Teaching My Nephews About Wealth Through the Game of Monopoly

[TopTort777]

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.

[Accardo]

(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.

(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.

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.

[blckhawk]

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.

[Jatiluhung]

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.

[Fiatless]

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.

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.

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.

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.

[Peanutswar]

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.

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.

[Lida93]

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.

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..

[icalical]

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.

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..

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.

[Lida93]

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.

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..

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.

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!

[Queentoshi]

I am thinking about teaching my nephews about wealth in a fun way through the game of Monopoly.

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.

[Eternad]

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.

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.

[kryptqnick]

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.

[taufik123]

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.

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.

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.

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.

[|MINER|]

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.

[safar1980]

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

[South Park]

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,

snip

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.

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.

[alastantiger]

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.

[Sarah Azhari]

These are some of the financial and wealth lessons that I think that my nephews can learn from playing the game of Monopoly. 

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.

[noorman0]

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".

[Latviand]

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.