I have loved the game of monopoly since I was a kid, my dad was an avid player and he taught us the game early on in our lives. He always told us “monopoly will teach you wealth creation in fun terms” was he right? he’ll yeah!. Since then I have loved the game and relish a good play with friends whenever I get the opportunity.
Over the years there are some key learnings I have picked from the board game and I will share with you today.
Don’t hoard too much cash.
The game of monopoly by its nature get you to spend, whether it’s about buying an estate, paying tax, paying for trespassing etc just like life itself you need to be liquid to a good extent. It is equally important to Invest in assets that produce a cash flow and appreciate in value, this way you are shielded for the long term and still ready for the short and medium term emergencies.
You know you are hoarding cash when you have more cash than your medium term plan (keyword here is “plan”)
Cultivate meaningful and strategic friendship on the daily run of life
You cannot over emphasize this. The friends you make and unmake will affect your success on the monopoly board (life) there are those times when you get into jail and all you may need is a “get out of jail free” card, or you mistakenly land on another player’s property, in all these instances your allies and contenders have a major role to play in your run on the board.
Be nice and human to other players, do keep in mind that some people are better enemies than friends and ruthlessness is a two way street; if you give you will receive.
Be open to negotiating (trading properties or borrowing money)
Some say negotiating is an art others say it’s a science, whatever it is learn it. The skill of negotiating is much at play on the board. While there are some things that are non negotiable like tax and fines there is a healthy part of life that will allow you to negotiate your way through like trading up a middle class property for a high class one.
When negotiating for these caliber of things consider the medium and long term, be sure to propose value for the other party while considering the value it brings to you as well.
Don’t put all your eggs in one basket diversify your portfolio consider proximity, risk and benefits especially when making decisions on landed property.
Don’t wish/hope for money, rather plan and strategize to amass wealth.
Making wealth on the board cannot be left to wishful thinking same in the real world. Making wealth is as a result of conscious efforts at strategizing and planning. Get to the point where you don’t depend on the that assured 200 when you pass go. Get to the point where that influx is even insignificant to your wealth.
From the get go, have in mind what your plan is; do I want the old Kent road strategy or do I want the Mayfair strategy? when you decide work at it, initially on the board it may be a matter of luck but something I always say to myself is, “if it’s visible in my mind’s eye and I make a plan i am 60 percent there”
I am sure you also have a few learnings from the game of monopoly, do share them.
#Monopoly #wealthGame #Entrepreneur #Hustle
