123: Financial Rules of Thumb

In this episode, we're diving deep into the world of financial 'rules of thumb.' These are simple guidelines that can serve as your compass in navigating your journey towards financial independence. Whether you're grappling with how much to save from your income, how to manage your debt, or wondering about the right insurance coverage, we've got you covered! These insights will be straightforward, practical, and easy to understand, no matter where in the world you're working or living. Disclaimer: Remember that everyone's situation is unique. These rules of thumb are not one-size-fits-all answers, but they can provide a good starting point. <br/><br/>What You'll Learn:<br/><br/>Discussion on various categories of financial rules of thumb: Cash Management: The 50/30/20 RulePay Yourself FirstEmergency FundSpend Less Than You EarnDebt Management: The Debt-to-Income Ratio (Rule of 36)The Snowball MethodLending RuleRisk Management/Insurance: Insurance Coverage RuleDIME Method for Life InsuranceInvestments: The Rule of 72Asset Allocation by Age (Rule of 100)DiversificationInvest for the Long TermStart EarlyThe 1% max service fee RuleBig Ticket Items: Car Buying RuleHome Buying RuleSaving for Vacations or Anniversary CelebrationsSaving for College EducationSaving for Retirement<br/>📺 Watch it on YouTube: https://youtu.be/UBTHPla3UhQSupport the show---<br/>👋🏻 Connect with Kuya Jay on social media. Ask questions, inquire for collabs, sponsorships, or schedule a quick coaching call here.