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294. Monopoly Money Mastery: Teaching Kids the Value of Wealth with Adam Carroll - Part 1 of 3

Apr 22, 2024

In this discussion, Adam Carroll, a financial education advocate known for his engaging methods, shares his innovative approaches to teaching kids about money. He emphasizes using games like Monopoly with real cash to foster practical financial conversations. Adam dives into his own rocky financial beginnings and the strategies that led to overcoming debt. He discusses the importance of allowing children to make their own spending decisions, empowering them with financial wisdom and the significance of early money conversations.

40:57

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Episode guests

Adam Carroll

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Episode notes

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Quick takeaways

Introducing real money in games like Monopoly helps children understand the value of money and strategic financial decisions.

Encouraging open family discussions about finances enables children to grasp the importance of financial responsibility and planning for the future.

Deep dives

The Impact of Real Money in Learning

Introducing real money into children's financial education, such as through playing Monopoly with actual cash, significantly alters their understanding and approach to money management. When playing with real currency, children become more strategic, recognizing the implications of their decisions and the value of cash flow. For instance, in a game with real bills, one child began to appreciate the importance of acquiring properties that generate income rather than frivolously spending. This tangible experience helps children grasp the connection between money management decisions and their outcomes, fostering a more profound respect for financial concepts.

Intro

3min

From Scarcity to Abundance

5min

Transforming Debt Perspectives: From Burden to Investment

3min

Empowering Children With Financial Wisdom

26min

Guiding Kids to Financial Savvy: The Importance of Early Money Conversations

2min

Understanding Money: The Psychology Behind Wealth Perception

2min

Monopoly Money Mastery: Teaching Kids the Value of Wealth with Adam Carroll - Part 1 of 3

We're kicking off a three-part series with Adam Carroll, a financial education advocate who's changing the game when it comes to teaching kids and adults about money. Adam's not your average finance guru – he's all about hands-on learning and practical strategies that make a real difference.We kick things off by exploring Adam's unique approach to teaching kids about financial responsibility. Picture this: a game of Monopoly where real cash is on the line. Adam's innovative methods promote open discussions about finances and involve children in budget decisions from an early age. It's all about setting the foundation for a lifetime of smart money management.

What we discuss with Adam:

+ Adam's Rocky Financial Beginnings and What Changed

+The Journey to Financial Wisdom and Massive Debt Payoff

+The Monopoly Game That Changed Everything For Adam's Kids

+What Contributes To The Way We Play With Our Own Money

+Creative Ways to Teach Kids About Money and Saving

+Core Truths About Money And Beliefs Everyone Needs To Learn

+How To Start Small And Simple With Saving For The Future

Tune in for more with Adam in Parts 2 and 3 of this series!

Resources from this Episode:

Adam's Full TedX Talk

Thank you Adam!

To connect with Adam, click here.

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And if you want us to answer your business questions on an upcoming episode, drop us a line at support@millioinaireuniversity.com.

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