What You Need to Know to Invest in Stocks Strategically – Rich As A King Episode 148

To invest in stocks, you need to know how to choose the ones that are best for you. In this financial podcast, apply Susan’s way of choosing which chess pieces to move on the board to determine which stocks to buy. Once you’ve chosen your stocks, decide how involved you want to be with managing your investments and take a look at the different options that are available to you. If you aren’t already signed up to receive our newest blogs by email, sign up... Click for more
What’s Your Most Powerful Money-Making Asset?

What’s Your Most Powerful Money-Making Asset?

What is your most effective money-making asset? The answer is – your inner potential. If you work hard and maximize your abilities, you, and by extension your wealth, have amazing growth potential. When you play chess, there are many different pieces and techniques to choose from. But YOU are the only one who can actually move the pieces around the board. Even if you play an automated chess game, it’s ultimately your decisions that help you win. Without you and the choices you make, there’s no game. Even the queen, arguably the most effective and versatile chess piece, can’t move by herself. You have the power Similarly, the surest way to build your wealth is to maximize your potential. How do you do that? Education Knowledge is power. Even if you were not raised with good financial habits, you can always learn. There is a wealth of online information about the basics of personal finance – such as stocks and bonds, how to budget, and investing techniques such as asset allocation, and much more. Arm yourself with knowledge, and you will have a greater potential to make sound financial choices.  Get good advice Don’t make financial decisions alone. Find an objective, qualified financial advisor to give you clear advice and teach you. Although you ultimately make the choices it’s always good to have help in the form of a qualified professional. Make the most out of yourself More than any other wealth-building tool, your own earning capacity and self-discipline can determine whether you will succeed in becoming as “rich as a king.” In order to maximize your career opportunities,... Click for more

How to Improve Your Defensive Strategy in Investing and Chess – Rich as a King Episode 147

Do you use a defensive strategy when you play chess or manage your finances? Chess grandmasters use defensive tactics to prevent their opponents from having any chance of successful attack. Listen to this podcast to get tactics you can use to defend your investments, as well as your chess pieces. The opposite of being defensive is being aggressive. Listen to The Goldstein on Gelt Show from 10/2/17 to get the free download “You Don’t Even Know How Aggressive an Investor You Really Are.” If you aren’t already signed up to receive our newest blogs by email, sign up... Click for more
Use a Monte Carlo Simulation to Improve Your Portfolio – and the Way You Play Chess

Use a Monte Carlo Simulation to Improve Your Portfolio – and the Way You Play Chess

One great tool for assessing the probability of risk and future success is the Monte Carlo simulation. This is true in both chess and personal finance. What is a Monte Carlo simulation, and how can it help you plan ahead? No one knows the future A Monte Carlo simulation is a computerized mathematical algorithm that builds models of possible outcomes and probabilities that may occur. It was first invented during World War II by scientists working on the atom bomb and was named after Monte Carlo, the capital of Monaco, which is famous for its casinos. Monte Carlo simulation featured in high level chess programs (like this popular chess software) assesses the risks and probabilities of using various openings and moves. While you can’t predict the future, using the Monte Carlo simulation to play out each possible move in thousands of different iterations can give you an idea of which path has the greatest odds of success. Use Monte Carlo simulations to assess your asset allocation Monte Carlo simulation is also applied to financial planning. While past performance is not a guarantee of future returns, Monte Carlo simulations can determine – based on a very large number of tests – the probability of achieving certain outcomes using real past historical data. With a database of historical asset returns, Monte Carlo simulation programs can look at specific asset allocations (i.e., 30% U.S. stocks, 25% foreign stocks, 40% corporate bonds, 5% cash) and simulate how that asset allocation would perform over a randomized assortment of market conditions. Plug your actual allocation into the system, or test any model you want, and... Click for more
3 Financial Moves to Make Now for a Great Retirement – Rich As A King Episode 146

