There are endless forums out there on the web offering advice on how to best go about planning for your financial future.
Some will insist on certain investment opportunities, while others will extol the virtues of particular strategies.
However, when the dust settles and the wheat is sorted from the chaff, what matters most is learning from those with more experience than yourself and keeping abreast of developments in business and, indeed, the wider world.
Of course, that does not mean you cannot fine tune your financial planning skills in the meantime and classic games – many of which can comfortably be played on your mobile phone – are a great way to get in that planning mindset.
Many people both play games and invest via their mobile phones, so it makes sense that there are some synergies between the two
It Is Good Practice to Spread Your Investment Plays
Putting all your eggs in one basket is never a sound idea when it comes to your personal finances, because if something goes wrong the last thing you want is to lose everything, rather than taking a minor hit you can recover from.
Players of classic table games like craps and roulette know all about this tactic, ensuring that they spread their chips far and wide in order to hedge their bets.
Of course, there is still no guarantee that the dice or wheel will deliver the numbers or colors they are looking for, but this way their statistical chances of winning are increased and their potential for large losses are lessened.
Nowhere is this more the case than in roulette. Understanding the anatomy of the roulette wheel and table means to remember that the statistical likelihood of the ball landing on one solitary number is 35-to-1. Of course, this means it is worth taking a punt at a few lone numbers, but experienced players usually try to mix in some wagers on entire rows or splits, where odds are reduced to 17-to-1. Then there is always the classic roulette choice to consider, between red or black. Just remember that the green 0 always slightly tips the scales in favor of the house whether you are playing online or offline.
Classic board games like chess require players to display incredible levels of patience and discipline, both of which come in handy for any wannabe investor
Stay Patient and Plan for the Long Term
Spend any time on YouTube or Reddit and there will be no shortage of musclebound men, wearing gleaming watches and driving expensive cars who will all tell you that making money is easy, and that it can be done in a short time span.
Do not listen to them, because that watch is probably borrowed, the car is a rental, and they live on their mum’s couch.
The key to sound financial planning is to think long term and to do that you have to develop a strong sense of patience and discipline.
There are plenty of classic games out there that help you do just that. Chess is the perfect example of one, requiring players to bide their time before going on the attack and only adopting riskier strategies once they have gained an upper hand over their opponent.
Do Not Let Emotion Skew Your Thinking
When it comes to financial planning, emotions and sentiment should play a very minor role. This is because the two have little in common, with markets or real estate not caring about your emotional wellbeing or that of the people around you.
It sounds harsh but it is certainly true. Being successful in classic games is all about knowing your probabilities and strategies off by heart, because if you start making moves based solely on irrational feelings and emotions your opponent will sense it and pounce. Part of this is also being able to learn from your losses, rather than throwing your hands in the air and saying it was all down to just bad luck.
Bad luck only exists for those gamers and financial planners who do not do adequate homework before they start throwing their money around.