The classic board game that everyone loves to play - and fight over, Monopoly! The Monopoly board game of property buying and monopolizing has been set in the hearts of many people for many years, and also giving everyone the knowledge for very basic math skills and strategic thinking. Today Monopoly has spawned a lot of different versions of the game, such as Monopoly Empire, Monopoly Electronic Banking, the card game Monopoly Deal, and the portable Monopoly Grab & Go. Read more about Monopoly in Singapore here below to find out.

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Lessons that You Never Expect to Learn from Monopoly Game

Since 1935, Monopoly is one of the most iconic games that still enjoys popularity from around the world. The Monopoly board games are also widely played by people from all walks of life. Unsurprisingly, many people have mentioned that Monopoly is a wonderful game that teaches a lot of things about personal finance and other financial matters. Here are some of the lessons that you never to expect to learn from Monopoly game.

Seize Opportunities

While Monopoly is a game of chances, you still need to apply your strategies to turn probabilities into real possibilities. Furthermore, you must make sure to seize that proverbial opportunity and make the best out of it. When you get the first roll of the dice, you will have the first chance of buying up as many properties as you can. At the same time, you also have a free run to evade a lot of rent payments in the early stage of the Monopoly game. When an opportunity presents itself, it is entirely up to you to transform your lucky start into legendary moments.

In our own lives, there will be a number of lucky breaks that appear. However, you are not in a position to take advantage of them. The first step that you need to do is to recognize opportunities for what they are. Then, you require the confidence and acumen to act on them. It is also important to look for ways to expand your knowledge, skill, and experience. Despite this, you do not have to be the expert on everything. Realistically speaking, you should be active when it comes to searching for ways you can build on your skills within the sphere of your current environment and experience.

Most Expensive Asset is not the Best Choice

As always, most Monopoly players rush to get the most expensive asset in the game because it offers the biggest payouts that can bankrupt your fellow opponents. While this strategy does make sense, the expensive assets also cost as much to maintain them. Unsurprisingly, many people lose their Monopoly games because they only pay attention solely on cash flow without considering the hefty cost to maintain expensive assets. Needless to say, too much focus on cash flow has been likened to play your Monopoly game with blinders on.

Most of the time, the winners of Monopoly game are the ones that play their cards right by investing in the long run. Instead of paying too much, you ought to buy low and sell high especially when making investments in real life. When you put your attention on the most expensive assets, it does not take too long to realize that you have overpaid and sowed the seeds of your downfall. Whether in a Monopoly game or real life, you win by making the most money instead of relying one-hit approach such as gamble too much on costly properties or assets.

Generate Passive Income

In a game of monopoly, collecting rents from your opponents does not take much effort. When it comes to passive income, you need to remember that you must put some work upfront before you can get the money to come in. As such, there must some form of solid foundation to generate passive income. According to the dictionary, passive income is defined as income received on a regular basis without having to put actual work on your part. A lot of people are interested in generating passive income but they often

make careless and hasty decisions to a point that they fall victim to scams and other get-rich-quick schemes.

One of the best ways to generate passive income is to invest in a real estate. Moreover, you can generate passive income through investments in the markets such as exchange-traded fund or low-cost, highly diversified index fund. In addition, you can always sell other popular items like posters, T-shirts, board games, figures, jewellery, and other novelties. If you have extra money, you can even make individual loans on a peer-to-peer basis on certain legitimate sites such as Prosper.com. In short, you should prepare to do a bit of research and work before you can enjoy generating passive income.

Emergency Fund for Extraordinary Circumstances

From time to time, there will be situations when you stumble upon a chance card that can ruin your progress or even cripple your game. In these decisive moments, you never know that you are required to advance to the nearest railroad and pay twice the rent or pay for improvements on your hotels. If you do not have the cash to pay for them, you are forced to sell your assets and mortgage. Similarly, you will face more than just chance cards in real life. In fact, there are more emergency situations than on Monopoly board. This is why you should set up your own emergency fund to make sure you have some money tucked for a rainy day.

Clever Budgeting

When you play the Monopoly game, you will quickly realize that there is more than just saving money to acquire strategic assets or properties on the board. Budgeting is a skill that focuses on risk management strategies. In Monopoly, you must learn to budget and plan your purchases in order to know how much money you have, and how much you need to spend on the board. The clever budgeting encourages you to practice vigilance in both virtual and personal finance. It takes skill and patience to decide which asset you should get or avoid. Needless to say, clever budgeting is also about how and when you plan your purchases. Instead of focusing too much on expensive purchases or investments, it is better to put your money on things that offer better returns consistently.

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