By Bill Quain
As a professor on Stockton University’s Atlantic City Campus and a former casino consultant, I have a particular affection for Atlantic City. My family’s connection to AC goes back many years, as my grandparents owned a grocery store in the Inlet district.
Like many families, we often played Monopoly, the board game built around the street names of Atlantic City. As it turns out, Monopoly is not only fun to play, it teaches some great life lessons. In this week’s column, I’m going to relate the game of Monopoly to college success. But these lessons can apply to anyone.
You Have to Choose a Token
Everyone seems to have a favorite playing piece, also called a token. The classic choices include a top hat, thimble, battleship, boot, racecar, wheelbarrow, and a Scottie dog. Recently added tokens include a cat, penguin, rubber ducky, and a T-Rex. It doesn’t matter which piece you choose – even if you get stuck with the piece nobody wanted. Maybe that’s why they retired the iron – nobody wanted it! It’s all about how you play the game. Winning takes some luck, but you also need to know the rules and strategies.
It is a Matter of Value
Monopoly reflects real life. Some things are more valuable than others. In Monopoly, the least expensive properties are the brown (formerly purple) colors – Mediterranean and Baltic avenues. Each of them is priced at just $60. The most expensive are the dark blue properties, Park Place and Boardwalk, priced at $350 and $400 respectively. Houses and hotels cost $50 each on the brown properties, and $200 each on the dark blue properties.
To increase the value of your property, build houses and hotels. You must first own all the pieces in an individual color block. Park Place and Boardwalk cost $750 in total. Add four houses and a hotel to Boardwalk, and the total investment is $1,750. But if another player then lands on Boardwalk, they have to pay you $2,000. You’re immediately getting a good return on your investment (ROI). On the other hand, if you own both brown properties and you build four houses and a hotel on Mediterranean, you have a total investment of just $370. But you only receive $250 when someone lands there. You don’t even cover your investment.
The Difference Between Monopoly and College
Unlike Monopoly, everything at college costs the same! Let’s say you go to a college where the tuition is $30,000 per year. Typically, you take ten courses per year, so the cost per course is $3,000. It doesn’t matter how valuable or valueless the course is, you still pay the same. And, at every college in the United States, each major costs the same. You can major in computer engineering for $30,000 per year, or art history for $30,000 per year.
Courses and majors are like Monopoly properties. Some will give you a much better return on your investment (ROI) of time and money! But not a single college I know of makes that distinction.
Want ROI? Skip the Mediterranean Courses!
Here’s a secret that almost no college students (or their parents) know, and it can make a huge difference in your lifetime financial outcome. In college, you are going to have choices for both your classes and your electives, no matter what your major is. Don’t pay Boardwalk prices for a Mediterranean course!
In your first two years of college, you’ll have to take general education courses. But very few colleges require specific courses. For example, you might be required to take two social science classes, and maybe one or two quantitative classes. Your college will have a list of courses that fulfill the requirement. Parents, work with your kids every semester and help them choose courses that will produce the biggest return.
Here’s an example from Stockton University, where I teach. My “Make Money & Pay it Forward” course can fulfill the requirements for two different electives! And this valuable course costs the exact same amount as a “fluff” course. Students leave this elective with a solid working plan for achieving wealth. Now, your college might not have a course like this, but I’ll bet they have other courses that will help you achieve a better life. So, when you are looking at the choices, go for Boardwalk!
Get Paid for Just Not Stopping
Moving forward, trying to acquire valuable properties and passing “GO” as often as possible are important strategies for winning in Monopoly. But they are also important strategies for winning at college and life. Yet, we see many people not applying strategies for either one and then being surprised when they lose. Adding value and taking action are the two most important things you can bring to any game – Monopoly, college or life.
Stay Tuned, There’s More to Come!
In next week’s column, I’ll stick with the Monopoly strategies and teach you ways to cut your college costs, no matter where you go to college. For those of you who have already graduated or didn’t go to college, I’ll share some very effective strategies for using game secrets that will put you on Boardwalk! In the meantime, be sure to check out my website: www.theprofessorswhopayyouback.com. And, as I say each week,
I’ll see ya in the papers!
Bill is a Professor in Stockton University’s Hospitality Management Program. He is the author of 27 books, and a highly-respected speaker. Even though he is almost totally blind, Bill is a long-distance runner and runs the Ocean City Half Marathon each year. He lives in Ocean City with his wife Jeanne, and his Guide Dog Trudy. Visit www.billquain.com or email him at bill@quain.com.
