This article was originally published as a guest post on Moolanomy. I’ve chose to republish it as these games would make nice Christmas presents. You can also read this article by visiting here.

At an early age, it is difficult to teach children about money. Learning comes much more easily when it is fun. Game nights are a family tradition in many households and throwing in one of these board games can combine fun with a little financial education.

The board games provide the basic concept for what most people are trying to do in life, financially. Sure, the gameplay is all about whoever has the most “money” and it encourages competition but the methods for winning these games is identical to how we obtain wealth in real life.

• Monopoly. This is THE CLASSIC. Players take on the role of a real estate investor. Buying, selling and trading what you have to gain leverage over other players in the hopes that they lose everything they have. Lessons of the game include knowing which properties to buy, sell and trade, managing your money so that you have enough to do certain things such as build houses or pay rent, and learning the art of negotiation.

• L-I-F-E. The goal of this board game is to undergo numerous life decisions so that the player ends up with most money wins. Here, players can learn the importance of a career choice and an education. The game has spaces on the board where life events, spontaneous and expected, occur which would then lead a person down different paths. LIFE will teach that the decisions one chooses early in life will have a major impact on the distant future.
• Pay Day. Without a doubt, this board game is ideal for the practice of personal finance and good money management. The game has a “calendar” board and players earn money and experience different events every day that may allow them to gain or lose money. Because there are savings accounts and loans in the game, players can learn the art of budgeting and the dangers of borrowing money, which are the most talked about topics in the personal finance blogosphere. After playing this game, it would be a good idea to give a piggy bank to the kids when the concept of saving money is fresh in their mind.

Along with fun and money lessons, the games can improve mathematical skills and promote maturity. Many parents, who feel like they need to teach their children a little more about finances but also find it uneasy to introduce the topic, can use these classic board games to establish a sound financial mindset for their kids. These board games are not just a great educational tool for younger generations but it can also serve the same purpose for everyone of every age.

Photo credit: mtsofan, c.a.muller, fourlittlebirds, and therealglen

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An item at a garage sale catches your eye and you were able to take it home for a bargain price. You didn’t notice it but your process of haggling had the foundation for price negotiating.

In a business class I took, we had an exercise that simulated a negotiation where groups represented either a buyer or a seller. The sale of a used truck was up for negotiation and we were to learn the basics of negotiating a price.

Each group had to fill out a worksheet with their initial offer, target price, resistance point, and best alternative to a negotiated agreement.

• initial offer: This is the starting price each party intends to lead off with at the beginning of the negotiation.
• target price: This is the amount that the buyer hopes to pay and the amount that the seller hopes to get, realistically.
• resistance point: This represents the highest price the buyer is willing to pay and the lowest price the seller is willing to accept.
• best alternative to a negotiated agreement (BATNA): This is the backup option that each party has as a last resort – should they not agree upon a price.

The Scenario

Buyers: The buyers needs a truck to run a business. They saw an ad by the sellers for their truck and hopes to negotiate for a price that is better than the truck in a nearby town for $5,000, which is immediately available.

Sellers: The sellers have a truck that they have to get rid of. They have put an ad up for the truck so that they don’t have to settle for the $500 that the scrap metal shop will pay for it.

The only information known to both parties is that the truck has faded paint, worn tires and engine sounds. Neither party knows the other party’s BATNA but the parties may disclose it if they choose to do so.

The whole exercise was quite fun and educational. For many people, situations requiring negotiations is rare because they tend to avoid the confrontation. Even this simulation breathed fire into the students as each side were quite aggressive to get the best deal for themselves.

The fundamental terms above prepares the negotiator with a goal so that he/she does not succumb to an unfair agreement. The real-life application of this exercise will prove to be practical and beneficial should they stick to the basics of price negotiating – know what you want and get it.

Some points seen while negotiating:

• Look aggressive. Negotiating is a process that is constantly a tug-of-war and the side that appears dominant will use it as an advantage. An assertive attitude is essential to avoid being cheated in a deal. During the exercise, students were jumping off their seats and their volume was up there.
• Deceive within reason. In this case, lying during a price negotiation was a useful tactic. Some of the buyers revealed their BATNA but lied about the price of the truck so that the sellers would sell their truck at a price lower than that. On the other hand, sellers lied about how they had another potential buyer.
• Be creative. Because of the possible defects that came with the truck, sellers “offered” warranties or repairs without a price tag on them. Although it was not specified in the assignment, the professor welcomed any creative ideas during the negotiations.

You can simulate this exercise with your family and friends. All that is needed are a mediator, buyer(s), and seller(s). It is great practice for the real world and it will be a fun learning experience.

(Photo credit: CarbonNYC)

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The economic events of the past year have led to the dramatic increase of concerns over how one can afford paying for college. Every method of paying for higher education has been negatively affected. All prospective college students must consider their options when it comes to being able to pay for the college that they want to attend.

