You’ve heard of Fantasy Football—well, how about Fantasy Investing? Throw money around like it grows on trees. Invest in cruise ships, resorts and big business. Sound inviting? It’s a type of monopoly for grownups and it’s growing in popularity in and out of the fast-paced world of finance.
Even though I no longer work outside my home, my former colleagues still invite me to be part of their Fantasy Football League (I politely decline), but a few weeks ago one of them asked if I had heard about “Fantasy Investing.” I reasoned that I barely had investments in the real world, so why would I want to have them in a fantasy world? “For fun,” replied my former co-worker. I did some research and found out he was right. The aim of Fantasy Investing is “fun for adults.”
The “game” is the brainchild of Dr. Angelo Consiglio who started “Fantasy Investing” to see how he could do in the real world.
“I thought that this would be a good way of getting more experience and more acclimated to trading, without risking money,” he said.
Dr. Consiglio says the process works like virtual trading (many brokerage houses offer virtual trading… hoping clients will turn to the real thing). He invests thousands of pretend dollars on a virtual Wall Street site and says the concept of “Fantasy Investing” is a great option for novice investors and for experienced investors who maybe want to try out new strategies.
Sounds innocent enough, but further research reveals that there are many “Fantasy Investing” critics. They are the ones who warn that even though you’re playing with pretend money… you can get burned. For example, one psychologist said virtual trading gives people a false sense of confidence. And added that “Fantasy Investing” can lure people into throwing big money around and the net result could have them taking greater financial risks in the real world than they should.
Fantasy Investing has even caught the eye of the National Association of Personal Financial Advisors which warns, fantasy trading can’t prepare a person for the real feelings that come with cold, hard cash.
In the end, the decision to try out Fantasy Investing is up to you. Though you should know, the investing is not limited to stocks and bonds, you are also able to invest your fantasy cash in futures, properties, and foreign currencies. Fantasy investing shouldn’t cost you a thing. Most brokerage houses offer it free of charge.