The vast majority of the American public is financial illiterate, so it makes sense that we are hoping to makes things better for our children. Unfortunately for those tortured kids, ‘finance camp’ is becoming the hot new summer excursion.
They are also reaching out to those from diverse economic backgrounds. And the lessons are surprisingly sophisticated, teaching campers how to rebalance portfolios, invest in real estate and use credit cards without getting dinged on fees.
At Camp Millionaire, campers in five days create a minieconomy based around “moola” — mock currency that features a cow’s portrait — which kids use to spend, invest in stocks and compete with each other. They also use the fake currency to pay their “bills,” running around and depositing moola in large envelopes with labels like “phone bill” and “credit card bill.” Parents spend the real moola to send their kids to the weeklong session, which ranges from $279 to $300.
I will admit that cow themed ‘moola’ is absolutely genius, but still is this really necessary? Why can’t the youth of today enjoy bullying, volleyball, simulated drowning, and ‘awful waffles’ just like we did in the good old days?
It’s like they were trying to think of something even geekier and less fun than computer camp and band camp combined. Finance camp appears to be the complete opposite of space camp, which has reached astronomical levels of cool.
Clusterstock: Can’t Afford A Family Vacation? Send Your Kids To Finance Camp, July 3, 2008
WSJ: Finance Summer Camps, July 2, 2008