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Teach teens assessment and depreciation by pricing the contents of your house. Jan 21

This is some weird new obsession of mine. It’s probably eBay’s or Craig’s List’s fault, but I can’t stop thinking about what the stuff in my house is worth on the open market. Eventually, why is anyone going to be willing to shop in a store?

Ah, and that’s an interesting point for teenagers, who love stores. I think they should know about value and depreciation, and take those things into consideration when they spend their money, so they develop smart buying habits.

So, here’s a fun game–a sort of 21st century Price Is Right (I’m dating myself with that TV game show, aren’t I? So be it. Who am I kidding anyway.)

Go through each room in the house with your teen and a friend, if there aren’t siblings. It’s just more fun to play to win. Each kid should be carrying a clipboard. (In our house, my husband was the other player since he is clueless about what anything costs). Have them write two columns on a page: one for Original Price, and one for Online Market Value.

First, have each kid write down a guess for what you paid for each piece of furniture in the room. Say you’re in the living room: What did you pay for that sofa? Don’t tell them.

Do this for each piece of major furniture in the house, room by room. You can get as granular as you want. It will be an interesting side note to see if you remember the price of certain things, or if your spouse does, or if ultimately you have to look up the cost of the item new.

Once they have their Original Price list for furniture, see which kid came closest to the real numbers. See if there are patterns, such as if they know what electronics cost, but not lamps.

Give 1 point to the kid who comes to the closest to the purchase price. Give them 2 points if they come within 10% of the original price, and 3 points if they come within 5%.

Once they have the original price assessed, take a moment for it to sink in how much having a house costs. See which is the most expensive room to furnish.

Then have them write down guesses for how much each item is worth on eBay or Craig’s List. Just choose one for simplicity.

Then have them go online and score their guesses the same way you did the first round. If there is a range of prices, for, say, the sofa, pick the midpoint price for the category (e.g., a sofa in good shape; or a futon ravaged by cat claws.) Condition of the furniture is very important in the game–and a great way to nag about keeping things clean and in good shape.

Of course see who wins. Also see if they scored any multiple points here–for coming within 10%. Or were they shocked by the depreciation and guessed way too high, based on the purchase price?

Another possibility, given their age: That teens will be more accurate about the market value online, and far less accurate about original purchase price.

I’d love to see the patterns. Have fun and don’t get too depressed. We all paid too much for everything if we predated eBay.

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