Podcasts about chess can make you

Douglas Goldstein, CFP, will present the research that he's done over the past five years with World Chess Champion Susan Polgar about how high-level participants in any field often miss critical information in their decision-making process and how investors can use the same strategies that chess grandmasters use in order avoid the common downfalls.In this episode, you'll discover:What is holding you back from financial freedomHow to apply the strategies that Susan Polgar used to win 10 Olympic medals to managing your moneySeveral strategies that can make you as "Rich as a King!"About Douglas Goldstein:Douglas Goldstein is the co-author of Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. He's a Certified Financial Planner, a college lecturer, and a radio show host. When he started on Wall Street, his favorite client was his grandmother. She had been a stockbroker many years earlier, among the first women to earn the license. Following in her footsteps, his mother also became an investment advisor, helping clients plan and build wealth throughout her 17-year career. He joined her as a partner in 1992, and the #1 lesson he learned from her was the importance of educating clients about handling their money wisely.He is a 20-year Wall Street veteran and head of a major international financial services company but views himself as a financial educator. He writes extensively, using easy-to-understand language so everyone can realize that investing isn't only for the professionally trained. He also writes newspaper columns and is the author of four other books, teaches college courses, and even hosts a personal finance radio program, The Goldstein on Gelt Show.Get in touch with Douglas Goldstein:Visit Douglas' website: https://profile-financial.com Buy Douglas' book: https://revolutionizeretirement.com/goldstein What to do next: Click to grab our free guide, 10 Key Issues to Consider as You Explore Your Retirement Transition Please leave a review at Apple Podcasts. Join our Revolutionize Your Retirement group on Facebook.

Are you looking to avoid making investment mistakes? Then, this week’s episode is for you. The first thing to do if you want to avoid investment mistakes is to understand your financial portfolio and clarify your financial goals. Every investment should be understood as simply one part of the financial picture. Coordinate your investments and make sure that you are diversified. Download the free resource Watch out for this investment mistake to help you avoid making common investing mistakes. Want to become as rich as a king? Trying to manage your money better? Trying to understand your investment portfolio in a way that optimizes on growth? Doug Goldstein and Susan Polgar co-authored Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. The book explains how winning chess strategies can be applied to your investment portfolio. Find out how you can make the right moves with your investment portfolio and become a strategic investor. Download the free resource: Watch out for this investment mistake

Have you ever made an investment mistake? Investors make mistakes without even realizing it. Take a moment to think about how you coordinate your investments, and what motivates your financial decisions. For instance, how do you decide to design your portfolio or diversify your accounts? Are you a DIY investor or do you prefer to use a money manager? Hopefully, by becoming a strategic investor you can learn to avoid investment mistakes. The free resource Watch Out for this Investment Mistake is a comprehensive summary of mistakes made by investors. Download it free, here. For further information on strategic investing, read Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing and start making wise investment decisions. Download the free resource: Watch Out for this Investment Mistake Where do you get investment advice? Have you recently joined the investment world and don’t know where to turn for advice? Do you have unanswered questions about your investments? Are you wondering what options you have? Send your financial questions to The Goldstein on Gelt Show! Download the free resource: Watch Out for This Investment Mistake

If you are one of the millions of people who live outside of America and have an American brokerage account, you are a cross-border investor. Despite the scale of cross-border investing, many Americans living abroad find their American brokerage firms asking them to close their investment accounts because they have a foreign address. Fortunately, there are financial institutions dedicated to help cross-border investors. David Kuenzi is the founder of Thun Financial Advisors, an American brokerage firm specializing in cross-border investing. As a Certified Financial Planner David understands the need expats have for cross-border investment advice. David explains why the FBAR is so important for international tax compliance, and suggests looking at your investments as more than just a currency value. Listen for insights as to what cross-border investors should do with their money. Chess can make you a better investor During Doug’s time writing Rich as King with Grandmaster Susan Polgar, he noticed some “grandmaster” moves that dovetailed with smart financial planning. Doug has created a one-page resource called Use These 3 Secrets from Chess to Become a Grandmaster of Your Money, download it for free. To learn more about how to use chess strategies to improve your portfolio’s performance, read Rich as a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. Free Download: Use These 3 Secrets from Chess to Become a Grandmaster of Your Money To learn more about David Kuenzi, CFP®, visit the Thun Financial Advisors’ website. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

