The fact that the average American would struggle to cover a $400 emergency expense is a sign that there’s a dire need for a better understanding of financial literacy in this country.
But where is the proper starting point? What is the best age to start learning about debt, credit, inflation, loans, stocks, index funds, and personal finance?
According to Grant Watkins, founder of Earn Your Freedom, or EYF, and the startup’s new educational video game, Money Quest, the best time for people to start learning the basics of personal finance and economics is when they’re young.
“I stress to kids that the biggest advantage they have right now is their youth,” says former salesman turned entrepreneur Watkins. “If nothing else, I want kids to play our game to learn the value of compound interest. They’re young, so they should start early, plan early, be strategic, and have fun, life isn’t just all work. But the more you invest early, the more you’re going to have later.”
After realizing that it was best to teach solid financial principles to young people, it was a no-brainer to reach the conclusion that the best way for them to learn was via an educational video game.
That’s where Money Quest comes in.
The innovative and interactive web and mobile video game, which officially launched this month to celebrate Financial Literacy Month, was designed to help kids build a strong foundation in money management, economics and investment in a fun and engaging way. It features challenges and real-world scenarios such as renting a first apartment, opening a first bank account, budgeting at the grocery store, buying stocks and index funds and renting or buying real estate.
All of this is set up in the game’s imaginary city called Prosperity Point.
But before Watkins was able to get to his own Prosperity Point, he was in dire straits financially himself.
At only 27 years old, the native of Katy, Texas, and graduate of Oral Roberts University, found himself trying to get his own personal finances in order three or four years ago and quickly realized that had he been taught how to be an adult and all of the different financial obligations that come with that, it could have saved him from racking up thousands of dollars in debt and making other costly financial mistakes.
“After diving into it, I said, ‘Well, this is a pain, but I bet whoever solves this problem, it would be pretty great for them and everyone else in society,’” says Watkins, who lived in Beijing, China and worked in contract sales, before moving back to the United States. “So, I started working on this idea for Money Quest with the central focus on how I could make financial literacy more engaging?”
With the thread of an idea, Watkins joined Houston’s startup community in August 2021 and began to pull at it and after a prompt from Gamification Advisor Cal Miller, began learning how to code so he could build out his educational video game.
“After getting to the point where it was apparent that I couldn’t afford to get someone else to do it, I rolled up my sleeves and started teaching myself how to code,” says Watkins. “I learned it from free resources like Free Code Camp and Code Academy and we started building it in this specific programming language that we built this game in and just started from scratch.
“We went from one little house, to building an 8-bit character, to building out a road, to now it’s grown into a full-fledged city, with banks and grocery stores and cafes.”
For Watkins, half of his job is building the game and the other half is learning how to be better at building it.
When it came time to market Money Quest, he turned to CMO Keely McEnery, a 22-year-old student at the University of Houston’s Wolff Center for Entrepreneurship.
“Grant is a very smart, driven person, so I’m happy to be on this team, we complement each other very well,” says McEnery. “Money Quest is still a work in progress, it has come a long way since the beginning. Moving forward, we are going to be adding content to the game on a monthly basis and always creating more value.”
The partnership between Watkins and McEnery came at the right time because Texas has started passing laws like Texas Senate Bill 1063, which requires a semester of financial literacy in schools.
“Before COVID-19, there were only three states that had any sort of financial literacy requirements,” says Watkins. “But now, post-COVID, there’s 17 states that have already passed or are in the process of passing financial literacy bills.”
To that end, EYF is working diligently to make sure Money Quest meets the requirements of school curriculums across the country.
“All the studies coming out right now about gaming and education are overwhelmingly positive,” says McEnery. “With things like higher retention rates through gaming education. In fact, it’s dramatically higher.”
In addition to working with the Texas Education Agency and school districts like HISD all over the state of Texas, Watkins and team are working with banks that want to connect with their local high schools and middle schools to talk about financial literacy.
“We’re that perfect partner to connect with those schools and banks,” says Watkins. “They need to work with us because of Community Reinvestment Act (CRA) credits and it makes it a lot easier to connect with their local communities using us instead of just using pamphlets.”
As Watkins continues to bring Money Quest to the masses, he’s experimenting with creative ways for supporters of the game to get involved such as purchasing special NPC’s.
But as EYF builds its game’s brand recognition and begins to proliferate school curriculums, Watkins remains steadfast in his original goal to empower the next generation with the knowledge and skills to achieve financial freedom, which is the best kind of freedom as far as he’s concerned.
“At the end of the day, I want kids to learn to use money wisely, and not blow all their money in their 20s and get into high debt,” says Watkins. “I want to see them learn to be very strategic with their money from the beginning because not doing so will have repercussions down the line.
“I want to instill in them the importance of financial responsibility, smart money management, and economic literacy, so they can build a better financial future for themselves and their communities.”