There are some Rule of Thumbs in the financial Industry, please take a look of each:

1. Investment Rule of Thumb

Rule of 72

How many years it takes to double your investment?
Use the investment return and divided by 72 is the number of years it takes to double your money.
e.g. If the Canada Savings Bonds give you a interest rate of 3% a year, guess how many years it takes to double your money?
Answer: 24 years

2. RESP Rule of Thumb

Rule of 9

Government gives 20% grant to RESP contribution. The maximum lifetime grant you can receive is $7,200
If you have not started any RESP plan for your child, age 9 is the last year you can catch up with the contribution 
to receive the maximum amount of grant $7,200.

Rule of 15

If you have not started any RESP for your child, the last chance to contribute to RESP is age 15. 
The regulation of the RESP plan is that you need to have at least $2,000 RESP contribution prior to age 15 
in order to receive grants for RESP contributed in age 16 and 17.
If you contribute $4,000 when your child is 15 years of age, you still can get a maximum grant of $2,400.

3. Insurance Rule of Thumb

For insurance planning, how much you can afford to put away for insurance premium payment? 
How much insurance you will need to protect your family? The rule of thumb is about 5% of household income to be spent on insurance;
And the insurance amount is about 16 times your income.

4. Emergency Fund Rule of Thumb

How much money you should set aside for emergency fund?
In case you do not have regular income due to sickness or accident, who pays for the mortgage payment, utilities, food, etc.?

The Rule of Thumb for emergency fund is 4 months of your income.

*Insurance products provided through multiple imsurance carriers.