Chess involved both strategy and psychology - much like investing! Doug Goldstein, author of RICH AS A KING: How the Wisdom of Chess Can Make You a Grandmaster of Investing, joins Devin in a discussion about the way chess strategies can be applied to your personal finances. For the show notes, go to http://www.bigpictureretirement.net/040

Jason interviews author Doug Goldstein, CFP.  Doug Goldstein is the author of four books about investing, including the best-selling Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, which he co-authored with world chess champion Grandmaster Susan Polgar. He's also a 25-year Wall Street veteran who specializes in cross-border investing, helping people outside the United States open and maintain investment and IRA accounts. He talks about how to invest money on his radio show and podcast called “The Goldstein On Gelt Show.” To learn more visit: www.goldsteinongelt.com

The host of the Mo’ Money Podcast, Jessica Moorhouse tells Doug what millennials need to know about investing. They discuss the financial difficulties the millennial generation deal with and how that poor preparation can be countered. Jessica emphasizes the ideal financial plan of both reducing debt and investing money for the future. One of these planning techniques is creating smart money habits, which are the surest way to meet financial goals and to prepare for what the market throws your way. Jessica shares some of these smart money habits and how to establish them. Doug will be teaching a class soon! Doug will be teaching an MBA class in finance at Webster University. The course will be based on the principles laid out in his book Rich as a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. The book was co-authored with Susan Polgar, a Grandmaster in chess. Believe it or not the game of chess and investing have a lot in common. Doug will outline some of the topics he will cover in his course and how financial behavior plays a part in investment choices. To hear Jessica Moorhouse’s podcast visit www.jessicamoorhouse.com. You can also find her podcast Mo’ Money Podcast on iTunes and YouTube.   If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book. You can also watch Doug’s interviews on his Youtube channel.

ETFs (Exchange Traded Funds) are a popular investment tool. Today's show is devoted to ETFs and gives you an idea what these investments are and how they work. Instead of a guest interview, get a taste of a financial podcast with a twist. The Rich As A King financial podcast is based on Doug's bestselling book, co-authored with Susan Polgar, Rich As A King: How the Wisdom of Chess Can Make You a Chess Grandmaster. Doug also discusses how he manages his own money, providing a link to a 4-minute "How Do You Manage Your Own Money," which you will find at www.profile-financial.com/faq-video, a selection of videos dealing with frequently asked personal finance questions. Find out why money managers often suggest ETFs and how they can help you make more effective financial decisions.

What You Need to Know About Financial News By Douglas Goldstein, CFP® - helping olim handle U.S., IRA, investment, and brokerage accounts from Israel Should financial news and media reports affect the way you make your investment decisions? Recently, a client said: “I just read about _________ (fill in Israeli company name) in The Jerusalem Post, and I'd like to buy 1000 shares.” I hear comments like this fairly often. Since I help people who live in Israel with their U.S.-based IRA and brokerage accounts, I am able to help them trade stocks. However, before putting in an order, I recommend that they ask a few questions before considering buying an investment. How accurate is the news? The media frequently misrepresents information. News reports are only as accurate as the journalist's orientation. Therefore, it may be reasonable to assume you are not getting the complete story.   Is the information fresh? Once “hot” news reaches the general media outlets, it probably isn't hot any longer. It might be warm at best. Some types of news items about long-term company strategies might give you an indication of where the firm wants to focus its growth. Such reports (e.g., that the company wants to enter the self-driving automobile market) may not have an immediate impact on its stock price. However, if you believe in the future of the product/company then it may be appropriate to invest. However, if short-term news breaks, for instance, a drug company receives FDA approval, and you think the stock will shoot up in value as a result of the new information, be aware that you're possibly already too late for the party. Does news make you a better investor? Studies have compared investors who have made decisions with the input of news versus those who made decisions in a news vacuum. Interestingly, those folks who weren't distracted by the media hype outperformed their well-informed peers. I wrote about this, along with many other behavioral finance facts, in Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. Check it out, and sign up for the free articles and podcast at www.RichAsAKing.com.   Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

