Certain example embodiments relate to flaming wallets, and methods of making the same, with such flaming wallets typically being used for magic tricks, illusions, jokes, and/or general fun. In certain example embodiments, a flame mechanism may be substantially completely concealed by “fake money.” The flame mechanism of certain example embodiments may include an igniter that produces a spark for causing flammable material applied to flame retardant material to combust, with the flame retardant material being inserted into respective recesses of one or more flame retardant material holders located between the inner surface of the flaming wallet and the rear surface of the fake money. In certain example embodiments, a magnet mechanism may facilitate the closing of the wallet and/or the extinguishing of the flames produced by the flaming wallet. Advantageously, the flaming wallet of certain example embodiments does not necessarily require hidden compartments or areas, or sleight of hand.