by Doug Goldstein CFP® | Apr 24, 2018 | Chess, Financial Strategies |
Here’s a way that can help you strengthen your investments and improve their performance: double your power. What does this mean? When two chess pieces work together on the board, they can create an impenetrable force. Frequently, chess experts follow this method by lining up two pieces that have a similar pattern of moving in order to deliver a “one-two” punch. Here’s a real-life example of how this works. (If you’re not a chess enthusiast, skip ahead to the next paragraph to learn how to deliver a “one-two” punch with your finances.) In 1992, Susan Polgar played Anatoly Karpov and used a pair of white rooks to confront Karpov’s king. Each rook protected the other, while simultaneously presenting the threat of checkmate. Two moves later, White delivered the final blow, adding the queen’s power to an already strong position. By getting her pieces to work together, and using a “one-two” punch, Susan won the game. To watch a two-minute video showing how Susan Polgar used double power to defeat Anatoly Karpov, click here. Strengthen the power of your investments This principle can also apply to investing. Investors sometimes forgo the important tactic of consolidating their forces. Instead of strengthening their more powerful positions, they invest small sums of money here and there, hoping to find something better than what they have. Even worse, they may sell a strong position in order to free up cash to try an unknown possibility. Boost the power of your investments by finding the more successful ones and adding to them. Pairing up your strong pieces by putting more money into your strong investments... Click for more
by Douglas Goldstein | Nov 14, 2017 | Chess Strategies, Financial Strategies, Podcasts |
What is one of the worst financial risks? How about losing money in high tax payments. You can prevent this from happening by putting some of your earnings into a tax-deferred investment. Find out how this helps by looking at the knight on the chessboard, which performs best when it finds a square in enemy territory that can’t be touched by your opponent’s... Click for more
by Douglas Goldstein | Oct 31, 2017 | Financial Strategies, Podcasts |
If you are thinking of investing in gold, you can either buy physical gold or put your money into a gold ETF. Which is better? What are the advantages and disadvantages of each? If you are thinking of investing in gold, find out how to protect yourself against potential fraud and the actual costs of storing gold. How much does it cost to insure gold? Listen to what you need to know about investing in gold on this financial... Click for more
by Doug Goldstein CFP® | Aug 29, 2017 | Financial Strategies |
Some people think that if they invest in property, they can boost their cash flow income easily, with little work involved. However, buying properties and renting them out is not as simple as it seems. Playing chess is also not as easy as it looks. You need to know how each piece moves and consider each move you make very carefully. In the same way, before purchasing a property for investment purposes, make sure you are familiar with the various risks and challenges that landlords experience. Then, decide if you still want to go ahead with the purchase, or if you prefer to look for alternative options to buying real estate without becoming a landlord. Learn the business of property management Before renting out a property, it’s important to familiarize yourself with the responsibilities you have towards your property and your tenants: Make sure you understand all the tax implications of owning a second property. Anticipate technical repairs to the apartment. You may need to learn how to do them yourself, or be ready to call a handyman whenever the need arises. It is your responsibility to make sure the property has proper building codes and answers all safety requirements. If someone is harmed on your property as a result of negligence, such as in a fire caused by faulty electric wiring, as landlord this may be your responsibility. What are the risks involved in renting out real estate? Going into debt – Relying on monthly rental income to cover your debt expenses is risky because there may be times when you can’t find anyone to rent your property.... Click for more
by Douglas Goldstein | Aug 22, 2017 | Decision Making, Financial Strategies, Podcasts |
When is the best time to invest? When the markets go up or down? This financial podcast explains why timing the market may not be the best investing strategy. The best chess players don’t let their emotions affect their performance on the board. Learn how to transfer that knowledge to the finance world, and get tips on how to be objective when making financial... Click for more
by Douglas Goldstein | Aug 8, 2017 | Asset Allocation, Financial Strategies, Podcasts |
One way of strategic investing is to buy ETFs (Exchange Traded Funds). Sometimes investors are worried about risk, and as a result, limit their choices of ETF to local companies that they already know. Learn about the wide range of ETFs that you can choose from, and why playing a defensive chess game of chess (or being too conservative with your investments) is not always enough in order to succeed. Click here to learn about the different varieties of... Click for more