How to Make the Most Out of Your Parents' Stocks By Douglas Goldstein, CFP® What should you do if you inherit a portfolio of stocks from your parents? Should you sell them? To answer the question of whether you should sell the stocks, start by asking yourself whether you would buy these stocks if you had extra cash. You have no moral or legal obligation to keep the positions just because your parents owned them. I've had people come into my office with stocks that their parents bought decades earlier, and they said, “My father said this was such a great company that I should never sell the stock.”  But how could anyone have known whether a company that was in business 10 or 20 years ago would still be a good investment today? Remember Pan Am, Blockbuster, or Enron?  Even though your father's research many years ago suggested that a company would be a good buy, times have probably changed. What about the tax I'll have to pay? Everyone is in a different tax situation, but people who live and die in the United States benefit from an IRS rule called the “cost-basis step-up.”  That means that if your father invested $1,000 in the stock and the value of that position grew to $100,000 on the day of his death, if you sold it the following day for $100,000, the IRS would not consider the transaction as if you had just profited by $99,000. Instead, they reset the purchase price of the stock to the value at which you inherited it ($100,000) so you would not have to pay capital gains tax. [This is an overly simplified example, and depending where you live, there could be other taxes associated. Be sure you get proper tax advice before making any trades.] If you receive the stocks in a U.S. brokerage account or Individual Retirement Account (IRA), you may need to follow certain specific steps in order to take control of them. Feel free to contact our office if you have questions about dealing with an inheritance (02-624-2788).   Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.  

What You Need to Know About Start-Up Investing By Douglas Goldstein, CFP® In a dramatic repeat of what I saw many times in the late 1990s-2000, another start-up company just collapsed, taking with it millions of dollars from investors' pockets. Not only are the founders' dream shattered, but its investors' profits are destroyed and cash lost. As a financial advisor, I review many new companies from the investor's viewpoint. In almost every case, the story ends badly. Don't invest unless you know how The main cause of these disastrous results stems from investors putting their money into an idea instead of into a team. Many great ideas fail because of bad management, but lots of new concepts – even mediocre ones – turn into solid businesses when handled properly. Venture capital professionals won't even consider investing in a company unless they're convinced that the team running it is qualified and has a robust business plan. How to analyze a business plan If this article is your only lesson on how to evaluate a business plan, then you certainly aren't a candidate to be an “angel” or venture capital investor. People spend years refining their skills in how to analyze business plans and offering documents. VC pros never start by reading about the anticipated profits of the start-up, since these  projections lack real substance. Instead, they look at the salaries that the team hopes to make (all taken from the investors' money) and how the money will be spent. The case I recently witnessed showed how the investor didn't consider those two most important factors before dedicating his money. The failed company significantly overpaid all of the team members and blew large sums of money on new offices and unnecessary state-of-art equipment (when other cost-efficient equipment would have been satisfactory in producing the same product). Still want to invest in a start-up company? In my weekly podcast about how the strategies of chess can be applied to investing, I have dedicated Episode 85 to start-up investing. Check it out at www.RichAsAKing.com/85. Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

