For Day 7 of Financial Literacy Month, FUTURES: Financially Literate Kids for a Financially Literate Society™ serves up the first in a series of Sunday posts designed to help kids imagine a bigger and brighter future by playing a game of “What If…?” These “What If. . .?” settings help kids to “see” possibilities they might never have considered.
Everybody knows weekends are game time—whether your kids are into football or board games, this is an ideal time to set aside a few weekend minutes to play a fun-filled “What If” game that helps kids imagine big things in their own futures. This financial literacy game also works well in any classroom, and makes a great kick-off to the week or a strong wrap-up for next Friday afternoon. With the framework mapped out in this post, you'll be able to tap into some creative big-picture thinking with your family or your class.
Just think of the reaction when you toss out this question as you and your kids are wrapping up the week or running weekend errands—
“What Would YOU Do if You Earned a Million Dollars?”
A million dollars sounds like a lot of money—and it is, especially to kids! This simple question can fuel many lively visualizations. Don’t you want to know what your kids think is possible for their bigger futures? A million-dollar salary is a great starting point. How far does money really go? In this activity, kids will learn the value of a million dollars—to them—and they’ll be able to determine their financial “worth in the world” as they contemplate, perhaps for the first time, just what they could contribute that would empower them to earn a million-dollar salary.
STEP 1: Brainstorm!
Ask: If you earned a million dollars, what would your job be?
Start with the HOW. Begin by helping kids visualize their dream jobs. What would be your million-dollar job? What would you contribute that would help you to earn this much money?
These questions reinforce the need to work to earn money, no matter what the dollar amount might be. “Earning cash before burning cash” is a big financial factor for all of us.
Ask kids to describe what they will do for their paycheck and you may just discover some hidden interests. A dream job like “inventing a new kind of phone” might spark explorations into STEM, engineering, and other education tracks. A dream job like being a rock star might speak to musical talents or a computer design program at the community center. When kids pop up with dream jobs like playing for their favorite sports team, this provides the chance to discuss “stretch goals” and more realistic goals. Could your potential pro athlete also begin to volunteer for the school broadcasting club to get some experience “around the sport” just on the “off-chance” that the pro-ball contract doesn’t come through?
Ask: What would you DO with the money once you earned it?
Move onto the WHAT. Once you help your kids “see” themselves as capable of earning a million dollars, it’s time to move into what money can “buy.” Ask kids to share their ideas about what they would do with the million dollars they earned. Remember, most kids don’t have any idea how big a million dollars is not. When kids suggest ways of spending their paycheck, you’ll gain valuable insights into their priorities. Are they focused on acquisitions, helping others, building businesses, or travel?
If they’re stumped for ideas, kick off the conversation by asking these questions:
Do you think a million dollars is a lot of money?
Where would you live?
How would you get around?
How much of your million dollars a year do you think you would need to live? (Prompt them with rent, mortgage, bills, food, clothing, transportation categories to guide their thinking.)
Once you pay for all that you need, what would you want to do with what’s left?
Would you save any of your money? If so, how much?
If you would save money, what would you save it for? (Prompts: College, rainy day, a time when you can’t work, retirement?)
Would you use any of your money to help other people? Who?
Are there any causes that are important to you that you would want to support financially?
What do you think you would need to pay in taxes on your million-dollar salary?
Do you know what your tax dollars would pay for?
Would you invest any money in the stock market?
Would you buy something special?
Do you think a million dollars is a lot of money, now?
STEP 2: Capture!
As you can see, any of these questions can lead to a longer exploration of just how far a million dollars can—and cannot—stretch. As kids solidify their vision, write down their game plan. These make wondrous keepsakes to share with your kids at milestone events like high school graduation. Such Million-Dollar Dreams Lists have even been presented at an engagement party or two! When you and your kids look back on these early visualization plans, you might detect the first threads leading to a future career. If your pre-teen plans to live on a mountaintop with five kids and a boat while helping everyone to have as much dessert as they want, you just might discover your rock-climbing young adult has a true flair for pastry and may one day run a major cupcake franchise!]
STEP 3: Explore More!
Older kids can rank and prioritize their goals and visions in order of importance. They can also separate the items on their Million-Dollar Dreams List into the two categories of needs and wants.
As a bonus activity, once your kids have narrowed down the list to their biggest wants, goals, and intentions, they can further cement their visualization by “browsing the real world” for examples. Prompt kids to look up options online, get a sense of what their dream ideas might cost, and re-evaluate their ideas. “Wait. THAT’s what a motorcycle would cost—today? What do you think it will cost by the time I can drive one?”
Even if you end up being the “recorder” for these vibrant exchanges, it’s well worth it to capture and document these early discussions. Be sure to snap a photo of your notes, too. In today’s busy world, it’s easy to forget about these predictors. What a treat when these are rediscovered down the road.
To develop a strong financial future, kids first need to “see” themselves as able to earn, learn, and wisely manage their earnings. As responsible adults, we not only need to serve as strong role models; we also need to help our kids to discover their visions, passions, and pathways for their bigger futures, financial and otherwise.
Visit Us Every Day in April
Tomorrow, tune in again as we continue Financial Literacy Month with a close look at the five-dollar bill. Where does paper money come from? What do all the numbers and labels on the bill mean?
Click here to take a closer look at FUTURES: Financially Literate Kids for a Financially Literate Society™, an innovative financial literacy program designed for students in kindergarten through eighth grade. You may also download any of the 29 sections of the program—for FREE! Just click below.