Topic: Teaching My Nephews About Wealth Through the Game of Monopoly - page 5. (Read 689 times)

All this is possible to achieve and transfer to a young kiddie but the reality of life speaks differently depending in your financial status, financial buoyancy and how stabilized the economy is in your country. Let's look at some of your point and see how it can fits into some reality. Let's start with the first point.

To build the wealth, you need more assets than liability: There is no any other point that beats this one, you need to gather assets to be financially ahead of the game but some economics has made us to understand that you need some liability to achive more success. For instance, having a fancy car is regarded as liability but the truth is, there are some business you do that requires packaging in other to win some big deals in business, the way you package or dress, that's how they address you. There are some business meeting you will want to have a deal, you appearance always determined how big you will have your cake cut else they will downsize the amount you ought to be paid. You need liability to make more aseets in some situations.

In some countries, they don't have cheap transportation, so car is a good assets because having your own means of transportation are cheaper compare to where you have to order Uber and other means of transportation that are too costly to pay, when you have your own ride at the end of the day, the cost wouldn't be too difference.

So, I what am I saying, your points are valid but theoretical because in reality, the way they work are different from place to place, they are only perfect in a good working environment that are developed with healthy standard of living.

There's a lot of rules and how the game works can be apply in the real life. I think give them some small amount of money as the money will be used in the game cause the kids with that they would really care and be focused more in the game especially the mechanics. Cause if they played that for long not only they will get used to it but it would have an impact to their behavior, mindset and decision making. Well when I was a kid me and my siblings are playing games such as store games and every players has given a limited amount of money so they would be the one who's gonna budget the money and the longest one to survive are the winner. Every foods has a label if how long they could survive. The other player is setting the price in the market so they would be really need to be careful.

The game of monopoly is an excellent board game for kids and can teach invaluable skills about life. The main one being scarcity of assets and literal "monopoly" markets behavior. The people who win take and hold the highest paying assets, slowly draining away all the other players funds until you end up with one eventual winner. There is a large degree of strategy in play, it can also teach more subtle skills like patience and basic money management. It's a fine line between trying to buy up everything on the board and committing money to buy the extra properties on top of the most efficient earning spots. It's worth mixing up your board games however, to learn different skills - try risk or scrabble.

An interesting and fun way, but hopefully your nephew doesn't live in the shadow of the ideal game and forgets that in reality life is not as easy as playing games. Throwing the dice expecting the expected number to come out will actually do the opposite. Well, it would be good if we cultivate ourselves to get used to reality. I agree with that teaching method. But believe me, if we look at the reality of the game being played, we cannot see it in social life. There are elements of influence, building a strong mentality, financial support, and experience.

Lower income earners can still benefit from diversification. You're making the assumption that Bitcoin will grow in 2-3 years, it isn't guaranteed.

If you don't have a lot to start out with, the answer isn't to go all in on a single asset. Take $1,000 as a starting investment and keep reinvesting the yearly gains. You don't need large yearly gains as long as you keep reinvesting and do so over a long period.

I thought your post was going to be related to Monopoly. Like with (a) - Build Wealth - You can build wealth by buying the different properties in the game. You should know what properties you are going to buy and you should budget what you need in order to get what assets could give you even more wealth.

I was expecting something like that to have the best advantage with your money. Maybe you can create a new post for that.

I have always read books and articles that talk about the golden rules of success or the secrets and keys to wealth, and all of them are a specific set of advice that if you adhere to, you will become wealthy, and all of them are wrong. 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. 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.

(a) However, in the end, the loan will be utilized to acquire supportive assets used to operate the business. This implies that assets indeed play a crucial role in initiating most business models.

On the other hand, individuals engaged in service-based businesses require skills that can also be considered assets within themselves, in the form of expertise.

(b) If $1000 represents disposable capital ready for investment or business endeavors, rest assured that there are alternative options beyond the time-consuming investments you mentioned for potentially greater returns.

There are still food businesses with faster turnover rates, and if someone can analyze the local demand effectively, it could be a faster-moving venture compared to gold or Bitcoin with $1000 in capital.

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.

(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 know and play some monopoly alternatives like like Catan but I've only played the mobile-game version and not the actual board, this is subject to updates and changes which sometimes make the games difficult to play as I have experienced in the recent months.

Monopoly is by far the best I have played and what comes most highly recommended but it can give kids a cut throat perspective to how society works and limit their idea of what things one can invest in.

Of course it is a welcomed development initiating  the kids  to craving on building wealth on a timeness sufficiency where they would grow up and be mastered about.
But I would suggest you put those content qualities in a play were it will be some pieces of dramatical compositions and has to be stage performances and yield an imaginary physical results by demonstration.
On this process there should be between a successful Investor and a looser applicable with the sceneros of what a wealthy investor is likely to achieve and the setback (deprivation) of the unsuccessful investor.

I hope the successful one would be very much happy to had been successful while the unsuccessful would feel sad for his/her dommed.
They are just kids and would surely have it a reality thought of possession.
After all the dramas you can ask to test their emotions pertaining what they learnt and how they feels per individuals by their possessions. You can as well decide to make a swap were the unsuccessful would be the successful and the successful would be the unsuccessful. This is just so you don't hurt them mentally..
This can go a concurrent with more advancements so they don't deviate from it. This is how most of us made our carriers of today a reality.
But I must urge you to lead them into the crypto investment and Bitcoin precisely .

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.