The 44th FIDE Chess Olympiad, which concluded this week, was held in Chennai, where the Indian team performed phenomenally and bagged bronze medals in both open and women’s events.
Showcasing great talents, Indian players also secured seven medals in the individual categories.
As a financial coach and fan of this fantastic strategic game, I think Chess has many lessons for investors, some of which I am sharing today.
1. UNDERSTAND THE GAME
As in Chess, to be a good player, you must thoroughly understand the rules and know what each piece, from pawn to queen, can do.
Similarly, you first educate yourself about the investment sphere before taking any action.
2. PLAN AHEAD
Great chess players plan in advance; they have many strategies for different stages of the game as well as for diverse situations.
In Investment, too, you must plan and take steps accordingly while proactively tweaking it as and when required.
3. EVERY PIECE HAS A PURPOSE
As in Chess, you don’t ignore even the pawns; every piece has a vital role to play in your win.
Likewise, in investments, utilize various asset classes and create a diversified portfolio as per your risk profile.
4. SACRIFICE
Sometimes you need to sacrifice even your queen for a shot at the win.
Similarly, while investing, do not get attached to any asset; get rid of lossmaking or unfit investments to achieve your objectives.
5. PATIENCE
Lastly, at times it is the grit and determination to persist that charts the path of triumph in Chess.
The same can be said about investments; sometimes, patience and staying positioned on the trajectory is the best strategy.
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The maestro Garry Kasparov said,
“Chess is life in miniature. Chess is struggle. Chess is battles”.
To win in Chess & in different spheres of life, we need to ignite the desire to succeed, plan, prepare and then work hard to be the winner.
