Eh, 3 pieces of a randomly generated string... hashed in memory, and only the result of the hash function is stored. Pretty basic concept.
Soon, dear throwaway, you'll be telling me we should live in fear of the locksmiths, for all their key blanks and such fiendish metal files to abrade them with. What if they should file down a butter knife into the shape of my precious bicycle chain's key?
Password rotation becomes necessary, and a little bit riskier, because now you have to deal with accidental lock-outs in a sane, coordinated manner.