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Episode 008: Mastering Money with Financial Rules of Thumb
Manage episode 415577403 series 3553421
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A financial heuristic is a mental shortcut you use to make financial decisions quickly and easily. These are also known as financial rules of thumb, and can guide your financial choices without requiring extensive analysis and avoiding information overload. In this episode of The Finance Geeks, we're putting these financial rules of thumb under the microscope.
We'll explore popular rules like the 50/30/20 Rule (50% Needs, 30% wants, 20% invest), the Rule of 72 (calculating investment doubling time), the 100-minus-your-age asset allocation strategy and the Pareto Principle (80/20 Rule), plus many more, revealing their strengths and limitations.
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Chapters:
0:00 - Intro
8:33 - Hot Off The Press
18:40 - The Focal Point: Financial Rules of Thumb
44:07 - Two Pennies Worth
49:56 - Quotes & Anecdotes
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Podcast Reference Links:
Everything you need to know about St George
9 things you didn't know about St George
Bitcoin Halving Event Of 2024: The Aftermat
https://www.forbes.com/uk/advisor/investing/cryptocurrency/bitcoin-halving-event-2024/
Bitcoin Will Pass $250K, Central Banks Will Jump In Before Next Halving
Gold prices hit an all-time high
https://www.cnbc.com/2024/04/01/gold-prices-hit-all-time-high-what-to-know-before-investing.html
FTSE and why it is going up
The Rule of 72: Definition, Usefulness, and How to Use It
https://www.investopedia.com/terms/r/ruleof72.asp
Budget Planning Guide
https://tandemfinancial.co.uk/wp-content/uploads/2022/05/Budget_Planning_Factsheet.pdf
The 10/10/10 Rule For Tough Decisions
https://www.fastcompany.com/3007613/10-10-10-rule-tough-decisions
Handy Money Rules of Thumb
Financial Rules of Thumb
https://www.getrichslowly.org/financial-rules-of-thumb/
Pareto Principle (80:20 Rule)
https://en.wikipedia.org/wiki/Pareto_principle
The Obstacle is the Way (Book)
https://tandemfinancial.co.uk/book-reviews/the-obstacle-is-the-way/
The Money Plan (Book)
City Mapper (App)
https://citymapper.com/?lang=en
Red Eye (Film)
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