Financial planning is a long game, with twists and turns along the way. Chess is a long game, with twists and turns along the way. Turns out there is quite a bit that you can learn from studying the moves of chess grandmasters and apply to financial planning and investing. And that’s the subject of a new book called Rich As A King, How The Wisdom Of Chess Can Make You A Grandmaster Of Investing. Today I’ll be chatting to its co-author, Doug Goldstein, about his collaboration on the book with Grandmaster Susan Polgar, and learning some valuable lessons about behavioural finance.
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In this session you will discover:
- Just how far chess grandmasters plan ahead, and what you can learn from this when planning your finances
- How to know yourself and your triggers for making decisions
- How to guard against bad decisions
- How to budget not just pounds and pence, but your time and other resources
- How important it is to know the purpose of every aspect of your finances and what each account is working towards
- Why playing it safe can often lead to failure, both in a chess match and in financial planning
- Why trying to beat the grandmaster is almost always a waste of time, and how this translates to who you have running your investments
When I started reading Doug's book, I was concerned that the book might be very conceptual and theoretical, while being light on actionable insight. I could not have been more wrong.
It certainly is different from the usual personal finance fare, and none the worse for that. I do recommend it highly – you can get it by clicking here (Amazon affiliate link).
Contact Doug to say hi by heading to his website: RichAsAKing.com. You can also follow Doug's and Susan's insights on Twitter: @richasaking
For a full transcript of my conversation with Doug, click the big button below:
Resources
Rich As A King Podcast on iTunes, and on Stitcher
Doug's financial planning firm
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