Using the Moola Monster System

I try not use the blog to purely self promote Moola Monsters' products. However, tonight I want to share some tips on how to best implement the system effectively for your family. We now have families using Moola Monsters in seven states, and we have had an overwhelming number of success stories. However, we have also had a lot of questions about how to best use the system. As the founder of the company it is pretty easy for me to make assumptions about certain aspects of the system. This is why I want to thank each and every one of you who are asking questions. By asking questions you give us the opportunity to better ourselves and hopefully be a part positively influencing the future through your children. If for some reason I do not address your question in this blog, please email me at moolamonsters@cox.net.

The concept of Moola Monsters is to introduce an economic system for children into the home. The main reason kids today get all the way into college with little understanding of money is because over the years the role of children as changed in the home (read about in previous posts). In order for any economic system to function the currency has to have some sort of understood value to the individual. This occurs in two ways in the Moola Monsters system. 1) The children are drawn to the cards because they like the characters. This creates an instant intrinsic value to the cards themselves. 2) The cards have to represent something more than just the characters themselves for it to have a lasting impact. The cards need to represent opportunities that your kids desire. (e.g. an opportunity to play a game console for an hour, an opportunity to buy a new toy, and opportunity to have some candy). This creates a "market need" to earn cards. This exactly how life works. When is the last time you played golf for free? When is the last time you picked up a new car for free? Our currency in life represents opportunities. Sometimes those opportunities are needs and sometimes they are wants, but they are opportunities none-the-less.

The cards themselves have no designated dollar amount value. Children will learn how to make change in school. What we are teaching them are principles of money and principles of behavior. These principles will last with them their entire lives. (I'll speak to the principles in a minute.) What's great is as parents you can steer the behavior by placing values on the opportunity themselves. If you feel that is is very important for your children to stay clear of junk food then place a higher card value on the junk food. If you feel that to much television is not a good thing then place a high card value on television time (e.g. 10 cards per hour). I have seen my kids pass up junk food for bananas and apples because they did not want to spend there cards on junk food. 

Value can also be placed on the correctional aspect of behavior. For example, if a child back talks an adult it cost my kids 5 cards. The loss of the cards hurts, because they like their characters, but what they ultimately learn is it limits their opportunities to do things they enjoy or need. This is the same in the real world. If you spend $200 on a speeding ticket then that is less money for opportunities that we need or want. This forces them to learn to think before they act, because there is a consequence for their actions. Once I caught the boys in a white lie. It cost them all their cards. It not only got their attention that day, but they were reminded of their mistake each time they wanted to something for a couple of weeks until their account was rebuilt. I treated them with kindness and in love, but they were reminded that lying is never a good choice.

You may want to write out your values together as parents for your children. I recommend starting with 3 or 4 ways to earn cards and 3 or 4 opportunities to spend cards. You can print out a sample on our website (www.moolamonsters.com). As your children are earning cards they will learn quickly how it applies to opportunities. They will look for new ways to earn on their own (feeding the pets, making their beds, cleaning their toys, etc.) You will want to designate ways for them to earn cards as well (there is a printable example on the website).

 To get them to understand the value of saving, bankrupt your kids. Let them spend to their hearts delight. In fact raise the rates along the way. Eventually they will be broke. When they come to you with a request and they have no cards left they will quickly realize the need to consider their spending. Ask them which rule of money they violated (see the five rules of money on the website). This is a perfect opportunity to introduce the five rules. 

Your kids are going to make mistakes along the way. this is good, It is how they are going to learn. It is your job to make sure they don't miss the opportunity to learn. When they do something good or make a mistake have them relate it to one of the five rules. This will teach them larger principles with the actions they are taking. They will even be able to begin to relate the five rules to real family finance situations. Sometimes more than one rule applies so teach them the all the rules that apply. Our goal here is to get to the deeper principles that are going to foster better decision making as adults.

IF you have questions about savings, investing, or tithing, feel free to email me at moolamonsters@cox.net. I will be more than happy to answer any questions you have. I want to thank you for standing up for your children. You have looked at the current economic pain in the world and said "Not My Kids". You should be commended as parents. Remember it is about progress not perfection. 

Thanks,

Grant Magers

CEO

Moola Monsters

www.moolamonsters.com