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| The Basics | Summer at Camp Millionaire
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A growing number of parents are shipping their kids off to programs that focus more on economics and budget than archery and crafts.
By Bankrate.com
Hello, Muddah. Hello, Fadduh. Here I am at Camp High Finance. Camp is very entertaining. And they say we'll have some fun when the stock market goes up.
Learning about money isn't one of the traditional reasons most people send their kids to camp, but these days it could be one of the best.
Having "the talk" about money is harder for many parents than having the talk about you-know-what. Who wants to sound like Scrooge? And besides, most of us are pretty self-conscious about the subject, and get tongue-tied when the conversation turns to what we earn and what we owe.
So why not let the kids spend a few summer days learning the facts of life about managing and investing money from somebody who can lay it on the line without dredging up family issues that could quickly cloud a sunny day?
Will the kids like Camp Money? "I doubt it. It sounds like an adult agenda to me," says Richard Ryan, professor of psychology at the University of Rochester and an expert on parent-child relationships.
Swimming or basic finance?
Nevertheless, the concept of a money camp is growing in popularity. While it probably won't displace swimming as the most popular camp activity, finance is on the agenda more and more often.
Related news and commentary on Bankrate.com
More than 600 kids ages 10 to 18 will attend The Money Camp this summer in its original location in Santa Barbara, Calif., as well as at locations in Calgary, Alberta; Edmonton, Alberta; Mexico City and North Carolina. Executive director Elisabeth Donati, a dietician and exercise expert, was inspired after she read Robert Kiyosaki's book, "Rich Dad, Poor Dad." The camp has expanded every year for the last five.
Kids need this kind of camp more than they need traditional camps, Donati says. "They already know how to swim, but they don't know anything about passive income, leverage, the real estate business or the stock market."
Donatis day camps cost about $260 per week for the first child in a family. Campers study basic economics, budgeting, how the stock market works and how to run a small business.
"We use accelerated teaching techniques, so the kids aren't bored," Donati says. "It's very fun, and every year it gets more fun."
In Texas, financial planner Sherry Rhoades is introducing Millionaire Kids Camp this summer. It's a two-day program for $300. Children ages 8 to 11 will do role playing, learning things like sales and handling money. A program for kids 12 and older will concentrate on teaching the value of money in preparation for buying a car and going to college.
Get 'em while they're young
"Being a financial planner, I've worked with people for many years," says Rhoades. It's frustrating to me that so many of them don't have basic knowledge. At their age, it's hard to change their habits after they have developed problems with credit. I decided that teaching kids when they are young is the only way to go.
Julian Krinsky Camps and Programs in the Philadelphia area has been offering business camps for high-school-age students for 11 years. Sessions are three weeks long and campers, who come from all over the world, stay in the dorms at Haverford College on the city's Main Line. The program includes lessons in entrepreneurship, basic accounting, investing, leadership and business ethics. College professors teach the classes, and business leaders from the community offer their first-hand experience.
Krinsky also offers an internship program for rising juniors or seniors. Students can choose the career in which they have an interest and the camp will find them an internship opportunity. "It's unbelievably popular," says Tina Krinsky, director of marketing and wife of the camp director. The most popular internships are those in veterinary medicine, journalism and sports medicine.
Tuition is $3,700 for the three-week business camp sessions and $5,000 for a four-week internship.
Free and fun
Not every business camp is quite as pricy. The North Carolina Bankers Association has been sponsoring a financial literacy program for 13 summers for students in grades six, seven and eight. This year, 800 kids -- 100 per week for eight weeks -- from all over the state will attend the program, courtesy of the state's banks, which provide $350 scholarships for each of the campers.
Most of the campers are talented students who come from financially challenged backgrounds. For many, this week at camp is the first time they've ever been away from home or have gotten to do some of the fun things that go along with learning about finances -- such as horseback riding, swimming in an Olympic-sized pool or mountain climbing -- says Thad Woodard, president and CEO of the association.
"This concept is portable -- any state can do it, and we're happy to share curriculum," Woodard says. "That's what this is all about, giving other people a leg up."
By Jennie L. Phipps, Bankrate.com
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