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Lessons Learned Playing Monopoly | Personal Finance Corner
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Contact Over the weekend, my son and I visited my parents. (Actually, I'm still out of town.) My son has been wanting to learn how to play Monopoly since seeing some comics about it in his Calvin and Hobbes book. So my parents and I decided to play it with him. It's a fairly basic game to learn. And, leaving aside my deep skepticism that real estate is the best way to make money in today's world, I did notice, thanks to the first time I've played Monopoly in years, some lessons that could be learned from Monopoly:Don't buy everything all at once just because you can: My son badly wanted to build houses on properties, and eventually get a hotel. We tried to explain to him that a measured response was important, since spending all of his money at once would result in him being unable to meet his obligations later, if he landed on someone else's property. Sure enough, after blowing a bunch of money, he had nothing to pay me with when he landed on one of my properties. The mortgaging began.Debt costs money: When you end having to mortgage a property to meet your obligations, you have to pay it back -- with 10% interest. It took some doing, but my son now knows that when you borrow money, you have to pay an extra fee for the privilege. (Whether that lesson sticks is another matter.)It's a good idea to have a goal -- and stick with it: I wanted to buy Boardwalk and Park Place. Throughout the game, I made decisions based on my ultimate goal. I bought some cheaper properties, but only if I had enough left over to buy the expensive properties I wanted down the road. If I landed on a property that would leave me with too little to make my eventual purchase, I passed. My son thought this strange, since he was buying everything up. But I explained to him my financial goal. And, by the end of the game, I had a hotel on Park Place and on Boardwalk. I explained that I may not own as many properties, but all the properties I did get had hotels (I had some cheap properties, too), and I reached my goal of having a hotel on Boardwalk. Taking a slower approach, and keeping my goal in sight, resulted in my eventually winning the game.
You can lose everything: My son did end up with a short-term advantage when we was spending money like crazy; he bankrupted both my parents, since he had a decent amount of property and development on those properties. He saw what happens when you can't meet your obligations and you lose everything -- someone else gets what should be yours. And, of course, at the end of the game, he ended up losing everything because he had to mortgage it all just to stay afloat.While I'm not convinced that Monopoly is all that realistic, it does have its points. It does teach some lessons about money management, and having a plan for your money. What do you think? What lessons can you learn from Monopoly?
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