as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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what is the meaning of the phrase "rule of thumb"?
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the phrase "rule of thumb" refers to a broadly applicable guideline or principle, usually based on experience or common practice rather than an established legal or scientific theory. it is generally used to refer to a basic, practical rule of thumb that can be useful for decision making, problem solving and achieving objectives.
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