What to Do With Your Money at the End of the Year By Douglas Goldstein, CFP® As the fiscal year draws to a close, it's time to review your financial plan. Here are three important aspects that you need to look at: Savings goals What are your long-term and short-term goals? Are they the same as they were last year? If your goals are both time and dollar specific, it's easy to tell whether you are on target to meeting them. Take a look at your pension plan. Is the division of funds among its saving and insurance component still relevant to your current stage in life? Asset allocation Apart from saving your money, you also need to grow it. So let's look at your investments. Are your funds properly invested? Your investments should reflect your risk tolerance, growth objective, and time frame. Recheck your asset allocation to ensure that everything is in order following the movements of the markets over the past year. Often funds can change focus, requiring you to rebalance your portfolio. Furthermore, if a stock or other security does extremely well (or extremely poorly), this can also affect the balance of a portfolio. It may be time to buy/sell. Review Your Winners and Losers Before selling weak stocks/funds and actualizing profits, discuss the potential tax ramifications of the sale with your accountant. Depending on your situation, it may be wise to hold onto investments for at least one whole calendar year to qualify for the long-term capital gains rate (if you are a U.S. tax payer). While tax ramifications shouldn't be the only factor in determining when to sell, they should certainly be taken into consideration. Don't let the end of the year pass you by. Call your financial advisor for an appointment today to review your financial plan. Make sure your finances are in the best shape to enable you to realize your dreams.   Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing is available at www.richasaking.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

Do You Suffer from “Inheritance Loyalty Syndrome?” by Douglas Goldstein, CFP ® It is common to feel emotional angst after receiving an inheritance. Inheritors may have doubts as to whether they are “allowed” to use the assets as they wish, or whether they somehow have to use them in a way the benefactor would have chosen to use them. There are two ways to approach a sudden influx of money into your control: Spend it on things you would never have been able to afford otherwise. The downside of this is the risk of increasing your overall cost of living and finding yourself none the richer. For example, if you choose to upgrade your car, would you be able to afford higher insurance payments, gas, and upkeep in the future? Incorporate the assets into your overall financial plan. You could use the inheritance to pay off debt (including your mortgage), fund your emergency account, or increase your savings. Other factors to consider are whether you should use the funds for charitable projects or earmark them for an inheritance for your own children. Selling inherited assets is not being disloyal Some beneficiaries feel an emotional attachment to the inherited assets that prevents them from making logical decisions. A widow may feel that she is disputing her late husband's judgment by selling stocks he carefully chose years ago. Yet what was good for your benefactor is not necessarily good for you, as everyone's financial situation is unique. It is important to realize that inherited funds are yours, and proper use of the funds means making them jive with the rest of your financial plan. Your benefactor gave you a legacy to use as you wish; s/he can't control the assets from the grave.    Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates      

Don't Leave Tax-Loss Harvesting to the End of the Year By Douglas Goldstein, CFP® Many investors optimize their portfolio to minimize capital-gains tax. One popular strategy is to do tax-loss harvesting. What is tax-loss harvesting? Tax-loss harvesting is the practice of selling a position at a loss, and matching the loss against a gain of different stock that you sold. By offsetting losses against gains, capital growth taxes are only paid on the net profits. While this may be a tempting tax-savings strategy, there are three reasons to avoid the end-of-the-year market selling frenzy. The wash sale If you sell a security and buy it (or a substantially similar one) back within 30 days of selling it is called a “wash sale.” Wash sales negate any tax-loss selling strategies, and your attempt to harvest a tax-loss would be disallowed by the IRS. Don't be the short-sighted individual who sells at a loss, and then, the next day when the stock begins creeping up, wants a piece of the action and buys it again. This scenario nullifies any potential benefit of tax-loss harvesting, and causes further losses by increasing commission costs. Impending tax law changes Selling a position at a loss allows you to offset taxes on potential capital gains in a given tax year. However, since the tax codes are constantly changing you can't know what your future tax situation will be. If the government raises capital gains tax next year, you may have been better off saving your tax-loss harvesting to use in a year with a higher capital gains tax. Also, for American tax-payers, capital gains tax is different on long- and short-term investments, so the time you originally purchased the security may affect its potential taxes. Market uncertainty The uncertainty of knowing when a declining position may reverse itself adds further ambiguity to tax-loss selling. An unrealized loss might actually turn around. But if you sell just to capture the loss, you can't benefit from the recovery. While tax considerations should come into play when making buy/sell decisions, tax considerations should never be the only reason behind a transaction. Always ask first If you are considering tax-loss harvesting, consult both your tax and financial advisors. You should always ask a tax professional before making any decisions that can affect your taxes. Call my office (02-624-2788) if you have any questions about your portfolio.   Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.  

