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What do kids learn playing "Money Island"?

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Quick Answer

Kids learn the value of wealth building by increasing income while minimizing debts or bills and the importance of diversifying income sources by playing "Money Island." Other life lessons include the value of spending wisely and giving to others while enhancing financial health. "Money Island" is designed for children ages 8 to 14.

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Full Answer

"Money Island" inculcates discipline and responsibility in money management, according to The Bank of Georgia. The game also teaches children to use available credit wisely. To advance from the apprentice to the guru level, the player must tilt the scale in his favor by minimizing bills, such as credit card debt, rent and taxes. By differentiating between wants and needs, the game highlights the value of making the right choices and making do with less in an attempt at wealth building.

While playing "Money Island," kids learn to diversify income streams to build wealth. To build a steady revenue stream in "Money Island," the player relies on various types on income, including interest on savings, real estate, stock dividends and business, which provide cumulative value. This minimizes the risk of relying on a single income source.

Kids also learn to share resources with others, and that success in life does not entail hoarding as much as possible at the expense of others. Rather, by sharing with others, or using scarce resources prudently, the player can continue to grow financially and contribute to the common good of others.

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