Personal Finance 

8 Personal Finance Lessons I Unlearned From Monopoly

Email  Print Print  

The Monopoly lessons post I wrote last week, 8 Personal Finance Lessons I Learned From Monopoly, was very well received and as I teased in the last “lesson,” there was going to be an 8 Lessons Unlearned post coming soon – this is it.

As much as you can learn from Monopoly, there’s plenty that you must unlearn whenever you start dealing with the prospect of Real Life. For example, in Monopoly, the point is to win right? You must bankrupt your competitors until you’re the only left standing. However, does it truly make sense to reach the top by stepping on those around you? By defeating them? Often times no, so that’s an example of a lesson one must unlearn (some never do) when dealing with others in real life.

Unlesson #1: Expensive Isn’t Necessarily Better

Boardwalk is the most expensive piece of property in Monopoly, but it’s actually not the best monopoly to have in terms of the probability of being landed on. In probability studies, it’s been shown that the ‘brown’ properties (St. James Place, Tennessee Ave, New York Ave) are probably the best of the bunch to get. However, when you play Monopoly, unless you’ve done the math, it’s easy to understand why people believe Boardwalk is the best. If you have a hotel on the property and someone hits it, it’s likely game over for that player. In real life, you’d guess that more expensive things are better but that’s not always the case. Sometimes it takes a little more analysis to discover whether a particular product or service truly is the best, just because it’s more expensive.

Unlesson #2: Money Doesn’t Solve All Problems

The only time you ever visit the hospital in Monopoly is if you pull the wrong Community Chest card and the solution is to pay a few bucks and move on. In real life, all the money in the world can’t solve some medical issues. Money is nice but it’s not the answer to everything. In fact, as my Grandfather once said, if money can solve the problem you have, count yourself lucky.

Unlesson #3: You Don’t Need Luck

How many times have you hoped to land on Free Parking and scored some free cash? From there you probably moved on and had the funs to snare a good Yellow, Green, or Blue property on the back end, right? I know I have. In Monopoly, you will need a bit of luck to succeed and beat out your competitors. It’s the nature of the game and unavoidable. Very rarely will someone grind it out and end up the winner. However, in life, there are plenty of people who are grinding it out every day and very content doing their own thing. See, they’ve unlearned the first pre-unlesson, that life is about beating everyone else. They’re happy not seeking to “win” and are content to simply be “winning.” It’s a subtle distinction but one that could ultimately lead to your long term happiness. You don’t have to be the best of the best, you just have to be doing well. Ultimately, do your children really care whether you’re a Vice President? Do they care what your salary is? No, they love you because you’re their daddy or mommy… not because you’re VP Smith or VP Jones. So, what’s more important? More zeroes in your salary or the love and admiration of your children?

Unlesson #4: Going To Jail Is Not Awesome

This one is a bit tongue in cheek because I never ever believed going to real jail was awesome. In the game, going to jail meant potentially three turns of avoiding monopolies while still collecting the rent, it was seen as a good thing. In real life, going to jail means a whole lot of other things, all of which are horrible. While I’ve never spent a night in lockup, the stories I’ve heard make me certain I never want to (and hopefully never will).

Unlesson #5: Unfortunately, Not Everyone Plays By The Rules

There’s a reason why there are jails in the first place, people break the rules (known as laws in the real world). When you play Monopoly, usually everyone plays by the rules (unless you’re playing with miscreants who take it too seriously), but in real life there are people who are willing to sacrifice everything in return for probably not all that much. Why do people commit fraud or break the law in other ways to advance themselves financially? They do it because they take life too seriously, they want to “win” at all costs and so ethics is the first out the window (please excuse the generalities).

Unlesson #6: Bankruptcy Is Not The End Of The World

In Monopoly, bankruptcy means you’re finished. In reality, bankruptcy isn’t the end of the world but more like a do-over, except not entirely Tabula Rasa. Donald Trump’s businesses have been in bankruptcy over and over and over again because it’s a sound business practice (it allows you to take risks, restructure your debts, and re-enter the game). If you’ve made some poor financial decisions, sometimes bankruptcy is the only way to go but it’s not the end of the world. Your credit will be toast for a long time, your life will become much harder from a financial perspective, but it’s certainly not the darkness that is bankruptcy in Monopoly. Also, bankruptcy, while negative, doesn’t mean you lose. You aren’t finished, you merely have to start over, albeit behind a little, but your life hasn’t ended like it would in Monopoly.

