What you can learn from Monopoly to increase your financial IQ
Monopoly is a popular game, but not all players know how well it resembles real life. To win it, you need to earn money and invest it in real estate to earn a steady and stable income. The only difference between the game and our reality is the hustling required to generate income and start your business. Let's take a look at what you can learn from the 118-year-old landlord board game.
The game of capitalism
Monopoly is the most successful board game in the world. According to its distributor Hasbro, more than 1 billion people have played it at least once, it has its own world championship, it has been in space, and numerous themed versions have also been released.
The interpretation of capitalism in the game is controversial among economists: it describes all transactions as a zero-sum game, i.e., as long as one player wins, the other is sure to lose, and it also does not address active income generation, i.e., hustling. But it does teach us a very important lesson about the way the economy works.
Money is constantly thrown on board in Monopoly: you gain it every round going through the start tile or by special cards. The main message of the game is to mobilize and activate that money instead of sitting on it. If the money is passively sitting in the bank, you will surely lose.
My boys pushed me into bankruptcy for the first time!
The real-life analogy
As the government and Federal Reserve continually pump money into the national economy in an attempt to reflate it after the global pandemic crisis, inflation is expected to increase significantly. The process of inflation means that the money you earn is worth less by the minute.
So what will hustlers, like me and soon, You, do in this situation? We will go out and grab as many opportunities as we can. We will invest our money in something that will increase in value as our wealth decreases due to inflation.
Unfortunately, money isn't thrown at us like Monopoly; we all have to work hard for it. The process you may want to follow is to start small with a side hustle, in which you trade your time for money. It's not an easy path as going through the starting line every round, but it's totally worth the effort.
People often fail to grow their wealth because they are hesitant to invest the energy and time to start a side hustle. There is no overnight success, but if you push yourself out of your comfort zone, you will see many opportunities arise. As soon as you see a return on your investment of time, you can put the extra cash in motion, and let it work for you - this is one of Monopoly's key messages.
Right now is a perfect time, money flowing into the economy, online platforms like AirBnB, and innovations like cryptocurrencies being unprecedented opportunities that you can seize. If you want to know more about how to build wealth, how to become a successful entrepreneur, and how to use real-life Monopoly tactics to grow financially, visit my website.
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