Casey Dowd – I was 24 years old when I married my wife in 1974. The average price of a new home was $34,900 and the average median family income was $12,836, according to government data. At the time I was a restaurant manager in Florida and brought home $269 every other week and we had a strict budget to make ends meet and cover monthly expenses.
Fast forward 39 years and it’s incredible how much prices have risen and the economy has changed. The national median price for existing homes was $180,000 in December 2012, according to the National Association of Realtors and the average median household income was $50,054 in 2011, according to the Census Bureau.
No matter how much has changed over the decades, basic personal finance principles hold steady: a well-formed and adhered to budget will lead to greater savings and a financially-sound retirement.