by Douglas Goldstein | Jun 2, 2015 | Financial Plan, Podcasts, Strategic Thinking |
Ever try to create habits? Changing your habits is not always easy. So you need to change them gradually. In this financial podcast, there’s an easy-to-implement 3 part strategy to help you acquire good habits one step at a time. At the end, there’s a... Click for more
by Douglas Goldstein | Apr 21, 2015 | Podcasts, Strategic Thinking |
Learn the habits of millionaires. If you adopt their strategies, this may help you towards financial success. To listen to this podcast, click here. Or you can download the Rich As A King podcast from your favorite platforms: Itunes, Stitcher, TuneIn, and of course, our website. This podcast is based on Rich As A King: How to Become a Grandmaster of Investing, by Douglas Goldstein, CFP® and Grandmaster Susan Polgar, www.RichAsAKing.com.... Click for more
by Doug Goldstein CFP® | Apr 2, 2015 | Financial Strategies, Strategic Thinking |
What should you do if your investments are not performing as well as they should? Here are three easy-to-implement tips that can help increase your success in investing: Think strategically Get into a mindset of strategic thinking. You are more likely to make successful investments if you follow a proper strategy (financial plan), rather than constantly putting out fires (selling volatile investments). One of the main causes of poor investment performance is frequent trading, since every transaction has fees associated with it and people often make poor trading choices. So rather than selling/buying every time you smell danger or a great deal, create a specific plan and stick to it. The first step in creating a financial plan is to define your personal goals. Having “enough” money to enable a comfortable life is nice, but isn’t a goal in and of itself. Click here for a free worksheet to help you create specific strategic goals. Look at your levels of risk If you’ve set your goals and drawn up a financial plan with an advisor, but are still anxious about your investments’ performance and your eventual financial success, examine your levels of risk tolerance. If you simply can’t stand volatility, consider reducing the levels of risk on your investments. Even if it seems more prudent to have a certain element of risk in your investments, if you can’t handle it emotionally, then don’t do it. Money should never be a cause of constant stress. There are ways to protect the real value of your money without incurring too much risk. Ask a professional advisor for suggestions, and sign up... Click for more
by Doug Goldstein CFP® | Mar 5, 2015 | Chess, Financial Strategies, Strategic Thinking |
Rich As A King is the first book ever to apply chess strategies to personal finance. Lots of folks have asked how Susan and I came up with the idea to write it. Here’s the story behind the book: I first met Grandmaster Susan Polgar in 2010, when I interviewed her on my radio personal finance show Goldstein On Gelt. After realizing that the thinking behind financial strategies and chess strategies is similar, I wanted to check in with a strategic thinker with a strong chess background. Who better to choose than Susan Polgar? After the interview concluded, we continued to discuss these ideas and we came to the conclusion that these insights could be the subject of a useful and interesting book. And, as they say, “the rest is history.” Listen to Susan and my original 20-minute conversation... Click for more
by Doug Goldstein CFP® | Jan 15, 2015 | Chess Strategies, Financial Plan, Strategic Thinking |
One of the most crucial moves in chess is castling. This is where you move the rook and king at the same time in a way that they cross paths, moving the king to a protected space behind a detachment of strong defending pieces. Castling is often done close to the beginning of the game. There are two purposes in castling: to protect the king, the most important piece on the board to take the powerful rook out of its corner and place it in a strong central position When it comes to your finances, you can also “castle” to protect your money and make you stronger. How? Buy insurance to protect your king and your castle. You are your king, and your house your castle. Both need protection. Even if you are young and healthy, with your whole life ahead of you to work, save, and invest, you don’t know what may happen. For this reason, you should buy an effective life and disability insurance policy, especially if you have a spouse and children depending on you. Accidents happen and so do sudden illnesses. Even if you never need to cash in on the policy, payments weren’t made in vain and you didn’t “lose money” – every premium you paid protected you, your family, and your castle against an unknown potential disaster. And if the worst (illness, disability, or death) happens, you had a safety net provide for your family during a time of need. Play life like a grandmaster plays chess and castle (buy insurance) early in the game. It is one of the best moves you... Click for more
by Doug Goldstein CFP® | Dec 31, 2014 | Financial Plan, Strategic Thinking |
When drawing up a financial plan, the first step that you need to take is setting goals. As Yogi Berra said, “If you don’t know where you are going, you’ll end up someplace else.” So before you begin planning your financial future, decide what your ultimate objectives are. Building STRATegic goals Once you define your goals, the next step is to make them STRATegic. That is: Specific, Time-bound, Rigorous, Attainable, and Tempting. What do each of these mean, and how can they be applied to your goals? Specific When setting a goal, be specific about what you want. Don’t just choose some vague idea, but be clear and exact. Consider the what, why, and how of your objective: “What do I want? I want to retire by age 60 (that’s the ‘what’) so that I can have more time to volunteer teaching chess to kids (that’s the ‘why’). I can accomplish this by taking an early pension and changing more of my investments from stocks to bonds (that’s the ‘how’).” Each goal should be clear, simple, and easy to measure. Time-bound If you leave this goal to be achieved “sometime in the future,” chances are it’ll never materialize. Time-bound goals create urgency. They force you to take action now. Though setting a deadline to achieve a goal could seem arbitrary (“Why one month and not six months?” you might ask yourself), think about how the power of external pressure compels you to triumph. At the same time, be realistic when setting up your time limit. Life has a habit of happening, so you should always take... Click for more
