Shannon McDougall

Thoughts

Now I have been working with Banqer for the last two terms I thought I would post some of my experiences. First of all let me say that this is fantastic, for many years I have run this type of thing in my classroom but this is a whole new level of realism being able to work on cyber safety with bank accounts at risk, and money able to be lost. I have a number of students contacting me in the holidays regarding purchasing of property and currently one company is preparing a business plan in order for their revenues to be increased. The parents are taking a keen interest in what is happening, as their children come home and talk about what they have been doing and show them the websites. The enhancements being made on the website are making it easier to use, and I find it easy to navigate especially on my phone - which I use often beside a student to pay them or to approve houses. Adding the property module is very interesting as it changes the whole dynamic of the experience. As the quick payments were in $10, $100 and $500 amounts, I used that as my benchmark for paying students. A fantastic piece of work would earn $200 and something outstanding would earn $500 - while the usual payments were in the $10-$100 range. When property was added, those students who bought property were suddenly making more money from rent than in other forms of income. This then led to a disparity between the haves and the have nots. Great for discussions in class, but it is starting to be a bit of a run away. Due to the mortgages not accruing interest, it is easy for those who but one house to then use the rent to buy another and so on. I have one student who spends all their rent money on houses and insurance, Currently they have $1,529,656.78 owning on 22 properties, with one owned outright and has $9,097.01 in the bank (only due to them wanting to buy Wayne Manor and it being refused due to - well don’t tell anyone but *growls I’m Batman*). I can reduce the amount of rent coming in, but it does not have an impact on their ability to pay. Ii would be good if Banqer had an interest setting for mortgages, so that the students can experience the difficulties of changing interest rates and changes in rental income. I haven’t seen what happens to the houses when they get sold, but I assume that they go instantly back to the property market. It would be good if they could only be sold if the teacher approves it or the property is sold to another student. This would simulate the time that it takes to sell a property and also becomes something to think about when purchasing. The ability to still be charged by the bank for outstanding money would also be useful in this case. These situations are more frequent than the disasters that can be planned, and there is not a lot that can be done to insure against them except sound financial planning. A global crash would also be a good disaster to implement, as it would have impact on all students - not just those who have property. Another issue that would help in navigating the site would be the ability to sort the students based on name in the dashboard. Looking forward to Term 3 and continuing our journey with Banqer.TLDR Great system. Ideas for updating property system