How Normal Are Your Finances?

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Normal financesBy Libby Kane

When it comes to money, there's really no such thing as normal.

RELATED: How Real Women Got Out of Debt

There's only what's right for you. After all, we're the people who think buying bottles of water is a travesty and look forward to $0 days.

What we can tell you, though, is what other people are doing, so you can gauge "normal" for yourself. Through a nationwide survey conducted by LearnVest and Chase Blueprint, we surveyed over 1,300 respondents (men and women) to learn what the average person saves, spends and invests.

So go ahead and take a peek at the finances of your neighbors, and feel free to let us know: Are your finances normal -- you know, by comparison?




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8 Comments

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snilsson@spotxchange.com

I'm curious about the average age of those surveyed. I am 24 and feel overwhelmed by the average emergency fund and retirement savings amounts.

January 24 2013 at 10:42 AM Report abuse rate up rate down Reply
1 reply to snilsson@spotxchange.com's comment
vlady1000

24 is young and that is very advantageous to you. 1).do NOT borrow to buy things 2)Do borrow (if you need to) if for an adventure you know WELL, have CONTROL of and will make you MORE $$, but also look at any down sides too and have a plan if that happens. 3) stay diversified (this includes investing in things NOT avail on Wall Street). 4.) One step at a time and build on it. 5. Buy ONLY want you need, and buy "smart" (buy used, coupons, rebates, etc, etc). 5) besides cutting costs, look at making $$ (any interest that could be part-time business, may become your main business someday 6) Keep all insurance costs to a minimum (insure only those items you cannot afford to replace). 7. rent out a room or two. if you own a house (or looking to buy one). 8.Look for investments and occupations that have "residual" income that keeps coming in year after year from for the work you did years ago (i.e. rental property, insurance agents, etc, etc). 8) read some books on the subjects.....if you follow the "heard", it is a hard. long, road to success.....GOD Luck!!!

February 10 2014 at 7:19 PM Report abuse rate up rate down Reply
freethedems2012

Soon broke will be the new "normal".

November 17 2012 at 3:29 PM Report abuse rate up rate down Reply
white41990

I am 30 got mine (162,000) paid off last February, doesn't mean I changed my budget I now make those same amount of payments every month that go right to my retirement account, thank god I don't got a marrage license to worry about if there were to ever be a divorce with someone Id have to kill them first, litterally!

November 16 2012 at 4:36 PM Report abuse rate up rate down Reply
Wade B

I am 41, we paid off our mortgage (~$300k home) in early fall 2008. Haven't looked back.

Living without debt the way to go. Get there as fast as you can.

November 15 2012 at 3:23 PM Report abuse rate up rate down Reply
jacruth

Paid off my house 2 years ago. Now I'm buying as much investment property while it is on sale to have rental income to supplement my retirement.

November 15 2012 at 9:37 AM Report abuse +2 rate up rate down Reply
1 reply to jacruth's comment
vlady1000

yep, I have owned many for many years. Quit buying any more 6 years ago, as I have enough to retire on and was paying off many mortages early. But 12 months ago started buying more as the deals have never been so good. Increased rents, lower costs (thanks super low loan rates) = the largest positive cash flows like I have never seen before. I now owe about as much as I ever have, but never been is such a good finacial position. It is more work, but has returns 5 to 8 times as much as my IRA/401K has gotten in the same time period. 12 years ag the rentals were Plan "B" for retirement. They quickly became Plan "A' and my IRA/4)1K became plan "B". Stock marhket/bond market can fall 50% next week, really does not bother me anymore.

November 17 2012 at 6:36 PM Report abuse rate up rate down Reply
davefromfwb1

I'd like to know how many people have their houses paid off. I concentrate on paying off my house so I'll be debt free excluding property taxes, home insurance and utilities.

November 15 2012 at 8:57 AM Report abuse +1 rate up rate down Reply