3 Financial Moves to Make Now for a Great Retirement – Rich As A King Episode 146

What are three financial moves that you can make now to ensure that you will have a comfortable retirement? Consider basing your financial moves on chess strategies. You can adapt chess maneuvers to put your finances in order and prepare for retirement. Download this financial podcast to learn a how to apply chess moves to your finances. Longer lifespans mean longer retirements. Therefore, in order not to run out of money, it’s critical to prepare properly. For more about preparing for retirement in the “age of longevity,” listen to my interview with Professor Andrew Scott, author of The 100-Year Life: Living and Working in an Age of Longevity. If you aren’t already signed up to receive our newest blogs by email, sign up... Click for more
How to Avoid This Surprise Chess Tactic, Which Could Mess up Your Finances

How to Avoid This Surprise Chess Tactic, Which Could Mess up Your Finances

One of the most deadly surprise chess tactics to watch out for in a game is the skewer. (Click here to watch a short video about the tactic.) A skewer targets two of your opponent’s pieces that are lined up. Usually, the more valuable of the two pieces flees, allowing the capture of the other one. Very often, this takes place in the form of a surprise attack. If you are extremely vigilant, however, you may be able to prevent this from happening. The same kind of surprise tactic can derail your finances, throwing them into disarray. Stop and think As an investor, you lack the same vantage point that allows chess players to observe every piece on the board. However, in many situations, if you just stop, think, and assess all the possibilities, you may be able to prevent yourself from falling victim to a surprise attack. Here’s an example: What would happen if you didn’t have an emergency fund? You have some savings, but they are in long-term investments that you can’t access in a hurry. One day, unexpectedly, your car breaks down and needs a very expensive repair. What do you do? Without an emergency fund, this huge expense is hard for you to bear. You can’t take the money out of your long-term savings as you need it as soon as possible, and you don’t have enough cash in your current account to cover it either. If you had built an emergency fund gradually, putting a little money aside over the preceding few months and years, you would have been able to cover this repair... Click for more
Why You Don’t Need a Perfect Plan to be a Successful Investor – Rich As A King Episode 145

Why You Don’t Need a Perfect Plan to be a Successful Investor – Rich As A King Episode 145

Do you need a perfect plan to be a successful investor? You might be surprised to hear the answer is NO! It’s possible to be a successful investor, even without the perfect plan. As a matter of fact, there is no such thing as a “perfect plan” since investors need to be flexible enough to react to market changes. Action is the key to becoming a successful investor. Compare it to a successful chess player who doesn’t spend the whole game dreaming about the best moves. He acts while the clock is ticking. Act now, and listen to this podcast about how to be a successful investor. If you aren’t already signed up to receive our newest blogs by email, sign up... Click for more
Want a Castle? Capture it on the Chessboard or Buy a REIT

Want a Castle? Capture it on the Chessboard or Buy a REIT

Some people think that if they invest in property, they can boost their cash flow income easily, with little work involved. However, buying properties and renting them out is not as simple as it seems. Playing chess is also not as easy as it looks. You need to know how each piece moves and consider each move you make very carefully. In the same way, before purchasing a property for investment purposes, make sure you are familiar with the various risks and challenges that landlords experience. Then, decide if you still want to go ahead with the purchase, or if you prefer to look for alternative options to buying real estate without becoming a landlord. Learn the business of property management Before renting out a property, it’s important to familiarize yourself with the responsibilities you have towards your property and your tenants: Make sure you understand all the tax implications of owning a second property. Anticipate technical repairs to the apartment. You may need to learn how to do them yourself, or be ready to call a handyman whenever the need arises. It is your responsibility to make sure the property has proper building codes and answers all safety requirements. If someone is harmed on your property as a result of negligence, such as in a fire caused by faulty electric wiring, as landlord this may be your responsibility. What are the risks involved in renting out real estate? Going into debt – Relying on monthly rental income to cover your debt expenses is risky because there may be times when you can’t find anyone to rent your property.... Click for more