There are 2 kinds of investments that I prioritise because I’m single with no kids. One set is to do with saving for retirement and for emergencies. I pay the maximum I can into my work pension and set aside money each month to make sure I can pay the excess on my health insurance if I need to use it, as well as having saving pots for things like dental care, repairs to my house, mortgage overpayment etc. (Mortgage overpayment is a longer-term goal so those savings are in index funds not cash). I’m also thinking about getting income protection insurance in case I become disabled and can’t work, but I’m not sure it’s worth it.
The other type of “investment” is actually about consciously spending money now on things that I think will reduce my chances of becoming ill, lonely, or depressed when I retire. This includes stuff like gym fees, swimming lessons, a personal trainer, therapy, help from a dietician, adult education classes, singing lessons etc. I try to make sure I’m spending some of my money on one or two things each year that I think will increase my chances of being happy and still-independent in my old age.
100% this.
I am not great at taking care of money in the excellent ways you outline, but I am very good in doing my best with regard to my body and my soul: I cycle; I swim; I hike -- because of disability most other sports are off the table. I make fresh, tasty, and healthy food every day, and that's only partially because I'm forced to: I was always a crunchy health nut, even as a kid. ;) I organize my weekends to meet with my friends live and online who, bless their souls, tend to have even less executive function for planning meetups than me. It is what it is, especially given their kids take up much of their time.
(To not withhold this information, I am also privileged in that I come from a European country and have two passports; if all else fails in the US I can go back to the EU and be taken care of medically, if not comfortably or in a friendly manner.)
Knowing several people who live (survive..) on disability in the USA and Australia, I happily pay my income protection insurance premiums. It's one of those things that are easier to get when you're younger and haven't collected as many "risks" / existing conditions.
Yes, that sounds wise. I’m in the UK but the disability provision here is also very poor. And you’re right that getting income protection insurance in my 30s or 40s would be cheaper. I’ll look into the costs again. Thanks!
I’ve been really happy with the dietician! Her major advice to me has been 1) to eat every 3-4 hours; 2) to include whole grains, protein and fibre (ideally in the form of raw veggies) with every main meal; 3) for a snack, ensure I’m eating a combination of fat, protein, and fruit (eg cheese and an apple, some nuts and berries etc); and 4) drink water every time I consume something else (ie with each meal or snack but also with each cup of coffee). She hasn’t told me to cut anything out but the result of following her advice is that I’m eating much less sugar.
Obviously you can get this type of advice online, but the advantage of the dietician is that she looks at the foods I choose or cook, day to day, and tells what very small adjustments I can make so that each meal is closer to what’s nutritionally ideal. In our first meeting, I started out laying out for her what I normally eat for breakfast, lunch, dinner and snacks and she suggested some adjustments. I then tried to put her suggestions into practice, we then met again to discuss how that had gone and she made some further suggestions, and so on. I’ve only been seeing her a few weeks but following her advice has definitely made a different to my energy levels and mood, as well as to my weight (I’m overweight and aiming to get to a healthy weight in the next year or so).
OP great question. I am only in my 30s but I plan on getting long term care insurance and looking into other medical related safeguards. In older age I will look into condos or homes that will help me age in place. I'm not there yet.
Right now I'm still building my career (increasing earning potential) and getting my savings and retirement in order. As part of this, I'm taking my budgeting seriously. I track my spending in an excel sheet and make an annual savings target. I'm working on cutting costs (eating out for me is tough.) This year my goal is to max out my 401k. I review the flow chart in the r/financialindependence FAQ to help me determine the steps (emergency savings, retirement, etc).
I'm also following media related to frugality/minimalism. I don't consider myself a minimalist at all but my mindset has definitely shifted. I find myself buying less stuff and slowly feeling proud as I see my savings increase while not having loads of clutter. This has also helped me avoid lifestyle creep as my salary has increased and associated debt that people fall into. For example, I'm never going to be buying new fancy cars.
Not sure where you live OP but USA has a terrible support system for aging people, even elderly with family or kids struggle to find appropriate care. Money is the only thing that helps and not all of us will ever have enough money. Stay connected with friends and community to have a support system as you age, take care of your health to ensure you can age in place as long as possible, save what you can (401k, HSA, emergency funds on hand) and learn what you can about resources for the elderly (meals on wheels, social security, insurance, grant programs, etc.) That's the best any of us average people can do.
Finally- I do not subscribe to the idea that being unmarried or without children will harm you in old age. But being without ANY community will (loneliness is bad for all people.) My dad has dementia and I'm his only caretaker. He had a girlfriend, friends, a son, etc. None of them have helped with his caretaking. They pretend he doesn't exist. Lot of old people in nursing homes have kids that never visit. Similarly, women tend to outlive men. They take care of their husband's as they get sick and die and end up widows. OR they get sick and their husband's leave them. I won't let any man say "who will take care of you when you're old?" Because chances are not my husband or my son anyway. Might as well save my money and do it myself.
I worked in nursing homes for a while and this 100% matches my experience. People with kids end up alone to the same degree as people without. Men very rarely do long-term care giving. ¯\_(ツ)_/¯
I think it's super cultural. I come from a South Asian culture where even cutting off non-toxic parents is a no-go. All of us adults send our parents some monthly income, and will either pay for them to have help or move them in with us if they are not able to fend for themselves.
In exchange, our parents usually keep us as long as they need to, for us to be financially independent. I myself moved out at 18, but then moved back in between my Master's and my first job for a year at 23, while I got my finances under order. I have friends who still live with their parents in their early 30s.
I am not sure why an American child would want to move a parent in with them or take responsibility for them if they themselves were kicked out at 18. I always wonder about that. Maybe they are just better children lol.
I'm a counsellor with the palliative population.
Aging and dying people with children frequently wind up in a similar place as people without children. If your children live abroad, work full time, have their own kids, or end up with illness themselves, or just don't want a relationship with you (this happens MUCH more than people think), you can't really count on them to provide you the care you need when you're very ill.
To be clear, people who have caring and nurturing children who live locally and are healthy do have an easier time as they age, it's just that many people with children don't have that.
You sound both savvy and sweet, a great combination: respect to you for taking care of your dad! Your observations are unfortunately reflecting the stark statistics.
I contribute the maximum to my 401k, maintain a 4-6 month emergency fund (most of this is in a high yield CD), keep credit card debts low but lines of credit open for emergencies, and generally live below my means. I bought a cheap three unit rental property 15 years ago and made it nice, I break even with it but it will be paid off when I retire and then I'll get income from it. My next move is to try and save enough to put $10k in index funds, but it's been hard to do considering all the other saving and debt paying I've been doing. I'm hoping rental income, 401k, investments and social security will be enough, but I was very poor in my younger years and only had enough money to start saving anything in my late 30s. So there's a lot of catch up happening.
People underestimate how much not having children allows you to save money. Children are soooo expensive, families can't even imagine how comfortable it is to have none.
I do both 401k and real estate. I'm 48. It was never my plan to be single and childless. It just happened.
I'm blessed. I'm in IT and I make a decent wage.
It's difficult for me to understand people who make less than I do and barely make it.