What Should You Do When You Get An Inheritance? By Douglas Goldstein, CFP® Many of my client relationships began as a result of receiving an inheritance. The sudden infusion of money is a good impetus for a review of one's goals. The first thing to do when you get an inheritance is – nothing. There's usually no rush to spend or invest the money. Let the pain you may feel at losing a loved one and the excitement of “coming into money” die down. Before you make any decisions about what to do, make sure you're in a calm frame of mind. Explore your options Once you are ready to make some decisions, the next step is to figure out what you really want. Some people immediately use an inheritance to realize a material dream and buy a house, car, or go on a luxury vacation. The problem is that many of those who rush into spending an inheritance often find that in the flurry of excitement, they end up spending more money than the original bequest. While there may be nothing wrong with spending an inheritance, be wary of compartmentalizing your finances. Look at your overall financial picture. Should you use the funds to pay off existing debt? Create an emergency fund? Save for anticipated future expenses like tuition, weddings, and retirement? And if the answer is “yes,” how will you do it? Be realistic as to what the lump sum you received can actually do.  Even a six-figure infusion of funds may not stretch as far as you think it will. And Americans who inherit IRAs need to be aware of tax regulations affecting the way they can withdraw funds. Maybe the most important thing you can do when you receive an inheritance is assure your children that it may or may not be passed on, so they should work hard and secure their own financial house.   Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

How to Help Your Children Become Financially Independent By Douglas Goldstein, CFP® A client told me about her married daughter who is in a financially dysfunctional marriage. The young couple finds it hard to make ends meet, and often applies for help from charitable organizations. Yet despite their lack of funds, they still live a fairly extravagant lifestyle. Occasionally, the daughter asks her mother for money, but the mother refuses. My client realizes that she doesn't have the means to bail them out – and even if she did, they would never learn to stand on their own two feet. Teaching financial responsibility is one of the toughest lessons a parent faces. Close the Parental Bank Saying no to a child in fiscal trouble is difficult. I know many parents who support an adult child still living at home, or married children who can't quite make the month. These parents tell me, “What can I do? They'll starve without my help!” Sadly, these well-intentioned parents don't realize that rather than helping their children become financially independent, they are perpetuating the situation. Acting as the Parental Bank on a regular basis doesn't give children any incentive to become financially independent. Why should they live within a budget, if they know their parents will bail them out? Let go of your child's hand When a toddler learns to walk, you have to let go of his hand, even though you know there's a high chance that he'll fall and skin his knee. Similarly, when adult children ask you for help after they've failed financially, don't automatically write a check. Offer them your sympathy and explain to them the necessity of budgeting and planning their finances. Give them the number of a budget counselor or financial advisor and let them know you are interested in encouraging them to become financially stable. Never help my children? This article is not meant to say never help out. Rather, make sure you understand the difference between helping your kids get a start in life with a gift for education or buying a home versus enabling them live beyond their means. Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about

How To Break Your Bad Habits And Get Rich By Douglas Goldstein, CFP® Money woes are generally not due to a market gone awry or a low salary. The number one cause of most money problems is bad financial habits. Do you spend without tracking what is leaving your wallet, neglect to make regular deposits in savings, and overlook regular financial reviews and discussion of financial goals with your partner? If so, you may be guilty of harboring negative financial habits. Bad financial habits can be as deadly as smoking. Some habits are so ingrained that it seems impossible to break them… but it can be done! I spoke with James Clear, an expert in habit creation, on The Goldstein on Gelt Show about how people could improve their finances by replacing negative habits with positive ones. Why stopping cold turkey doesn't work Stopping a bad habit by simply not doing it anymore doesn't tend to work since nature hates a void. Instead of just stopping your bad habit, find a good habit to substitute for the negative one. For example, instead of “retail therapy” to improve your spirits by going out shopping try exercise or chatting with a friend. Or replace your credit card in your wallet with a picture of your saving goal to provide a constant reminder of what you are working towards. Join forces with a friend One of the best ways to improve your financial habits is to team up with a partner. Read self-help books together, or attend an online financial education class (ask me for recommendations). When two people work together, you can both support each other through the inevitable ups-and-downs of creating a positive habit. The key to success When you launch a new habit, start with a positive attitude. If you believe you can succeed, you are more likely to do so than if you set yourself up for a negative outcome. For more concrete tips on improving financial habits, listen to my discussion with James Clear at: http://www.goldsteinongelt.com/james-clear. Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.      

