One of my favorite hobbies is playing chess. Apart from the challenge of checkmating my opponent, I enjoy the lateral thinking, planning, and strategic thinking skills that are involved in the game.

Recently, I was privileged to interview Israel’s top chess player, Grandmaster Boris Gelfand, on The Goldstein on Gelt Show. When I asked him if the strategies he learned on the chessboard could also be applied to other areas of life, he said, “It’s the attitude which is important. You should learn to think ahead. You should not rely on your will or your wish, but on the objective situation on the board, both in chess and in life.”

As a financial advisor, I have often seen the similarities between chess and investing. The better chess players are the ones who make the maximum use of their pieces, tapping into their critical, analytical skills, calmly assessing the situation on the board, and planning their moves ahead. In the same way, the most successful investors are the ones who plan as objectively, taking many future scenarios into account. Though no one can predict exactly what the future may bring, they look at their situation, at their assets, goals, and personal levels of risk, and they think carefully about the best ways to proceed, rather than randomly moving their pieces around because they don’t have the patience to think of a more precise move or strategy.

“Chess thinking” has many practical applications in the financial world. In fact, I’m in the process of writing a book about the strategic similarities between chess and investing called Rich As A King with Grandmaster Susan Polgar.

To listen to Boris Gelfand’s interview on The Goldstein on Gelt Show, click here. You can also watch a video of his interview here.

So keep on playing, and make sure to prepare for the future.

(The opinions expressed on the Goldstein on Gelt show are those of the guest, and not necessarily my opinion or the opinion of Portfolio Resources Groups, Inc.)