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Topic: Teaching My Nephews About Wealth Through the Game of Monopoly - page 3. (Read 603 times)

legendary
Activity: 2520
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Monopoly is a fun game and a nice way to teach basic financial management in a very interactive way to children. But life is not quite like Monopoly, starting from a simple fact that we don't all start with the same initial funds in reality, and we don't all start at square 1. Depending on age, they might be too young to get it, but at some point, it'll be a good thing to mention as well.
Starting from point one still doesn't seem right, many people also start from point 0 and have nothing.
It's not like a game of Monopoly that starts with a lot of money and the same.
We do have to teach how the real economic world works, because it will not be as easy as playing in the Monopoly game.

Another thing is that it's important to also teach that not everything in life is about money, that money is merely meant to be a means to getting something that actually makes a person happy. So finding what makes you happy and how you can help others to become happier is no less important than financial management. In that regard, I suggest you to look into the history of Monopoly.
About the history of the Monopoly game, it can certainly be explained how Monopoly can be a very popular game.

Monopoly has been around since 1903 as The Landlord's Game.
In the early 1900s, The Landlord's Game was created by Lizzie Magie, who was an anti-monopolist at the time.
Then the name Monopoly was patented by Charles Darrow in 1935.

And, not everything is because of money or wealth.
Money is just a tool used to transact and determine where your boundaries are.
legendary
Activity: 3094
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Monopoly is a fun game and a nice way to teach basic financial management in a very interactive way to children. But life is not quite like Monopoly, starting from a simple fact that we don't all start with the same initial funds in reality, and we don't all start at square 1. Depending on age, they might be too young to get it, but at some point, it'll be a good thing to mention as well.
Another thing is that it's important to also teach that not everything in life is about money, that money is merely meant to be a means to getting something that actually makes a person happy. So finding what makes you happy and how you can help others to become happier is no less important than financial management. In that regard, I suggest you to look into the history of Monopoly.
hero member
Activity: 1204
Merit: 596
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These are some of the financial and wealth lessons that I think that my nephews can learn from playing the game of Monopoly. I am opened to your recommendations for other types of games that can be a great alternative or addition to this game as a fun way to teach kids about wealth.

How old is your nephew because it’s not really bad to educate them earlier about wealth but they should just be kids when they are kid. There’s a lot of lesson in school which this wealth topic can teach in a formal lesson.

I believe your nephew will focus more on enjoying the game instead of learning the wealth lesson since this young mind doesn’t care about wealth since they are still innocent. Just leave your nephew away from thinking about money in early stage.
sr. member
Activity: 728
Merit: 308
I am thinking about teaching my nephews about wealth in a fun way through the game of Monopoly.
Monopoly may not be the game to teach them about wealth, maybe no games at all. Monopoly may bore them, not many kids find the games that we find entertaining like monopoly, game of life, cards, dice etc. to be entertaining. Children of these days prefer to play video games and games that are digital, getting them to even like monopoly in the first place will be a task. To get their interest, try to take your teaching approach through a digital style that they will be more easily interested in. But if your nephews like monopoly, then forget what I have said and go on.
hero member
Activity: 742
Merit: 529
There are recipes here that are ready for failure, including:

 - You spend all your money and don't save.
 - Do not think about investing, but rather about buying luxuries.
 -  Unbalanced mentally or physically.
And if we check ideally we will discover that the rules of success are so numerous and saturated with almost each financially successful persons drafting out his/her own narrative to success and this stems confusion if anyone decides to study them to become successful.

But for the rules to avoid failure the rules are few, simple and short. And it's easier to be successful by following the simple rules to avoid failure, than  follow the saturated lists of rules on how become successful..

I do agree that avoiding failure is much easier than following required step to be successful, but if we only avoiding failure the best we can have is a mediocre life. It's like we are playing not to lose instead of playing to win. The step to be successful is harder because it's required more effort, and demand more strugle, not everyone can do that.
If you're avoiding failures it then mean you're striving to be successful. Easier or hard isn't my problem, the end point is success and not basically how you followed through to it. It's after success is made that how you passed through to be successful now become something to care for on the path of those that as well want to make success.

If I play not to lose and at the end I win it all, what does it matter ? Winning was the goal either!

sr. member
Activity: 1358
Merit: 268
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There are recipes here that are ready for failure, including:

 - You spend all your money and don't save.
 - Do not think about investing, but rather about buying luxuries.
 -  Unbalanced mentally or physically.
And if we check ideally we will discover that the rules of success are so numerous and saturated with almost each financially successful persons drafting out his/her own narrative to success and this stems confusion if anyone decides to study them to become successful.

But for the rules to avoid failure the rules are few, simple and short. And it's easier to be successful by following the simple rules to avoid failure, than  follow the saturated lists of rules on how become successful..

