Teaching My Nephews About Wealth Through the Game of Monopoly

[Promocodeudo]

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.

[1714620678]

1714620678

[1714620678]

1714620678

[STT]

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

[HajiBagi]

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.

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.

[AmoreJaz]

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.

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.

[Dunamisx]

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.

[Hewlet]

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.

[uchegod-21]

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.

[oktana]

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.

[Altryist]

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

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.

[angrybirdy]

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.

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.

[benalexis12]

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.

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.

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.

[Samlucky O]

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

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.

(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.

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.

[slapper]

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.

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.