The Ultimate Way to Protect Yourself from One of the Worst Financial Risks – Rich As A King Episode 150

The Ultimate Way to Protect Yourself from One of the Worst Financial Risks – Rich As A King Episode 150

What is one of the worst financial risks? How about losing money in high tax payments. You can prevent this from happening by putting some of your earnings into a tax-deferred investment. Find out how this helps by looking at the knight on the chessboard, which performs best when it finds a square in enemy territory that can’t be touched by your opponent’s pawns. If you aren’t already signed up to receive our newest blogs by email, sign up... Click for more
How to Boost Your Financial Returns with a Chess Fork

How to Boost Your Financial Returns with a Chess Fork

If you want to boost your financial returns, try applying one of my favorite chess tactics – the chess fork – to managing your money. What is a chess fork, and how does it work? When a chess player forks his opponent, he moves his piece to a strategic square, threatening two of his opponent’s pieces at the same time. Since his opponent cannot save both threatened pieces simultaneously, the chess fork gives its player a distinct advantage. A chess fork can help you achieve two goals through a single action, as illustrated by the expression: “Kill two birds with one stone.” In finance, this can be compared to enhancing one of your assets so that it fulfills two or more of your financial goals. In this way, you receive multiple benefits from a single investment. Enhance your retirement funds One great way to make your assets work double-time for you is to put money into an IRA or a 401(k). These retirement plans are similar to the concept of a using a fork in chess, since a single action reaps multiple benefits: You get a current tax deduction – the money you put into the retirement plan lowers the amount of tax you pay today. Your money grows tax deferred – if you put money into an IRA or 401(k), you are only taxed on the profits when you withdraw any funds. Then, you are only taxed on the amount that you have withdrawn, not what remains inside the account. By leaving your money to grow untaxed, you will gain more. If you have a 401(k) plan from... Click for more
What You Need to Know to Invest in Stocks Strategically – Rich As A King Episode 148

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

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
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