I do agree that avoiding failure is much easier than following required step to be successful, but if we only avoiding failure the best we can have is a mediocre life. It's like we are playing not to lose instead of playing to win. The step to be successful is harder because it's required more effort, and demand more strugle, not everyone can do that.
hero member
Activity: 742
Merit: 529
There are recipes here that are ready for failure, including:

 - You spend all your money and don't save.
 - Do not think about investing, but rather about buying luxuries.
 -  Unbalanced mentally or physically.
And if we check ideally we will discover that the rules of success are so numerous and saturated with almost each financially successful persons drafting out his/her own narrative to success and this stems confusion if anyone decides to study them to become successful.

But for the rules to avoid failure the rules are few, simple and short. And it's easier to be successful by following the simple rules to avoid failure, than  follow the saturated lists of rules on how become successful..
hero member
Activity: 1498
Merit: 974
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To 6 points of benefits from first post that Monopoly teaches, I would add that "to build wealth, you must know how to run negotiations with competitors". Because no matter how bad gamers financial situation is, if he is good at negotiations, he can turn negative situation into advantage.

OP didn't tell the age of his nephew and I guess we don't need too harsh with them let them enjoy themselves for a while and don't give all the things in real life this urge of too much teaching them their childhood will suffer even though it's for their future, let them play but don't make them realize what the world immediately. If you want them really to educate let this game just for kids play so they can just have an idea sooner or later once they realize they can build their own strategy for sure if they are just kid they will just put the money and decide what they want.
hero member
Activity: 462
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Zeitgeist - Moving Forward (Monopoly game) - https://www.youtube.com/watch?v=xzau4Z_lfJY

In the end, everything goes back to the box! I like this version because life is more than just the economy and more money in the bank account. And I know we all need money, and now I have two little kids and I teach them about money and life and everything else, and... we need some balance, I am trying to find that balance and teach my kids to have it as well. Too much of anything is never good... but it's hard to realize that, even harder to teach someone else about that.
Your words have enlightened me. Children shouldn't only be exposed to making money through diverse means like the game of Monopoly. We all know they need these financial skills to be financially stable in life. But we should also invest time in teaching them about human relations.  They should learn about compassion and empathy. They should know that money is not everything in life. There should be a balance between and family life. They should learn to freely give to society because everything is not about making money or profit.

Teaching kids about money through the game Monopoly is a good idea. Monopoly is a fun & engaging way for children to learn budgeting, saving & making strategic financial decisions. It teaches them about the importance of managing their finances, making investments & dealing with unexpected expenses. I guess it encourages critical thinking, negotiation skills & understanding the concept of risk and reward. It’s a great tool to introduce children to real-world money management in an enjoyable & educational way.
One of the resounding benefits of exposing children to the game of Monopoly is to teach them how to control their emotions. I could remember my early days playing the game when I was younger. I would usually weep and feel very sad when I lost an opportunity but as I kept playing, I started becoming emotionally mature. This can also be applied to real-life business.
sr. member
Activity: 756
Merit: 394
I think that's a pretty good idea OP. Because I also still remember the monopoly game I played with my brother when I was little. And at that time my brother and I were competing to build more of our assets by buying buildings and so on. The Monopoly game actually also teaches about the function of money and the right strategy for growing money or investing. And yes, the majority of Monopoly games are more about lessons in investing in property and taking advantage of people who stop by our property. Your OP has made me want to play this game again. But unfortunately I don't know when I can go back to see my brother. Nowadays we all have busy lives that make us only focus on our own lives. I hope you enjoy this game with your nephew. And hopefully your nephew will get a financial lesson through this game.
sr. member
Activity: 1456
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To make sure it's effective, never tell them it's a lesson on something and that they are just playing, use the terms and the advices lightly and as if it's part of the game, if you sound so technical and too adult when you are explaining to them when you are playing with them, it will go through their head. Also, let them talk about the advices so they can recall the information. It's not a proven advice but a kindergarten teacher in my work has done this and it's pretty effective for information retention strategy on children, don't ask me how but it does work.
hero member
Activity: 1078
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(a) to build wealth, you need to own assets an not liabilities

(b) to build wealth,never put all your eggs in one basket. Always diversify your investment portfolio.
(a) Not entirely correct, many businessman don't mind to take a loan to expand their business or taking other risky move.

(b) Not entirely correct, diversification is only appropriate if you're middle upper or upper class. Imagine you only have $1,000, do you want to diversify to gold, Bitcoin, stock and time deposit? even Bitcoin price reach to $60K, you're only earn $250 and you need to wait for 2-3 years, it's small.

In business, the person in control of a small business, is expected to fit into a business or trade that their capital can manage and yet expect a better profit. So, if a person with $1000 wants to diversify to a greener or profitable business, they don't need to venture into bitcoin.  There are other small retail businesses that is suitable for such capital. Hence, to me, diversification is a very good idea, only pessimists think low of the profit diversification can bring. If the current business is not favorable, it's good to have a keen eye on other successful ways of making things work and yield profits, instead of relying on the business with a stunted growth, believing that it'll get favorable soon. It's not certain, and also the mind is not focused on doing the business again. What matters is staying in business, and change is constant.
legendary
Activity: 2282
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Aaahh, Monopoly, a perfect game to learn how to get cunny, lie, frame someone and family destroyer. Even though what I have said is a joke, Monopoly not only teaches basics of business, but it also shows how cruel and unfair life can be.

