3 Board Games that Help Increase Your Financial Literacy

The national day long weekend is finally here :) In this post I'll be covering 3 board games that you can look at and maybe play with your family and friends over this national day long weekend which can help increase your financial literacy while playing them.
Cashflow 101

(Image source: http://www.lowhanyew.com/rich-dads-cashflow-game/)

This is one of the first games that come to mind when writing this post. This is a game that is convenient to play as it is available online (Cashflow Classic) as well as in a table top format. Created by Robert Kiyosaki, reader of Rich Dad Poor Dad, the goal of this game is to get out of the rat race and achieve your dreams.

I play this game once in a while online. It allows me to play by myself or with people online in a multiplayer mode which is good as it can be quite long when playing with other people but then it's always more interesting to do so. This game includes elements such as income, expenses, debt, shares, property, however, I find that it shows a more favourable image of real estate investment over shares as shares in the game do not provide income (through dividends) while real estate does. Nevertheless, it gives a nice simple view of money management and is a good place to start learning about things such as your own financial statement, assets, liabilities and importance of having an emergency fund.

Wongamania

(Image source: http://www.wongamania.com/#!home/ctq4)

This is a game that I've recently been introduced to. It's a table top game designed by a local game design studio. While I haven't personally tried out the game, it seems to incorporate more advanced aspects of money management and investing, while still maintaining the fun and light-hearted aspect of a game.

Wongamania includes aspects such as the economic cycle, stocks, bonds and properties. It is more complex with the inclusion of the economic cycle which allows the game to be played out in a more real-world scenario with the 4 stages of the economic cycle: Recession, Recovery, Growth and Stagnant. While including these more complex elements into the game, it is still kept short, with a game lasting around 30-45 minutes. If you're interested in finding more about the game you can go to their website here.

Monopoly

(Image source: http://www.amazon.com/Hasbro-00009-482-Monopoly-Board/dp/B00CV5PN2W)

This is a game that you have most likely played before. This is a good game for beginners to learn about money management such as getting an income, investing (in the different properties) and having sufficient funds to tide over emergencies. This game is simpler and has less complexities than the previous two games mentioned and more widely available (there are a few different versions of it). I'm not going to go in depth into this one as I think most of you probably know about it.

Summary

Board games are a fun and simple way for people to learn more about investing and money management while having fun in their free time. While some may be more complex and more closely resemble real life, there are those that cater to the beginner crowd, there's one game to suit their level of financial literacy. I've just covered three of the board games that come to mind when writing this post, feel free to comment other board games that you find fun and interesting as well.


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Side note: I'm not affiliated to any of the board games or companies mentioned