How Quickly Should You Invest The Money You Inherit? By Douglas Goldstein, CFP® Though I often advise people to wait before investing an inheritance, sometimes you must take quick action. When do you need to act quickly? If you inherited a risky position, you should consider liquidating it. For example, the grandfather who always managed the stock portfolio passes away, leaving large amounts of money invested in a few individual stocks. Unable to live on her own, the grandmother who now owns the stock portfolio needs to move to a nursing facility. What would happen if she waited 12 - 18 months to deal with the account and then, just before she sold in order to pay her bills, the stock market crashed? How much money do you need now? If you inherit a portfolio of stocks, ask yourself if you are in a position to wait (possibly for years) to use the money. A fancy car or a luxurious vacation is not an emergency expense. On the other hand, paying for home health care or other medical procedures may very well be a question of life and death and cannot be delayed. Any money needed for the near future, regardless of the type of investment it was in when you inherited it, should be converted to liquid assets like short-term bank deposits, money market funds, and savings accounts. If that means selling Grandpa's stocks, it's the right choice. After all, wealth should first and foremost be used for your family's health and well-being. How to get the money quickly Depending on the account's structure, you may or may not have easy access to the funds. Even if an account is titled “joint account” or “transfer on death,” there may be a drawn out procedure to follow before the money is fully available. Your investment advisor should be able to walk you through the process. Nonetheless, make sure money is available to each spouse separately so that the survivor does not face undue financial pressure caused by bad planning.  Not sure how to structure your accounts? If you have assets, especially money in different countries, contact a cross-border investment advisor who can help you determine the best way to structure your portfolio. Learn more at www.Profile-Financial.com.   Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

What You Need to Do After You Inherit an IRA By Douglas Goldstein, CFP® If you receive an inheritance, it might come in the form of property, a bank account, or brokerage account. But what if you receive an inheritance from someone's individual retirement account (often called an “IRA”)? IRAs are different from regular brokerage accounts A regular brokerage account is normally structured as either an “individual” or a “joint” account, and a person's will determines how the assets will be distributed upon his death. An IRA, on the other hand, is normally distributed via a “beneficiary designation.” That's actually much easier because when a person sets up his IRA, he instructs the brokerage firm or bank to list the names of primary beneficiaries (and contingent beneficiaries if one of the original ones has died). It's a comparatively easy procedure to move the money from an IRA to the proper beneficiary. Make sure you read this before receiving an inheritance from an IRA One of the great benefits that the United States gives the recipients of an IRA is that the assets inside the account may continue to grow tax deferred if they are transferred in a certain way. The recipient can transfer the money from the deceased's IRA to a “beneficiary IRA” and continue to have it grow tax-deferred. The inherited assets in an IRA can be sold (in the IRA) and other securities (like stocks, bonds, and mutual funds) can be bought in accordance with the new owner's wishes. There is no need to maintain the inheritance in the exact positions as you received it. Except for mandatory distributions, the assets themselves aren't subject to U.S. tax as long as they remain in the beneficiary IRA. The mistake many people make is that they: Withdraw the money from the IRA immediately upon receipt of the inheritance Pay a large tax, and then Reinvest the money in something else. Wouldn't you rather skip step #2? If you are designated as a beneficiary of someone else's IRA, or if you have an IRA account that you plan to leave your kids one day, make sure everyone understands the importance of maintaining the tax-deferred status as long as possible. If you're not sure how this affects you, send an e-mail to info@profile-financial.com and type “IRA” in the subject line.   Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