My younger cousins are close to the stages of college selection and application and their parents are worrying how they could pay for their children to attend the expensive brand-name colleges if they get accepted into those schools. When it comes to school selection, the financial aspect has been magnified.

Calculating how to cover the costs of tuition would need to account for the changes to these financial sources:

1. Scholarship and Grants
   Scholarships and grants can come from any type of institution and come in any amount. Over the past year, these institutions have lost money to bad investments or lack of business. For example, a few universities lost money in the Maddoff scandal. Therefore, we will see a decrease in the availability and the amount of money that will come from scholarships and grants.
2. Federal Aid
   It is very difficult to say whether the government will provide less federal aid even with the billions of dollars in bailout money to banks. Logically, many would assume this would affect all other governmental financial policies but it seems like money is being created out of thin air anyway. Federal aid may be the least affected by the recession.
3. Student Loans
   Probably the most significant source of paying for college is the student loan. The effects of the housing and credit crisis that led to the downfall of many financial institutions have tricked down to everyday borrowers. Although interest may be lower, credit is harder to get. Normally, students can easily obtain a school loan from anyway that is willing to lend them money. Now, there are speculations that those with little to no credit will have trouble when it comes to getting a school loan.
4. Parents
   Ah, the most direct source of money for college students is also the source that took the biggest hit from the recession. Investments made through IRAs, 401k’s, and 529 plans have all fell into the negative area and those who used these financial vehicles to pay for college education will find little in them. Also, loss of jobs must be mentioned because no money for mom and dad means no money for the student.

From the perspective of getting a good education, students shouldn’t let costs hinder them from going to prestigious schools like Harvard or Princeton even if it mean they’ll be paying for it for many years to come. Though it is not as simple just wanting to attend an Ivy League school, other options such as state and city colleges can produce highly competent individuals and these institutions would receive much more attention from potential students.

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Higher education is getting more and more expensive and in this state of the economy, the state thinks it is okay to make it even less affordable. In the past few months, rumors of this tuition hike have driven my campus to petition against it, along with many other state universities. Apparently, we’ve failed. I saw this message upon logging into my student account:

On November 18, 2008 the SUNY Board of Trustees amended the State University of New York Tuition and fee schedule to increase tuition, effective Spring 2009. Please refer to the Bursar’s web page ( www.stonybrook.edu/bursar/tuition/) to view the change as it relates to your specific tuition group.

If you are currently receiving a TAP award, New York State Higher Education Services Corporation (HESC) has recalculated your spring award based on the new tuition rate. If your award has changed, it will be reflected on your account.

To determine if you have additional loan eligibility, contact Financial Aid ( http://www.stonybrook.edu/finaid/contact.shtml ). Medical, Dental, and HSC students should contact their respective Financial Aid Office.

We realize that the increases were adopted on a very short time frame and it may create financial pressure for certain students. We are making every effort to assist students in meeting these additional costs.

Why are they doing this for the last semester of my college career?! Just my luck. Besides increasing tuition, they are encouraging us to take on more debt from student loans, which are actually becoming more difficult to attain. From what I’ve heard, the amount of the increase is about $300-$400. Nothing can be done anymore but to pay it.

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Last week, I noticed that an ad spot was purchased on my sidebar and saw that it was called Tip’d. I took a gander at the website and found out about this new social media site pertaining to the topic of finance, much like PF Buzz.

It turns out that many other popular personal finance bloggers have already heard of it and signed up. That means… I HAD to sign up too, right? Anyway, this site isn’t just for bloggers, anyone can sign up.

Compared to PF Buzz, Tip’d covers more than just money and personal finance. There, I see articles regarding commodities, currencies, private equity and technology. Usability is very much the same as Digg, Yahoo Buzz, and other social media networking sites. The site is clean and professional but I think it could use a few images. Nevertheless, so far, the content has been rich and relevant.

So, check out Tip’d. I’ll certainly be looking forward to submitting my articles to increase exposure. If you sign up, be sure to add me (username: realmofprosperity) as a friend. Then, read and tip!

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A news article from CBNNews.com that I came across addressed the implementation of four-day school weeks as a method of cutting costs for gas. The idea originated decades ago but the recent high prices for oil put it into action in rural areas to test it out.

The purpose
This change was intended to save gas for the school buses that make many trips to pick up and drop off kids every day. It also benefits the parents who drive their kid to and from school. The children just have to stay two hours extra each day. We are all accustomed to a Monday to Friday “work days” and Saturday/Sunday “relax days” routine. But, the 4-day school week would mean big changes in the lifestyles of the children and their parents.

Issues with the fifth day
We have to wonder what these kids will do with an extra day. Parents will have to worry about getting babysitters. Some feel that the extra day gives their children too much free time. Extracurricular activities may sound nice but it is difficult for working parents to sacrifice that type of time and money for their kids.

