Monopoly – A Great Game to Teach Kids Finance, Money and Life Skills
Monopoly – A Great Game to Teach Kids Finance, Money and Life Skills
November 2021 Financial Imaginer Matt
One of the best ways to teach kids about finance, money and life skills is by playing Monopoly. There are so many money and life lessons in this game: It teaches kids how to strategize, plan ahead, do math, negotiate with others, deal with winning or losing circumstances and control their emotions!
Oh yeah, I almost forgot the best part: It’s fun! Playing monopoly with your children will help them understand a few highly important concepts that are essential for their financial literacy – and their lives.
“Becoming wealthy is like playing Monopoly, the person who manages to accumulate the most assets, wins the game!”
If you think Monopoly is a game of luck, think again. It’s only luck if you don’t play smart! As with life itself, this game is about both, luck and strategy! While a player can choose to bet on his or her luck alone, adding some strategy to complement your luck is the best way to gain dominance in the game.
Never ever believe teaching money to your kids has to be boring! I understand that while most educational materials on these topics are considered “boring” for adults: Monopoly is a game and it’s meant to be played and enjoyed with fun!
Luck is when preparation meets opportunity.
Ready to get lucky?
What does Monopoly teach You about Money?
What do you think you learned playing monopoly?
I would argue the first lesson, and one of the most important lessons of personal finance at all, is that life is like playing Monopoly, with one important difference: When playing the game, everyone knows you have to invest in order to become wealthy and win the game. However, in real life most people are simply moving around the board and wait to be passing “Go” – it’s also called living paycheck to paycheck. The lesson is: In real life like in the game, if you fail to start investing, you will most likely lose the game. Only as investor will you have the chance to win!
Learn this key lesson and apply it for your own life now!
Second – investing or buying properties means unlocking more potential future income sources, but do neither keep too much nor too little cash on hand, while you got to get started investing, cash can help you take advantage of opportunities when they arise.
In one thing Monopoly is vastly different from normal life: There’s no hiding how much money everyone has at any given moment; everybody will always know what others possess (yep, nothing like real life).
Total transparency!
That brings us to the third lesson for adults: You behave differently when dealing with others when you know they are wealthy or poor, powerful or not! In general, people do act differently around those who are (or appear) wealthier than them. This can be translated to a great lesson about the advantages of stealth wealth, dressing with a suit or behaving in any specific way in real life!
“Monopoly, destroying friendships since 1903.”
Think about it.
Monopoly is a game of emotions, financial literacy and life skills. And those are the three things that should be taught to our children from a very young age!
To continue reading, please go to the original article here: