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Money Guy Show

The Rule of 3: How to Make the Best Financial Decisions

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 12 April 2019

⏱️ 36 minutes

🧾️ Download transcript

Summary

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.

For more details, please visit the show notes on our website: https://www.moneyguy.com/2019/04/rule-of-3/

Transcript

Click on a timestamp to play from that location

0:00.0

The rule of three. You ever notice you only can hold three or four key concepts in your head at a time?

0:05.7

It's the same thing and the same functional way with finances. So let's focus on what those key three things are for your financial life.

0:30.0

Here's what I'm so excited about. How long has this show been going on since January 2006? Since January 2006.

0:37.2

The math has gotten hard. So I just started giving it the start of the show instead of how many years.

0:41.3

So there is just a plethora of information out there. If you want to go out and learn about pretty much any financial topic out there.

0:48.2

If you want to know about equity indexed annuities or you want to know about Rothkin versions or you want to know about saving money and utility bills.

0:54.7

Whatever you want to know, we've probably done an episode. There's probably a show out there about that.

1:00.7

Well, you and I were talking in pre-show prep and we were thinking, what if we wanted to just distill it all down?

1:06.7

If we could bring everything down and you could just do these things, it sets you up for success.

1:12.9

And that's kind of what we were aiming for with this episode. One of the things I think about immediate is life, liberty, and the pursuit of happiness.

1:20.9

That is in our Declaration of Independence here in the United States.

1:24.5

You know, old Tom Jefferson, he was on to something when he pinned those words.

1:28.5

Life, liberty, and the pursuit of happiness.

1:32.9

You see how it just rolls off that three? You go, and then a, and then, the final. Same thing.

1:40.3

Steve Jobs, when he came out, you at least have your phone. Hold that phone up as a display. You don't want to give your number or whatever.

1:46.9

You know, our phone, it's got an iPod, it's got a phone, and then an internet connection device.

1:52.9

I love it. I mean, Steve did well. I mean, this is the next evolution after the iPod.

1:58.9

And we want the financial thing makes complete sense because you can only focus on what you control.

2:04.5

And I think sometimes we get so encompassed in complexity of life, all the things we have going on, that we kind of lose that really, if we could just get three key things,

2:15.3

maybe focus the next year on, you'll go be a better place. Yep. So I would, and look, I know this is, this is why this is starting off weird is because,

2:26.1

but we're doing this on April 1st, which is April Fools Day. We're doing this on a day we're not supposed to record. We're running a skeleton crew.

2:33.3

I was out, I recorded, we recorded last Tuesday, and I already got picked on by some listeners because I said I was feeling a little under the weather.

...

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