by Doug Goldstein CFP® | Jul 3, 2014 | Chess, Chess Strategies, Financial Strategies, Strategic Thinking
Understanding value is essential for estimating risk in both chess and investing. The most valuable chess piece is the queen. It combines the power of a rook with the power of two bishops. A rook can move either horizontally or vertically, while a bishop can move... Click for more
by Doug Goldstein CFP® | Jun 30, 2014 | Financial Plan, Strategic Thinking
Can you stop yourself from mental accounting, the tendency to look at just one part at a time rather than seeing the greater whole? Can you keep yourself from getting distracted by the small details that seize your attention? If your thought pendulum swings too far in... Click for more
by Doug Goldstein CFP® | Jun 26, 2014 | Chess, Financial Strategies, Strategic Thinking
How safe is your chess game from falling apart after a few opening moves? And, by the same token, how safe is your investment from incurring unexpected losses after just starting out? This depends on how well you play the game or how much you know about investing. In... Click for more
by Doug Goldstein CFP® | Jun 25, 2014 | Chess, Financial Strategies, Strategic Thinking
When you’re creative, you can innovate, see new possibilities, and think up new solutions. This is the role of the Green Hat— another hat in the collection of thinking styles that Professor Edward de Bono developed in his “Six Thinking Hats” model. Previously, I... Click for more
by Doug Goldstein CFP® | Jun 24, 2014 | Chess, Chess Strategies, Financial Strategies, Strategic Thinking
When you see the big picture, you can plan your next move. Learning how to do this is called “Blue Hat” thinking, a thinking strategy explained by Edward de Bono in his remarkable “Six Thinking Hats” model. I recently blogged about Red Hat thinking, an intuitive grasp... Click for more
by Doug Goldstein CFP® | Jun 23, 2014 | Behavior finance, Chess, Strategic Thinking
In my previous post, I talked about how to deploy the power of Black Hat thinking to avoid making costly blunders when making a decision. Now, I will look at Red Hat thinking. This thinking hat considers the role of feelings and intuition. Move Over Left Brain The... Click for more
