Investment lessons classic board games can teach us
Wise moves
Believe it or not, you can learn a lot about investing from old-fashioned board games like Monopoly and Battleship. Fine-tune your financial skills with these valuable investment lessons.
Snakes and Ladders – what goes up must come down
Landing at the top of a snake or chute in this game will send the player plunging down the board. Whether you're investing in the stock market, property or a commodity such as gold, the value of your investment can go down as well as up.
Trivial Pursuit – knowledge is key
Like a successful general knowledge quiz player, a savvy investor has a comprehensive understanding of the world at large. Knowing what's going on globally will help make you a better investor.
Operation – don't panic
Staying cool, calm and collected is vital if you want to win this nerve-wracking board game. When investing it's all too easy to panic and make financial mistakes when the market isn't in your favour. Learn to hold your nerve and resist the temptation to make hasty, panic-fuelled decisions.
Monopoly – you've got to speculate to accumulate
You won't win this classic game without having some key properties (or streets!) to your name. Likewise, you need to take advantage of opportunities when they arise if you want to make money out of investing in the long-term.
Chess – take your investing cues from the masters
Serious chess players hone their skills playing in tournaments with other masters of the game. If you're serious about investing, there's a lot you can learn from top investors such as Warren Buffett and George Soros.
Who wants to be a millionaire? – don't be afraid to get advice when you need it
The Phone a Friend option in this board game based on the hit TV show can mean the difference between winning or losing. While friends can offer unreliable money-related advice, it can be worth discussing any potential investments with a financial adviser.
Pictionary – use your imagination
Drawing pictures to represent words can be tricky and you have to use your imagination if you want to win the game. Creative lateral thinking can pay off in investing too, so aim to cultivate this skill if you can.
Scotland Yard – analyzing past trends can help you predict the market
In this detective game, players have to pursue criminal mastermind Mr X around London and work out his next move, based on his previous movements. Analysing trends can (sometimes!) help you predict the market and make better investment choices.
Jenga – build strong financial foundations and try not to get too carried away
Like Jenga, investing is a game of skill that can go very wrong if you rush into things and fail to build a solid foundation. Investment-wise, you have more chance of getting wealthy steadily and slowly over a long period of time.
Diplomacy – robust negotiation skills will get you the best deal
Negotiation is the name of this game. Sharpening your negotiation skills and using the most persuasive tactics will get you the best possible deal, whether you're looking to invest or pitch for money yourself.
Twister – don't get in a muddle with your investments
Contorting your body into weird shapes is fun but, when it comes to finances, getting yourself in a muddle is anything but. Streamline your investments and seek the help of an independent financial advisor if things become too confusing.
Battleship – you need to strategize to maximize
A family favourite, this naval battle game tests players' ability to strategise effectively. Similarly, solid planning and strategising are crucial if you want to get the most out of your investments – you need to think things through properly before you take the plunge.
Mouse Trap – patience pays off
Ever tried assembling this classic game? The initial set-up requires bags of patience and perseverance, much like investing. Staying in it for the long haul is crucial if you're aiming to increase your wealth while minimising any risk.
Balderdash – know your investment jargon
This bluffing game is all about guessing the correct definition to any number of obscure words. Brushing up on investment jargon is key to better understanding your investments, so make sure you know your derivatives from your dividends.
Go – keep it simple
Go was invented in China 5,500 years ago. The oldest continually played board game in the word, Go boasts simple rules, which are the secret to its staying power. Complexity doesn't always equal higher returns, so keep your investments simple.
Ticket to Ride – learn to use your resources more effectively
This best-selling railroad adventure game involves collecting train cards to build routes connecting cities around the world and calls for sharp resource management skills. Learning to manage your money more effectively is a must if you want to maximise your returns.