Teaching My Nephews About Wealth Through the Game of Monopoly - page 4.

Synchronice

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Quote from: Don Pedro Dinero on September 09, 2023, 11:23:50 PM

I don't think it's a bad idea, the only thing is that Monopoly is a 20th century game, and logically it is centred on real estate. It would be interesting to have a similar game that simulates getting rich digitally, which is the main source of wealth in the 21st century (although real estate is still very important).

In the absence of this, Monopoly is not bad, it is a classic game and can teach them the basic principles you list, such as to acquire assets.

The fact that it's 20th century game doesn't mean that this game is outdated for 21th century. The basic rules and principles of this game matches the basics of business and it doesn't change, it's the same in 21th century. By playing this game, you learn that in order to succeed in business, you have to keep in mind that your every action carries risks and you should be ready for that, you have to keep in mind your competitors, you have to keep in mind when to negotiate, when to befriend, when to become evil, etc.

Quote from: safar1980 on September 10, 2023, 07:54:31 AM

And the developers of Monopoly became millionaires because they convinced others that their game would teach children to become rich.
The Monopoly game is only a simplified investment simulator. And the fact that a child plays the game well will not guarantee a result for him if he does not master the skills of an investor, but perhaps the game will shape the child’s interest in studying finance.

And what does it mean if Monopoly developers become millionaires by creating and selling this toy? Nothing, it was just a good business that is also really interesting and beneficial for kids to my mind.
No child will become a master of investment by playing this game but it's really a good game to attract their attention and show them how the business works in life.

gunhell16

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Quote from: Wexnident on September 10, 2023, 04:24:48 PM

Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

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I'd say just let them play the game, no need to teach them at first. Kids are all about playing and enjoying stuff after all. Give it some years though, then play it again. There's always this kind of realization or epiphany that hits people (at least I did) who play old games that they played when they were young. There's like something unexplainable as a kid that you couldn't understand that all of a sudden, makes so much sense even if you didn't exactly study for it.

I'd say it's the same for building up wealth. I doubt in the first place the ideas they'd get here would be retained when they grow up, it's too verbose for them (did I use that right?).

While there is nothing wrong with his instructing his nephew, it might be preferable if his nephew took the initiative to understand what he was teaching. Although we are here to listen to his nephew, he won't fully comprehend everything that is spoken to him.

Perhaps it would be best to simply familiarize them with such things; but, since we have already experienced this, and since you mentioned that his nephew's focus is primarily on enjoyment, there is no need to go into great detail. Of course, we can still comprehend them. Because of this, I fail to see how monopoly is related to what he explains. I only took notice of that in the OP's statement.

sunsilk

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My cousin and I used to play that but I don't know how to play it, I think it's a good option to teach your nephews about its economy and building wealth.

Things are simpler and easier to understand when it's been taught through games like this. They will have the understanding that this is the type of the market and economy that we're having.

They will just have to enjoy the flow of the game and it's up to them to realize that the game itself has got its purpose.

DrBeer

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Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

I am thinking about teaching my nephews about wealth in a fun way through the game of Monopoly. I haven't gotten any better way to teach them about money and wealth aside this. I think so because of the lessons embedded in the game which includes,

(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.

(c) to build wealth, you must have proper and strong financial management strategies. Anyone who wants to be wealthy must learn how to manage their money, make the right investment and be able to pay off their debts.

(d) to build wealth you should be able to think strategically. Having a long term thinking in mind will enable you to make better decisions.

(f) to build wealth, you must have a well thought out risk management strategy in place.

(g) to build wealth, you cannot overlook the role that patience plays. Wealthy people are very patient people. They know when to make a move and when to hold on. They they understand that true wealth isn't built overnight but through years of hardwork.

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.

The best investment for the future is knowledge and experience, even if it's in-game. You are doing very right and I am sure they will appreciate your hard work in time !
One of the main problems of the world population is complete financial illiteracy ! Only in some countries, in elementary school children are given the basics of financial management, and taught what is money in general. This allows to raise a generation for whom money will be a helper and partner, not a master.

Wexnident

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Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

~

I'd say just let them play the game, no need to teach them at first. Kids are all about playing and enjoying stuff after all. Give it some years though, then play it again. There's always this kind of realization or epiphany that hits people (at least I did) who play old games that they played when they were young. There's like something unexplainable as a kid that you couldn't understand that all of a sudden, makes so much sense even if you didn't exactly study for it.

I'd say it's the same for building up wealth. I doubt in the first place the ideas they'd get here would be retained when they grow up, it's too verbose for them (did I use that right?).

