Why Time Pressure Can Cost You a Fortune

Why Time Pressure Can Cost You a Fortune

Grandmaster Garry Kasparov gave Grandmaster Susan Polgar’s chess team a good tip for dealing with time pressure when he told them, “Always keep ten extra minutes on the clock, or you will end up making rushed decisions.” When you feel pressured by time, it’s easy to make a move that you may later regret. Time pressure can make you feel cornered and desperate, and you may end up moving randomly, feeling accomplished as long as you did something. Take time to make balanced decisions The effects of time pressure are not only felt on the chessboard, but can also be felt in your financial life. For example, pressure to buy/sell a particular investment immediately so you “don’t miss out on a great opportunity” may cause you to act without thinking. Before you make any financial move, you must decide if it is really the best move for you at this time. Tips for minimizing time pressure You can limit time pressure in your financial life by using time more effectively. Save time by paying your bills online or through an automatic payment system. Automate your savings so that you always pay yourself first. This way, you know that it’s done. Organize your time so that you use it productively. Unlike your investments, if you lose time, you can’t make it back. Create a daily calendar, scheduling your tasks to make sure you accomplish the most important things first. When you build your plan, remember to add those ten extra minutes to cover the unexpected things that may cause you to make a rushed decision (remember Kasparov’s advice above?). Efficiency,... Click for more
How Analyzing Metrics Help Investors Get Good Results-Rich As A King Episode 137

How Analyzing Metrics Help Investors Get Good Results-Rich As A King Episode 137

When playing chess and investing, it’s a good idea to measure your results by looking at performance metrics. But why are metrics important? Find out how measuring performance improves efficiency. If you can measure it, you can improve it! This financial podcast also discusses literacy and its connection with improved living standards in many parts of the... Click for more
What You Need to Know Before You Take on Student Debt – Rich As A King Episode 133

What You Need to Know Before You Take on Student Debt – Rich As A King Episode 133

Higher education is a great investment for your future, but is it worth taking on student debt? How much debt is your degree worth, and how will you repay it? This financial podcast warns you about two major pitfalls of student loans. If you already have student debt, download a free tool to help you accelerate paying it back.... Click for more
What Happens If You Make a Mistake on Your Tax Return?

What Happens If You Make a Mistake on Your Tax Return?

What happens if you make a mistake when filing your tax return? Regardless of whether it was an innocent error or a purposeful act of omission, your signature on a completed form attests to its accuracy. While sometimes the tax code has broad interpretations, filings need to be accurate. (Disclosure: I am a Certified Financial Planner and not a tax advisor. See a qualified accountant/tax lawyer for your tax questions.) What should you do if the IRS finds a mistake? The penalties for owing tax to the IRS can be quite severe, ranging from fines to jail time, depending on the problem. If the IRS catches you in a deliberate lie, you are in a very sticky situation. What should you do if you’ve made a mistake on your tax return? Go for the stalemate with the IRS This scenario can be compared to being backed into a corner during a game of chess. Your king is threatened all around and you know that it is impossible to win. What do you do? The answer is to go for a stalemate, as a stalemate is always better than a loss. Rather than hiding a problem or ignoring it, deal with it as best you can. You may still have to pay tax or interest, but this is better going to jail. A stalemate is not always a negative thing. You may not win the game of chess – or chase away the IRS, but at least you didn’t lose. Watch Grandmaster Susan Polgar demonstrate how to use a stalemate in a game of chess in this two-minute video. Page... 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
How to Handle a Market Crash – Rich As A King Episode 125

How to Handle a Market Crash – Rich As A King Episode 125

Are you ready for the next market crash? While it is impossible to predict when the next market crash will come, there are certain steps that you can take to protect whenever the next economic downturn occurs. History has shown that markets respond to dramatic world events, such as wars, assassinations, and political scandals. The better prepared you are for unforeseen setbacks means they won’t take you by surprise.  Preparation can lessen their negative effect. Susan Polgar’s story of how she overcame a huge disadvantage when the International Chess Federation FIDE awarded female players (except her!) 100 points, shows how you shouldn’t give up … no matter how dire things look. Get information about our upcoming real-life finance course and send us your financial... Click for more