Playing the Stock Market Game.

08/07/23 • 11 min

Today we're gonna be talking to someone that introduced me to the stock market. Also we're gonna be talking about the Stock Market Game from my former teacher Mrs. Abbott.
Link to Stock Market Game

Link to state specific resources and links to register.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we're gonna be talking to someone that introduced me to the stock market. Also we're gonna be talking about the Stock Market Game from my former teacher Mrs. Abbott.
Link to Stock Market Game

Link to state specific resources and links to register.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Previous Episode

Needs, loves, likes, wants

Today I'll explain the needs, loves, likes, and wants budgeting practice. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Needs, loves, likes, and wants

Hey you guys it’s Cash Kid here. Back again with another cash kid podcast episode. Today, we’ll be talking about your Needs, loves, likes, and wants. This is a concept many use when it comes to spending. It’s like a checks and balances tool. But, more about this coming up. The Cash Kid Podcast is underway!

So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday. Here you go sweetie. Whoa, Thanks grandma!

Whatever it is, what are you going to do with it? Spend it, hide it away... or maybe invest it? Let’s start learning how to make that money grow.

Time to learn how to be a cash kid. (cash register)

Do you need it?

Do you love it?

Do you like it?

Do you want it?

These are four simple questions you can ask yourself before spending any money.

It’s a budgeting practice called needs, loves, likes, and wants. This method helps remind you to be more mindful of your spending and help you spend less.

(01:53)

So, first is “needs” which is pretty simple.

That’s my Mom listing our needs, like groceries so we can eat.

A "need" is something that will help improve your health like food and water or will provide safety like clothing and shelter. Now when I say clothing I’m not talking about some super cute designer dress or some $100 shorts you’ll use at the gym. This “Need” concept should be the first question you ask yourself. “Do I need this... Will this help improve my health or keep me safe?” These are questions you can ask yourself.

(2:32)

Next we have our "loves." A love is something that will provide long term enjoyment like 6 months or more. Now a video game console like a switch or Xbox will last you a long time as long as it doesn't break. But a game for it might be a "like." More coming up.

(music)

(3:09)

Ok, that brings us to the question of “Do you like it?”

A "like" is something that brings you short-term enjoyment. For instance, we like to go to the movies, or we like to go to the beach every year.

Now, recently around the time we released this episode, the new Zelda game came out called The Legend of Zelda: Tears of the Kingdom. This is an example of a like. Likes are simply things that give you joy in the moment.

Sometimes we get too wrapped up in our likes and over spend. So, it’s good to stop and ask, “Do I like it?” before buying it.

(3:42)

And that brings us to our last question, “Do I want it?”

Well, let’s be honest, as kids... we “want” a lot of things. We’re always asking our parents for something we want.

(Child reading his list of wants.)

That’s my little brother last week telling my Mom his new wants list. We’re not even sure if some of those things exist, but it’s a good example.

A want provides temporary satisfaction. Like that candy bar you just bought at the concession stand or splurging on a new pair of shoes you saw and thought were cute, when you already have five other similar pairs. Wants basically amount to spending without thinking much about it. Be careful with your wants... they can drain that bank account fast.

(music break)

So, that’s wraps up our discussion on our needs, loves, likes, and wants. Just learn to recognize how you spend your money and slow down to ask yourself those questions before you spend that hard earned cash to make sure it’s worth it.

Thanks for listening. Be sure to subscribe, leave a rating, and come back for more helpful tips and interviews with experts. Cash Kid, out!

Disclaimer:

The information presented represents the views and opinions of the guests. This show does not intend to provide personal investment advice through this podcast. This content has been made for informational and educational purposes only. To make a full and informed investment decision, we advise you to speak with a financial advisor and for kids, definitely your parents first before investing.

Next Episode

Playing the Stock Market Game.

Today we're gonna be talking to someone that introduced me to the stock market. Also we're gonna be talking about the Stock Market Game from my former teacher Mrs. Abbott.Link to Stock Market Game Link to state specific resources and links to register. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Welcome back to another episode of the Cash Kid Podcast. Today, we’re going to talk about how to buy and sell stocks, but never lose a dime of your own money! That’s right. One of my former teachers is going to tell us how. That and more coming up. The Cash Kid Podcast is underway!

(music)

Intro tease:

So you’ve got some cash. Maybe from an allowance, or that money your grandma gave you for your 7th birthday (Here you go sweetie.) Thanks grandma.

Whatever it is, what are you going to do with it? Spend it, hide it away... or maybe invest it? Let’s start learning how to make that money grow.

Time to learn how to be a cash kid. (cash register)

Kids today love to play online games. (Mario music sound effect). But in this episode, we’re going to talk about how you can use $100,000 to buy and trade stocks with no regrets. That’s right! It’s known as the stock market game. It’s how I first learned about my love of the stock market... and I never lost a penny of my own money.

So let me introduce our guest and my former teacher Mrs. Amy Abbott to the show, to explain how it works. Mrs. Abbott was one of my teachers and during the school year we did something called The Stock Market Game. We’ll provide links to the game and more on our website at cashkidpodcast.com. I’m excited to have her join us for this episode to talk about the stock market game. And, I guess you have her to thank for what led to this podcast.

Cash Kid - Mrs. Abbott, thank you for joining us today. First off, tell us a little bit about yourself.

Mrs. Abbott - Hey Cash Kid, thank you so much for having me on today. Like you said, I am a teacher. I teach 4th and 5th grade gifted students here in Birmingham, AL. I’m a wife and a mom. I have two girls who are ten and five.

Cash Kid - When did you learn about the stock market game and why did you feel it would be a good idea for students?

Mrs. Abbott - So, I actually learned about the stock market game when I was in fifth grade because I played the stock market game as a student. But back then it was not digital like it is today. So, I had to bring in my dad's Wall Street Journals , the actual physical newspaper, and I'd bring a big stack of them in for the week and we would spread them out around our classroom. And then we had to look through all of those ticker symbols. We couldn't just search for the one we wanted. We had to search through and find our company and see how it had done for the week. So we kind of just check that once a week. It wasn't like a daily thing and I loved it. I still remember that as an adult, and I thought it would be a great fit for my students because it's such a real world simulation. It teaches real life problem solving skills and just so many valuable life lessons for the future.

Cash Kid - That's great. So how long have you been presenting this as an option for students?

Mrs Abbott - So I think that I first started presenting this as an option probably the first year that I started teaching Gifted, which was in 2006. That was about 17 years ago. It's been around for a long time.

Cash Kid - How does the stock market game work?

Mrs. Abbott - Okay, so the stock market game is a ten week online trading experience. Students begin with a fictitious hundred thousand dollars that they can use to purchase stock bonds and mutual funds. They can make any number of trades with their funds. And then at the end of the ten weeks, the program sees whose portfolio is the most valuable and the most valuable portfolio at the end of ten weeks wins for their division. It's open for grades four through 12.

Cash Kid - What do you feel your students learn from participating in the stock market?

Mrs. Abbott - All right Cash Kid I could go on for a long time about this because I think the students learn so much. You know, they're learning a lot of economic and financial principles. They're learning to work with real world variables. So like actual changing prices, they're working with a changing market. They're learning how current events can impact the economy. They're also learning about how companies get started and how a company can go public and grow.

They are learning, you know, teamwork, computer skills, critical thinking, problem solving. And another thing that I think is great is they're learning some valuable lessons about how to handle adversity and how to adjust and adapt when things do not go as planned. Because Cash Kid did your stocks always do as well as you had hoped?

Cash Kid - Uhhh, No.

Mrs. Abbott -...