June.16.16‪Money Matters‬
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BESTMAN GAMES HOSTS “TRAIN THE TRAINER” TOURNAMENT FOR 100 TEACHERS FROM 100 SCHOOLS AHEAD OF THE FIRST CITY OF LAGOS MONOPOLY CHAMPIONSHIP

Today is a most special day for Bestman Games. We are hosting 100 Lagos teachers from 100 Lagos schools for a “Train the Trainer” tournament on the Monopoly Board Game. This is ahead of the first Monopoly Junior and Senior Secondary school Championship. Our teachers play a huge role in ensuring that our children can learn so our focus today is on these very special people.

Monopoly has been a classic board game for over 80 years. If you’ve played Monopoly, you will know that it is much more than a board game; it offers financial wisdom that can be applied to the real world of finance and investing. Here are just five valuable money lessons from the Monopoly Board Game.

Lesson One – EMERGENCY FUND

If you aimlessly move around the Monopoly board buying up everything in sight, you may run out of cash and struggle to meet your obligations. No cash means you have to start selling your assets. In real life, without an emergency fund in place you are forced to sell off assets or borrow at exorbitant rates.

Lesson Two  – IF YOU FAIL TO PLAN, YOU PLAN TO FAIL

You must think through your strategy and actions in the monopoly game. If you are impatient or impulsive and invest without patience, discipline and knowledge you will lose. Too many investors have been badly burnt because they were greedy and wanted to get rich quick so just jumped on the band wagon without actually understanding what they were doing.

Lesson Three  – SEEK PASSIVE INCOME
In the Monopoly game your assets increase in value over time based on the cash flows they produce. A money market account pays you interest, owning investment property earns you rental income, owning blue chip stock pays you dividends. We all need passive income; we need our money to work for us. Focus on acquiring assets that can generate passive income for you, so that whether you are in active employment or not, you can continue to earn.

Lesson Four – THE MOST EXPENSIVE ASSET IS NOT ALWAYS THE BEST
Many players want to own Banana Island or Ikoyi on the Lagos Monopoly board since they are prestigious and command the highest rent. But they are also the most expensive locations to own and maintain. If you don’t pay attention to cost, and are drawn to owning expensive real estate before you can afford it, you could lose it. It often pays to start small and work your way up. Many people have defaulted on their mortgage payments on expensive properties and had them repossessed by banks and other lenders.

Lesson Five – DON’T PUT ALL YOUR EGGS IN ONE BASKET
Usually the winner in Monopoly is someone who spreads out his or her properties throughout the board and has multiple chances at capturing rents from houses, hotels, and other assets. The same principle applies in investing. For example, if you invest in just one or two stocks, you are exposing yourself to huge risk if something goes wrong. Build a diversified portfolio so that if one asset class doesn’t perform well you will still have a chance of earning decent returns from another.

The Monopoly Game offers practical money lessons as well invaluable quality family time. Stay tuned for more information on the First City of Lagos Monopoly Championship. Make sure your Alma Mater doesn’t get left out!

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