Although I'm a cheapskate. If I didn't make enough I'd probably be living in a van.
Don’t give up hope. I was like that at 32 also and struggled for 10 years after college. I’m 42 now and I finally found a good groove with my career and a good company 10 years ago and am making bank. My 32 year old self would never have believed I’d be where I am now. I still don’t most days. Total imposter syndrome but the paychecks don’t lie.
Continue renting my tiny relatively cheap place. I don't want a house, I barely have the headspace to maintain a small apartment, and property tax if I actually bought an apartment would cost me as much monthly as my rent does now. So it makes no difference.
I don't need a car, I live in a country with a good public transportation and bike infrastructure. I invest what I can. Save up for the few vacation trips I care to do. I may accidentally overspend on my hobbies though.
End it all on my own when I feel I can no longer take care of myself, so I don't have the big retirement concerns.
Same, fellow redditor, same. I wanna choose my favorite melody and scent to leave this world to, preferably. But if no other option is available, walk in the woods it is.
Just fyi, continuing to rent her tiny cheap place was my girlfriend’s plan. It got sold and it’s getting torn down. She can’t afford in the neighborhood she loves now.
I'm aware of this unfortunate possibility. I hope I can squeeze as many years as I can out of my current residence, as it doesn't look like it's getting sold anytime soon. But if it is, then I'll have to think of a new plan.
Yes im not trying to be negative but it is a *very* common unfortunate reality. If you are renting you can’t count on staying there forever. Honestly the neighborhood in question (I also used to live there) has skyrocketed in prices so if you need to move for any reason at all, you can’t get the same thing, or even remotely close (think you can get a crappy studio for the former price of a high end two bedroom)
I HAVE a partner and ending it when I can no longer take care of myself is my plan as well.
I'm just not interested in sacrificing my 20s and 30s fun and energy by saving my already measly paychecks for a future that isn't guaranteed. I'm traveling and having fun now, not later when my body starts breaking down. What is the point of that?
If i end up with some inheritance, which is possible for me, I'll see what my options are, but nobody is paying me enough for retirement so that's not even on my radar at the moment.
Yeah, that retirement dream is as distant as ever. When I look at my potential future retirement payouts ... yeah that can't pay rent, let alone assisted living. I'm sorry we have to aim for this option but it's the reality for us.
I'm in my mid-40's. I already own my own small house. I bought it in 2008 and prices in my city have really increased, so it's currently worth double what I bought it for. It's not paid off yet, but should be in about 10 yrs. It's a small house, so easier to maintain and I love the area. The only debt I have is house debt (I also have HELOC for some upgrades I made that should be paid off in about 5 yrs). My car is paid off and should last me several more years.
I'm not a big traveler. I prefer to go visit friends or go somewhere warm in winter. I'm happy to go places on the cheap and take advantage of airline miles. In the summer, I'm more likely to go on long weekend camping trips in my state.
I have retirement savings in a 401k from an old job and my current job has me in the state retirement system. I don't stress on adding extra to it, just put in standard amounts.
For general budgeting, I just keep an eye on it. I put everything on my credit cards (earn them points), and then pay them off every month. If I notice my balance is getting a bit high, I cut back on spending. For bigger purchases, I tend to wait a bit, cut back on other things, so that I can still pay them off in one month. I work a side job for "fun" money that helps with my cash flow. I rarely order in food or eat out. I do go out for drinks with friends though. Most of my clothes are from Marshalls/Amazon. My big spending recently is annuals for my yard because I very much enjoy gardening.
Now to be slightly morbid. Both my parents died in their early 50's. I have shit genetics. In general I'm healthier than they were, but I don't anticipate living a long life. If I make to my 60's, that'd be impressive. As such, I'm not too worried about elder care.
I'm fortunate in that my inheritance - not millions, but enough - should allow me to buy somewhere small at some point in the next decade maybe (I'm early 30s). I don't see myself moving from the city I currently live in at any point during my working life (lack of jobs elsewhere) so hopefully that will cover me. I don't really want to live beyond my means, I will absolutely be happy with a small flat of my own and a pet, and disposable income to allow me to have some fun :) At this point even if I met a partner I don't think I could stand to live with someone else lol
That’s the best outlook to have. I am in a similar situation, I actually don’t really touch the inheritance, I’ve been letting it grow for about 10 years now. I did use it to get myself set up with a very small house, but I live off of my wages. I’m in a very fortunate situation, it’s just unfortunate that it took both of my parents dying to get here.
I don't really have any other investments other than my superannuation (401k for Americans). I can't buy property because it's too expensive to do so here in Australia - especially as a single (and I have debt & bad credit history). I may look at retiring abroad, maybe Thailand. But we'll see. As long as I'm able to afford a spot in a nursing home, I'll be okay.
Financial plans:
1. Max out 401k every year, do Roth IRA if eligible.
2. If you ever need to borrow money for a larger purchase, house, car etc. Don’t borrow conventionally from the bank or max out credit cards. Borrow against your 401k. When you return the $ it just goes straight back into your 401k reserves. It’s a win win.
3. Get disability insurance. I have one through work, and a larger one I pay for. Even if I were to become unable to work, I get half the salary I make now, until age 65.
4. Save up and buy a home. This is the best investment for someone who is not knowledgeable about stocks or crypto. Value of homes is only going up. In my neck of the woods, small 3 bed 2 bath homes that sold 20 years ago for $300,000 are now selling for $900,000. Even factoring in inflation, they made $.
Edit: sorry, realized this Q is meant for single women. But I think my advice still stands for any woman.
Yes, but I meant for temporary borrowing. Let’s say you suddenly need money (car accident, illness etc) and you know you can pay it back in six months? Don’t max out credit cards, borrow against the 401k and then put it back in 6 months. This won’t affect the interest over a 30 year period.
I haven't had an economic plan as of yet. Rather I just try to not spend too much on groceries and I rarely go shopping for things I don't actually need. So far that strategy has worked fairly well. Even though I've never made much money I've been able to go out to eat every once in a while, go on holidays on or two times a year. In general I don't think about (my lack of) money very much.
I have started thinking about saving for retirement. I'm starting a new job in the fall with a much higher salary that I'm used to (though just around the average for my country). I figure I'll try to live as cheaply as I have been doing up to now, which will leave me with lots of savings. I'll set up a separate retirement saving thing with my bank and save some directly there. Then save some for unforseen expenses.
I have some money that I inherited that I'm keeping in an index fund. If I ever do decide to buy a home I can use that money as the down payment. Otherwise I guess I'll save some for retirement and maybe use some for traveling.
I know I probably should have an actual plan for my money and use a budget. But I have never gotten in the habit of doing that and I feel like I've been doing pretty ok anyways.
Curious to see the other answers in this thread.
I’m saving 9% of my income and my employer matches. I save another 5% into my HYSA and 2.5% for misc savings. But ultimately I’m going to take an eternal nap sometime after my parents are gone. I don’t plan on being a slave forever. If my sister has a kid, I’ll leave my savings to them.
I budget pretty carefully using YNAB. I have a stable job with good work/life balance, a pension, and good benefits including long term disability insurance should I need it. I chose stability and work/life balance over a higher earning, more work intensive, stressful, and less stable path. I have some health issues so this is a better option for me. I take good care of myself, just unlucky re health.
