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010: Douglas Goldstein on How Chess Can Teach Us Lessons on Strategic Financial Planning
Doug Goldstein has over 20 years in the financial planning and services industry, beginning his career on Wall Street in 1992 at Dean Witter. Doug is a Certified Financial Planner, registered Investment Advisor, Trust and Estate Practitioner, and a licensed investment professional. Doug is the founder and director of Profile Investment Services, Ltd and hosts two podcasts on iTunes called Goldstein on Gelt and Rich As A King. Doug has authored numerous books on financial planning and building wealth and is co-author of Rich As A King: How the Wisdom of Chess Can Make You The Grandmaster of Investing. Doug is quoted in many publications such as The Wall Street Journal and Forbes, as well as guest lecturing on investment in colleges.
Economic Themes:In this interview, Doug mentions and discusses: investment planning, stock markets, over-confidence, behavioral finance, loss aversion, prospect theory, personal finance, strategic finance, interest rates, bonds, risk, liquidity risk, hedge funds,
In this interview, Doug mentions: Terence Odean, Daniel Kahneman and Kenneth Rogoff.
Find Out:- about two women in Doug's life who smashed the glass ceiling in their respective careers.
- about the financial planning lessons Doug learned from his mother and grandmother.
- if women make better financial planners or investors than men.
- if trading markets more frequently leads to better returns.
- how the patience of chess playing is similar to the patience needed when planning your stock market trades.
- why the fear of losing results in investors making bad decisions.
- what you should do if you have a question about your business.
- how the concepts of improving your game in chess is the same as that of investment and financial planning.
- about the difference between short-term and long-term financial planning.
- how a game of chess is bounded unlike the uncertainties of a stock market and what you can do to manage these uncertainties.
- 'how the News causes you to Lose'.
- how goal-setting can get you out of the bottom of the socio-economic ladder.
- who Doug would be if he was a chess piece.
- and much much more.
Visit www.economicrockstar.com to get access to the show notes and all the links referred to by Doug in this episode.