Benjamin Franklin, an avid chess player, noted over 200 years ago that chess builds within a person the qualities of foresight, circumspection, and caution. All three of these attributes are necessary for building a financial plan.
If you have these virtues, you will be able to deal with the inevitable swings of the economic world.
Not only are chess players good planners, but they can adjust when the situation changes. This is the critical skill in investing. Some people say, “Why bother planning?” since you never know what tomorrow will bring. However, chess players know the importance of both planning and flexibility in dealing with dramatic course changes when their opponent does something unexpected.