1962 Cost of Living

2 years ago

Hi Guys,

This picture has been making the rounds on Pinterest, so I thought I’d share it here. The graphic shows the cost of living in 1962 – pretty cool how cheap things were back them. I’m loving that new house at $12,550.

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1) Create a 50/30/20 budget that lets you know what you can afford.

2) Treat your marriage like a business. Let one person manage the money, both people need to agree on goals and budget.

3) Pay off toxic debt, but use “good” debt to get ahead.

4) Risk is a fact of life, sensibly manage it. Diversify, do target asset allocation, cut costs and stick to your plan.

5) Save early for retirement. Save as much as you can and don’t stop.

6) Preserve your home equity. Buy less house than you can afford, pay off your mortgage. Don’t move if you can afford it.

7) Be a savvy consumer. Shop around for financial products, review recurring expenses and advocate for pro-consume regulation.

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