How And When To Teach Your Kids About Money

As a child, money seems to somehow grow on trees as mum and dad always appear to have money to buy things.

Even though this is clearly not the case, its unfortunately the perception of children who live in a very consumer oriented world.

Rather than letting your child grow up thinking that money comes easily, you need to institute some form of education that teaches them how to understand and use money wisely.

Teach them young and they will carry forward that knowledge and live a better financial life. Heres a few tips how :

From ages 3 - 7

1. Show them the value of money by explaining what $2 can and can't buy. It may be an idea to do this whilst walking down the super market aisle or toy aisle (if you are game!).

2. Let them watch you pay for things. You may even start by letting them hand over the cash or pressing the OK button on the ATM.

3. Do not give them notes. Pay their pocket money in coins as your children need to understand how to allocate their money.

4. Show them how to visualise their goals. Get them to draw what they want to save up for. Keep the goals realistic otherwise they will very quickly lose interest.

What they learn -

Different things have different values.
Money simply doesn't grow on trees and that you have to work for your money.
You have to allocate your money for different things

From ages 7 - 12

1. Encourage them to participate in the school banking programme. This will give them a sense of regular commitment to savings.

2. Get them interested in looking at their bank statements and following how much money they are saving. This will get them used to scanning banking paperwork.

3. Get them to start thinking of a long term saving goal and work out how long it will take them to reach that goal.

4. Give them a combination of notes and coins for their pocket money. This will really strengthen their allocation abilities and efficient usage of spare change.

5. Start showing them the family bills and explain positively that the bills have to be paid to keep the family going.

What they will learn
Saving is a planned activity and something that needs a bit of thought rather that just putting away what's left over.
The value of small change
It takes a fair bit of money and good money management skills to keep a roof over their head.

For Teenagers

1. Encourage them to set up their own bank account and use internet banking.

2. Direct debit their pocket money into their account. This will get them used to dealing with intangible payments, and that electronic money is not just a set of numbers.

3. Make them responsible for their own bills such as mobiles. This is a very quick way to teach them how to spend wisely.

4. Try not to lend money to them for purchases that are of an extravagant nature. If they really want it, encourage them to get a part time job to save up enough. If you do loan money to them, do so only on the grounds that you will reduce the amount of their pocket money until the loan is paid.

5. Charge them board if they have a part time job - this will start getting them into the habit of paying their way for things they take for granted - like food and shelter!!

6. Introduce them to the concept of return on investment. Show them the value of putting some of their money into high interest savings accounts or even into managed investments.

7. Highlight the fact that if they start now they will be so much better off down the track.

What they learn

Not only will they learn more modern and more efficient banking techniques they will also learn how to curb their wants, or find ways to earn rather than going into debt for something that is not totally necessary.

It takes money to create money.

Greg R Smith is money expert from Australia who is recognized for his gift to translate the often complex money world into simple over the kitchen table language. He is a qualified financial planner with over 20 years experience and is also a best selling an author, TV presenter, columnist, public speaker and radio presenter. He is also the inventor of a revolutionary money box that will change the way children learn about money forever - visit http://www.moneyedbox.com for more.

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E! True ZX Games Story: Lode Runner

Eighties was the marvelous time of innovative game concepts, and this is what we at ZX Games (http://www.zxgames.com) really love and have passion for. We are not really sure what that time was all about, but somehow a single person could come up with a brilliant idea and turn it into a game selling millions of copies.

Developing a game today is a whole different thing. We really do not welcome the idea of having a huge team of developers and writers and animators and etc to create one complex game that will need some time to grow on you and yet will not be original. Simplicity and minimalism is what distinguishes a good game; ingenious thinking is what marks a bright mind.

Today's featured game is Lode Runner. Released in 1983, it's amazing that the game still sells and people buy it everyday. Can you imagine this? Not a day passes by without having at least one person interested in purchasing Lode Runner...

* Game Inventor: Douglas E. Smith
* Occupation at the time of invention: student, major in Physics
* Location at the time of invention: University of Washington, Seattle

Douglas Smith lived in Renton, Washington before going to Seattle to get into the Computer Science Department at the University. However, as irony would have it, the future inventor of Lode Runner failed twice to qualify for Computer Sciences and had to settle on Physics major. Eventually Douglas dropped out of the University in the wake of Lode Runners success and became a millionaire.

The earliest version of Lode Runner was written in Fortran on the Universitys VAX 1. It was called Kong because of its similarities to Donkey Kong. Since developing video games was not authorized use of the Universitys resources, the game was known as graph until its completion. Running graph on the University machine required the user entering a secret password. This password became common knowledge among students, and soon it was reported that around 80 of the total man-hours to the development of the Fortran version and 0 royalties on gross sales. One of the others offered him $100,000 flat. He made the right choice and picked Broderbund. Later Douglas blamed Sirius for leaking a copy of Miner, which was widely distributed in southern California.

Broderbund gave him the advance with no strings attached other than he could not market it elsewhere. To get the royalties, Douglas would have to complete the game with four major points:

1. Animation
2. Sound Effects
3. New Title Page
4. 150 Levels

With new incentive, Douglas worked around the clock, dropping his classes for the quarter (Spring, 1983). At that time he only had about 30 levels and it is said that he was not creative enough to think of another 120. So he let the neighborhood kids come over and design new levels with Douglas' screen editor. He paid the kids on a per level basis for every one that ended up in the final release.

Broderbund had an ex-Walt Disney animator working in-house. For a cut of the profits, he would design a nice title page. Douglas took him up on his offer.

The game's snakes were tuned into running stick figures, because Douglas could not come up with proper animation and simply borrowed the four-frame running man sequence from Broderbund's Choplifter game (hence, the name Bungelings).

The game was ready by Summer of 1983 under the Lode Runner title.

Douglas offered James Bratsanos a flat payment for his role in the development of the Fortran version. James was surprised to receive anything at all, and accepted.

Douglas' royalties started pouring in. He broke Choplifter's Broderbund record of $77,000 in one month royalties. Rumors go around that Douglas grossed $2 millions in total royalties. Although he had to pay a substantial part of the income as taxes to the government, with the net profit he was able to buy a Porche 911 Carrera, a Bayliner Speedboat and a house in Issaquah, Washington.

However, soon with the money going out fast, Douglas realized that he did not have enough to retire on. He started his own company called QAD. The name stood for Quick And Dirty. Unfortunately we do not know what the company was about. What we know is that Douglas did not have much luck with it. So, soon he undertook a new venture named Ralph. Ralph was to become a new video game for the Apple II microcomputer. However the project quickly became overdue and eventually failed. Douglas decided to go back doing what he was best at, and that is making new and improved versions of Lode Runner.

If you have any idea where Douglas E. Smith is now and what he is up to these days, please share this information with us at mail@zxgames.com. As a reward, we will give you any of our games free of charge...

..or just play our remake of Lode Runner (http://www.zxgames.com/en/loderunner.shtml), which is as close to the original as possible and needs no emulators to run.

Mikhail Zhilkin of ZX Games (Sales, Support and Public Relations). Apart from being ZX Games founder, Mikhail is doing his post-graduate study in Physics, lives in Tokyo, Japan and expresses his extreme pacifism by not doing compulsory military service in his home country. Mikhail enjoys playing soccer and ZX Spectrum games.

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