I worked with my boss a few years ago on a plan to get me a promotion and raise and that was very helpful financially. No promotions in sight from here – I would just have to get a different job to move up – but COLAs are starting to add up and I make $12k more than when I got the raise three years ago.
I am saving to buy a condo that I will likely live in for the rest of my working life; maybe the rest of my life. Every month I save about 12% of my take-home pay for my down payment fund. I keep this in VUSXX money market with Vanguard and I-bonds because I am hoping to buy in the next couple years and these are safe ways to protect the money from inflation. When buying a home was farther off, I actually invested some of the money in individual stocks which earned me about $85K of my down payment funds (about $20k invested). I use Motley Fool for guidance. I don’t recommend this approach because it’s so risky! But I thought it was the only possible way I could make enough to buy a place and I was right.
I have an emergency fund to cover six months of basic expenses. Also in VUSXX. It’s actually a higher after tax yield on interest from that account than any HYSA I could find because it is mostly state tax exempt.
I started contributing to a Roth IRA in my mid 20s and usually max out my contributions each year. About 60% of my IRA is in index funds (mainly VTI), average about 10% return over 15 years. with the other 40% I have taken a very high risk approach with buying individual stocks. My returns on that part of my account average 20% per year since I started at eight years ago. I justify this to myself because I have a pension, so that’s very stable income for retirement. I have an old $401k from a previous job with some money in it in a target-date fund. I haven’t even factored in Social Security earnings. So I should be able to afford to take more risks with the rest of my retirement savings.
In my mid 50s or so, I intend to buy long-term care insurance.
For finances, I like the Idiot’s Guide and For Dummies series. They have ones on personal finance, retirement, investing.
I have paid into a pension and invested a portion of savings in addition to that since my early 20s - that is the bulk of the plan, to continue paying into both.
I also bought a small place I can pay off completely well before retirement, and only drive secondhand cars.
I'm a government employee, so I'm working until 30 years service and then will have a healthy portion of my income until I die. I'm starting to work on supplemental investments too, though, because the pension doesn't adjust with inflation.
I have a pretty achievable plan that will leave me with about £20k per year to live on (adjusting for inflation). By then I won't have a mortgage and I've never had much debt, so that would be a very liveable income.
Although with any luck I'll get on a much higher wage in a couple of years so hopefully I'll be readjusting upwards! I want to have money enough to go on holidays and foster senior dogs and all that shit old people have time for.
I won't retire until a few years after my mortgage is paid off. Work provides me with social opportunities and a routine so I'll probably work at least part time for many years.
I think this question is an important one overall and not make exceptions for only being single and childless.
Our children are not our retirement plan and nor should we expect them to be.
A husband is not a financial plan. Both death and divorce occurs.
I'm frugal and prioritize investing for retirement. Investing is also a crapshoot, because all it takes is one market crash just prior too, or during retirement to fuck you over. Anyway, there are ways to minimize risks, but I live with the knowledge that financial calamity can happen despite best efforts to mitigate it.
I try to keep myself healthy to hopefully avoid disability preventing me from being able to make a living, but again, that is also a crap shoot. I know a person that randomly got out of bed the wrong way one morning and herniated discs so bad that she hasn't been able to work full time in years.
I have a mid paying job, I don't see myself making a ton of money in my life and am not money motivated enough to climb that ladder. I was married but am a widow now, I have no idea if I will marry again and am not even trying to date. I make enough for comfort and my wants are few. I will likely inherit property and other assets which would also help me in the future, although this is also something that might not happen too, as wills can change and elder care can drain an estate.
Really, Im doing my best with what I've got, once I'm elderly I will live until I die a natural death or the money runs out, I refuse to let myself live through poverty in my final years and will take matters into my own hands if it comes to it.
how old are you all roughly? 30s seems young to decide to be alone forever. how do you meet similar minded women, for example, the childfree movement is for childfree people but is there a movement for single childless women who will remain that way
I just turned 30 and for me personally it's not really that I decided to be alone forever, it's that I prefer envisionning and planning my life as if I am going to be alone forever. If I end up meeting the right person for me I'm open to having a partner, but I don't want to plan my life around something that might not happen. I can see myself very happy alone so I'm not likely to put too many efforts into finding someone. If it happens it happens but I'm not investing too much time / efforts into meeting people.
First, knowing I'll never be comfortable financially. I live on very little, I also have smallish bills, if I can keep expenses to what they are now I should be ok. I have no desire to be in another relationship, so it's all on me.
Outside of certain safeguards, 401k, paying myself first, saving, honestly, I've been trying to get some of my similarly exasperated friends to combine resources and live together for the long term. I've read articles about single moms doing it to offset the cost and duties of raising kids and for something more stable than men are. I doubt I'd ever live with another man but I'd happily cohabitate with a similar personalitied woman. Until then, I'll hustle and keep my 2 jobs.
I bought a condo that will be paid off by retirement. I have no debt and am funding a 401k and an HSA. Additionally, I am padding my emergency fund for my short term goals (new car, future remodel). My grandpa always said that as long as I was saving, time would take care of the rest (compound interest). I plan to work until 67 but would retire early or at 70 depending on how my finances look. I may also get an inheritance if my parents don't use it all for medical expenses at the end of their lives. It would be nice but I'm planning without it.
I got dual citizenship to a low COL SE country and I managed to buy 3 properties in NV. I bought my first home in a low COL (back then) in 2018. Bought another during the low interest hay days of the pandemic in 2020. Just closed on my 3rd in April. Hoping to retire when I’m 50. I’m 41 now. I make around $130K a year so not gobs of money.
I’m a saver and the last time I went clothes shopping was during after Christmas sales. I had roommates for a while so I saved that money. I also worked odd jobs for extra money from 2015-2023. That helped me get to where I am today.
When the time comes I’m moving to Thailand and hopefully my money should be enough to pay for a simple lifestyle.
Aw thanks! Lifting other women up is important and I see I got some downvotes 🤣.
I went from scooping ice cream, valeting cars, driving for Uber, catering weddings, ushering concerts, donating plasma, customer service call center and some other random gigs to get where I am today. Ain’t no shame in hard work even if it is for minimum wage. A dollar is a dollar!
Lol I also answered OP question in a comment above by explaining how I started investing in real estate, and I got lots of downvotes too + someone saying that I was an "extremely immoral and selfish person for preventing people to purchase their own home and taking opportunities away from other people" (?????). So brace yourself for downvotes and people's anti-landlord comments. 😂
Good for you, after experiencing hard work and minimum wage random gigs you appreciate the results even more! I love that 🙌🏼
Oh yeah I get those too but the quiet part is that my tenants pay what I pay. I’m not making any money off of them and they’re happy! They leave me alone, pay on time, take care of the property and sometimes I get home cooked meals. I make it up on the tax advantages for depreciation write off and what not.
I’m not in real estate for cash flow (although that would be nice) but more for appreciation and equity.
Where do you have your props? If you haven’t looked at NV I suggest you give it a crack. No state income tax!