To 6 points of benefits from first post that Monopoly teaches, I would add that "to build wealth, you must know how to run negotiations with competitors". Because no matter how bad gamers financial situation is, if he is good at negotiations, he can turn negative situation into advantage.
legendary
Activity: 3080
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Teaching kids about money through the game Monopoly is a good idea. Monopoly is a fun & engaging way for children to learn budgeting, saving & making strategic financial decisions. It teaches them about the importance of managing their finances, making investments & dealing with unexpected expenses. I guess it encourages critical thinking, negotiation skills & understanding the concept of risk and reward. It’s a great tool to introduce children to real world money management in an enjoyable & educational way.
legendary
Activity: 3122
Merit: 1171
Zeitgeist - Moving Forward (Monopoly game) - https://www.youtube.com/watch?v=xzau4Z_lfJY

In the end, everything goes back to the box! I like this version because life is more than just the economy and more money in the bank account. And I know we all need money, and now I have two little kids and I teach them about money and life and everything else, and... we need some balance, I am trying to find that balance and teach my kids to have it as well. Too much of anything is never good... but it's hard to realize that, even harder to teach someone else about that.
sr. member
Activity: 2366
Merit: 448
Monopoly was a fun board game at the time and I've never heard of anyone getting rich by learning to play monopoly, and everything the OP mentioned can be done without playing monopoly. Because most of these methods are not in the monopoly game, and you can get them in lessons about investment and financial management.
But most of the game is about buying investment properties and renting them out, and there's only one lesson you can learn from this game of monopoly. If we are careful and do research to invest in real estate, you can definitely be rich or get passive income if you buy it in the right place.
hero member
Activity: 1694
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These are some of the financial and wealth lessons that I think that my nephews can learn from playing the game of Monopoly. I am opened to your recommendations for other types of games that can be a great alternative or addition to this game as a fun way to teach kids about wealth.

Monopoly is a great game for kids as it involves money, randomness by using dice and also unforseen events that can have severe financial implications. Having to pay taxes or renovating your hotels can lead to big problems and need to be budgeted for. Also the feature of getting mortgages on your streets is a nice tool to learn. As a kid I used to play a lot of monopoly and 2 years ago I bought my parents our local monopoly version so that they can play with all the grandkids. At a certain age it's good to teach all kids about monopoly. If you are looking for other games I know that there is a boardgame for the rich dad, poor dad series by Robert Kiyosaki. I read most of his books, he is great author about financial management. But I can't tell you if the game is as good as the books, I never played it. It was a bit expensive when I was in university and I couldn't find a used version. If you manage to get your hands on it at a reasonable price you  could play with your nephew.
legendary
Activity: 4116
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the game of life is also good.

kids will like both of them.

the game of life has a very critical early choice. go into business or go to college.

you get to pick which fork in the road.

if your kids are clever they will learn that the game is skewed to picking college not business.
legendary
Activity: 3542
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(a) to build wealth, you need to own assets an not liabilities

(b) to build wealth,never put all your eggs in one basket. Always diversify your investment portfolio.
(a) Not entirely correct, many businessman don't mind to take a loan to expand their business or taking other risky move.

(b) Not entirely correct, diversification is only appropriate if you're middle upper or upper class. Imagine you only have $1,000, do you want to diversify to gold, Bitcoin, stock and time deposit? even Bitcoin price reach to $60K, you're only earn $250 and you need to wait for 2-3 years, it's small.

I completely agree with what you say, especially about diversifying our investments. People always say diversification is necessary, but it's meaningless when we don't have large capital resources to do it. Diversification does not give us maximum profits, it only dilutes our assets and does not bring any benefit. Diversification is only right when we have a large amount of money and want to ensure safety, but with a modest amount of capital, we should focus on an asset with the most potential, that is how we can make max profit .
I agree with you. Just like in Monopoly, if you have a small amount of money in your hand it is better to buy one property and focus your investment there like building a house and collecting money from there every time a player lands on that property of yours than buying several properties but only getting little profit and risking to have a small amount of money in your hand as you play and then ultimately losing once you land on your opponents' property. Essentially, the point is if you have a small capital you have to be smart about it and let it grow first with a single investment or business before you venture out.
hero member
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(a) to build wealth, you need to own assets an not liabilities

(b) to build wealth,never put all your eggs in one basket. Always diversify your investment portfolio.
(a) Not entirely correct, many businessman don't mind to take a loan to expand their business or taking other risky move.

(b) Not entirely correct, diversification is only appropriate if you're middle upper or upper class. Imagine you only have $1,000, do you want to diversify to gold, Bitcoin, stock and time deposit? even Bitcoin price reach to $60K, you're only earn $250 and you need to wait for 2-3 years, it's small.

I completely agree with what you say, especially about diversifying our investments. People always say diversification is necessary, but it's meaningless when we don't have large capital resources to do it. Diversification does not give us maximum profits, it only dilutes our assets and does not bring any benefit. Diversification is only right when we have a large amount of money and want to ensure safety, but with a modest amount of capital, we should focus on an asset with the most potential, that is how we can make max profit .
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