# 62: My Favorite Thumb Financial Rules

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    My favorite financial rules from Thumb

    Finances can be tricky whether you’re buying a rental property, investing, or drawing up a budget. I will often get stuck in a classic “paralysis by analysis” situation.

    At times like these, it has helped me a lot to follow a few simple rules of thumb for every situation. When considering an investment or a purchase, a quick rule of thumb can help you see whether it is worth following up or further analyzing. Use these rules of thumb as a basic guide to help you make a quick decision.

    [PIMDCON 2021] Save date (1)

    Now let’s look at what we discussed in this episode:

    • My favorite financial rules of thumb in real estate
    • My favorite financial rules of thumb for personal finance and retirement
    • How Much House Can You Afford?
    • How high should your net worth be?
    • How Much Life Insurance Do You Need?

    Here’s a breakdown of how this episode played out …

    [6:29]

    The rule is that your investment property should rent 1% of the purchase price.

    [11:02]

    The amount you have should depend on what your sources of income are and how consistent they are.

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