All the Financial Advice You Need on an Index Card

Happy 2016! The Money-Guys are thrilled to celebrate 10 years of producing The Money Guy Show. It’s been an incredible decade of sharing this podcast with you. Thanks for being along for the ride.

On this episode, we want to cover something you might have seen in the news recently: the claim that you can fit all the financial advice you need on an index card. But we’re putting a bit of Money Guy twist on things while dissecting the words of wisdom on the cards Harold Pollack and Jonathan Clements wrote up.

Before we begin, we want to take a brief moment to remind you that if you love our common sense approach to money, we’re fee-only financial advisors who are more than happy to help you reach your own financial success. We thoroughly enjoy having our listeners become clients. Want to learn more? Get in touch with brian [at] money-guy.com or bo [at] money-guy.com.

In This Episode, You’ll Learn

• How saving 10-20% of your income can get you on track for financial independence
• The reality behind why you need to be accountable for your own retirement savings
• The importance behind paying off your credit card in full each month
• The exceptions to the rule when it comes to paying off all your debt
• The 100% guaranteed rate of return you need to take advantage of
• The simple “order of operations” in which you should direct your savings
• Why you shouldn’t bother buying and selling individual stocks, and the strategy you should focus on instead
• Why you need to make sure your financial advisor is a fiduciary, and how it differs from the standard broker-dealers operate on
• How to avoid becoming a homeowner too early, and how to determine when you’re ready to buy a home
• What an umbrella insurance policy is, when you need it, and how much coverage you should get
• The statistical definition of “living below your means,” according to Jonathan Clements
• Why you should focus less on stuff and more on creating memories to live a fulfilling life
• A very simple rule of thumb for debt you should live by
• How you can manage your investment risk by simply controlling what you buy

Resources

• The Index Card, by Helaine Olen and Harold Pollack
• “This 4×6 index card has all the financial advice you’ll ever need” – The Washington Post, September 2013
• “How Should You Manage Money? And Keep It Short” – The New York Times, January 2016
• Pound Foolish, by Helaine Olen
• Jonathan Clements
• The Millionaire Next Door, by Thomas J. Stanley and William D. Danko

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