by Doug Goldstein CFP® | Feb 28, 2017 | Chess, Decision Making |
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
by Douglas Goldstein | Feb 21, 2017 | Chess, Decision Making, Podcasts, Strategic Thinking |
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
by Doug Goldstein CFP® | Jul 7, 2016 | Chess, Chess Strategies |
Forward thinking is key for both chess and money management. Not only is that the basis for Susan Polgar’s and my book, but it was the topic of a conversation I had with Professor Harry Markowitz, Nobel Prize winner and father of Modern Portfolio Theory. What it takes to win Winning a chess game requires having a plan and executing it on a constantly changing field. Winning the financial game requires having goals and creating a financial plan that will achieve them, while accounting for unknown market volatility that will occur years in the future. Yet, it is not enough to have a strategic plan and be able to execute it… otherwise there would be more chess grandmasters and more millionaires in the world. This is what happens when a Nobel Prize winner analyzes a game of chess One of the main differences between a grandmaster and a recreational chess player is seen in the forward thinking skills they employ during play. Needless to say, when I played chess with Grandmaster Susan Polgar, I lost. Professor Markowitz analyzed why: “…try to think through the long-run consequences of a move. So we play the investment game or the trading game one move at a time, and we have to think forward. We use Monte Carlo to help us think forward, and good happens because of it. So that is like chess. Susan was able to think more moves forward and about more paths than you’re able to.” From here, it appears that the key to winning is strategic forward thinking. However, this does not mean thinking tens of moves ahead... Click for more
by Douglas Goldstein | Apr 26, 2016 | Chess, Decision Making, Podcasts |
Nobel Prize winner Harry Markowitz, pioneer of modern portfolio theory, explains his theory on how to decide to make the best move. Doug speaks with Harry Markowitz about similarities between chess and investing, and how to make successful... Click for more
by Douglas Goldstein | Apr 12, 2016 | Chess, Chess Strategies, Financial Strategies, Podcasts |
Protect your money by using an amazing chess move – castling. How does this “castling” work, and what’s its connection with investing? This financial podcast explains the basic steps for keeping your money and your family safe from financial... Click for more
by Douglas Goldstein | Mar 1, 2016 | Chess, Chess Strategies, Podcasts |
We used these 4 grandmaster tactics to create 100 episodes of the Rich As A King podcast. Grandmasters need strategy and tactics to get their high standing. They also need inspiration to continue working hard. Our celebratory 100th podcast, this episode, is all about inspiration. It begins with the story of how Susan Polgar used four grandmaster tactics to overcome the challenges that stood in her way of becoming a chess world champion. The best thing about these grandmaster tactics? They will help you achieve success both on and off the chessboard. So listen now, to learn what they are and how to integrate them in your own life. To celebrate our 100th podcast, we’re giving away a free gift – A Rich As A King poster book! Its usual price is $9.99, but listeners of this episode get it for free! Click here to download printable inspiring chess quotes. DOWNLOAD THE FREE POSTERBOOK... Click for more
