There is little sense in building up a big portfolio or nest egg to leave as an inheritance unless we also teach our kids how to handle money and manage real estate investments. Then, the next generation can turn a little into a lot more.
One of the best ways to do this is through games with lessons. While we might like to download all of our money and real estate knowledge to them in a few hardcore sessions over dinner—or at every moment we get with them—that can be tough. A lot of it can be over their heads. Also, it may not be the most fun way they enjoy spending their time with us.
Every age can bring new opportunities to teach them in a way that fits their cognitive abilities and that is relatable. Whether they are five or 15 or 25, games can be a great way to achieve this in a passive, entertaining way.
Here are five worth trying out.
Monopoly now has a wide variety of themes. So, no matter what your kids are into, there is probably a version of Monopoly they can get excited about.
This game is great for introducing them to real estate in a really passive way, as well as teaching some basic principles—like you don’t want to go to jail! It will also introduce kids to some general rules, strategic location choices, and more.
Monopoly also now has a card game version. It’s easy to take with you on vacations.
This one really teaches you the importance of cash reserves when buying rental property. Your kids will also quickly learn that sometimes cash alone becomes ineffective, and you need investments to win the game.
Chess is probably the most classic mental game, and it has plenty of benefits. It again shows the need to know the rules and roles of different pieces, how to best utilize the different pieces to play to strengths, when to be bold and move forward—and when to be defensive.
It helps with creative thinking, a willingness to try new things, the development of long-term strategy, and the ability to think several moves ahead of the competition. Backgammon, checkers, and Chinese checkers are reasonable alternatives if you prefer.
3. Cashflow 101
This is one of the original real estate games. It’s probably one of the most famous among real estate investors and was created by Robert Kiyosaki. But you don’t have to be a fan of the Rich Dad Poor Dad author to play.
It pits players against the markets and elements, and it introduces them to a variety of investments that can be used to escape the rat race.
An alternative to this is Dave Ramsey’s Act Your Wage. This board game by the ultra-conservative money advisor aims to help players learn how to get and stay out of debt.
If you aren’t familiar with this game yet, you might be living under a rock. It was one of the most popular video games in recent years.
For all those parents who are still against video games, consider this:
- There are now video game scholarships to college.
- This career path can pay well.
- Players can participate in professional competitions.
- The big lesson offered by Fortnite is budgeting. It is one of those smart but bothersome games that drives your kids to constantly beg you for real money to buy virtual items. Every day, there is something new and exciting they just have to have.
Unless you are really going to give them money to own every costume and accessory that comes out, use it as a teaching tool. Give them a real allowance each week. Have them hand you over real cash out of that stash if they really want to spend it on the game.
You’ll probably notice a quick difference in how careful they are with their money when they have to spend their own, not yours.
The teamwork element is also helpful. Players learn how to collaborate with friends and other players in different cities. You might even be surprised at how siblings of different ages can actually connect around this game, or you as a parent can develop your teamwork with your kids.
5. Pokemon Go
While Pokemon Go might be “so 2016” to some people, it is still very popular. It took the whole world by storm, after all—everywhere you went, there were kids, teens, adults, and families playing it.
The game offers great lessons in branding and gamification. For the youngest real estate entrepreneurs in your family, it can be a fabulous way to get them excited about walking outdoors and exploring new destinations.
Take them to new neighborhoods to hunt Pokemon. Talk about the streets and houses on your way. Maybe add in a side game to see who can spot the most for sale and for rent signs. Tip them for any good leads you get on for sale by owner properties.
If teaching your kids good money management keeps you up at night, or you are just passionate about teaching them some real estate investing skills, these games might help. They can be a lot of fun and help you build their skills in a way they will actually enjoy.
Just be sure to take a moment to enjoy the quality time and keep it fun.
Article sourced from biggerpockets.com