The game of chess is an example of the amount of strategic vigor that you need to be successful in life. I read a recent article on how a chess master applied lessons from the game of chess to build a successful business. Entrepreneurs certainly need to be careful in how they approach business and problem solving. Every family could benefit from understanding how chess and your financial life are parallel. Here are some lessons that the game of chess can teach us:
If you see a good move, wait. There might be a better one coming up if you’re just patient. Inexperienced chess players will jump at the first opportunity to take a pawn, while masters exercise patience with an eye on the big picture. Cautiously weighing the risks and rewards of each move is essential.
Winning requires you to plan many moves ahead. Chess, like life, is complicated and not just a few moves. A long-term view with a carefully mapped out, disciplined strategy is needed to succeed. In chess, you have to manage your time or you can lose – even with the better position. Building an estate planning War Chest takes years of planning and work. No matter how you start, what advantages or disadvantages you face, it’s critical to think strategically and begin taking the necessary steps for your long-term preparedness, security and happiness.