Teaching My Nephews About Wealth Through the Game of Monopoly

[el kaka22]

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.

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[dothebeats]

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".

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.

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.

[Latviand]

~

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.

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.

[Porfirii]

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.

[Kakmakr]

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. 

[Woodie]

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.

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.

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.

[slapper]

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.

[bitgolden]

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.

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.

[Mate2237]

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.

[Unbunplease]

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.

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

[jostorres]

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.

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.

[topbitcoin]

(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.

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.

[doomloop]

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.

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.

[Renampun]

...

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.

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.

[Synchronice]

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.

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

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.

[barisbilgili]

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.

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.

[gunhell16]

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.

[dothebeats]

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.

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.

[South Park]

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.

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.

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.

[Nalain420]

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.

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.