by Doug Goldstein CFP® | Aug 4, 2016 | Chess Strategies, Strategic Thinking |
Here are three commonly used chess strategies that can be applied to both chess and investing: Never give up Chess Playing chess can be challenging. Sometimes you may feel as if winning a game is an elusive goal. Yet, even in these difficult situations, don’t give up. While resigning will definitely result in a loss, you will never know what may happen if you continue playing. Maybe your opponent will make a mistake, allowing you to win the game, or at the very least, you might have a stalemate. The opposite of winning isn’t always losing. Investing You may be tempted to change your investing strategy if the market is “underperforming.” Yet, as long as your investment strategy is solid, don’t be quick to revise it. Market swings are inevitable, so stick to your asset allocation and investment strategy as much as possible. An effective investment strategy takes into consideration market fluctuations and strives to maximize gains while minimizing losses. Work as a team Chess Although chess may look like a solitary game, chess players often play together as a team. They reach their joint goal, to bring victory to their team, by training together many hours a day. Each team has a coach whose job is to emphasize the different player’s strengths, to allow each player’s positive traits to shine. The team can only win once everyone makes a maximum effort. Investing Teamwork in investing is crucial if you want to see good results. You, or your financial advisor, are the head of your investing team. The team includes your spouse, accountant, lawyer, insurance agent, and depending on... Click for more
by Doug Goldstein CFP® | Jun 23, 2016 | Strategic Thinking |
Though focusing and goal-setting will certainly help you hit a target, when aiming for financial success it is sometimes impractical to go straight for your main goal. For instance, when a grandmaster sees that her opponent has built a mighty blockade around his king, she doesn’t keep launching attacks against the royal leader. Neither does she resign saying, “his defenses were too strong.” Rather, the skilled chess player will slightly reset her sights, perhaps building up pressure on a location near the king or even provoking a weakness on the other side of the board. Then, after gaining control of the secondary objective, she will craftily create a path to strike the fatal blow against the king. Reset your goals Steamrolling straight towards your goals is not always the best way to succeed. Many common impasses may arise along your road to financial freedom, such as losing a job, bad investment results, divorce, sickness and, of course, procrastination. Let’s say you intend to save $1,000 per month, but find that you never seem to do it. Rather than abandoning the idea, reset your goal. Save $500 instead. At least you’re getting close to your target. Likewise, if the market drops, don’t give up on investing, saying that you could never achieve your growth goals. Rather, use the opportunity to add more money to your portfolio, buying stocks at a cheaper price. If you had intended on building up a million-dollar nest egg, but now you don’t think you can hit that goal, don’t abandon it. Just adjust it. Try accumulating $850,000 instead. When you improve your situation, go back... Click for more
by Douglas Goldstein | Apr 19, 2016 | Decision Making, Podcasts, Strategic Thinking |
Set a goal, and get motivated to reach your goal by listening to the amazing story of Grandmaster Susan Polgar’s childhood, being homeschooled under the tough conditions of Communist Hungary. Discover what STRATegic goals are and how adopting this system of goal setting can help you achieve your... Click for more
by Douglas Goldstein | Apr 5, 2016 | Decision Making, Podcasts, Strategic Thinking |
What’s the truth behind “free offers”? Many “free offers” are scams and contain a hidden agenda. Do you know anyone who “won” a free offer only to find out the offer wasn’t free, or wasn’t what was promised? Listen to this financial podcast to hear a true story about a free offer of a cruise. And best of all, stay tuned until the end of this financial podcast for a genuine free offer – the Rich As A King poster book. It really is free – listen for the... Click for more
by Doug Goldstein CFP® | Mar 3, 2016 | Inspirational Quotes, Strategic Thinking |
This week, March 1, 2016, the 100th episode of the Rich As A King podcast went live! We’re celebrating the 100th Rich As A King podcast by giving you a free gift! Click here to download a poster book with chess quotes and cartoons. It’s ordinarily $9.99, but to celebrate our 100th episode, we’re giving it to you for free! Four grandmaster tactics Episode 100 tells the story of how Grandmaster Susan Polgar defeated the odds to become a world chess champion. Susan’s success was due to these four main tactics: • Discipline • Assessing resources • Making responsible choices • Adjusting goals and strategy when /if circumstances change Listen to this episode of Rich As A King to find out more about each of these tactics and how to apply them to finance and life in general. A further source of inspiration Download the poster book now, and then listen to Episode 100 of The Rich As A King podcast. 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 player, international investment advisor, and Certified Financial Planner (CFP®).... Click for more
by Doug Goldstein CFP® | Feb 25, 2016 | Blog, Strategic Thinking |
While it may be easy enough to know what goal you want to achieve, actually getting it done is another matter. The perennial example is The Diet… which always starts tomorrow. While you may sincerely want to lose weight, if you are like most folks, there is a disconnect between your wishes and your actions. Is there an easy way to achieve your goals? Yes! And it’s as easy as grabbing your calendar. By writing down the date that you target to achieve your goal, you make achieving success much more likely. When outlining your goals, don’t just write down a wish list. Give yourself a time frame for achieving them, because without any kind of deadline your goal will always remain abstract. Write down a deadline by which you plan to see results. Make your deadline realistic, taking into account any possible delays. While you shouldn’t set the bar too high (avoid unrealistic expectations), don’t make it too easy either. Challenge yourself, and when you see tangible results, your satisfaction will encourage you to achieve more. Think of the words of General George Patton, “Accept the challenges so that you can feel the exhilaration of victory.” For more inspiration on how to achieve your goals, listen to this podcast. 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
