Westport News: Kid and Poker- Two Sides of the Coin
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Two of you are having a "respectful disagreement" (this is polite writer's speak for "argument") on a topic that we are going to let the Town of Westport be the judge and jury on. This decision will be binding on both parties. Is everyone ready? How do you feel about this one?
A father has a hobby of playing poker with his buddies as a stress relief every few weeks at a "boys' night out." Nothing exciting, everyone chips in a modest amount into the pot, brings some chips and drinks, and blow off some steam on a Friday. I'm not talking about the high stakes poker you've been watching on ESPN.
Said father decides to teach his son how to play. It's a rainy day, no birthday parties to go to, he's done his reading, and you get the drift. The rationale for teaching his son how to play is:
1. It's a fun game.
2. There is a fair amount of probability and statistics that goes into poker and it is a great way to develop these skill sets in your child.
3. Using coins from the piggy bank, you are getting your child comfortable with the value of certain coins and the math of combining them to reach certain denominations.
All of that side of the coin (no pun intended -- well, maybe a little) is pretty straightforward and logical.
Here's the other side that is being presented: It's gambling.
Isn't there another way to creatively teach our kids all the above-mentioned lesson without promoting gambling?
I think this is a fantastic discussion as the mere act of our having the conversation is completely in line with the mission of this article -- to share thoughts on how we can all be better parents to develop financial literacy.
So, what say you? You can either e-mail me either "yes, Parent 1 is fine to use poker to educate his child" or "no, gambling shouldn't be used as a tool to teach our kids." I'll include some of the feedback in a future article, so feel free to comment away.
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About the Author
Tom Henske, a Westport resident and partner with Lenox Advisors, a wealth management firm with offices in New York City and Stamford, created the Lenox Money-Smart Kids Program. He can be reached at thenske@lenoxadvisors.com
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