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All the Hacks with Chris Hutchins
25 Money Rules (and When to Break Them) with Brian Feroldi
Jul 31, 2024
Brian Feroldi, an investing expert and founder of Long Term Mindset, shares insights on 25 essential finance rules to sharpen your money management skills. He breaks down the 'rules of 72 and 70' for beginners, highlights the emotional factors influencing financial decisions, and emphasizes smart strategies for new parents navigating unique financial challenges. Feroldi also discusses the significance of minimizing investment fees and the importance of regular portfolio rebalancing, ensuring listeners are prepared for both present and future financial health.
58:22
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Quick takeaways
- Understanding core financial principles, like the Rule of 72 and Rule of 110, can simplify investment strategies and enhance decision-making.
- The five-year rule emphasizes the importance of long-term investment, suggesting that money should remain invested for at least five years to mitigate volatility risks.
Deep dives
The Complexity of Personal Finance
Personal finance and investing can often feel overwhelming due to their complexity and the emotional weight they carry. Individual experiences with money vary greatly based on upbringing, educational background, and the role models one had. Schools typically do not teach these essential financial skills, leaving many to learn from their parents or outside resources. This creates a landscape filled with differing opinions and practices, making it crucial to sift through the noise and develop foundational rules of thumb that can simplify money management.
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Listen to the best highlights from the podcasts you love and dive into the full episode