Have you ever wondered about what could be the best way to learn about money? The topic of money is such that even many adults are confused by it. You don’t think so?
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Well, how do you explain the fact that every year countless people continue to get swindled by bogus get-rich quick schemes, floated by sharp promoters to fleece the financially uneducated and the greedy? One of the most recent frauds was the emu scam. People were promised that they would be able to double and even triple their money in a short span of time, simply by buying and maintaining emu birds. Apparently, emu meat and emu eggs were valuable. Sounds ridiculous right? But then do you know that a very large number of people lost their money to this fraud? Elsewhere, in West Bengal, numerous people lost money in a fraud company called Saradha Chit Fund. Some of these people who have lost money have worked hard to accumulate their savings.
The best way to learn the practical aspects of all things related to money is through a money lab. These days’ schools have science labs, robotic labs and even a language lab. In the old days, the only labs were for physics, chemistry and biology. A well-designed money lab is a great learning tool not just for the school children, but also for their parents and teachers. It is a place where parents, teachers and students can learn about all aspects of money and finance in a fun and interactive way. A money lab fosters critical thinking through games, activities and role plays. For example, play the role of a restaurant owner in a country with hyper inflation. As the inflation rate shoots up, the menu prices need to be revised, sometimes several times daily! Through the money lab you can learn why currencies strengthen and weaken against one another. May be after a few currency games, you may be in a position to recommend to the Reserve Bank of India a solid defence for the poor rupee which is weakening on a daily basis. And meanwhile if some dodgy person comes to you with an emu investment scheme, you can tell him that such schemes are strictly for the birds!
Money Trivia: Do you know that according to the latest Economist magazine’s Big Mac Index, the Indian rupee is one of the most undervalued currencies in the world!
Young World Money-Wizards Quiz # 24: Do a web search and find out which country has the most overvalued currency in the world, according to the Economist Big Mac Index. What is the name of this currency?
If you know the answer, email it to youngworld@money-wizards.com. The first five correct answers within seven days will each be awarded flipkart e-vouchers worth Rs. 250. The results and the answers will be published at >Money Wizards .
About Money-Wizards: A company in financial literacy and money education. They conduct workshops and after school classes on money education for school children. If you want Money Wizards programmes in your school or neighbourhood, write to Info@Money-Wizards.com
