Oh boy! I see a few ideas here that we can definitely borrow to upgrade our own game at home. I also think the fact that “dad went crazy” is actually a good sign for everyone, it’s a reminder to pay attention, stay engaged & keep building.
The investmen game is working wonders for us too. My 8 year old gets paid for a work at my clinic (shredding) and calculating family's weekly expenses. Our investment strategy is that she gets whatever the index performs :)
In the beginning, she was not keen when I told her that she may lose money in investing via dad's bank, but so far, she earned over 10% :)
It is interesting how they learn opportunity cost so fast.
This is great and helpful! I am implementing something similar based on your prior series. Tactical question - do you just keep an excel file? Do you show them the monthly compounding?
My kids are a bit older, working full time and have their own retirement accounts. (Australia does this well - it’s the law). I’ve used AI to run the calcs on compounding to demonstrate long term outcomes. That changed the game and they were convinced on the merits of regular, modest contributions to their retirement funds (or paying down student debt) would dramatically alter their financial future.
*AI being far “sexier” than an excel spreadsheet 😂 (or at least in their eyes)
Oh boy! I see a few ideas here that we can definitely borrow to upgrade our own game at home. I also think the fact that “dad went crazy” is actually a good sign for everyone, it’s a reminder to pay attention, stay engaged & keep building.
The investmen game is working wonders for us too. My 8 year old gets paid for a work at my clinic (shredding) and calculating family's weekly expenses. Our investment strategy is that she gets whatever the index performs :)
In the beginning, she was not keen when I told her that she may lose money in investing via dad's bank, but so far, she earned over 10% :)
It is interesting how they learn opportunity cost so fast.
This is great and helpful! I am implementing something similar based on your prior series. Tactical question - do you just keep an excel file? Do you show them the monthly compounding?
My kids are a bit older, working full time and have their own retirement accounts. (Australia does this well - it’s the law). I’ve used AI to run the calcs on compounding to demonstrate long term outcomes. That changed the game and they were convinced on the merits of regular, modest contributions to their retirement funds (or paying down student debt) would dramatically alter their financial future.
*AI being far “sexier” than an excel spreadsheet 😂 (or at least in their eyes)
Here's the file: https://docs.google.com/spreadsheets/d/14z-yeer-hMq4LXP7-TS4O0rbu0lp-zvx/view?usp=sharing&ouid=115047450985789830534&rtpof=true&sd=true
They don't see the file more than about once a quarter.
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Would it be fine if I convert this into a app
Go ahead.
Thanks
Thanks for sharing! Awesome to see the compounding. I will be setting up something similar for my 4 boys (12, 10, 8, 4) this summer.
It’s a wonderful way to teach the core requirement for financial independence.