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How Healthy Are Your Finances?

July 15th, 2011 at 08:33 pm

Just saw this link referenced on a listserv. I thought you all might like to see it, too.

Text is http://cgi.money.cnn.com/tools/financialhealth/index.html and Link is
http://cgi.money.cnn.com/tools/financialhealth/index.html

I only got a C+, so it's looks like I have a lot of work to do!

Posted in Savings Game, Goals, Debt Payoff Challenge | 3 Comments »

3 Responses to “How Healthy Are Your Finances?”

  1. ceejay74 Says:
    July 15th, 2011 at 09:09 pm 1310764146
    1310764146

    Interesting! When I just looked at my info, I got a C. But combining my household's info, we got a B+.

    Out of curiosity I kept entering higher and higher numbers in the retirement contributions section to see what they would consider a safe amount. We currently contribute less than $900; the tool didn't say we were safe until I got to $2100 per month!

    I looked at their source for that calculation and they were figuring you'd need 80% of your current income in retirement. I think we'll only need about 60%. So that explains why it said we needed to be saving so much more.

  2. crazyliblady Says:
    July 15th, 2011 at 09:29 pm 1310765363
    1310765363

    60% of a person or household's income going to retirement? That sounds outrageous. Don't most people spend a big portion of income on food, clothing, gasoline, etc.? I am not sure I agree with this number.

  3. ceejay74 Says:
    July 15th, 2011 at 11:20 pm 1310772039
    1310772039

    Do you think it should be more or less? I figure we won't have mortgage or student loan debt payments, so our income needs will be much less.

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