by Douglas Goldstein | May 30, 2017 | Financial Plan, Podcasts |
As baby boomers get closer to retirement, what’s the financial tool they should avoid? Find out why it’s important to line up your assets as your retirement approaches, just like a chess player who lines up his pieces and refines his endgame. Is it a good idea to take on a mortgage as you approach... Click for more
by Doug Goldstein CFP® | May 23, 2017 | Financial Plan |
When did you last review your finances? I’m not referring to checking to see how much cash is in your wallet, but a comprehensive review including your retirement plan, investments, and bank statements. Just like a chess player constantly reviews tactics and strategies in hopes of improving his game, it’s important to review your financial situation on a regular basis to improve your investment performance. By keeping up to date with what’s going on with your money, you can make real-time adjustments as the market and your personal circumstances change. One of my most popular blogposts, “Why You Need to Review Your Financial Plan”, discusses the importance of regular financial reviews. This blogpost is still as relevant today as when it was just published. Click here to read it and find out why conducting a financial review on a regular basis is so important! Douglas Goldstein, co-author of Rich As A King: How the Wisdom of Chess Can Make You A Grandmaster of Investing, is an avid chess fan, international investment advisor and Certified Financial Planner (CFP®).... Click for more
by Douglas Goldstein | May 2, 2017 | Decision Making, Financial Plan, Podcasts |
One of the reasons investing in the stock market is so difficult is because we can’t predict the future. The trick is to use hindsight to help you determine what will be. While past performance is never a guarantee of future results, if you were able to invest in the stock market 50 years ago, would it have been a worthwhile investment? Take a look at how the world’s economy and standard of living have developed over the past 50 years. When deciding where and how to invest, it’s important to look at the market’s potential and not only at its past. Looking at the potential of every country’s economy is just like how a chess player examines the potential of every... Click for more
by Douglas Goldstein | Apr 4, 2017 | Financial Plan, Podcasts |
As America is a world leader in energy production and technology, the U.S. economy is one of the most powerful economies on this planet. America is also one of the world’s largest consumer markets. If you are tempted to benefit from the growth in the U.S. economy by investing in American companies, consider following this chess strategy. Also download a free tool to find out what your risk tolerance level is.... Click for more
by Doug Goldstein CFP® | Feb 14, 2017 | Chess Strategies, Financial Plan |
How can you improve your investment account management? The answer is to consolidate your investments. If your investments are scattered among different companies, it’s difficult to keep track of what you own, and you may even have duplicate investments. Additionally, you may end up paying more in fees to maintain multiple accounts. To manage your investments more efficiently, follow this chess strategy: Consolidate your assets After a chess team participates in a competition, they review their games and perform a “post mortem” together. The coach and the players analyze the games so that everyone will play better in the future. This purpose of this is to learn from both the good and bad moves, to make the next game even better. The players consolidate their brain power (their assets), to become more effective. This same teamwork applies to managing your money. Your coach (your financial advisor) and your team (your lawyers, accountants, and other professionals) should all look at your portfolio from different perspectives. Each angle brings a unique view to the overall picture. Consolidate your brokerage accounts If your assets are spread out among different firms, your financial advisor won’t know about all of your investments and therefore won’t be able to keep track of them. Without the entire financial picture, he won’t be able to advise you properly. Instead, use one firm – and one advisor – to oversee all your investment or brokerage accounts. Choose one main financial advisor to ACAT (automatic account transfer) accounts from the other brokerage firms into his firm. For example, you could consolidate your IRA accounts, 401(k) accounts, CDs, and bank deposits all into the same firm. This way, all of your assets will... Click for more
by Doug Goldstein CFP® | Dec 6, 2016 | Decision Making, Financial Plan |
Before you start investing, you need to know what your net worth is. But what is “net worth,” and how do you calculate it? Your net worth is the sum of the value of everything you own, including your home, car, jewelry, and investments, etc., minus debts, including loans, mortgage, or credit card debts. It’s important to have a financial focus Being aware of your net worth gives you a valuable financial focus. Very often people tend to concentrate on the here and now. Did you manage to make ends meet this month? Is your checking account balanced with your current budget? But this is a very short-sighted way of looking at things. It’s like concentrating on a single pawn during a game of chess without looking at the other pieces on the board. A great move in chess is not made in isolation. A move is only considered “good” if it takes into consideration the placement of the other pieces on the board. Look at the whole board When making investment decisions, you can’t just think about whether you cover your monthly expenses. You need to look at the whole picture: What are your goals? How much money do you need for a comfortable retirement? Are you saving money to meet your future needs and goals? What is your level of risk? To answer these questions, you have to know what you already have… your net worth. So if you have not calculated this figure yet, it’s time to do so. Download our net worth calculator here. What are the other numbers you need to know? Want to... Click for more