Unlesson #7: Life Isn’t About Winning

This is akin to unless #4 about luck in that grinding it out may not be “winning” but that’s perfectly okay. In Monopoly, the game ends when one person has all the money and everyone else is living in the streets. The problem with believing that life is about winning is that life isn’t about winning. It’s not about beating all of your opponents and the moment you realize that life isn’t a competition is the moment you will truly find happiness. You don’t need to be better than everyone else around you, you just need to be better than you were yesterday and constantly be moving forward.

Unlesson #8: Income Tax Is Awesome

Oh wait… no, that wasn’t a lesson I unlearned. Today, I hate income tax as much as I hated it in Monopoly (except in Monopoly, you could get lucky with the dice and not pay; no such luck in real life!). 🙂

{ 14 comments, please add your thoughts now! }

Related Posts

RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

14 Responses to “8 Personal Finance Lessons I Unlearned From Monopoly”

  1. KCLau says:

    very nice elaboration. I still play the game from time to time. Probably this will be the first game I will play with my son when he is big enough.

  2. Xias says:

    Great post, I love monopoly, almost as much as I do RISK 😉

  3. Nice analogy! I really like your “You Don’t Need Luck” analogy, totally agree. Personally, I always go after the brown that you mentioned but also the red and yellow properties!!

  4. Pinyo says:

    Very clever. I enjoyed it a lot. Definitely brought back some fond (and not so fond) memories.

  5. Mrs. Micah says:

    Good point about the Blue properties. I was always terrified that someone else would get them. They’re also completely worthless if you can’t attract people to use them. At least in Monopoly you could hope for the opponent to roll the right number.

  6. Patrick says:

    uhhh… since when do you collect rent when you are in jail? I thought once you landed in jail, you couldn’t collect rent until you got out. I always loved it when people landed in jail and I was about to pass through the dreaded Yellow-Green-Go to Jail corner. *shudder*

    I guess that’s one of the fun things about Monopoly – everyone plays with their own “house rules!” 😀

  7. Very clever post. My favorite: Expensive isn’t Necessarily Better. I find it fascinating that browns are more desirable, even though blue is where all the glitz is. Great metaphor!

    Thank you,

    Barbara Stanny, author

  8. greatwolf13 says:

    I think the house rules make this game more interesting. We always allowed a lot of trading and barganing. I always tried to sucker someone into a trade that so that I would give them the last property they needed to complete a color and then I would put the condition that they can not charge me rent if I land on that color. SUCKERS !!!!

  9. Joe says:

    Who wrote this? “probability studies”? It doesn’t take a mathmatcs whiz to know that statistically all properties have an equal chance of being landed on. I stopped reading right there. That one statement has discredited everything else that was said.

    • Matt says:

      The different spaces have different probabilities because of all the cards that change your starting location, like going to jail.

  10. Josh says:

    Two things:

    Patrick – Wednesday – 10/03 at 2:45 pm
    You are incorrect. You still conduct business as usual when in jail.

    Joe – Sunday – 11/01 at 10:36 pm
    Monopoly is a much more complicated game than you give it credit for. You are clearly also not a mathematics whiz. Look at this site: Let me know if you find any errors in his logic.

  11. Zachary Cole says:

    St. James/Tennessee/New York are orange not brown

  12. Pat says:

    Not sure that anyone would be the worst for wear if they were never exposed to Monopoly, and do think that it contributes to predatory capitalism style. Monopoly is devoid of politics which is not realistic to teach capitalism in America.

    Wondering if anyone would miss it if it never existed?

  13. echidnina says:

    I like this post. It’s easy to see Monopoly as analogous to real life, but the real world is so complicated that it just can’t be explained in a 20-page rulebook. So, of course everything doesn’t match up! There’s no such thing in real life as Get Out of Jail Free Cards… Some things can definitely match up since the board game is modeled off life, but it’s so simplified that you definitely can’t rely on a game alone to lead your outlook. The key is to understand what is the same, and what is different.

Please Leave a Reply
Bargaineering Comment Policy

Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2016 by All rights reserved.