Monopoly Money

As the recession continues, more and more people are finding themselves stretched for cash, some to the breaking point. An old board game favorite, Monopoly, wittingly or unwittingly, provides amazing lessons in fiscal responsibility.

Just a few great points:
1) The best investments aren’t always the flashiest. Growing up, it was the dark blue properties (Boardwalk and Park Place) that were the crown jewel possessions. Nobody thought much of the orange monopoly even though statistically it’s a significantly better investment. In monopoly, the right investments pay off over time. Yes, chance could land you on Park Place AND Boardwalk every time around costing you thousands while your opponents magically avoids your properties. But chance could also win you the lottery. Over time, the best investments will win out.
2) It pays to know how much money you’ve got, and you can’t (shouldn’t) spend what you can’t afford. According to the official rules of monopoly, when you land on income tax, you need to make your decision to pay whether to pay two hundred dollars or ten percent of your net worth before you count your money. If you don’t about your financial health, you could turn down an incredible opportunity or lock yourself into a deal that you simply can’t afford. Also, monopoly punishes people when they spend beyond their means. When you buy houses, you can only sell them back for half price. When you mortgage property, you have to pay an extra ten percent to get it back. In real life, opportunities abound and some have very specific time limits. You can’t borrow from the bank for free, you can’t rack up charges on your credit card, and when you declare bankruptcy, the game is done. Over. Finished.
3) Slow and steady wins the race. You can’t win monopoly in one turn. You can’t even win it in one trip around the board. Some will complain that this makes it a more boring game, but it mimics real life. We want instant gratification and our newer games reflect that. Instead of wanting to play sports games like NCAA football that mimic the actual grind-it-out nature of the sport, we settle for NFL Blitz that not only creates basketballesque scores with football, but also offers instant, violent gratification by allowing players to body slam opponents with late hits.

Look at the house rules people have implemented over time. Free parking, according to the rules, is just an empty space, but it’s turned into a lottery where a lucky (not skillful) player lands on it and wins a certain amount. Landing on go now doubles your salary. These advances are based purely on luck – not skill – and provide instant gratification, unlike the other investments offered by buying property around the board. This is the same thinking that has turned us into a credit card culture and fueled the credit bubble that has recently imploded.

Board games aren’t every thing, but when our culture is immersed in rewarding chance and providing immediate gratification, watching shows like “Deal or No Deal” that use absolutely no skill certainly doesn’t promote financial responsibility. Some may object to using innocent games to indoctrinate people with life lesson, but – for better or worse – everything teaches a lesson. Why not make it one that will help them avoid the pitfalls that have led to this recession?