Fri, Jul 25, 2008
The New Paper
Play ‘crazy money’ games with kids
WHEN it comes to teaching kids about money, Mrs Money and I do it differently.
We keep it simple and focus on a single concept: Deferred gratification.
What’s that? Developmental literature shows it is the key to financial, academic, social and every other kind of success.
It is the ability to put off pleasure in order to accomplish something - like working, studying, saving money and even developing friendships.
The easiest way for kids to learn is through games. Here are three of our family’s ‘crazy money games’. We have about a dozen.
All combine lessons on money and deferring gratification. Thanks goes to our daughters, ages 10 and 13, for being such good guinea pigs all these years.
(i) The game our kids play the most is a deferred gratification exercise.
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(ii) A money game at restaurants focuses on their highest mark-up item: Drinks.
………
(iii) The third game is one I picked up from watching the news on TV. It said Americans were paying ‘cash for guns’ in Iraq. The scheme was a big success with a lot of weapons getting surrendered.
So I said to Mrs Money: ‘Why not cash …..
……..[…]
THE importance of deferred gratification was first confirmed in the 1960s with a famous experiment at Stanford University in California in the US…..
This article was first published in The New Paper on July 14, 2008.
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