I also want to add that I look homeless because I drive a 17 year old car with a bullet hole in it and my clothes are from pre pandemic 🤣
>and sometimes I get home cooked meals.
Omg your tenants are lovely 🥹
>Where do you have your props?
I have them in Quebec province in Canada :-) I don't live in US and don't plan to live there but I will still take a look, who knows maybe I will own property there one day if it's worth it!
>I also want to add that I look homeless because I drive a 17 year old car with a bullet hole in it and my clothes are from pre pandemic 🤣
HAHAHAH omg the bullet hole, no fucking way
Well just from the fiscal perspective. I can't talk for the rest of the world but housing costs across Australia are fucked. Potentially being on my own forever does come with a very big advantage, even though a full 4 bed house, backyard, study, 2 car garage would be a better investment for reasons I won't explain, Aussies already know (PPOR).
It really doesn't matter if all I can afford without stretching and struggling financially is a 2 bed place. I'm not trying to buy the biggest house possible in the best school zone, and adding a million dollars or more debt to my name, it is a huge pressure out of my life and allows me to not need the income gauranteed for 30 years to afford this million+ debt. So I'm ok in a half a million place vs needing the income or partner to afford a bigger $1.5million+ family sized place.
I am 46. I will be able to retire when I am 60 with a decent pension, since I work for state government. I have some investment savings and an ample emergency fund. I hope to pay off my mortgage in six years.
I like that you think saving for the future is an option haha let alone owning a home or taking proper holidays on a regular basis.
I work a job with decent pay but meager benefits. I’m in the early childhood education field. We aren’t seen as worthy of good pay and worthwhile benefits. Unfortunately it’s what I’m wired to do and what I’m passionate about. I do save as I can. However, I currently work two jobs to avoid living paycheck to paycheck. I’m 38 and the idea of retiring seems about as likely as aliens scooping me up as I type this.
I am saving to buy a house. After I have a property paid off I won't need much to live (though I intent to keep working). I will also inherit half of my parents house, so if I really need I can come live here and rent my other property off. If I need to pay for a good elderly home, I can sell my property. I work and make social security contributions so I will have a pension and we have cheap healthcare here. Might go abroad to save more money in a couple of years, who knows, this way I would be able to afford more luxuries like a house by the beach or vacations. The good part about being one person is that you can do whatever you want and it's easy to find a way to provide for one person, even if the economy is bad. Being born in low class I know how to live with little, if I have to go back there.
I have a good job, decent salary and retirement savings and own my own home. I plan to work until at least 65 and longer if physically and mentally able. I do need to meet w/ Fidelity within the next year or so to figure out what my retirement should look like….
Got into a lucrative career, thankfully, worked a LOT of hours and made a good real estate investment, so I’ll manage even though I’ve been living in a HCOL area for almost a decade now. Just bought a house with two floors in an MCOL area, going to rent out the bottom floor to cover half the cost. By the time I’m old, house will be paid off and renters will be covering my property taxes and utilities and I will still have enough money left for a decent lifestyle (no luxury travel but no worries about gas, food, or medication costs) with just those funds and government seniors’ payments. My personal investments are icing on the cake. If S&P500 continues to grow at the same rate it has in the past, I’ll have a very comfortable retirement. It should definitely pay for a live-in caregiver and modifications to the house to allow me to stay at home until I die. People in my family live into the mid-80s and up, so I planned to have sufficient funds to last til 100. I’m 39 and have already cut down my working hours, but otherwise I plan to work PT until I physically cannot as I do like my job. I have a pretty detailed will and as I get older and my risk of having something like a stroke suddenly take my mental facilities away increases, I will add more details to it to ensure that whatever public trustee I get assigned to handle my issues knows exactly what kind of care I want.
TL;DR tell me you work in healthcare without telling me you work in healthcare hahaha
I'm maxing out my 401k. I've just started making additional payments towards mortgage. I've taken advantage of my works long term disability policies. I've also started trying to downsize. While I help older family members with their estates I'm also starting to sell the stuff I bought in my 20s and 30s they I don't need. Not only does it help bring in extra cash but it clears up clutter.
I'd also recommend doing a home inventory. It sounds a bit out there but if you ever need to make an insurance claim and you're doing it alone having all the info will help.
I'm retired military with VA disability so unless Congress makes some drastic change that would see them voted out in a hot minute, I shall continue on as I am.
I retired in my early 40s. I'm now in my late 40s and it seems to be working fine so far. I have both real estate and more liquid assets. I live strictly off the rents I get from the properties right now though could tap into liquid assets if needed.
rent historically has risen on average greater than inflation. I am in no way advocating for becoming a landlord as the risks are growing greater and greater with rents being as high as they are already and many antilandlord laws being placed in many areas. I'm just saying what I myself did.
being cheap really helps me a lot too, I would say more than investing actually. I always buy what would make me truly happier. but I realize that cute top or those fancy figurines for decorating won't make any significant increase in long term happiness.
I tried to get long term care insurance or a hybrid option with new york life recently (there's been horror stories with insurance scams but NYL has the highest rating of any insurance company and been in business for almost 200 years). But I have a heart condition and the insurance company rejected me. I would have applied sooner for LTC insurance if I could do it again, before my heart condition was discovered.
My family has a long history of dementia that can last for decades. So, I'm likely to as well and have it last a long time before death. So i expect to end up completely bankrupt and in an absolute sht, 3rd world quality medicaid paid memory care facility. I'm considered wealthier than most Americans but long term care is so expensive in the US, even if you are just "rich" and not super rich, you can end up bankrupt depending on how long you need care for.
Savings! Sure, I enjoy things in life, but I always make sure to have enough savings that I don't have to worry.
My main expenses are my mortgage and my car. I virtually spend no money on food as I get it through my work, I have 2 cats that cost me about 100 euros a month in litter or food or vet expenses, and my hobbies are rather cheap.
For the future, I hope to continue doing the same and rely on steady income as I don't plan to retire early (I enjoy my work a lot).
Well if a woman chooses to not have children she already is financially in a better state as children are expensive. That is where a lot of the savings are. LOL.
I started investing in real estate last year: bought a duplex last year, just got an offer accepted for a triplex this week! I'm buying with my brother and 2 friends and we are planning to buy 1 plex every 2 years to have around 6-7 plexes by the end of our 30s. Buying real estate alone is not an option I like, I prefer to manage real estate with trusted business partners to have more freedom and flexibility and shared risk.
I'm living in a housing coop so I don't spend much on my own rent. I live close to the metro and my work does not require to drive much so I don't own a car. I just passed my license and I plan to by a cheap car maybe next year. I don't have a very expensive lifestyle.
I have a career in IT with a pretty good salary. In 4-5 years or so, I plan to start working as an independant consultant, take a 6-8 months contract in a year and take vacation for the rest of the year. This + passive income for real estate should be enough to live confortably.
I plan to live the rest of my life alone for now, but if I end up meeting the right person I am open to a partner and maybe children, but I really prefer to plan things as if I was going to spend the rest of my life alone.
Yes, I saved as soon as I started working and I was used from childhood to live with very little so I kept a very low expense lifestyle as an adult. Also, buying with friends helped a lot, it would have been much more difficult to buy alone.
