Age: 8+

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Talking About Financial Concepts at Home

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  • How to Introduce Financial Topics

    Age 5-7
    5-7

    Setting Financial Goals

    If you had $5 to spend, would you rather buy new animal stickers or colored pencils? What would be your priority?

    Saving and Spending Wisely

    Pretend your most important financial goal is to buy new animal stickers, but then you go to the store and see new space stickers. How do you decide what to spend your money on?

    Inflation

    Last year, a sticker cost 5 cents. Today, that same sticker costs 8 cents. What happened?

    Asset Allocation

    You're looking to buy some animal stickers that you can trade with friends. If you buy a giraffe sticker, you can trade it right away for one zebra sticker. But if you buy an elephant sticker, you can trade it for three zebra stickers at a birthday party next week. Which should you buy?

    Diversification

    You want to keep your animal stickers safe from the dog. Should you hide them all in one place or should you put some in a drawer, some in a folder, and some in a closet? What will make it harder for the dog to find all the stickers?

  • How to Introduce Financial Topics

    Age 8-10
    8-10

    Setting Financial Goals

    If you had $20 to spend, would you rather buy a new game or a new bicycle? What would be your priority?

    Saving and Spending Wisely

    You?ve decided to set aside $20 toward a new bike. You also save $5 a week for four weeks to buy a $40 bike. While you?re saving, you notice that bike baskets are on sale for $5. Should you buy a basket now or stick to your plan and save your money for the bike?

    Inflation

    In six months, you?ll have enough money to buy your bicycle. Last year, you could have saved enough in four months because the bicycle cost less then. What happened?

    Asset Allocation

    You?re entered into two bike contests?one next week and one in six months. One trick you know is simple, and you have already mastered it. Another, more difficult trick that you want to learn will take a few months to perfect. Which trick should you use for which contest?

    Diversification

    You are practicing for a bike contest and can?t be sure what the weather will be like on that day. Should you practice only on sunny days? Or should you practice on sunny, windy, and rainy days? Which option would give you the best chance of winning the contest?

  • How to Introduce Financial Topics

    Age 8-10
    11-13

    Setting Financial Goals

    Do you want to buy a video game or horseback riding lessons? How can you decide which to buy when you only have enough money for one?

    Saving and Spending Wisely

    You have been saving money for a video game, but a deal comes up for horseback riding lessons. You?re set on the goal of buying a video game. How do you decide to stick to your goal?

    Inflation

    The class trip to a video game company cost $110 last fall. This year, the trip costs $120. What happened?

    Asset Allocation

    In eight years, you will attend college to study video game design. Most of your money is in a savings account and not very much is invested in stocks or bonds. If you keep your money where it is, are you sure there will be enough to pay for college?

    Diversification

    You hope to win a scholarship at the video game contest. There can only be three people on the team. Should the team have three strategy experts or one strategy expert, one puzzle whiz, and one adventure genius?

  • How to Introduce Financial Topics

    Age 14-17
    14-17

    Setting Financial Goals

    Do you have a financial goal of paying for some or all of your education beyond high school?

    Saving and Spending Wisely

    How would you manage your money so you could spend some now but would have enough left to help pay for school?

    Inflation

    The cost of higher education keeps rising. How does this change the amount you need to save for your future education?

    Asset Allocation

    You are 14 years old and receive $500 for your birthday. You want to invest it so that you have enough money to pay for all of your books during your last two years of college. Should you invest 100% in a savings account or some in stocks, some in bonds, and some in short-term investments?

    Diversification

    You are saving for college by investing money into the stock market. One day, you get a hot stock tip! Should you put all of your money into the hot stock or spread it out into many different stocks by using a mutual fund?

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