How a Financial Advisor Approaches Family Game Night

My wife and I had the pleasure of hosting my sister-in-law and her two children for a week. One of them wanted to play Monopoly and a family game night was born. Grandma, Grandpa, my sister-in-law, her two kids and my wife and I all circled the dining room table.

Whether Monopoly or building wealth in life the strategy below is effective:

Start Early

The first time around the board, I tried to gather as many properties as possible. Planting many seeds for future growth.

Establish a Cash Reserve

After an initial frenzy of property purchases, my cash reserves started to dwindle. At that point, I switched my focus on maintaining cash over expansion. This cash allowed me to fend of bad rolls without getting into debt.

Get the Right Mix

Despite having many properties, I didn’t have the right properties. Trading a few properties and selling boardwalk ultimately gave me a monopoly allowing for better investments in housing and hotels.

Harvest

With a cash reserve to handle adversity and the right portfolio to grow, this allowed the investments to flourish over the remaining rolls of the game.

Should I have been as competitive with the game as I was? Probably not. Was I going to let myself lose as a Financial Advisor? Of course not!

3 hours of family fun and no tears were shed!

If you would like to better your board game skills, please feel free to meet with one of our advisors here.

 

This commentary reflects the personal opinions, viewpoints, and analyses of Wooster Corthell Wealth Management, Inc. “WCWMI” employees. The information presented should not be viewed as a comprehensive analysis of the topics discussed but instead is general in nature.

The views reflected in the commentary are subject to change at any time without notice. WCWMI makes no representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information presented.

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