Have you ever enjoyed a game of the classic board game Monopoly? This well-loved game turns 80 this year, and there are money management lessons to be had when playing.
Chris Taylor, in the Globe and Mail, shared 4 financial lessons we can all learn from Monopoly:
1) It is all about location, location, location.
There is some strategy in which properties you acquire in Monopoly, as they are not all created equal. Strategic Monopoly players know that some properties get landed on more often, and in turn are more valuable to own. This can be applied to owning real property as well. Make sure when you are buying a home you are not overpaying in an over-hyped market, and think of the long-term value that a property might have.
2) Relationships matter.
Who you are playing the game with affects the outcomes. Monopoly is not just about the money and property, the people you are playing with matter too. Same as real life – our relationships and social assets are just as important as our money and financial assets.
3) Do not stretch yourself too thin.
Many a Monopoly player has spent all their money on acquiring properties and building hotels, only to land on someone else’s property and find themselves unable to pay what they owe. The life lesson here is savings matter. We need to make sure we have an emergency fund with cash available for life’s hiccups.
4) Read your opponents.
The better you know your opponents, the better poised you are to win. The lesson here is the better you know your own weaknesses (and strengths), the better able you are to succeed in your own life. Momentum’s Assets workshop is a great place to learn more about your own assets, and generate some strategies on how to build in areas of your life that you may not be as strong in.
Did you learn any money management lessons from Monopoly? Share your lessons below!