Monopoly is a real estate trading game, in which players get to pretend to be real estate tycoons, making investment decisions on the go. You are probably wondering what kind of connection a game could possibly have with something as serious as your personal finance. But if you've ever played Monopoly, you will realize that the game offers a lot of financial lessons, which are applicable to real life situations.
The three financial tips below were picked from playing monopoly.
Your decisions define your future
At the beginning of the game, each player is given the same amount of money. However, by the end of the game, some have more while others would have gone bankrupt. The difference lies in the decisions you make. Your investment decision can make or unmake you. How you invest your money, your time, your effort and every other resource you have to go a long way to define what you achieve at the end of the day.
Always keep cash on hand
When it comes to investing effectively, the keyword is ‘balance.’ Sometimes, we get over ambitious and give little importance to keeping cash on hand. In the case of Monopoly, a player may resort to buying every property they chance on just because they still have cash. This is not advisable as you may be forced to eventually liquidate your investments prematurely, making losses in the process. It is important to invest consistently, but also keep a reasonable amount of cash to take care of your short-term financial obligations.
Keep your calm, life offers its own gifts
Throwing a dice in a game is all about chances. You never know what you get. The outcome of your dice roll determines your next big move. The key is to prepare to take advantage of whatever opportunities the dice roll brings. The same way, you have to keep your eyes fixed on your objectives and prepare yourself for when an opportunity comes. They say, “Luck is when preparedness meets opportunity.” Take the course, raise some capital, read more and prepare yourself in wait for your next big move.
In the conclusion, though Monopoly is just a game, it offers a lot of valuable lessons that become almost inherent as you keep soaking them in. Fidelity, your bank, has invested in the Accra Edition of the Monopoly board game. Now the properties are relatable to the Ghanaian player and the game is more enjoyable.