Topic: Teaching My Nephews About Wealth Through the Game of Monopoly (Read 689 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.

I think they didn't say that but their intention might be different and that is they are like gambling who only offers entertainment. Can't you notice that people also change the way gambling created? They think it can make them rich through it, but we all know that it is impossible so they find their selves having a problem.

Monopoly might only be better though because as you said it's like an investment simulation so we can still get an idea about it how investing works. If we can maximize it by learning other aspects in investing, there is a big chance that we can be a successful investor. Kudos to the OP for having this kind of idea. It could make things easier for the both of them.

Indeed, in the game "monopoly" if we are able to understand the game, then we will be able to learn from it because in the monopoly game there are implied meanings that can be applied in everyday life.
I will only comment on 2 points, namely points a and b. (a) in building wealth, we must increase the "assets" we have, but I also recommend avoiding buying movable assets (private vehicles). When choosing a private vehicle, choose one that is as simple as possible by prioritizing "function, not prestige." Because by buying an expensive vehicle, maintenance costs and taxes will also be expensive and this will drain your wallet.
(b) Every investment we make will definitely provide a profit, and how big or small this is based on the amount of money we invest from the business we are doing. And by investing a lot and not just in one sector, this will increase our chances of getting big profits from the investments we make.

I absolutely agree with that, I also believe that we should make our kids learn things like finances or about money, how it is made, how valuable it is, and how one should store it or how one should save money, all these things can have a negative impact on their minds because they are not big enough to process such complex terminologies, it might sound easy things for us but we are grown ups and we have seen life very closely whereas they don't know anything about life yet.

So, I think someone should only start teaching their kids about money and finances and cryptocurrencies, etc. when they reach a certain age when they realize that they are mature enough to understand things and that if you teach them something, they will remember it when they grow up and start handling things by themselves.

Economic games lay the foundation for developing business skills and building a successful career. They help to learn serious material in a simplified form. For all its apparent simplicity, Monopoly is a game with quite a deep meaning, and that is the main thing

It looks like instructions and not teaching. monopoly is just a game of deception and not for reality. you can't succeed in life by practicing that game so if I will advice instead of using Game of Monopoly to teach your innocent nephew, teach him cryptocurrency which is the most reality of life. Well those outline moral lessons you listed above are good and can be learnt without the  game of monopoly. Teach kids about money in their tender age is not advisable because it can corrupt them and mislead them to do bad things because money is the "root of all evil"

Teach them things that can benefit them in their age and not wealth in that age. There are some culture in Africa that do not allow children to use money in their tender age. If money is found in their hands, elderly people would asked them who gave it to them.

Lol, you must be playing monopoly way differently than I do . I think it is just an innocent family game that doesn't really matter all that much, it should be something that will definitely help you on the long term but it doesn't mean that you are going to end up with a good result one way or another and that is why I believe that we should be considering this as something that will benefit them on the long run.

I think it will get the kids to learn about it in a more fun manner and the end result will not be cunning or ruthless capitalist but some kids who know more about economy and how it works based on how they do, it is definitely not something that is as simple as people think it is but it is definitely fine method.

Monopoly is a classic, and your reasoning matches its elements. Monopoly sometimes prioritizes competition over cooperation.

For a different approach, see "Co-opoly: The Game of Cooperatives." It promotes teamwork for success. In the game, players share capital, make decisions collectively, and face economic crises. Understand cooperative economics as well as personal finance in this interconnected society."Pay Day," another game, helps explain monthly budgets. Bills, transactions, loans, and unexpected expenses prepare players for budgeting and saving in real life.

Games can provide a good foundation, but post-game discussions and observations can strengthen and apply the concepts to real-life situations.

I think a game of Monopoly fits the profile for what you can teach kids with, especially since it shows them the power of money in building an empire in real estate, being able to pay fines to avoid jail, and all that. To be honest, I think it is among the few games you will get that today that will teach anybody into board games a lesson in Wealth management.

Simplified investment simulator yes but getting to study finance I don't think so, maybe develop an interest in a high paying job to be able to build one's empire, and if its a kid its the parent / guardian to guide the child on which professions/occupations will make this possible.

Your strategy might just work....

I was about 10 years old when my parents bought a board game that was developed by a local financial investment firm... We played that game almost every day for months at a time and it was very educational. Those were the building blocks and foundation of our financial education and it helped to shape our future.

We are now disciplined financial individuals with good spending and saving habits and even good Crypto investors and traders. I am grateful to my parents for buying that specific game.... it literally changed our lives. 

This kind of games are educative and a much better alternative than the nowadays ubiquitous mobile games, so I wouldn't exaggerate saying that they are just kids etc.

But I feel sad because I often see not only topics here, but also series on TV about accumulating wealth, ignoring the importance of controlling spending and consuming in a sustainable way.

