#63: My Favorite Financial Rules of Thumb | Passive Income MD

DID YOU Miss PIMDCON 2024? YOU CAN STILL GET THE REPLAYS here!
Learn more!

Episode #63

#63 My Favorite Financial Rules of Thumb

Finances can be tricky, whether you are buying a rental property, investing, or making a budget.

19 Min • July 12

Episode Highlights

Finances can be tricky, whether you are buying a rental property, investing, or making a budget. I’ll frequently find myself getting stuck in a classic “paralysis by analysis” situation.

In times like this, what has helped me greatly is to refer to some simple rules of thumb for each situation. If you’re considering an investment or a purchase, having a rule of thumb can give you have a quick idea of whether it’s worth your time to pursue or analyze it further. Think of these rules of thumb as a basic guide to help make a quick determination.

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 in personal finance and retirement
  • How much house can you afford?
  • What should your net worth be?
  • How much life insurance do you need?

Episode Breakdown

[6:29]

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

[11:02]

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

Subscribe & Review in iTunes

Hey there – are you subscribed to my podcast? If you aren’t, please show your support of the show by doing so now. I don’t want you to miss a beat, so if you’re not subscribed, there’s a good chance you’ll miss out on those. Click here to subscribe to iTunes!

If you’re one of our super special listeners, I would be really appreciative if you also left me a review over on iTunes. Those reviews help other people find my podcast. Why not spread the insight to help other physicians and professionals on their passive income journey? Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know why you enjoy the show so much. Thank you!

OTHER WAYS TO ENJOY THIS POST:

Download a Transcript (coming soon!)  

Download on iTunes 

Join the Passive Income Docs Facebook Group

Join the Passive Income Professionals Facebook Group


 

Site Design Delightful Studios
Site Development Alchemy + Aim