If you’re new to property investing, it can be overwhelming to dive right into this scene especially if you have zero knowledge to start with. If you’ve grown up playing Monopoly, you’ll know that board games can be an easy way for you to learn about key property concepts and property investing in general from scratch.
Here are 5 great reasons why board games can be a great way to learn about property investment.
1. Board games are experiential
Some people do not do well in classroom environments where learning is conducted lecture-style. Board games are experiential, allowing you to immerse yourself in various scenarios. Because you are actually doing something, instead of just listening, you’re better able to internalise what you have learnt from the game.
2. You learn better through simulated play
Property investment board games are designed to simulate real-life scenarios. You may encounter different situations and the decisions you make during each turn may impact whether you get to enjoy positive returns or whether you suffer losses through bad choices.
You may get thrown with unpredictable situations just like in real life and how you react and the strategies you adopt during the game will lead to different outcomes. You’ll learn how to manage your money and change your strategies whenever curveballs are thrown at you.
3. It’s easier to grasp key concepts
There are important and valuable lessons to be learnt when you play a property investment board game. You get to increase your understanding of sound investment principals and learn the importance of prudent financial management. A well-designed game will usually incorporate various key concepts you need to know such as cash flow, return on investment and risk management. You will need to know when to apply those key concepts in the various strategies that you need to take to “win the game”.
4. You can make mistakes in the game
The beauty of playing a board game is that it’s OK to make mistakes through the game. You can get “burnt” by investing in property during the game. And that’s all right because you learn from your mistakes. This will help to avoid the actual pitfalls in real-life property investing. By seeing your actions play out, you will understand which investment choices you should make and which are those you should avoid.
5. It’s fun and educational at the same time
Board games present the material in an interesting way. Learning through simulated play is a fun way of diving into a topic which is new to you.