Cling18

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Quote from: macson on September 10, 2023, 04:08:27 PM

Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

I am thinking about teaching my nephews about wealth in a fun way through the game of Monopoly. I haven't gotten any better way to teach them about money and wealth aside this. I think so because of the lessons embedded in the game which includes,

(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.

(c) to build wealth, you must have proper and strong financial management strategies. Anyone who wants to be wealthy must learn how to manage their money, make the right investment and be able to pay off their debts.

(d) to build wealth you should be able to think strategically. Having a long term thinking in mind will enable you to make better decisions.

(f) to build wealth, you must have a well thought out risk management strategy in place.

(g) to build wealth, you cannot overlook the role that patience plays. Wealthy people are very patient people. They know when to make a move and when to hold on. They they understand that true wealth isn't built overnight but through years of hardwork.

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 legendary game, i also often played Monopoly with my cousin when i was little, but at that time I only thought of it as a game, not as an education about getting rich, your goal is good to teach your nephew about wealth as early as possible, but why do you do that, let him grow on his own while you have to be the one to guide him towards it, of course in a gentle and targeted way.

You shouldn't manipulate children's minds when they are still at play age, their curiosity is great of course but what they need is guidance, not doctrine.

I certainly agree with it, we can motivate them and nurture them to set a good goal for their future but we should always remind them that success couldn't only be determined by wealth. It might take them to greediness when they grow up if you will not enlighten them about the reality of life. You can educate them about the ways to reach success but you also have to guide them and approach them gently appropriately to their age.
Instead of focusing on wealth, teach them the importance of hard work and passion for what they love to do. Life isn't just getting rich, there are still goals that we have to achieve other than that. Teach them to be well determined to progress while enjoying what they do at the same time.

macson

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Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

I am thinking about teaching my nephews about wealth in a fun way through the game of Monopoly. I haven't gotten any better way to teach them about money and wealth aside this. I think so because of the lessons embedded in the game which includes,

(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.

(c) to build wealth, you must have proper and strong financial management strategies. Anyone who wants to be wealthy must learn how to manage their money, make the right investment and be able to pay off their debts.

(d) to build wealth you should be able to think strategically. Having a long term thinking in mind will enable you to make better decisions.

(f) to build wealth, you must have a well thought out risk management strategy in place.

(g) to build wealth, you cannot overlook the role that patience plays. Wealthy people are very patient people. They know when to make a move and when to hold on. They they understand that true wealth isn't built overnight but through years of hardwork.

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 legendary game, i also often played Monopoly with my cousin when i was little, but at that time I only thought of it as a game, not as an education about getting rich, your goal is good to teach your nephew about wealth as early as possible, but why do you do that, let him grow on his own while you have to be the one to guide him towards it, of course in a gentle and targeted way.

You shouldn't manipulate children's minds when they are still at play age, their curiosity is great of course but what they need is guidance, not doctrine.

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Quote

to build wealth, you must have proper and strong financial management strategies. Anyone who wants to be wealthy must learn how to manage their money, make the right investment and be able to pay off their debts.

I believe this is the core attribute in building wealth. Without a knowledge on financial management and strategies, a person will unable to build his wealth. Since financial management tackles the inflow and outflow of money having knowledge on financial management can enable us to spend our money wisely and can identify unnecessary expenditures. With knowledge about financial management a person can identify proper way of budgeting his money, knows how to manage debt, and at the same time be able to do risk management.

darkangel11

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In general, you're doing good. There's a lot of games that teach you about economy and the way business operates. One of the best are economic strategies like the "tycoon" series.
It's important that kids understand the concept of supply, demand, loan, interest and debt. They rarely teach these things at schools.

Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

(b) to build wealth,never put all your eggs in one basket. Always diversify your investment portfolio.

I hope you don't use this as a way of teaching them about investing in the crypto space.
IMO the more you diversify in the land of crypto the more you lose.

Aanuoluwatofunmi

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Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

(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.

(c) to build wealth, you must have proper and strong financial management strategies. Anyone who wants to be wealthy must learn how to manage their money, make the right investment and be able to pay off their debts.

Am picking this first three because alot had been said about them already despite they are very vital to always consider when treating how to make and sustain wealth in an economy, the use of Monopoly game scenario is also a good way of explaining the main logic behind this tactics, there are principles, laws, actions, activities, funds and many other things to consider as foundamental elements to make or sustain wealth and if one is truly a monopoly game player, they could understand how this really explain in a life experience situations.

Bananington

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Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

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.

