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 to the million dollar mark.
One of the most famous search engines, Yahoo!, can be seen as an acronym: You Always Have Other Options. Remember this when playing chess and when managing your money. If one arrow misses your target, try hitting it from a slightly different angle. You can always approach from another side.
Remember: By resetting your goals, you can achieve financial success.
There are 64 practical tips and strategies for achieving financial success in chapter 9 of Rich As A King. If you haven’t already read them, read them now.
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®).