Tuesday’s need-to-know money news

Today’s top story: How to create a retirement ‘paycheck’. Also in the news: Handy money rules of thumb for a quick financial checkup, how one woman ditched nearly $60K of debt in less than a year, and the retirement savings blind spot you don’t realize you have.

How to Create a Retirement ‘Paycheck’
Creating a reliable retirement income stream is complex but worth it.

Handy Money Rules of Thumb for a Quick Financial Checkup
Stop winging your way through it.

How I Ditched Debt: A Spender, a Saver and Dreams of a Family
How one woman conquered nearly $60K of debt in less than a year.

The retirement savings blind spot you don’t realize you have
You could be retiring too early.

12 Money Rules to Live By

iStock_000018407605_SmallOne-size-fits-all financial advice isn’t supposed to work. We’re all as unique as snowflakes, so the financial rules that guide us should be molded to our individual situations.

Except it turns out that rules of thumb can be really helpful.

A study of West Point cadets, for example, found teaching rules of thumb was at least as effective as standard personal finance training in increasing students’ knowledge and confidence as well as their willingness to take financial risks. Researchers found money rules of thumb actually were more effective than teaching accounting principles to small-business owners in the Dominican Republic.

Besides, we all have busy lives — sometimes, we just want an answer. In my latest for NerdWallet, 12 money rules to live by.