Elizabeth Ayoola

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To help us answer Amanda's question on this episode of the podcast, we are joined again by James Bashel, COO and advisor for NerdWallet Wealth Partners.

And our lawyers want us to say that NerdWallet Wealth Partners LLC is an affiliate of NerdWallet Inc.

Welcome back to Smart Money, James.

In your work as a financial planner, do you actually use the 80% rule?

I don't know why this conversation is making me feel a little sad.

It's reminding me of my mortality.

And I love what you said, James, about, yeah, I'm going to die.

Oh, my God.

But I love what you said, James, about you've worked so hard and you want to actually use the money that you've saved.

Right.

Versus penny pinching your whole retirement.

We've talked a lot about the 80% rule, and I feel like that's the one that circulates around a lot, but there's also the rule of 1,000.

Can you explain that to us, James?

And then James, which one would you say is better for who?