I thought this was kind of cute today as I was talking to my nephew and he often comes to me for advice and knows that I am the type of person who always like to spend money wisely while trying to get the best value. He was playing this game where you normally get a free play every thirty minutes. If you are impatient you can spend this jewel which is something you at times get for free or pay real money to get. He really wanted to play and so he was asking me in an eager way if it was okay to spend that jewel to get thirty minutes of play time.
It was kind of funny since it’s not like I told him no and the decision was his to make. But eventually like spending money I told him if he was going to spend it then he should try to get the most out of it to try and fight this boss that gives a lot of rewards. He enthusiastically agreed and started. As he did this he was calculating all these rewards he was getting and was so excited as he was getting more than he thought he would. He even made a comment out loud how this was a good investment.
This turned out to be a great example of teaching kids financial literacy I thought where at the same time it shows you the importance of being a role model for it too. Often times we focus so much on things like sports and academics that we forget financial literacy needs attention too. Like with my example it can turn into something that they want to do in terms of making the best decisions.