I'm watching now an American TV show where people earning 250k a year still have problems making ends meet, and the "coach" helps them invest their money to get the most of it, when the most sensible decision would be to cut expenses.

So, it is important to teach our children about investments, but it is even more important to teach them a bit of austerity also, in an age when we want it all and we want it now. Fortunately for us there is a plan BTC, but there is no Planet B.

Dude, if you read my whole statement, I have implied that and combined that with my agreement on @blckhawk statement that we should be delicate on our words with children regarding this topic that the concept of games shouldn't be lost plus it's a game of Monopoly, how can the concept of fun gets lost when it's already a game for kids? Regarding the information dump, it's the adult's prerogative on where he/she will draw the line, it's kind of weird it has to be pointed out since that's the adult's responsibility but it's nonetheless helpful that it's pointed out.

As much as I agree that it is a good idea to teach young children about these things as they are a blank canvas, we still should know what the proper age scope is to actually introduce concepts like these to them, especially since we are talking about the cognitive capacity of kids. Moreover, we also have to ensure that they are still having fun while teaching them as they play games. As much as teaching them is important we have to remember that at the end of the day, they are still kids, and games are supposed to be fun for them, it's a part of their childhood experience. Therefore, we still have to ensure that we are not taking that fun and experience away from them by turning their normal game time to information dump about a concept that they will not even have to face in the next few years.

This is definitely a smart idea, I definitely see how this could be a good idea and how it could help some people. In my school we had a special class type of thing, wasn't really a class but something that showed kids how they could save money, it was thought indirectly via some type of.. action?

I do not know what to call it, every year we would basically give a certain amount of money to the school as kids, no matter how much we give, we would get just a little bit more as kids, obviously we would give small amounts, like cents basically, and then we would get it all together. So kids would learn, if you save 1 cent for 100 days, you get 1 dollar back, and that was a good education that helped us in the future, at least helped me.

Ideas are much easier to plant on a younger child because they're pretty much a blank slate so concepts like this are pretty good although as @blckhawk has said, never make the language too adult because it will then go right over their head which I agree, the vocabulary has levels but I think the ideas are pretty much age neutral or should I say much more retained at a young age. Monopoly is perfect already for the visualization part imo but the way to make money there is pretty much exaggerated for fun purposes though.

I don't really understand how to play this game. Just look at what the OP says is what is written on the cards. What I want to know is how old is OP's nephew? Can you make the question theme simpler to suit their age? For example, a child under 7 years old will not be able to imagine as realistically as possible something they have never encountered, such as business. It might be better to come up with question ideas that they can visualize better, such as "how to accumulate some pocket money every day".

I see there is a bad side (besides a good side on your list) when playing the Game of Monopoly, so not only learn about wealth. but capitalism also, so if he found it and implemented by your nephews in the future, it will cause other problems also. So in this case, additional knowledge is needed for your nephews like morality and humanity, because not everything in this world must use money for rent or just stop for a moment, they must be taught about goodness, so if there is a moment (catastrophe) where your asset doesn't have to be rented. for example like Ronaldo, where gave his hotel to disaster victims.

Thank you for reminding me about Mr Robert Kiyosaki's game. I bought it over 7 years ago at about $1. It was very enjoyable being that I had already read all his books, therefore the concepts in the game was very easy to follow.

As for the OP. One of the best ways to teach your nephews about wealth is to take them alon with you to work and allow them to observe how things work. After you have gotten the permission from  your boss. If they see first hand how to get Wealth it would be easy for them to appreciate the process and it would be relatable when they play the game.

Since you are looking for some similar games I will recommend you the game CashFlow by Robert Kiyosaki, the game is like monopoly on steroids, there are different versions of the game, with a board game, a video game and a free online version which was at least still available a few years ago, this will allow you to better explain to your nephews the importance of wealth building and how much you can enjoy your life once you have enough money to easily accomplish your dreams.

My wife constantly buys some kind of “smart toys or sets”, which, according to the description, are capable of developing many skills in a child, but in the end, I don’t see any improvement and the family’s expenses increase. The most common example is to think that World of Tanks will make a good tanker out of your child, or World of Warships will help your child become a captain

It is a very good idea.  Creating wealth is very difficult.  The sooner a person becomes aware of it, the sooner he adopts the strategy to acquire that wealth.  And I totally agree with you.  There is no substitute for value in acquiring wealth.  A patient person later saves money to build wealth.  Without strategy, people cannot save money in the right way.  And to build wealth, you have to take risk in this startegy place.  You are teaching your nephews very well and I applaud your efforts.  But life is not all about wealth and prosperity.  Tell your nephews that a man is not happy only if he is rich.

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.

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.

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.

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.

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.

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!

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.

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..

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 .

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.

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.

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.

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.

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.

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?).

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.

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 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.

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.



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.

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.

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.

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.

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.

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.

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.

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.

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.

         -   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/

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.

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.

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.

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.