Over the years, as I’ve played The Money Game and held too numerous Camp Millionaire camp to count, I’ve taken some notes on little things that I know to do but sometimes tend to forget. I call them Notes To Self.
I realize that if I have to remind ME about these little things, then I’m sure you probably need to remind YOU as well.
Here are some of the most important reminders about playing The Money Game that I thought you might like in a list…
As always, send me an email if you have questions and leave your comments for others!
List of ‘reminders’ for The Money Game for Camp Millionaire and Money Game coaches:
- The students often think they have to ‘turn in’ their asset chips when they collect their Passive Income the first time. Ask them questions to get them thinking, such as:
- Would you sell your rental house after the tenants paid you for one month?
- Would you sell your business after you made your first dollar in profit
- Would you sell your stock after the first time you get a dividend payment?
- Remind the ones who bought Piddlyjunk the first round that their total on their register is different ($100 less) than everyone who didn’t buy Piddlyjunk. Their total is always different the first few rounds but they tend to catch up when they can finally invest in assets.
- Remind them that they don’t get Passive Income from their assets until they’ve owned them one round. In other words, if they invest in an asset in Round Six, they receive Passive Income Round Seven.
- Make sure after they GET their paycheck, they go to their Register to pay themselves $100. Don’t let them pay their expenses first and then put the $100 away. This is NOT the Pay Yourself First Method, this is the Left Over Method and the LOM never works!
- After you teach Pay Yourself First before the 2nd Round, make sure you ask each student, “What are you going to do first?” every single time they get a paycheck. Make sure they reply, “Pay Myself First” before giving them their paycheck.
- Write the word RECONCILE down someplace on the Flip Chart Game Register so they SEE the word.
- Remember to Reconcile after each round by putting a red check by the balance column making their total on the outside of their account register matches the amount of money they have inside their register.
- Sometimes students ask if they can SELL their assets to other students. It’s your call. Some coaches allow this and others don’t. My suggestion is to allow it with older students with whom it would be easier to have meaningful conversations about asset appreciation, costs, return on investment, etc. For the younger group, not letting them sell assets keeps the game clean and simple but feel free to invite the conversation at the end of the game.
- In order to remember which color chip represents which type of asset, simply take one chip and drop it in the corresponding bag so all you have to do is look inside to make sure you have the bags matched with the right color chip.
- Try to get the first four rounds of the game on the first flip chart sheet. After about Round 5 or 6, the student’s registered don’t match because they have made different choices. This is when it’s important to have adult volunteers to help with tracking what happened on their registers after each round and remember to RECONCILE!
- When they lose money or make mistakes, it’s the perfect time to talk about what happens in real life. NEVER give money to a student who lost money. However, if someone loses a chip because it fell out of his or her register and someone found the chip, feel free to give it back.
- Go over the box where they put tick marks in to keep track of which assets they invest in. As the game progresses and the EVENTS happen, they will buy and sell them so they need to keep track of which type they own and how many of each they own.
- When they come to collect their Passive Income, require them to show you their chips and tell you how much money you own them. After all, people with money know exactly how much is coming to them. It’s a wealthy habit so write it on the Habits Sheet (see Extra Activities Page on WinTheMoneyGame.com site)
- In order to show the students how best to take up the principles on the wall (see diagram), put one up to demonstrate. They stay on the wall best by using two fairly long pieces of painters tape put at diagonals on the right and left. Remember that the students are constantly pulling them off the walls in order to bring them to the front and have the camp repeat them after saying 1, 2, 3 so they get a lot of use.
- When you want to shorten the game because of time, you can do any of the following:
- Pay the players $200 in passive income instead of $100
- Remove the credit card or car payment (or both) after a couple of rounds, saying they attended a financial education program and learned not to have credit card or car debt!
This is all for now. As I mentioned, email me if you have comments or leave your ideas below. Happy Money Games!