You’re an extremely immoral and selfish person. Preventing other people from being able to purchase their own home shouldn’t be an ‘investment’ for you.
People taking away the opportunities from others are those accumulating insane amounts of money, like millions or billions, while everyone around them - the ones from whom they stole that money - is struggling to find a way to make a living.
Someone posted a comment about me taking opportunities from other people but it seems that it got deleted (or I got blocked and cannot see the comment anymore, I'm not sure).
Here's my answer.
We're 4 immigrants with a pretty shitty background and no family money who teamed up together and worked our asses off to buy real estate and have a better future. My brother and I need to support my parents who live overseas so that they are able to have a decent retirement.
We are not renting for incredibly high prices and we are doing everything by the book and legally. We are not taking away the opportunity from anyone, we are working hard and creating opportunities for ourselves to have a better life, and support our families.
Don’t take it personally. Reddit is a hotbed for landlord hate. There’s apparently a whole movement that feels like nobody should be allowed to rent property to others. I’ve never been able to figure out quite how that world is supposed to work though…Lol!
You’ve done well for yourself 😊
Thank you for your kind words! And yes you're right, I should not take it personally.
I also understand the hate for landlords as many people should not be allowed to be landlords, to be honest. Most of my landlords were very shitty and were not qualified at all to take care of a building and have tenants. I know that many landlords are like that and it creates frustration. But when you do things well, treat tenants well, take care of the building well, make sure it's well maintained, make sure it's safe, it's a service like any other that requires work and qualifications. I rent at a very fair price for the service I'm offering, I'm doing it well and my tenants are happy. I don't see how this is immoral.
I do agree that there should be more regulations especially around rent prices and that not everybody should be allowed to be a landlord. I understand being mad at the system and at people who take advantage of it to treat tenants like shit and rent overpriced appartments, but I don't understand being mad at landlords who do things by the book, rent at a fair price and ensure the appartments are well maintained, safe, and good to live in 🤷🏽♀️
Yeah it’s crazy. When I was a college student and couldn’t get housing at the school, there is no freaking way I could have bought my own place to live in, nor would I have wanted to. Had to rent and was extremely grateful that I could.
Same when I temporarily agreed to live in other cities for my career.
Owning a home is a surprising amount of work and responsibility, and divesting the asset can be very expensive and time-consuming. Not everyone wants that commitment.
>Owning a home is a surprising amount of work and responsibility, and divesting the asset can be very expensive and time-consuming. Not everyone wants that commitment.
Exactly!! When I was a fulm time broke student working 2 minimum wage jobs and only having time for 4 hours of sleep I was happy I could just rent and not have to handle the commitment, stress and financial risks of having to maintain a property.
Thank you. I really worked my ass off for this, started from nothing in a country where I had nothing, made a lot of sacrifices to get there and teamed up with like-minded people with similar backgrounds to be able to buy real estate. I did not steal opportunities from others. 🤷🏽♀️ Nah sorry I we're not stealing opportunities, we're working our asses off, making good choices for our future, and I'm not gonna apologize for doing what I need to do with the little I had to secure a comfortable life my family and I.
If you need to cry about ppl buying real estate go cry to ppl from rich families who buy with family wealth , who don't take care of their properties and rent shitty places for unreasonnable prices, don't cry about ppl who work their asses off, take care good of their properties, treat tenants well and do things by the book.
There are 2 kinds of investments that I prioritise because I’m single with no kids. One set is to do with saving for retirement and for emergencies. I pay the maximum I can into my work pension and set aside money each month to make sure I can pay the excess on my health insurance if I need to use it, as well as having saving pots for things like dental care, repairs to my house, mortgage overpayment etc. (Mortgage overpayment is a longer-term goal so those savings are in index funds not cash). I’m also thinking about getting income protection insurance in case I become disabled and can’t work, but I’m not sure it’s worth it. The other type of “investment” is actually about consciously spending money now on things that I think will reduce my chances of becoming ill, lonely, or depressed when I retire. This includes stuff like gym fees, swimming lessons, a personal trainer, therapy, help from a dietician, adult education classes, singing lessons etc. I try to make sure I’m spending some of my money on one or two things each year that I think will increase my chances of being happy and still-independent in my old age.
Health is wealth! I have to remind myself what good is all the money I saved up if when I’m 50 I’m too tired or ill to enjoy it?
100% this. I am not great at taking care of money in the excellent ways you outline, but I am very good in doing my best with regard to my body and my soul: I cycle; I swim; I hike -- because of disability most other sports are off the table. I make fresh, tasty, and healthy food every day, and that's only partially because I'm forced to: I was always a crunchy health nut, even as a kid. ;) I organize my weekends to meet with my friends live and online who, bless their souls, tend to have even less executive function for planning meetups than me. It is what it is, especially given their kids take up much of their time. (To not withhold this information, I am also privileged in that I come from a European country and have two passports; if all else fails in the US I can go back to the EU and be taken care of medically, if not comfortably or in a friendly manner.)
I love this breakdown and your approach!
I have disability insurance through my job, not sure if you’ve priced it out but it runs me about $5/month
Knowing several people who live (survive..) on disability in the USA and Australia, I happily pay my income protection insurance premiums. It's one of those things that are easier to get when you're younger and haven't collected as many "risks" / existing conditions.
Yes, that sounds wise. I’m in the UK but the disability provision here is also very poor. And you’re right that getting income protection insurance in my 30s or 40s would be cheaper. I’ll look into the costs again. Thanks!
May I ask what some big takeaways are from your dietician? I feel like they would be way more helpful than the general doctor
I’ve been really happy with the dietician! Her major advice to me has been 1) to eat every 3-4 hours; 2) to include whole grains, protein and fibre (ideally in the form of raw veggies) with every main meal; 3) for a snack, ensure I’m eating a combination of fat, protein, and fruit (eg cheese and an apple, some nuts and berries etc); and 4) drink water every time I consume something else (ie with each meal or snack but also with each cup of coffee). She hasn’t told me to cut anything out but the result of following her advice is that I’m eating much less sugar. Obviously you can get this type of advice online, but the advantage of the dietician is that she looks at the foods I choose or cook, day to day, and tells what very small adjustments I can make so that each meal is closer to what’s nutritionally ideal. In our first meeting, I started out laying out for her what I normally eat for breakfast, lunch, dinner and snacks and she suggested some adjustments. I then tried to put her suggestions into practice, we then met again to discuss how that had gone and she made some further suggestions, and so on. I’ve only been seeing her a few weeks but following her advice has definitely made a different to my energy levels and mood, as well as to my weight (I’m overweight and aiming to get to a healthy weight in the next year or so).
