Topic: Teaching My Nephews About Wealth Through the Game of Monopoly (Read 687 times)

Could we be ignoring wealth's many components? Wealth includes knowledge, relationships, health, and more. Do games like Monopoly limit children's understanding of wealth to money? This method may overwhelm a more holistic understanding of wealth, so be careful. Are we neglecting empathy, creativity, and resilience by focusing primarily on financial success?

Early financial education is beneficial, but may it overemphasize material prosperity to sensitive young minds? Wealth acquisition must be balanced with generosity, community service, and ethics. How do we prevent financial understanding from becoming materialism? We want to raise financially smart kids, but isn't it equally necessary to teach them how wealth can benefit society rather than simply individuals? The delicate dance of education is helping people grasp wealth beyond its budgetary side.

This is the most vital part of all. Because no matter what ever happens we need to learn risk assessment or management, in other not to fall victim of bankruptcy. So many business men and women fall to zero due to lack of risk assessment on business. To open business is easy compared to the management aspect. When you lack management you are as good as not having a business before, because you will definitely fall.

I think you are right about that. The reason behind why most wealthy men don fall so easily, is because they are always patient and don't rush or trust any offer given to them. The reason behind these, is that they learn business strategy to overcome any risk that might be a threat to them. To be a successful man or woman you are as well as risk itself. Because you will never want to be scammed or spend unnecessary fund that will hinder your business.

I also don't see anything wrong with what he is teaching his nephew; maybe he just wants to inform his nephew early about wealth via the game of monopoly.

Well, in fact, if his nephew has an idea or knowledge at a young age, other adults can even confuse him about his nephew because they will see him with such wisdom. So, for me, I'm in awe of OP; I'll do the same with my own son; everything I know and will know more, especially in the field of Bitcoin or cryptocurrency.

I agree, Teaching kids this kind of game is much better than spending their time using their mobile phones and watching nonsense videos. it will help them to know how the real society works nowadays, Also this kind of game will help a kid to boost their confidence, they can acquire firm decision making skills and learning how to spend wisely to avoid debt in the future. It also provides a great way for the whole family members to have their bonding and focus on the same thing while playing it, In that way, it will serves as a common ground to bridge the generational gaps. Monopoly game can be your stress reliever since it is fun to play.

Monopoly may show players some basic principles, but it's just a game, in real life everything happens differently and is often much more difficult.

But there is nothing bad in this game, moreover, it contains only positive aspects, since you spend time with children and at the same time try to teach them something useful. Maybe this game will not teach them how to handle finances, but it can show some general principle of how everything works, a simplified form of what they should strive, to become successful.

I don’t know if you’ve done this already, but this is one of the things everybody needs to do for their kids. Just in the name of playing games, you can teach them a lot about business, money management, luck/the unexpected events that happen in life, investments, etc. This is super important and will definitely help the kids learn to do certain things around finance. So just start the game with them, tell them the rules, etc. as you play, one day, you’ll see how the game can positively influence their thinking, approach, and even decision.

Teaching children about wealth means infusing into them the investment spirit from an early stage. They do not need to become adults first before they decide on what to do with their lives to create wealth. This is a welcomed development and the the right thing every parent and adults should to.

No time is too early to let a child know the value of money and other properties. I have seen children who engage in wasteful spendings because they know absolutely nothing about wealth. Give them the right information and they will grow with that consciousness. They will never be liabilities to anyone.

A child who is exposed to wealth and how it works will be financially conscious, the knowledge they have about wealth will reflect in their daily lives either through their spending habits, the kind of things they demand for and they will most likely develop the savings culture.

At this stage of society when most of our schools aren't teaching our kids the real things they need to learn that would make them relevant in the society, it becomes very necessary to do the teaching ourselves and make sure you are as practical as possible.

For me, one of the first thing I tell my younger siblings is that they should make it very necessary that they make there own money. I tell them most times that it's sweeter to spend the money you worked for rather than expecting money from people. I believe if they start having the mentality to creating there own wealth at a young age, before they will even enter into their youthful age they will start seeing opportunity and looking for ways to tap into those opportunities. Also, I make it compulsory that they will be solving most of there problems on there own, what I do is that I give them tye necessary guidance but I allow them solve most of there problems so that they can build there problem solving skill at a very young age and become problem. Solvers in the future. If they get the required knowledge at an early age, before growing old, they should have become very strong and independent.

I understand that Monopoly game is the type that could be used to teach someone how they can acquire wealth and manage them as well, but we should never forget that not everyone can easily comprehend learning new things, the level or rate of our individual assimilations are different, some understand so easily while some don't, some will require using another simpler method in teaching them new ideas or something new, this means everyone should be reasoned base on their capacity.

this is an old game that everyone is familiar about. i don't know other related games that you have this kind of concept. this game is fun and at the same time will give them idea about wealth. but we all know, real life is different. we are just hoping that some thoughts about wealth from this game can be translated to reality.
acquiring assets is hard. it may seem easy from the game but yeah, the ideas are there. trading properties and developing houses and hotels.

