#122 How the Wisdom of Chess Can Make You a Grandmaster of Investing With Doug Goldstein
I invite you to engage with the audio on this page, for the sake of your future, your happy retirement, and your overall happiness in life. That’s because the Retirement Answer Man is not just about numbers and figures, it’s about building a life that you can be proud of and satisfied with once you do retire. On this episode I’m going to talk with a man who has spent a good deal of time alongside Chess Grandmasters to apply the lessons learned to their investment strategies. You’re going to get a fresh perspective - no doubt about that - so be sure you listen.
What do YOU think you’ll miss most relating to work after you retire?
That is a very interesting question, and one that was asked in a recent study and survey. Those who responded or not yet retired mentioned that one of the things they would miss, although a minor thing, would be the personal interactions with coworkers. By comparison, those who were actually retired already said that the personal interactions with co-workers was one of the things they missed most. What will it be for you? On this episode I give you a quick suggestion on how you can maximize relationships now, before you retire.
Investment strategy is more than thinking ahead.
How many people hear the words, “investment strategy” and immediately think of planning ahead? Doug Goldstein, today's guest, says that investment strategy is much more than thinking ahead. It’s looking at the overall picture, not just the individual components that make it up. On this episode Doug shares insight he discovered when researching for his new book, “Rich As A King, “ a comparison of the game of chess to the act of investing. You are going to want to take notes on this one because Doug has some great things to share.
Watch out for those things that initially look like great opportunities.
There are many great investment opportunities out there. But many times the things that sound like great opportunities are nothing but a trap in disguise. Doug Goldstein discovered this as he was researching for his new book that compares chess-playing and chess strategy to the act of investing. many of the promises are there in the world of investing are like an opponent’s feigned “mistake” on the chessboard. It’s a ruse to get you to commit, then you get in trouble. Find out more of Doug’s insights on this episode.
Have you signed up for my “Six Shot Saturday” list yet? Why not?
Every Saturday I send out a brief email outlining some of the main resources I’ve discovered, used, or recommended over the past week, including many that I never mention on the Retirement Answer Man podcast. I also allow recipients of that email to respond to me directly with any questions or scenarios and I respond personally. If you’d like to get on my Six Shot Saturday email list, you can find out how to do it on this episode of the show.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [0:25] My welcome to you! Thanks for listening.
- [0:50] How you can get my “Six Shot Saturday” each week.
- [1:48] My mindset about the resources I share on this show.
HOT TOPIC SEGMENT
- [3:53] A study asking people about what they will miss most after retiring.
- [4:45] The comparison between those respondents and actual retirees.
THE HAPPY LAB
- [6:20] My personal experiment to build relationships.
- [9:01] The will to be uncomfortable for the sake of building relationships.
WHAT DOES THAT MEAN? SEGMENT
- [9:35] What does “strategy” mean?
PRACTICAL PLANNING SEGMENT
- [11:57] My introduction to Doug Goldstein.
- [15:25] Why strategy is more than thinking ahead.
- [18:25] Looking at the whole board is a powerful way to look at investing.
- [19:40] How chess mimics diversification and asset allocation.
- [22:01] Why flexibility is a powerful tool for investments and chess.
- [25:43] Watching out for the ruses and scams.
- [29:35] The primary take aways from Doug’s book.
- [30:48] 64 strategies to make you as rich as a king.
- [31:16] How you can connect with Doug.
TODAY’S SMART SPRINT SEGMENT
- [32:08] Write out your investment strategy - and sent it to me if you would like!
RESOURCES MENTIONED IN THIS EPISODE
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page
Doug’s BOOK: Rich As A King
BOOK: Half Time