“The person who doesn’t know where his last rupee went will never know where his next rupee is coming from.”
We Indians are passionate about games, be it board games or field games like cricket. From our childhood, we learn to play many games. Even those classroom games were so fun when we dragged our feet to boring lectures and turned to our last pages in the notebooks to play tic-tac-toe. They all required some skilled strategy to win.
Strategic games require skilful dodging, thinking, and deadpan expressions. These attributes are not far from real-life scenarios, where wealth building is the primary requirement. A player must use a deep understanding and thinking on the feet to approach the desired results.
Building wealth requires planned timely investments just like strategic games where every move is calculated based on the risks and its mitigation.
Games offer us many wealth investments lessons which can be applied in the process of wealth building.
Here are some of the critical lessons to be learned from strategic games for wealth investment:
1. Calculated risks
Strategic games are about taking calculated risks such as Chess. Depending upon the moves our opponents or we make, the next steps are calculated strategically. Similar is the case with wealth investment where each move has to be calculated not to risk our plans. The key to a successful wealth building lies in considering all the risks for maximum gain or loss with time management.
2. Long-term thinking
With long-term thinking comes success. There may be instances in short-term where luck favours us, but not always. The only key is to stick around patiently and preserve. Investments are those poker games which require patience for long-term benefits.
3. Know the numbers
Knowing the numbers is essential in every game and investment to make next moves. To grow investments, a good number crushing done beforehand is a must for everyone. Primarily if we are investing in stocks, we must make a technical and fundamental analysis.
4. Keep emotions in check
It accounts everywhere in all formats of strategic games and building wealth. Keeping emotions in check helps in long-term returns. It maximised the return of investment and also saved from poor decision-making.
5. Read opponents
A successful player is the one who has the best strategies and knows their opponents well. Similarly, a successful investor acknowledges market needs and growing trends to draw an appropriate plan. Likewise, Wealth investments require deep learning of markets.
6. Research the market
The desired results, whether in a game or wealth investment, are achieved with thorough market research. Investors must study the market regularly to get good results from current and future finances.
7. Be consistent
Being disciplined and steady is essential for both strategic games and investments to gain required knowledge which can be applied while playing games like Bitcasino or investing. It decreases the risk and makes you prepared for the next moves.
The board games may not be taken as education for building wealth or making strategies, but playing games teaches us important lessons which are valuable while making real-life decisions. All the wealth investment lessons must be taken with the proper knowledge to achieve the desired goal.
It must be kept in mind that if we invest everything in a single or two areas, we expose our assets to high-risk situations. We must diversify our portfolio intelligently to reduce potential losses.
One of the plans which ensure building wealth is Max Life’s online saving plan for wealth-creating, which lets you make strategic investments with a flexibility to choose from a wide range of funds.
With strategic planning and disciplined investments, we can achieve our goals.