I am sure most of you have heard of the Parker Brothers game called Monopoly. Monopoly is a classic board game that has been around for over 100 years. The object of the game is to become the wealthiest player through buying, renting and selling property.
However, anyone that has played Monopoly long enough will realize that the game offers a lot of financial wisdom and lessons that can be applied to the real world of finance and investing too.
This was a great post circulating on the internet that I wanted to share. It gets at what I have been telling my friends, family and fellow entrepreneurs for years. As a Real Estate Investor and an Entrepreneur I LOVE playing the game of Monopoly.
Here is why…
Monopoly can teach important economic, academic and social lessons. Let’s break-break the values now;
Economic Lessons of Monopoly
① Make smart investments.
② Build reserve funds.
③ Understand the role of luck. – Take advantage of valuable opportunities and be ready for setbacks.
④ Take risks. – Consider the trade-offs and put your money to the best use.
⑤ Play banker.
Academic Lessons of Monopoly
① Start with number recognition.
② Improve your arithmetic.
③ Practice reading.
④ Increase your attention span.
⑤ Challenge yourself online.
Social Lessons of Monopoly
① Spend time with family and friends. – Aim to have fun and encourage everyone to feel appreciated.
② Follow the rules. – Creative play is great but kids also need to be prepared to obey directions in school and in the workplace.
③ Make your own rules.
④ Negotiate effectively.
⑤ Bounce back from adversity.
⑥ Win graciously.
⑦ Lose like a winner.
A good game of Monopoly can last for hours. It’s time well spent when you consider how it helps you learn to play with others, improve your math skills, and Manage Your Finances.
Monopoly And The Real Estate Investor
If you are interested in becoming a Real Estate investor play Monopoly. It will teach you (whether your realize it or not) some basic real estate principles such as keep cash on hand, focus on cash flows, be patient and pay attention to price.
Monopoly And Debt
So what can Monopoly teach people about debt?
Well according to Philip Orbanes, author of the new book “Monopoly, Money, and You: How to Profit from the Game’s Secret of Success,”
It teaches you debt can control your life. If you owe $10,000 in credit card debt, you not only owe the principal but you’re paying a stiff fee for interest. Suddenly, you’re not working for money—money controls you.”
Mr. Orbanes also says,
Now, in Monopoly, you have a credit reserve in a mortgage value. Let’s say you have 10 properties, so you have 10 opportunities to lean on the bank for setbacks or if you want to mortgage properties to bankroll more investments. But when you mortgage a property, you lose its income. So now you owe the bank a lot of money and you have no money coming in. The same can happen in the real world.”
I hope you found this post interesting.
Three Ways Monopoly Can Teach You Manage Your Finances
Don’t let debt control your life.
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