Managing money can be a difficult part of family life. In a culture that pushes debt, spending, and excess, how do we teach our kids to be wise with their money? An old proverb says that the best teacher is experience and I know that most of the financial know-how I have came from making big mistakes. Hopefully my children will avoid some of the misery that comes with financial error by following my example. I try to model good financial behavior, talk about money with my kids, and teach them about good financial habits but sometimes they just want to have fun. I recently had the opportunity to play the board game CASHFLOW for Kids with my daughter and she learned a few financial lessons in a matter of minutes.
CASHFLOW for Kids, created by Rich Dad Poor Dad author Robert Kiyosaki, teaches the core principles of cashflow, capital gains, assets and liabilities in an entertaining way. My daughter and I had quite a bit of fun and by the end of the first game she was starting to stop and thoughtfully decide if she wanted to spend money. She was closely watching her assets compared to her liabilities. I liked that the financial situations were realistic and that there were fun elements to each choice. The game was a big hit in our home.
You can order CASHFLOW for Kids here.