Does a Budget Tracker Really Help Your Bottom Line?

Does a Budget Tracker Really Help Your Bottom Line?

The way you play chess can shed light on how you manage your money. If you are a careful chess player and keep track of your moves, you might find a budgeting tracker a useful tool. In chess, you have a set number of pieces. In order to win, you need to use each piece in the most efficient way that you can. Rather than randomly moving around the board, you need to plan your moves based on the pieces you have available and where they are in relation to your opponent’s pieces. Similarly, when it comes to your monthly budget, you need to look at each dollar you have and use it most efficiently. If you don’t use what you have wisely, you may be left short before you get your next paycheck. If you don’t follow a budget, you won’t know where your money goes. This is why a budget tracker is extremely helpful. It allows you to become organized and methodical with your spending. The best budget trackers help you monitor your expenses, categorize them, and break them down so that you can plan better where to spend your money. Don’t let budgeting intimidate you Sometimes people feel overwhelmed when they first start tracking their expenses. Watching the list of categories where you spend money grow as you go through the month can be quite intimidating. Don’t let this scare you. Once you know exactly where your money is going, you will have a better idea of what you could cut. Budgeting is one of the most efficient ways to make the best use of your... Click for more
The Real Reason to be Financially Optimistic – Rich As A King Episode 131

The Real Reason to be Financially Optimistic – Rich As A King Episode 131

Can you afford to be financially optimistic in today’s volatile market? Susan Polgar’s stories about how she became a chess grandmaster are an inspiring illustration of how optimism can can pave the path to success. Find out why a positive outlook is one of the most useful tools for success, in chess, investing, and in life in... Click for more
The Best Way to Profit From Low Interest Rates– Rich As A King Episode 130

The Best Way to Profit From Low Interest Rates– Rich As A King Episode 130

If you like investing in bonds and other conservative investments, how should you invest when interest rates are low? Low interest rates and high inflation can actually lower the real value of your money if it is invested in bank savings accounts or CDs. So what are your options if you don’t want to take on a high risk (read: potentially high return) investment? Listen to this financial podcast to learn about a strategy that can help you make the best out of your investments during times of low... Click for more
Do You Need to Improve Your Financial Literacy?

Do You Need to Improve Your Financial Literacy?

Almost two thirds of Americans today can’t pass a basic financial literacy test. Can you? According to the FINRA Foundation’s National Capability Study, most Americans only got three out of six answers correct on a financial quiz… only 50%! FINRA (Financial Industry Regulatory Authority) is an organization dedicated to, among other things, protecting investors from investment fraud. It regulates stock brokers and brokerage companies, and works to create transparency in the marketplace. So it is especially interesting that FINRA reports that the majority of Americans are financially illiterate. Why does financial literacy matter? Imagine that you’re going to play a game of chess. What would happen if you had no idea what each piece was or how it moved, let alone the rules? You certainly wouldn’t be able to play. Your opponent could easily take advantage of your ignorance at every turn. In the same way, you aren’t going to get very far in the world of investing without sufficient knowledge of financial concepts. You can easily fall prey to scams or make uninformed decisions that can have serious ramifications. This is why financial education and literacy are extremely important, no matter your age or size of your bank account. Test your financial literacy How does your financial knowledge compare to that of the average American? Take FINRA’s five-question quiz to check your financial literacy now. Do America’s poor financial literacy scores mean that FINRA should tighten its regulations (in efforts to protect the innocent investor), or should organizations (the government?) provide more financial education? Financial education doesn’t have to be confined to the classroom. You can also get... Click for more
Which is the Best Country to Invest in For Global Diversification? – Rich As A King Episode 129

Which is the Best Country to Invest in For Global Diversification? – Rich As A King Episode 129

Global diversification, spreading out your investments among various countries, is an important part of investing. But how can you determine the best countries to invest in?  Global diversification is an important part of asset allocation. Want a chess metaphor to think about the importance of diversification? Think of diversification as “castling” ? a way to protect your investments. What are the tactics that you can use to diversify, yet invest safely? Need a guide to diversify and allocate your assets efficiently and responsibly?  For the first steps to take, go to www.richasaking.com/tools and use our asset allocation... Click for more
How Changing Your Spending Habits Can Make You Rich

How Changing Your Spending Habits Can Make You Rich

You don’t have to be a financial genius to get rich – simply change your spending habits. What are the most effective changes you can make to your spending habits? Changing your spending habits can be like changing the way you play chess Look at the way you play chess. Do you keep making the same mistakes on the chessboard? If so, it may be time to change your strategy. Maybe your usual strategy isn’t working because you’ve developed some bad playing habits. The way to improve your skill is to either practice more, or to try a different strategy/tactic. Similarly, if your current financial habits aren’t enabling you to meet your financial goals, try changing the way that you spend money. By budgeting wisely, you can save more. Being good at budgeting is not the ticket to wealth; however, without good stewardship of your money, which starts with careful spending, you’ll be hard-pressed to become a financial success. How? It’s not simple to alter the habits of a lifetime, especially if you are accustomed to a certain lifestyle or have learned bad financial ways. Changing your standard of living and how you handle money needs to be done with “baby steps,” carefully and gradually. Watch this 4-minute video for some easy-to-implement techniques for changing your habits. If you improve your spending habits, you can improve your financial life. If you enjoyed this video, subscribe to get more of my four-minute movies on The Douglas Goldstein Channel on YouTube.   Douglas Goldstein, co-author of Rich As A King: How the Wisdom of Chess Can Make You A Grandmaster of... Click for more