speaker 2>You like, but now you no longer have anywhere to live.

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<v Speaker 3>Right, And it's rewarded as far as whoever makes the

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<v Speaker 3>best financial decision actually potentially get real money.

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<v Speaker 2>So like the win of the game gets one hundred dollars,

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<v Speaker 2>let's say. Right.

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<v Speaker 3>So, now what that does is a it teaches them

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<v Speaker 3>early the importance of prioritizing things.

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<v Speaker 2>Right.

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<v Speaker 3>It also teaches them early the value of creating a budget.

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<v Speaker 3>Creating a budget is probably one of the most underrated

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<v Speaker 3>things when it comes to finance. Right, It's like insurance.

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<v Speaker 3>It's not sexy, nobody wants to talk about it, but

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<v Speaker 3>it's vitally important. When you look at Fortune five hundred companies,

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<v Speaker 3>there's no Fortune five hundred company that operates without a budget.

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<v Speaker 3>The United States government operates with a budget, but most

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<v Speaker 3>people have no idea how much money is coming in

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<v Speaker 3>or how much money is coming out?

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<v Speaker 2>Right? Just think about that.

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<v Speaker 3>Like if you were the CEO of a company and

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<v Speaker 3>somebody asks you how much revenue did you have in

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<v Speaker 3>this year? And you gave them a vague answer, and

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<v Speaker 3>then they said, more importantly, how much money was going out?

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<v Speaker 2>What was your expenses? And you have no answer at all?

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<v Speaker 2>How long do you think that ce would last? Right?

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<v Speaker 3>Even you you run a school, right, you have to

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<v Speaker 3>know how much you guys are spending. You spend for

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<v Speaker 3>school uniforms, you spend for lunch. Like, that's vitally important

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<v Speaker 3>to know. Most people don't have any idea about that

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<v Speaker 3>because it was never taught to them. It's not a

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<v Speaker 3>complicated thing to teach, but it is vitally important.

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<v Speaker 2>And one thing.

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<v Speaker 3>About habits is that the habits that you develop young

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<v Speaker 3>usually carry with you for a long time. Right, So

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<v Speaker 3>it's like eating. This is why it's very important to

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<v Speaker 3>introduce a healthy lifestyle early, because it's difficult to make

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<v Speaker 3>somebody a vegan after they ate McDonald's for twenty five years.

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<v Speaker 2>Right.

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<v Speaker 3>This is why cigarette companies used to target kids at

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<v Speaker 3>a very young age, because they know that if you

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<v Speaker 3>get a child, you get a lifelong customer. This is

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<v Speaker 3>why McDonald's has Ronald McDonald. When they have kids parties,

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<v Speaker 3>they target young people because usually the habits that you

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<v Speaker 3>make early you continue for the rest of your life.

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<v Speaker 3>But if you can make good habits early, you can

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<v Speaker 3>continue for the rest of your life. So the budget

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<v Speaker 3>game is something that is a very good way to

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<v Speaker 3>gamify what. You can incentify it as well, but early

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<v Speaker 3>you can teach people the value teach kids the value

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<v Speaker 3>of what they're spending their money on and the importance

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<v Speaker 3>of having a discipline budget right as opposed to spending

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<v Speaker 3>money fervously right, And you have to explain to them

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<v Speaker 3>like why since you didn't do this, the consequences of

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<v Speaker 3>you not doing this is this right. So that's something

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<v Speaker 3>that I think is important before we continue. I just

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<v Speaker 3>wanted to kind of start with some level of gamification

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<v Speaker 3>because I do think that that is a major part

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<v Speaker 3>in the learning process. And like I said, that's something

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<v Speaker 3>that you can do a family out and you can

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<v Speaker 3>have a spreadsheet, you can put on the internet. You

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<v Speaker 3>can make it as complex or as simple as you want.

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<v Speaker 3>It's up to you, but it's really not difficult. And

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<v Speaker 3>if you are playing games like Monopoly, I think it's

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<v Speaker 3>important to fully explain the Monopoly game, right, Like explain,

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<v Speaker 3>you know why buying property is so violently important because

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<v Speaker 3>you're getting rent. Right, So in the middle of the game,

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<v Speaker 3>just stop. You're gonna learn about financing just by playing

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<v Speaker 3>the game. But I think it's important to kind of

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<v Speaker 3>stop the game and intervals and explain, like, Okay, now,

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<v Speaker 3>the reason why you want to have these houses is

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<v Speaker 3>because you're collecting rent and you're a landlord, right, So

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<v Speaker 3>now landlords, everybody in real estate is everybody in real estate, right.

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<v Speaker 3>Everybody participates in real estate unless you're homeless. So I

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<v Speaker 3>think it's important to teach children that early. Everybody participates

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<v Speaker 3>in real estate unless you're homeless. So you say, okay,

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<v Speaker 3>now you can participate and pay rent to somebody, right now,

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<v Speaker 3>every month you have to pay, and what you're actually

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<v Speaker 3>doing is paying their mortgage, which is a loan from

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<v Speaker 3>the bank, which you learn.

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<v Speaker 2>That in the game.

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<v Speaker 3>But the other side of that is that you have

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<v Speaker 3>a landlord who's actually collecting rent. So there's only two

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<v Speaker 3>ways that you can play this game. You can either

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<v Speaker 3>pay or you can collect, right, that's the two ways

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<v Speaker 3>to go about it. So explaining why it's always going

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<v Speaker 3>to be better usually to be on the collecting side

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<v Speaker 3>as opposed to the paying side, I think is something

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<v Speaker 3>that in a game like Monopoly, when you fully explain it,

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<v Speaker 3>break it down now, you start to have more of

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<v Speaker 3>an appreciation as opposed to just.

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<v Speaker 2>Playing a game just trying to win. Right.

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<v Speaker 3>Like I said, it's still beneficial in that way, but

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<v Speaker 3>if you can actually start to explain it, even in

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<v Speaker 3>very elementary, easy to understand ways to go about it,

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<v Speaker 3>and even the strategy of buying the same street, right,

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<v Speaker 3>that's a strategy.

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<v Speaker 2>That's a real estate strategy.

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<v Speaker 3>It's like, okay, we want all we want all blue,

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<v Speaker 3>we want boardwalk, and we want all of those blue

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<v Speaker 3>properties because usually it's going to work better if you

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<v Speaker 3>buy real estate close to each other.

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<v Speaker 2>Right.

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<v Speaker 3>There's a reason why most people that have large real

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<v Speaker 3>estate portfolios it's in clusters. They don't have like one

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<v Speaker 3>house in Michigan, one house and all beneath. Because you

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<v Speaker 3>learn the market, you get familiar with the town government, right,

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<v Speaker 3>you have incentives. It's easier for you to manipulate the

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<v Speaker 3>situation when you have things close by in a cluster.

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<v Speaker 3>That's another thing that you learn in monopoly, like it's

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<v Speaker 3>more beneficial to own a set as opposed.

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<v Speaker 2>To just owning everything randomly. Right.

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<v Speaker 3>So little stuff like that when you when you start

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<v Speaker 3>to train children and even adults, but you start to

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<v Speaker 3>train them in the form of gamification, and then you're

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<v Speaker 3>explaining it to them as you're actually playing. I think

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<v Speaker 3>that that's a major step in them getting to understand

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<v Speaker 3>the dynamics of how how money in business works.

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