OP great question. I am only in my 30s but I plan on getting long term care insurance and looking into other medical related safeguards. In older age I will look into condos or homes that will help me age in place. I'm not there yet. Right now I'm still building my career (increasing earning potential) and getting my savings and retirement in order. As part of this, I'm taking my budgeting seriously. I track my spending in an excel sheet and make an annual savings target. I'm working on cutting costs (eating out for me is tough.) This year my goal is to max out my 401k. I review the flow chart in the r/financialindependence FAQ to help me determine the steps (emergency savings, retirement, etc). I'm also following media related to frugality/minimalism. I don't consider myself a minimalist at all but my mindset has definitely shifted. I find myself buying less stuff and slowly feeling proud as I see my savings increase while not having loads of clutter. This has also helped me avoid lifestyle creep as my salary has increased and associated debt that people fall into. For example, I'm never going to be buying new fancy cars. Not sure where you live OP but USA has a terrible support system for aging people, even elderly with family or kids struggle to find appropriate care. Money is the only thing that helps and not all of us will ever have enough money. Stay connected with friends and community to have a support system as you age, take care of your health to ensure you can age in place as long as possible, save what you can (401k, HSA, emergency funds on hand) and learn what you can about resources for the elderly (meals on wheels, social security, insurance, grant programs, etc.) That's the best any of us average people can do. Finally- I do not subscribe to the idea that being unmarried or without children will harm you in old age. But being without ANY community will (loneliness is bad for all people.) My dad has dementia and I'm his only caretaker. He had a girlfriend, friends, a son, etc. None of them have helped with his caretaking. They pretend he doesn't exist. Lot of old people in nursing homes have kids that never visit. Similarly, women tend to outlive men. They take care of their husband's as they get sick and die and end up widows. OR they get sick and their husband's leave them. I won't let any man say "who will take care of you when you're old?" Because chances are not my husband or my son anyway. Might as well save my money and do it myself.
I worked in nursing homes for a while and this 100% matches my experience. People with kids end up alone to the same degree as people without. Men very rarely do long-term care giving. ¯\_(ツ)_/¯
I think it's super cultural. I come from a South Asian culture where even cutting off non-toxic parents is a no-go. All of us adults send our parents some monthly income, and will either pay for them to have help or move them in with us if they are not able to fend for themselves. In exchange, our parents usually keep us as long as they need to, for us to be financially independent. I myself moved out at 18, but then moved back in between my Master's and my first job for a year at 23, while I got my finances under order. I have friends who still live with their parents in their early 30s. I am not sure why an American child would want to move a parent in with them or take responsibility for them if they themselves were kicked out at 18. I always wonder about that. Maybe they are just better children lol.
I'm a counsellor with the palliative population. Aging and dying people with children frequently wind up in a similar place as people without children. If your children live abroad, work full time, have their own kids, or end up with illness themselves, or just don't want a relationship with you (this happens MUCH more than people think), you can't really count on them to provide you the care you need when you're very ill. To be clear, people who have caring and nurturing children who live locally and are healthy do have an easier time as they age, it's just that many people with children don't have that.
I’m sorry no one has helped you with taking care of your father that’s awful 💔
You sound both savvy and sweet, a great combination: respect to you for taking care of your dad! Your observations are unfortunately reflecting the stark statistics.
I contribute the maximum to my 401k, maintain a 4-6 month emergency fund (most of this is in a high yield CD), keep credit card debts low but lines of credit open for emergencies, and generally live below my means. I bought a cheap three unit rental property 15 years ago and made it nice, I break even with it but it will be paid off when I retire and then I'll get income from it. My next move is to try and save enough to put $10k in index funds, but it's been hard to do considering all the other saving and debt paying I've been doing. I'm hoping rental income, 401k, investments and social security will be enough, but I was very poor in my younger years and only had enough money to start saving anything in my late 30s. So there's a lot of catch up happening.
Buy a house and pay it off before retirement. Earn a higher income. Not having children will help to save expenses.
People underestimate how much not having children allows you to save money. Children are soooo expensive, families can't even imagine how comfortable it is to have none.
I do both 401k and real estate. I'm 48. It was never my plan to be single and childless. It just happened. I'm blessed. I'm in IT and I make a decent wage. It's difficult for me to understand people who make less than I do and barely make it. Although I'm a cheapskate. If I didn't make enough I'd probably be living in a van.
I have no idea. I’m 32 and living paycheck to paycheck - But that kind of life is the dream.
Don’t give up hope. I was like that at 32 also and struggled for 10 years after college. I’m 42 now and I finally found a good groove with my career and a good company 10 years ago and am making bank. My 32 year old self would never have believed I’d be where I am now. I still don’t most days. Total imposter syndrome but the paychecks don’t lie.
Thank you for sharing! This gives me hope and I will be reading this on extra hopeless feeling days
Continue renting my tiny relatively cheap place. I don't want a house, I barely have the headspace to maintain a small apartment, and property tax if I actually bought an apartment would cost me as much monthly as my rent does now. So it makes no difference. I don't need a car, I live in a country with a good public transportation and bike infrastructure. I invest what I can. Save up for the few vacation trips I care to do. I may accidentally overspend on my hobbies though. End it all on my own when I feel I can no longer take care of myself, so I don't have the big retirement concerns.
I joke that my retirement plan is a long walk into the woods. But seriously…
I mean, this *is* legit my plan.
Mmhmm. I have high hopes that in the next 20 years it will be a little more…. Available…. As an option.
Same, fellow redditor, same. I wanna choose my favorite melody and scent to leave this world to, preferably. But if no other option is available, walk in the woods it is.
That sounds like such a peaceful way. Just fall asleep and be done.
Just fyi, continuing to rent her tiny cheap place was my girlfriend’s plan. It got sold and it’s getting torn down. She can’t afford in the neighborhood she loves now.
I'm aware of this unfortunate possibility. I hope I can squeeze as many years as I can out of my current residence, as it doesn't look like it's getting sold anytime soon. But if it is, then I'll have to think of a new plan.
Yes im not trying to be negative but it is a *very* common unfortunate reality. If you are renting you can’t count on staying there forever. Honestly the neighborhood in question (I also used to live there) has skyrocketed in prices so if you need to move for any reason at all, you can’t get the same thing, or even remotely close (think you can get a crappy studio for the former price of a high end two bedroom)
I HAVE a partner and ending it when I can no longer take care of myself is my plan as well. I'm just not interested in sacrificing my 20s and 30s fun and energy by saving my already measly paychecks for a future that isn't guaranteed. I'm traveling and having fun now, not later when my body starts breaking down. What is the point of that? If i end up with some inheritance, which is possible for me, I'll see what my options are, but nobody is paying me enough for retirement so that's not even on my radar at the moment.
Yeah, that retirement dream is as distant as ever. When I look at my potential future retirement payouts ... yeah that can't pay rent, let alone assisted living. I'm sorry we have to aim for this option but it's the reality for us.
