EDITOR'S NOTE: The following is George Bailey's weekly report "Meanwhile, Back at the Ranch" about he and his wife's efforts to teach their kids financial freedom.
One of the mental practices I've been engaging in since we started the Choose the Nickel podcast is to seek out patterns in the stories my guests are sharing with me. Hopefully, these patterns will elucidate how children most effectively learn about money and business. For example, I've already concluded that parents best serve their children by raising them on farms. (Oh, you don't farm? A few suggestions here.)
Now, based on interviews we just released with Mike and Izzy Pulley and Robbie Mathews, I've got a new conclusion: Play The Game of Life with your kids. That's right. Play it with your kids, and if you don't have it, get it.
I recognize that my advice is rather shallow and that it sounds like I'm being paid off by Hasbro. I'm not (but if the good folks over at Hasbro want to remedy that, please click here and we'll get the conversation going).
To be honest, I actually don't know whether playing The Game of Life will do anything to teach my children effectively about finance and the professional world. If anything, I suspect the game emphasizes materialism over virtue. After all, the game's goal is to finish with the most money—not one of the core values I wish to inculcate in my own children. I promise that I'll end every match with a sermon on how important it is to give to others and how much more meaningful human relationships are than having your own vault full of Benjamins.
We don't actually have the game in our home, so Christina just ordered it with an Amazon gift card she scored. It should be arriving at our house any day now. Should I be embarrassed that I'm feeling a little giddy?
The kids don't know, so please don't tell them and ruin the surprise. They're going to squeal the same way they do every time a package comes in the mail. This reaction usually isn't merited. Normally, they'll freak out and want to open it only to discover, as with my last order, that it's a used copy of The PPLI Solution: Delivering Wealth Accumulation, Tax Efficiency, and Asset Protection Through Private Placement Life Insurance. In other words, the real game of life.
Come this next package, they won't be disappointed. Time for some fun and games.
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