Non-Americans who want to invest internationally often use U.S. brokerage accounts. While it may seem counter-intuitive for a non-American to open an American brokerage account from overseas, there are several reasons why this is a good move. 2 reasons why non-U.S. folks use American accounts Efficiency – U.S. securities markets may be the most efficient and individual-investor friendly in the world. American regulations place customer protection and transparency at the top of their concerns. You can have a diversified basket of global assets within a “regular” U.S. brokerage account, and do it cost effectively. Diversification – A U.S. brokerage account can host a variety of investment vehicles, such as stocks, bonds, mutual funds, and bank deposits (CDs). American brokerage portfolios can hold investments in both American and global companies. Do non-American heirs need to pay U.S. Inheritance Tax? One of the issues that non-Americans face by opening an American brokerage account is the possibility of their estate having to pay an inheritance tax to the United States when they die. There are a few solutions to this problem; the most common of which is to buy “offshore” mutual funds in an American brokerage account. Those mutual funds are not considered “U.S. assets” when determining U.S. estate tax, even if the funds themselves invest in U.S. stocks. So if a non-American buys an offshore mutual fund with a name like, “ABC Offshore U.S. Equity Fund,” or the “XYZ Offshore European Bond Fund,” and then passes away, that fund will not be subject to U.S. estate tax. In order to prevent tax bills, the account needs to be set up and handled properly. There are many details related to opening a U.S. brokerage account, so make sure you work with a company that is experienced in handling cross-border investments for both American and non-American citizens. To learn more watch the ten-minute video that over 3,000 people have viewed, “U.S. Brokerage Accounts for Non U.S. Residents” at www.Profile-Financial.com/videos. If you have other questions, call 02-624-2788. Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. His best-selling book, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing, is available at online, at bookstores, and at www.RichAsAKing.com. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

We've generally been trained how to think about finance by the financial services industry. Their plan for your finances? Well, each step involves a financial product of some sort or another. But what if we think a little more strategically? Could we get better results? I think so. After speaking with today's guest, Doug Goldstein, I think that the metaphor of chess is a good way to train our thinking. Doug is the co-author of a book titled: Rich as a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. Enjoy this interview as we discuss how to approach finances like a chess game! Joshua Links: Doug's book: RichAsAKing.com Doug's financial planning firm: profile-financial.com Doug's radio show (get a free ebook): http://www.goldsteinongelt.com/ You Need A Budget! http://radicalpersonalfinance.com/YNAB Need a Financial Advisor? Start here: http://radicalpersonalfinance.com/paladin Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron 

Doug is a strategic entrepreneur. He runs an international financial planning business and helps investors with their financial plans and portfolios. His newest book, Co-authored with world chess champion Susan Polgar, is called Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing.

Doug Goldstein is a Certified Financial Planner and the author of Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. 

Monte Carlo. It was the match of a lifetime.If chess phenom, Susan Polgar won, which she was favored to do, she'd clear a million dollars in prize money and doors to untold new opportunities would swing open.She won the first two games in a best of eight match, But then, in a wild battle, her opponent fought back. Eight games in, the match was tied. She won the first tie-breaker. Her opponent won the second. Then, in a bizarre twist of politics and fate, a third tie-breaker was disallowed. Her fate, it was determined, would lie in the flip of a coin.One million dollars and every dream door opening, years of practice and hours of fierce competition, now surrendered to luck. What happened on that fateful day, who won and who lost is just one of the many stories we explore in this powerful conversation with Hungarian-born chess Grandmaster, teacher and philanthropist, Susan Polgar.We dive into what it was like growing up in Communist Hungary in the 70s, how chess transformed her life, gave her opportunities to travel the world and also dropped her into the middle of political and cultural battles. We talk about how she defied the odds and made history in a still male-dominated sport.We explore how, at 12 years old she captured her first World Chess Championship, became the top-rated female chess player in the world then, at 21, soared to the top in the face of sexism, discrimination, and disbelief and captured the coveted title of Grandmaster.We talk about what can chess teach us about life, business, education and what led to her recent collaboration on a book about the intersection between investment and chess, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing.And, we dive into her role as the Director of SPICE (Susan Polgar Institute for Chess Excellence) at Webster University outside of St. Louis, MO which has been ranked #1 in Division I College Chess since its inception in August 2012.

