Despite enjoying popularity on the street, not every “rule of thumb” or popular investing strategy works. A “rule of thumb” is a principle that can be broadly applied to a situation, and by definition, lacks a certain amount of accuracy.

Sometimes rule of thumb guidelines can be safely followed. Other times, it may be best to scrutinize common wisdom, like “sell in May and go away.”

Today’s episode provides tips on what to think about when deciding what your next financial step should be. Should you follow a general rule of thumb or should you take customized action steps based on your specific situation?

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