Best Financial Rules Of Thumb

financial_rules_of_thumb4Like most complicated things, it makes it easier to grasp a concept if we can shorten the explanation to just a few sentences or one rule of thumb. Nowhere is this more important and put to good use than in the financial world. Here are some of the best tried and true financial rules of thumb that I know. Like all general explanations there are always caveats and one-offs, but if you follow these rules of thumb to some extent you will go along way to keeping your financial world on solid ground and going down the right path. We’ll go over each rule of thumb, discuss what makes it work in general and list any caveats to keep in mind to make it work for you specifically.

 
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Time For A Financial Checkup

financial checkupWith all the market volatility and the Dow swinging between 500 point gains and declines I’ve found the best way to calm my financial nerves is to sit down and give myself a financial checkup to make sure my financial house is in order. Once you go over your financials and make sure your base is firm you can be fairly confident that you can weather most outcomes be they bull or bear. You need to start with the basics like – do I have enough cash if this is more than just a bull market correction or the beginnings of something more bear like? Then you need to see that you are saving enough for your future and retirement in whatever form that takes. So let’s get started.

 
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