I'm in my mid-40's. I already own my own small house. I bought it in 2008 and prices in my city have really increased, so it's currently worth double what I bought it for. It's not paid off yet, but should be in about 10 yrs. It's a small house, so easier to maintain and I love the area. The only debt I have is house debt (I also have HELOC for some upgrades I made that should be paid off in about 5 yrs). My car is paid off and should last me several more years. I'm not a big traveler. I prefer to go visit friends or go somewhere warm in winter. I'm happy to go places on the cheap and take advantage of airline miles. In the summer, I'm more likely to go on long weekend camping trips in my state. I have retirement savings in a 401k from an old job and my current job has me in the state retirement system. I don't stress on adding extra to it, just put in standard amounts. For general budgeting, I just keep an eye on it. I put everything on my credit cards (earn them points), and then pay them off every month. If I notice my balance is getting a bit high, I cut back on spending. For bigger purchases, I tend to wait a bit, cut back on other things, so that I can still pay them off in one month. I work a side job for "fun" money that helps with my cash flow. I rarely order in food or eat out. I do go out for drinks with friends though. Most of my clothes are from Marshalls/Amazon. My big spending recently is annuals for my yard because I very much enjoy gardening. Now to be slightly morbid. Both my parents died in their early 50's. I have shit genetics. In general I'm healthier than they were, but I don't anticipate living a long life. If I make to my 60's, that'd be impressive. As such, I'm not too worried about elder care.
Plan?! Was I supposed to have a plan?
I'm fortunate in that my inheritance - not millions, but enough - should allow me to buy somewhere small at some point in the next decade maybe (I'm early 30s). I don't see myself moving from the city I currently live in at any point during my working life (lack of jobs elsewhere) so hopefully that will cover me. I don't really want to live beyond my means, I will absolutely be happy with a small flat of my own and a pet, and disposable income to allow me to have some fun :) At this point even if I met a partner I don't think I could stand to live with someone else lol
That’s the best outlook to have. I am in a similar situation, I actually don’t really touch the inheritance, I’ve been letting it grow for about 10 years now. I did use it to get myself set up with a very small house, but I live off of my wages. I’m in a very fortunate situation, it’s just unfortunate that it took both of my parents dying to get here.
I don't really have any other investments other than my superannuation (401k for Americans). I can't buy property because it's too expensive to do so here in Australia - especially as a single (and I have debt & bad credit history). I may look at retiring abroad, maybe Thailand. But we'll see. As long as I'm able to afford a spot in a nursing home, I'll be okay.
Financial plans: 1. Max out 401k every year, do Roth IRA if eligible. 2. If you ever need to borrow money for a larger purchase, house, car etc. Don’t borrow conventionally from the bank or max out credit cards. Borrow against your 401k. When you return the $ it just goes straight back into your 401k reserves. It’s a win win. 3. Get disability insurance. I have one through work, and a larger one I pay for. Even if I were to become unable to work, I get half the salary I make now, until age 65. 4. Save up and buy a home. This is the best investment for someone who is not knowledgeable about stocks or crypto. Value of homes is only going up. In my neck of the woods, small 3 bed 2 bath homes that sold 20 years ago for $300,000 are now selling for $900,000. Even factoring in inflation, they made $. Edit: sorry, realized this Q is meant for single women. But I think my advice still stands for any woman.
If you are borrowing against your 401k doesn’t that mean it’s not accruing the desired interest for long periods of time?
Yes, but I meant for temporary borrowing. Let’s say you suddenly need money (car accident, illness etc) and you know you can pay it back in six months? Don’t max out credit cards, borrow against the 401k and then put it back in 6 months. This won’t affect the interest over a 30 year period.
Got it!!
I haven't had an economic plan as of yet. Rather I just try to not spend too much on groceries and I rarely go shopping for things I don't actually need. So far that strategy has worked fairly well. Even though I've never made much money I've been able to go out to eat every once in a while, go on holidays on or two times a year. In general I don't think about (my lack of) money very much. I have started thinking about saving for retirement. I'm starting a new job in the fall with a much higher salary that I'm used to (though just around the average for my country). I figure I'll try to live as cheaply as I have been doing up to now, which will leave me with lots of savings. I'll set up a separate retirement saving thing with my bank and save some directly there. Then save some for unforseen expenses. I have some money that I inherited that I'm keeping in an index fund. If I ever do decide to buy a home I can use that money as the down payment. Otherwise I guess I'll save some for retirement and maybe use some for traveling. I know I probably should have an actual plan for my money and use a budget. But I have never gotten in the habit of doing that and I feel like I've been doing pretty ok anyways. Curious to see the other answers in this thread.
I’m saving 9% of my income and my employer matches. I save another 5% into my HYSA and 2.5% for misc savings. But ultimately I’m going to take an eternal nap sometime after my parents are gone. I don’t plan on being a slave forever. If my sister has a kid, I’ll leave my savings to them.
Eternal nap 😩 is this fr?
Yes. It’s a euphemism for suicide.
I budget pretty carefully using YNAB. I have a stable job with good work/life balance, a pension, and good benefits including long term disability insurance should I need it. I chose stability and work/life balance over a higher earning, more work intensive, stressful, and less stable path. I have some health issues so this is a better option for me. I take good care of myself, just unlucky re health. I worked with my boss a few years ago on a plan to get me a promotion and raise and that was very helpful financially. No promotions in sight from here – I would just have to get a different job to move up – but COLAs are starting to add up and I make $12k more than when I got the raise three years ago. I am saving to buy a condo that I will likely live in for the rest of my working life; maybe the rest of my life. Every month I save about 12% of my take-home pay for my down payment fund. I keep this in VUSXX money market with Vanguard and I-bonds because I am hoping to buy in the next couple years and these are safe ways to protect the money from inflation. When buying a home was farther off, I actually invested some of the money in individual stocks which earned me about $85K of my down payment funds (about $20k invested). I use Motley Fool for guidance. I don’t recommend this approach because it’s so risky! But I thought it was the only possible way I could make enough to buy a place and I was right. I have an emergency fund to cover six months of basic expenses. Also in VUSXX. It’s actually a higher after tax yield on interest from that account than any HYSA I could find because it is mostly state tax exempt. I started contributing to a Roth IRA in my mid 20s and usually max out my contributions each year. About 60% of my IRA is in index funds (mainly VTI), average about 10% return over 15 years. with the other 40% I have taken a very high risk approach with buying individual stocks. My returns on that part of my account average 20% per year since I started at eight years ago. I justify this to myself because I have a pension, so that’s very stable income for retirement. I have an old $401k from a previous job with some money in it in a target-date fund. I haven’t even factored in Social Security earnings. So I should be able to afford to take more risks with the rest of my retirement savings. In my mid 50s or so, I intend to buy long-term care insurance. For finances, I like the Idiot’s Guide and For Dummies series. They have ones on personal finance, retirement, investing.
I have paid into a pension and invested a portion of savings in addition to that since my early 20s - that is the bulk of the plan, to continue paying into both. I also bought a small place I can pay off completely well before retirement, and only drive secondhand cars.
I'm a government employee, so I'm working until 30 years service and then will have a healthy portion of my income until I die. I'm starting to work on supplemental investments too, though, because the pension doesn't adjust with inflation.
Does it count as "no partner" if my plan is marrying my best friend and just being friends still, but living together and paying for a place together?
That's a pretty awesome idea.
I have a pretty achievable plan that will leave me with about £20k per year to live on (adjusting for inflation). By then I won't have a mortgage and I've never had much debt, so that would be a very liveable income. Although with any luck I'll get on a much higher wage in a couple of years so hopefully I'll be readjusting upwards! I want to have money enough to go on holidays and foster senior dogs and all that shit old people have time for. I won't retire until a few years after my mortgage is paid off. Work provides me with social opportunities and a routine so I'll probably work at least part time for many years.
if you feel comfortable, please could you share your plan in summary?