It can be a good way to introduce your Nephews to building wealth, but there are more things to teach them about wealth that just the game may not be teach. If you want to teach them about wealth, you have to become dedicated to breaking the knowledge down for them and introducing it to them in bits so they can actually learn from each lessons.

mvdheuvel1983

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Quote from: hugeblack on September 10, 2023, 03:56:01 AM

There are no fixed rules for success, but there are fixed rules for failure, or things that if you do, your money will be lost or your investments will collapse.
Therefore, there is no fixed recipe for success and wealth. You must be creative and love what you do.

You are correct that there are no fixed rules for success and that one must be creative and love what they do but may I remind you that there are business and wealth principles that must be followed for success and wealth creation? Yes, there are...just as there are principles engineers must follow to build an airplane that will fly in the air and crash upon flight or ship to sail without sinking, so it is with wealth creation.

Like you said, there are no fixed rules but there are classic wealth rules that must obeyed. Some of which I highlighted in the post already.

m2017

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Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

~snip

If we follow your logic, then children who played with Legos will definitely become builders, and with soldiers - great commanders?

Let's be honest, the best way to teach children anything is by example, because they learn best from what they see from their immediate family. Do you want to teach them how to become rich, manage money and assets, investing and diversification? So show this by your own example, if, of course, you have something to teach them. Before you teach someone else, it’s a good idea to learn something yourself.

Monopoly is a popular game that has been played by millions of children (more than 275 million copies of the game have been sold), but for some reason I don’t see as many millions (even more, because Monopoly is not a single player game, which means the number of children who played can be safely multiplied by 2, or even more) rich people.

tjtonmoy

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I have not played Monopoly yet so can't say that I understand the game. But with this post, I can get some ideas on what this game might be and I will try it out later for sure. Now about wealth making and growing. It's a cycle that keeps on going until you find a way to make passive income from your investment for the rest of your life. Is this possible? Maybe not! that's why the cycle should go on.

You make income by working. You save money for future investment. Once you make that investment and get a profit, you should try out other things and keep investing in them. Diversify your investment until you get something that provides you with a stable passive income. But you will need to continue with your other investments too.

Money makes money. That's the main lesson and everything comes after it.

uneng

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I think this is a good idea to introduce children to basic concepts of financial world in a funny way. This way you are helping children to develop their logical thinking to matters which will be necessary for their future life since an early age.

Besides Monopoly, I think strategy and management videogames are also an interesting tool to reach the goal you are looking for. Nowadays the videogames' universe has changed, but before we had good titles like Rollercoaster Tycoon, Zoo Tycoon, Simcity, Caesar, where the main goal was to manage economy and make your business grow without going bankrupt.

Kids who played those games acquired a good notion of finances quite earlier, what helped them on professional field futurely.

safar1980

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And the developers of Monopoly became millionaires because they convinced others that their game would teach children to become rich.
The Monopoly game is only a simplified investment simulator. And the fact that a child plays the game well will not guarantee a result for him if he does not master the skills of an investor, but perhaps the game will shape the child’s interest in studying finance.

dothebeats

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Talk about timing, my boyfriend and I have been playing Monopoly almost every night recently. Anyway, going backt your post, although I do agree with your post and some of your post, I would like to know if you were able to tell your kids how at the start of the game everyone owns the same amount of money and are in the same position. Moreover, were you able to tell them that unlike in the real world the players received their initial money without doing anything? These, I believe, are some of the things that should also be discussed to them.

Mr. Magkaisa

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- There are actually many ways to build wealth, one of them is by increasing our income, setting up our financial goals, and, of course, setting aside a budget for that matter. It's not easy to do that, but if we know the right procedure in this matter, we can do it easily, actually.

So what you are teaching your nephew is nothing wrong, and as far as I can see, his intentions and motives are good, but you should also show him in a simple explanation that he will understand about building wealth, and I have here some of the ways related to building wealth: here is the link: https://www.investopedia.com/managing-wealth/simple-steps-building-wealth/

hsdjkahskjdh

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Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

I am thinking about teaching my nephews about wealth in a fun way through the game of Monopoly.

Did you teach them at the start of the game everyone starts with the same supply instead of like fiat or bitcoin where the game is rigged.

Sim_card

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OP, it is good that you just have started introducing your kids on how to make wealth through monopoly. Monopoly is an interesting game that teaches one how to acquire wealt to win the game.

Quote from: mvdheuvel1983 on September 09, 2023, 06:26:46 PM

to build wealth, you must have proper and strong financial management strategies. Anyone who wants to be wealthy must learn how to manage their money, make the right investment and be able to pay off their debts.

Mismanagement is a major obstacle to success and this has crash so many business and ruin so many people goals but at home and in the society at large. For you to be successful you must know how to manage the resource that you have and use it wisely in other for your to achieve you goal. To become a wealthy and successful person is not something easy at all,it only take the grace of God with hardwork,commitment and patience.

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