All-time greats that help kids learn about money
The toy industry has its hall of fame and parents’ choice awards. I’m adding a third one to recognize favorite and innovative financial gifts for kids.
Call it the Money Smart Kids Hall of Fame.
I’ve picked the inductees to the inaugural 2019 class — gifts, products and services that fit the high standards of helping kids learn about all things money, the economy and the business world.
Readers get to nominate the next class in 2020. I will collect ideas all year and winners will be announced next December. Send me an email with your nomination and briefly tell me why it deserves hall of fame inclusion.
Here are the members of the inaugural class:
Despite its slower pace and long playing time, this classic board game is still a kitchen table favorite. Though I love dice board games, the online version works for me.
Released in 1989 and designed by Will Wright, SimCity revolves around building and developing a city complete with housing, police and fire stations, utilities and other services. Along the way, children learn about taxes, the economy and social policy.
Its 144 pages are filled with common sense financial advice told through ancient Babylonian parables, such as the importance of paying yourself first, living within your means, long-term savings and investing in what you know.
With more than 79,000 customers (up to age 22), Young Americans offers savings accounts, certificates of deposit, checking, debit and credit cards and personal loans. Its reach extends further with camps and classes through its umbrella organization, the Young Americans Center for Financial Education.
When it comes to saving money toward college, a 529 is the best option for millions of families because of its attractive federal and state tax benefits. The 529 plans were created in 1996 and are named after a section of the federal tax code that authorized states to offer the accounts.
With tuition costs rising along with student loan debt, no wonder more than 40% of families have opened a 529.
Now, remember to send me your nominees for the next class.