Gil C Schmidt: Play “Monopoly” For Your Financial Life

Gil C. Schmidt

Too many of us keep treating money like it’s not real.

Take “Monopoly,” the famous game of real estate buy and sell. It’s almost certainly the first thing we think of when the phrase “funny money” is mentioned. We even say “Monopoly money” for “fake” currencies or to describe how some people treat money like it’s just cheap pieces of colored paper, right?

Here’s the thing: Your level of financial literacy is directly tied to how serious and realistic your concept of money is. I do not mean that you treat money like an end-all and be-all. I mean that you have to learn to see money clearly for what it is: a multi-purpose tool that must be adapted to your needs and goals.

Notice my definition gives you three levels of control: your needs (that includes your wants, because your needs have to take precedence over your wants), your goals and ultimately, your money. That’s what financial literacy is all about.

Too many of us think that learning to be financially literate is too hard, too overwhelming to even attempt. So rather than start learning, we skip it altogether. But we actually know more than we think, and in fact, we are already on the path to financial literacy.

Now back to “Monopoly.” If you want to see how much you already know about financial literacy, then I suggest you play “Monopoly” with one simple change: use real money.

Now I don’t expect you to use $1,500 or even $150; I suggest you use $15.00 and adjust all prices, taxes and rents accordingly. In this version, buying Boardwalk wouldn’t cost $400 of “funny money,” but $4.00 of real money.

If you play the game until one player wins, you’ll find yourself automatically thinking about needs, wants and goals, because the game itself “frames” these and you make your choices according to your plans. For example, you may want Boardwalk and Park Place, but you need a red property for a monopoly advantage. Or you may want to build another set of houses on your monopoly and even need to (to stay competitive), but you’re too far from “Go” and have to pass major rents along the way, so maybe building will have to wait.

The purpose of using real money is not for you to gamble, but for you to realize that you already automatically do the basics of financial literacy. You balance needs and wants and control your money according to a plan. If you can do it in “Monopoly,” you can do it in real life…because you’re already in “the real game”: it’s your real money already in play.

Final thought: financial literacy is not some dull harness. It is fun and liberating, a truly powerful knowledge set that will change your life for the better. And if you can make progress in getting enthused and learning about it playing “Monopoly,” well, I did say it was fun, right?

Suzanne Ensmann: Technology and Playing games

According to Facebook statistics, there are over 800 million active users on this social network.

The US Census Bureau’s reflection of 312 million residents in America seems to pale in comparison.  If 50% of these Facebook users logon daily (and, yes, those are the actual numbers who do), that number is still higher than every resident living in our country.

How many of those 400 million do you think are in your classrooms?  Oh, I know, your students are a different population.  They don’t have computers (or those skills), right? Do they have a smart phone in their pocket?  Take a poll.  A quick survey in a few of my Student Success classes informed me that 100% of my students had cell phones (AKA computers), 100% of them have laptops, and 100% of them had a Facebook account!

The physical classroom where I am currently teaching does not have computers, but my students do!  Don’t know an answer to a question I pose?  Google it!  Amazingly this engages the students and eliminates that “deer in the headlights” look.  Taking a quiz and not certain if you answered correctly or not?  Immediate feedback returned when they hit that submit button!

One third of my students polled were kinesthetic learners.  They learn through playing games.  So, we play a game to review prior lessons every class on our cell phones.  Think about it.  Do you think students prefer to do classwork or play games while they learn?

The power of words goes a long way in my class.  We clarify if they “have to” come to class or “want to”.  After we break down the cost of their education (tuition, gas, time) and focus on the value, power of positive thinking, and the career pathway goal they are setting out to achieve, their attitude changes.  We’re in our sixth week this semester and I have close to 100% attendance, with the exception of those who’ve experienced the common cold here and there.

Use of technology and affirmations in the classroom are a starting point to foster student persistence, but I can’t say it’s the only ingredient for improved attendance. Since “cell phone” is no longer a dirty word in my class, though, my students will actually use the technology outside of class for their education like they do with every other world activity they partake in.   Communication, communication, communication!  They text me if they’re running late, out ill, or forget what chapter we’re reading.  I remind them of their test on Tuesday, that project that’s due next week, or post a popular motivational video to our Facebook class page.  Literally, I’m placing the reminders in their face where they’re playing.   But, I know your students can’t do these things.

A literacy teacher just boasted to me about the high completion rate she had for her students over the last few months.  Interesting, she has them all listed under her contacts in her cell phone.  Text messaging is a common occurrence (24/7) with her students.  Too much work?   I guess it’s about perception. A full classroom and completions?  I call it fun.  She seems to also.

Not a believer yet?  Read stats from the Deputy Director for Education Technology at the U.S. Department of Education.

If you want to support student success in your classroom and move them into Career Pathway in today’s digital revolution era, think Connect to… Complete to… Careers!  Analyze, create, and plan, but most importantly act on incorporating social media and digital technologies in your classroom today!