Does it compromise the quality of education?
I do believe that there will be an effect on the education that the young students receive. Staying two extra hours after classes for studying in the library or participating in a club did not drain much of my energy. Having Friday off would have been a godsend for me (and everyone else). That also means that it would negatively affect my studies and it would probably do the same for these children.

The deteriorating economy and high gas prices have already been a hard hit to the U.S. population. Would the future generations be less educated because we just want to save money on gas? Why not make good use of those gas credit cards?

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Ever looked at a tuition bill and see all these numbers but you only care about the total amount? Well, if you do go over those numbers, you’ll see that there are many fees. For example: I have to pay an Undergraduate Activity fee, Transportation fee, Technology fee, and Athletic fee. It is just a whole bunch of stuff that I have to pay for even if I don’t use them. So… let’s use them! Here are some things I do at my school:

Transportation
Almost all large universities have some form of transportation, most likely buses. There are buses all throughout my campus. Whenever I can, which is pretty much every day, I’ll take the bus. I’ll get around faster and it saves me some energy. Also, the bus goes to the mall and the supermarket on weekends.

Another cool thing is that I can purchase railroad tickets for 50% which I use to visit home once in a while.

Library
Just like public libraries, you can borrow books and magazines and have access to many educational resources. Students should also have printing privileges. I print from the library computers often, even if the documents aren’t for school work.

Athletics
The university’s sports center is huge. I frequent the basketball courts and the swimming pool. Also, there are several fitness gyms spread out across campus. Even though I don’t like lifting weights, I do take a run on the treadmill from time to time.

Campus Events
There is always something happening on campus. It could be a fair, an event, program, or a show. Whenever there is such a gathering there are numerous activities where a student can score some freebies.

• Free food or refreshments
• Free/discounted tickets to all forms of entertainment
• Free goodies such as t-shirts and school supplies

My university has “Bingo for Books” where students can win gift cards for the bookstore. I wasn’t lucky enough to win anything though. Another things is that the school offers a free semester’s tuition to a random audience member during halftime of a football game.

As you can see there are many options to make good use of what I paid.

Photo credit: JeffChristiansen

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School starts soon but not before I pay for it. Tuition is such a financial burden for my parents and myself that correct management now would lead to financial relief later on. College tuition throughout the United States is following the trends of inflation and it isn’t hard to notice that this semester’s bill was higher than last year’s. Let’s take a look at what I’m paying:

Last year, I paid just $70 for the fall semester without taking any loans. But I did qualify for the SMART grant last year, which was worth $3000 that I am missing out on since I changed my major. So I’m paying $2225.25 this fall semester!

The options I have are:

1. Take a subsidized Stafford loan for the total balance.
2. Parents pay for all of it.
3. My parents would fork over $1000 and I borrow the rest.

I’m going with option #3 because my parents want to write the check for tax purposes. My parents financial status isn’t as solvent as usual due to some renovations with the house and I definitely am not able to pay the rest by myself. So, I’ll be borrowing $1225.25 for the rest. Hopefully, I’ll get lucky with my health insurance situation to deduct $403 from what I have to take from a loan.

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I recently completed my FAFSA application and as I said in a previous post, last year’s Estimated Family Contribution number was 50. This year, my EFC was 93… That probably means I’ll be paying a lot for tuition. With an EFC of 50, I didn’t have to borrow any money and I gave less that $100 out of my own pocket.

This coming year, I’ll most likely lose my SMART grant (roughly $3000 for the year). So, I have applied for several scholarships, which I doubt I’ll get, but I’ll continue to write essays for additional scholarships. Hopefully, I’ll be able to cover all the costs.

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As the end of my undergraduate college education is coming, I’ve seriously started to consider what I would be doing after I graduate. My utmost priority is definitely getting into dental school and that is what I’ll be working on doing.

I’d would love to make money by working on campus but it wouldn’t allow time for extracurricular activity, which every graduate school (no matter what field it is) requires. Therefore, have forfeited any opportunities of job income and devoted myself to my university’s volunteer programs where I’d be helping out in the hospital’s emergency department and in my university’s dental school.

With this experience, it’ll help my chances of getting into graduate school and when I come out from there, money shouldn’t be a problem (though I’d be drowning in debt).

Many people have stressed that a college education is to be considered an investment and this is the perfect example of why everyone should take advantage of any further education available. My estimated annual salary with just the bachelor’s degree would be in the range of $35,000 to $40,000 while coming out of dental school would provide for a salary of no less than $100,000.

Even with the costs of higher education, the intrinsic value of knowledge is priceless. That is why giving up a job for a chance to land a dream job would prove its worth.

Plus, volunteering is a great way to give back to the community!!

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