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.   If you aren’t already signed up to receive our newest blogs by email, sign up... 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 general. If you aren’t already signed up to receive our newest blogs by email, sign up... 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 questions! If you aren’t already signed up to receive our newest blogs by email, sign up... Click for more
“Money Buys Happiness” and Other Financial Myths to Avoid

“Money Buys Happiness” and Other Financial Myths to Avoid

Money buys happiness…. Or so people would like to think. Imagine a world where that was true. What would it be like to toss a ‘happiness potion’ into your shopping cart with the rest of your groceries? In the real world, however, money can’t buy happiness (ask any millionaire). It is a dangerous financial myth. Some investment myths can trap you into losing money. If you fall into these “traps,” you can pay a huge financial price. But if you know what to avoid, you will hopefully be successful with your money. Here are four common investment myths that could lead you towards common financial errors: Assuming that money buys happiness When the Beatles sang, “Money can’t buy me love,” they were right. The pursuit of happiness does not end with the accumulation of wealth. Don’t let your efforts to make money make you miserable, or get to the point where you damage family relationships. Being happy with your lot in life is far more important than the number of dollars on your net worth statement.  Consider all the celebrities who had millions upon millions, but were miserable and self-destructive. Robin Williams summed up this situation, “Cocaine is God’s way of saying you’re making too much money.” Believing in higher-than-market returns with lower risk Bernard Madoff convinced his victims that he could ace the markets every year, regardless of the economic situation. But Madoff wasn’t the only fraudster who played this trick. His wasn’t the first and it won’t be the last Ponzi scheme that takes advantage of investors. So watch out for salesmen offering huge returns at low... Click for more
One Basic Tool for Success in Chess, Money, and Life

One Basic Tool for Success in Chess, Money, and Life

What is the most important tool you need for success in chess? Amazingly enough, the same one tool can help you achieve success in chess, money, and life in general. Sam Reshevsky, one of the greatest chess players in modern times, answers that the one tool needed for success is tactics. As he once said, “No matter how much theory progresses, how radically styles change, chess play is inconceivable without tactics.” Time moves on, and so do theories Life never remains static. As technological, industrial, and political changes alter our landscape, new theories of “the best” develop. Similarly, in chess, the style of play evolved over the centuries. New rules, openings, middle games, and endgames all developed. Today, you can play the game according to a variety of styles and techniques. Nevertheless, your efforts to succeed in chess, investing, or anything else will only be effective if you first develop a strategy and the tactics needed to implement it. It really doesn’t make a difference what theory or goal you want to achieve, since the tactics that you use are what will make all the difference. Here’s one tactic for success:  Keep inspirational chess quotes like Samuel Reshevsky’s nearby. Download the Rich As A King poster book here and enjoy the posters.   Get FREE Chess Quote Poster Book 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®).   If you aren’t already signed up to receive our newest blogs by email, sign up... Click for more