Play time is always fun for children. If mommy or daddy joins the game, their joy doubles. Use this enthusiastic playtime to teach kids about money. Wondering how? Through educational board games that teach money management skills.
Kids, who otherwise feel bored to learn about finance, get a chance to explore ways to manage money through such games. Educational board games work wonders in imbibing the finance concepts and skills, which would last long and help real time in the future. Such kids grow as financially literate adults who do the right things with their money. What more can you expect from a play-time?
Top Three Board Games That Teach Financial Literacy
A board game is a tabletop game which has counters or pieces placed on a marked surface or a board, based on a set of rules. While some of these games are based on strategy, most of them involve an element of chance. Here, we listed top 3 board games that teach money management skills.
1. Monopoly Board Game
Monopoly is one of the popular board games available in many versions and languages across several countries. The theme includes players taking the role of landowners and playing towards developing their properties. During tough times, the players may have to raise cash by mortgaging their properties. The winner is the one with highest net worth based on the property and cash he holds by the end of the game.
Life Lessons Learnt Through The Game:
- Always keep cash on hand. If you run out of cash, you would end up selling your property for a low fare.
- Be patient. You can’t win buying every piece of real estate. Follow a game plan.
- Focus on the cash flow as well as the cost paid to attain those cash flows. Consider these before buying an asset.
- Spread out your investments across properties to have multiple chances of winning rents.
2. Cash Flow 101 Game:
Cash flow 101 is another popular game that teaches crucial money skills. The most recent edition of this fun board game includes improved color, graphics, and instructions. The game mimics the financial lives of most people. The player with the highest positive cash flow is the winner.
Money Lessons Learnt Through The Game:
- Low monthly expenses create positive cash flow, leaving more money with you.
- Passive income generating deals create more money to invest. It is better to start with smaller deals.
3. Settler of Catan Board Game:
Settler of Catan is a board game where players act as settlers developing resources and trading. This highly rated board game that has won several awards involves multiple strategies and variations to the rules. The player who gets 10 victory points first is the winner.
Planning Lessons Learnt From The Game
• Plan after analyzing all the data. Settle where you can make most advantage of all the resources.
• Try to occupy the right place before others do.
• Understand what your strategy can deliver.
These are just a few insights of what you can learn from these amazing board games. A plenty of more lessons can be learned while playing. All the financial planning and money lessons resemble real life strategies. Try to employ similar strategies to secure your life.
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