You are correct, sir, but I don't think there is anything wrong with his post. It's not a bad idea to teach his nephews how to make money given the way things are going these days; in fact, it's necessary to teach people these days how to succeed in life and how to make money. As for me, I'd like to teach my people how to invest in bitcoin in order to make money because, given the way things are going these days, you can't take on anyone else's responsibilities. Instead, you must inspire those around you to find a positive way to live their lives.

I didn't say anything incorrect, as you claim. I'm just trying to make sure you understand that what he said will inspire a lot of us here in the forum because some of us are taking care of siblings, friends, and family. In these trying times, everyone needs to know how to handle their responsibilities because no one family can handle all of the responsibilities on its own.

My knowledge of the game Monopoly is a large part of the game is chance which is a fair enough assessment of how economic cycles can wipe out anyone good or bad sometimes.    As a game its fine but I wouldn't expect too much in education exactly though hopefully they like it.   Any game which promotes some critical thinking, possibly patience and a plan that will all help them eventually with real world planning imo though its a game its a good one generally

OP, looking at all you said I think you are on the right track if those things you listed is the the approach you want to follow in other to teach your nephews about wealth and its growth.
Wealth has a foundation and the foundation is the fund itself, the ideology to apply so that the funds or the wealth you want to grow can stay, I see monopolistic competition as the best way to grow in finances, this approach helps you as a producer to think and make modifications in whatever you produce so that people convinced and have a reason for purchasing your product, price should be suitable too, this situation will bring out the best out of the competitors, the sets that can't meet up will have no option than to stay off market.

That is good idea to teach kids about money. In my opinion, monopoly game is best game to teach kinds about money.Monopoly game gives many lessons to the player like you should avoid to pay taxes legally and you should invest in rental properties because rental properties give passive that is attained of landlord. This game teaches the real science of money, it gives lesson that you can become owner of property by taking loan from bank . It is not necessary to pay in one day to become an owner of property,you can invest bank's money and you can become rich by people's money. You can pay installments of bank and interest by taking fare from tenants. You are paying the installment and also you are owner of property and you are also earning from property. I am also impressed by monopoly.

No problem, CashFlow is one of my favorite board games, because as I said before if someone likes monopoly then they are going to like CashFlow way more as it is a more realistic game compared to monopoly and it teaches you many skills which you will be able to use on your life, so not only it is a fun game but it is an educative one, also the game can be enjoyed without the need to read Kiyosaki’s books, however if you like the game you may be inspired to read one or two of his books just to learn more about his wealth building strategies.

I agree with the idea that you have stated, we have to find ways to live by the means of our goals. However, the problem with adapting the game Monopoly to apply this idea is how unrealistic it is, especially at the beginning of the game. As we all know the game starts with every player having the same amount of money and starting at the same place. The players will have to think wisely, cleverly, and critically to ensure that the money they have at the beginning does not end up at zero without any properties supporting them. In real life, however, it is very different. We do not have equal financial backgrounds and different standings. For example, one individual could be born in a rich household which certainly gives them an advantage in life in comparison to an individual rich in a less fortunate household. Although this does not mean that the one born in a poor household cannot have the drive and possibility to one day be richer than the one born into a rich family, we cannot ignore the fact that having a different beginning makes it easier and harder for them.

All in all, what I'm saying is that we are going to use Monopoly to teach our children about wealth, it is best to explain to them the differences it also has in real life to give more proper expectations.

I then remembered the books by Robert Kiyosaki about the fourth quadrant of cash flow. In this book that he made, I realized that if I remain an employee, nothing will happen in my life if I have dreams that I want to achieve that my salary as an employee before cannot provide.

Because I saw that this monopoly really teaches us how to take the steps to build wealth. So the saying is true that the rich get richer and the poor get poorer if they don't find a way to get out of poverty. Apart from this, we must learn to be wise in investing and know the right cash flow, of course.

And for us to win is that we need to take the risk to win the game, in short we shouldn't afraid to take the risk.

There's nothing wrong with buying games for children, but we still control the games that children play because they can't control themselves in playing. If we let them keep playing, this is certainly not good for them, not giving them time to play is also not good for children, as you said, if playing can train children to develop a series of cognitive development skills, of course this will be very good for the development process for these children.

You don't really need to constantly buy toys for your kids, especially when it becomes hard to afford them but toys do really help children to promote a range of fundamental cognitive development skills. Brain is like a muscle, the more you train it, the more capable it becomes. If you don't use it, it shrink. I don't mean physical shrink, it just isn't as good and capable. And believe me, your child is your best investment.
World of Tanks won't make your kid a tank driver, that's for sure but it can revive a wish in him to become a one or to become a soldier, there are many things that inspire kids.

I really miss this monopoly game, in the past it was me, my father and my 2 older brothers, we often played this game (I still remember how I beat my two older brothers because I managed to collect a lot of money through the property I rented in this monopoly game), the thing I liked was that my father said that winning is not that important in this game, but the strategy used is very important in this game. My father is a treasurer in his company, maybe because of his job he taught us to always be wise in using money even in this type of game.