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The Rule of 3! Have you ever noticed that you are only able to hold three or four key concepts at a time? That applies to your finances as well. Life, liberty, and the pursuit of happiness is just an example of the Rule of 3 concept.
We wanted to have an episode where we break down the financial basics to set you up for success. Tune in to this week’s episode of The Money Guy Show as we discuss the Rule of 3 and how you can apply it your finances.
Here’s What You’ll Find Out in this Episode:
- The First Rule of 3 is to Keep It Simple
- What the KISS Principle is and how it is beneficial to your financial life
- Why organization is an important step to avoid complexities in your finances
- How to make sure to avoid the trap of following the hot stocks of the time
- Why you should be aware of how significant changes in your life impact your financial future
- Why the concept of paying yourself first is important
- The Second Rule of 3 is to keep an eye on taxes and fees
- Why you shouldn’t get caught up in short-term investing and should focus on your long-term goals instead
- How you can avoid taxes legally through the process of tax minimization
- How the location of your investment relates to your taxes
- How to minimize fees and commissions
- The Third Rule of 3 is to know yourself
- How to identify and understand your financial personality
- The relationship between risk capacity and risk tolerance and how both need to be considered when creating an investment strategy
- Why diversification is your investment friend
- Why you always should have a plan of action for your money
- Why you can’t be afraid to ask for help
Resources Mentioned in This Episode and Related Episodes
- Financial Order of Operations: How To Prioritize Your Financial Goals
- How to Invest A Windfall of Cash: Dollar Cost Averaging vs Lump Sum Investing
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