Money is on everyone’s mind at the moment. How do I save for the future? Are stocks and shares worth the investment? How do I pass on wealth to my children? During a time of recession, being smart with your money is essential.
I personally loved Robert T. Kiyosaki’s book, “Increase Your Financial IQ: Get Smarter With Your Money,” as it emphasizes the importance of financial education and offered various ways to improve financial intelligence. One of the ways he suggests was through playing games that simulate real-life financial scenarios. He even released a board game that aimed to teach players how to manage their finances effectively.
Interestingly, Robert T. Kiyosaki also stated that rich people teach their children about money from an early age, as the education system is more geared towards preparing people for work.
Money games can be a great way to introduce children to the world of finance while keeping them entertained. These games help to develop various skills, including critical thinking, problem-solving, and decision-making. They also teach children the value of money, how to manage it, and how to make sound financial decisions.
I have tried to teach my children about the importance of money and financial literacy, but they tend to glaze over and walk away. Having children who are gamers, one way I have found to do this is through simple money games.
https://mortgagecalculator.org/money-games/ has a selection of money games that helped. Whilst many may not be relevant to your current situation, there are a few gems in there:
Cash Back is more about maths than financial education but it’s a great foundation on which to start with. This game is all about working out how much change to give a person when they buy items from you. An easy stage might have them buying a $7 burger with an $10 note, but as you progress you will find yourself giving $361.54 change for a $846.13 necklace. Its a simple concept, but can help with maths.
Stocks is a crazy game that demonstrates the unpredictability of the stock market. Players can either buy or sell and a day’s trading passes in a matter of seconds. Each day, you buy low and sell high and see your income increase. Whilst this is far from a true representation of the stock market it shows how fast everything moves and not to panic as the market changes every day. The main lesson here is buying low and selling high is sometimes a split-section decision that you need to make and live with.
Bitcoin Tap Tap Mine
Bitcoin Tap Tap Mine is an idle clicker game that teaches players about Bitcoin and cryptocurrency. Players collect Bitcoin and use them to upgrade their Bitcoin mining operation. The game also helps players understand the nature of money, the power of computing in economic systems, and the concept of the financial crisis.
It’s not just money games though, there are real estate and business-building ones as well.
Once you have control of your money, you may be interested in exploring other financial avenues like real estate investing or entrepreneurship. There are also games that can help you learn and practice these skills, such as:
LEGO City Adventures Build And Protect
Who doesn’t love LEGO? LEGO City Adventures Build And Protect is a game in which players help Mayor Solomon Fleck build a LEGO city using various buildings that earn tax revenues, which can be used to further develop the city. The game involves digging for hidden mini pieces, collecting taxes, unlocking new zones, and ensuring the safety of citizens.
Hero Elementary Treehouse Trouble
This is a simple physics puzzle video game that encourages recycling. Players use building pieces to build a stable treehouse or remove unneeded extra pieces from an existing treehouse to recycle them.
This virtual board game is inspired by Monopoly. Players start with savings and earn money by buying and renting properties. They can build houses on their properties to increase rents and purchase land from other owners. The goal of the game is to bankrupt the three competing computer players before they bankrupt you.
In this game, players run a coffee stand and manage inventory, budget, pricing, and strategy to maximize earnings. The game also teaches players to predict demand and read consumer feedback.
Idle Startup Tycoon
Idle Startup Tycoon was the one I seemed to lose the most time on. Essentially, you are tasked with building a startup incubator, where you manage and upgrade various parts of the business. From upgrading programmers on each floor to make them work faster to hiring new managers to oversee the different departments, it sucks you in before hitting you with the pressures of business management.
Playing these games can be an entertaining way to learn the basics of money management and entrepreneurship. Keep in mind, however, that they are extremely simplified versions of the real thing and should not be relied upon as the sole source of education or preparation.
Money games can be an excellent tool for improving financial literacy, especially for children. These games help to develop essential skills and teach valuable lessons about money management, investment, and financial decision-making.