Guest, Doug Goldstein discusses his book, "Rich As a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing" which draws on the core strategies of grandmaster-level chess players and teaches you how their skills can guide you towards financial growth. The concepts addressed in the book include strategy, pattern recognition, efficiency, precision, and planning.

My guests today are Susan Polgar and Douglas Goldstein. Susan Polgar, American chess grandmaster, and Douglas Goldstein, Certified Financial Planner, had the unique idea of looking at chess and applying the wisdom to investing. The topic is their book Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. In this episode of Trend Following Radio we discuss: Polgar's early history as a four-year-old chess playing prodigy, and the trouble some older males had in accepting her; nurture vs. nature; the connection between the Turtle story and chess; the skills that chess provides outside of just playing the game; the importance of keeping your emotions in check; process vs. outcome; and thinking through the possibilities from a chess perspective. Douglas Goldstein, Covel discusses how the idea came about to combine finance with chess in a book; tactics vs. strategy; and pattern recognition Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Michael Covel speaks with Susan Polgar and Douglas Goldstein, co-authors of Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. Susan Polgar, American chess grandmaster, and Douglas Goldstein, Certified Financial Planner, had the unique idea of looking at chess and applying the wisdom to investing. You don’t need to be a chess player to get insights from Polgar and Goldstein. Covel and Polgar discuss Polgar’s early history as a four-year-old chess playing prodigy, and the trouble some older males had in accepting her; nurture vs. nature; the connection between the Turtle story and chess; the skills that chess provides outside of just playing the game; the importance of keeping your emotions in check; process vs. outcome; and thinking through the possibilities from a chess perspective. With Douglas Goldstein, Covel discusses how the idea came about to combine finance with chess in a book; tactics vs. strategy; and pattern recognition. Want a free trend following DVD? Go to trendfollowing.com/win.    

Josie Tytus Success Alignment Vision Coach who guides leaders and high achievers to step into their legacy work. Josie is a Certified Master Coach, NLP Practitioner, Passion Test Facilitator and Inner Harmony Practitioner.  She recently co-authored the #1 Best Selling book, Answering The Call.  Her contribution titled, Nice To Finally Meet Me – Self Leadership, Your Greatest Resource For Success, was  distinguished as the Editor's Choice for Best Chapter .Her website is  3cfusion.com Doug Goldstein Certified Financial Planner, investment advisor, and co-author of the new best-selling book, "Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing." He wrote the book with world chess champion Susan Polgar Ellen Rohr The Plumber's Wife turned Business Makeover Expert® Ellen learned how to make - and keep track of – her OWN money!   She fixed the failing family plumbing business.  And she grew a franchise – Benjamin Franklin The Punctual Plumber – from zero to $40 million in franchisee sales, 47 locations, in under 2 years.  She is a serial entrepreneur, and author of the four business basics books, including The Weekend Biz Plan and How Much Should I Charge? She is also the President of Zoom Drain and Sewer, a new franchise opportunity

Doug is a strategic entrepreneur. He runs an international financial planning business and helps investors with their financial plans and portfolios. His newest book, Co-authored with world chess champion Susan Polgar, is called Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing.

Douglas Goldstein is the co-author of Rich as a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. Built around the application of strategic thinking and world-class decision-making, Doug’s book is a fantastic example of an interdisciplinary book positioned to create an impact on multiple levels. In our chat, Doug shares just why he and co-author Susan Polgar (a genuine chess grandmaster) had to write this book, and what function it plays in their respective careers. Doug also shares how the wisdom of chess is also profoundly valuable to today’s authors seeking robust careers. Oh, and Doug is a big fan of Author MBA, which is awesome! After the show, find us on Twitter @WinningEdits or #authormba with your questions and comments. Enjoy!