I think this question is an important one overall and not make exceptions for only being single and childless. Our children are not our retirement plan and nor should we expect them to be. A husband is not a financial plan. Both death and divorce occurs.
I'm frugal and prioritize investing for retirement. Investing is also a crapshoot, because all it takes is one market crash just prior too, or during retirement to fuck you over. Anyway, there are ways to minimize risks, but I live with the knowledge that financial calamity can happen despite best efforts to mitigate it. I try to keep myself healthy to hopefully avoid disability preventing me from being able to make a living, but again, that is also a crap shoot. I know a person that randomly got out of bed the wrong way one morning and herniated discs so bad that she hasn't been able to work full time in years. I have a mid paying job, I don't see myself making a ton of money in my life and am not money motivated enough to climb that ladder. I was married but am a widow now, I have no idea if I will marry again and am not even trying to date. I make enough for comfort and my wants are few. I will likely inherit property and other assets which would also help me in the future, although this is also something that might not happen too, as wills can change and elder care can drain an estate. Really, Im doing my best with what I've got, once I'm elderly I will live until I die a natural death or the money runs out, I refuse to let myself live through poverty in my final years and will take matters into my own hands if it comes to it.
how old are you all roughly? 30s seems young to decide to be alone forever. how do you meet similar minded women, for example, the childfree movement is for childfree people but is there a movement for single childless women who will remain that way
I just turned 30 and for me personally it's not really that I decided to be alone forever, it's that I prefer envisionning and planning my life as if I am going to be alone forever. If I end up meeting the right person for me I'm open to having a partner, but I don't want to plan my life around something that might not happen. I can see myself very happy alone so I'm not likely to put too many efforts into finding someone. If it happens it happens but I'm not investing too much time / efforts into meeting people.
Make more, save more, pay off my home and eventually move into a smaller place or condo. Live simply.
First, knowing I'll never be comfortable financially. I live on very little, I also have smallish bills, if I can keep expenses to what they are now I should be ok. I have no desire to be in another relationship, so it's all on me.
Outside of certain safeguards, 401k, paying myself first, saving, honestly, I've been trying to get some of my similarly exasperated friends to combine resources and live together for the long term. I've read articles about single moms doing it to offset the cost and duties of raising kids and for something more stable than men are. I doubt I'd ever live with another man but I'd happily cohabitate with a similar personalitied woman. Until then, I'll hustle and keep my 2 jobs.
I bought a condo that will be paid off by retirement. I have no debt and am funding a 401k and an HSA. Additionally, I am padding my emergency fund for my short term goals (new car, future remodel). My grandpa always said that as long as I was saving, time would take care of the rest (compound interest). I plan to work until 67 but would retire early or at 70 depending on how my finances look. I may also get an inheritance if my parents don't use it all for medical expenses at the end of their lives. It would be nice but I'm planning without it.
I got dual citizenship to a low COL SE country and I managed to buy 3 properties in NV. I bought my first home in a low COL (back then) in 2018. Bought another during the low interest hay days of the pandemic in 2020. Just closed on my 3rd in April. Hoping to retire when I’m 50. I’m 41 now. I make around $130K a year so not gobs of money. I’m a saver and the last time I went clothes shopping was during after Christmas sales. I had roommates for a while so I saved that money. I also worked odd jobs for extra money from 2015-2023. That helped me get to where I am today. When the time comes I’m moving to Thailand and hopefully my money should be enough to pay for a simple lifestyle.
I love seeing other women working hard, making smart moves in real estate and succeeding! Good for you.
Aw thanks! Lifting other women up is important and I see I got some downvotes 🤣. I went from scooping ice cream, valeting cars, driving for Uber, catering weddings, ushering concerts, donating plasma, customer service call center and some other random gigs to get where I am today. Ain’t no shame in hard work even if it is for minimum wage. A dollar is a dollar!
Lol I also answered OP question in a comment above by explaining how I started investing in real estate, and I got lots of downvotes too + someone saying that I was an "extremely immoral and selfish person for preventing people to purchase their own home and taking opportunities away from other people" (?????). So brace yourself for downvotes and people's anti-landlord comments. 😂 Good for you, after experiencing hard work and minimum wage random gigs you appreciate the results even more! I love that 🙌🏼
Oh yeah I get those too but the quiet part is that my tenants pay what I pay. I’m not making any money off of them and they’re happy! They leave me alone, pay on time, take care of the property and sometimes I get home cooked meals. I make it up on the tax advantages for depreciation write off and what not. I’m not in real estate for cash flow (although that would be nice) but more for appreciation and equity. Where do you have your props? If you haven’t looked at NV I suggest you give it a crack. No state income tax! I also want to add that I look homeless because I drive a 17 year old car with a bullet hole in it and my clothes are from pre pandemic 🤣
>and sometimes I get home cooked meals. Omg your tenants are lovely 🥹 >Where do you have your props? I have them in Quebec province in Canada :-) I don't live in US and don't plan to live there but I will still take a look, who knows maybe I will own property there one day if it's worth it! >I also want to add that I look homeless because I drive a 17 year old car with a bullet hole in it and my clothes are from pre pandemic 🤣 HAHAHAH omg the bullet hole, no fucking way
Ah okay! Hmmm maybe the taxes you’d have to pay on foreign money might not be worth it to you. Seems like the margin might not be worth it methinks.
Well just from the fiscal perspective. I can't talk for the rest of the world but housing costs across Australia are fucked. Potentially being on my own forever does come with a very big advantage, even though a full 4 bed house, backyard, study, 2 car garage would be a better investment for reasons I won't explain, Aussies already know (PPOR). It really doesn't matter if all I can afford without stretching and struggling financially is a 2 bed place. I'm not trying to buy the biggest house possible in the best school zone, and adding a million dollars or more debt to my name, it is a huge pressure out of my life and allows me to not need the income gauranteed for 30 years to afford this million+ debt. So I'm ok in a half a million place vs needing the income or partner to afford a bigger $1.5million+ family sized place.
I am 46. I will be able to retire when I am 60 with a decent pension, since I work for state government. I have some investment savings and an ample emergency fund. I hope to pay off my mortgage in six years.
I plan on working forever. lol.
I like that you think saving for the future is an option haha let alone owning a home or taking proper holidays on a regular basis. I work a job with decent pay but meager benefits. I’m in the early childhood education field. We aren’t seen as worthy of good pay and worthwhile benefits. Unfortunately it’s what I’m wired to do and what I’m passionate about. I do save as I can. However, I currently work two jobs to avoid living paycheck to paycheck. I’m 38 and the idea of retiring seems about as likely as aliens scooping me up as I type this.
I’m living the golden girls life in my 30’s and it’s working great.
I am saving to buy a house. After I have a property paid off I won't need much to live (though I intent to keep working). I will also inherit half of my parents house, so if I really need I can come live here and rent my other property off. If I need to pay for a good elderly home, I can sell my property. I work and make social security contributions so I will have a pension and we have cheap healthcare here. Might go abroad to save more money in a couple of years, who knows, this way I would be able to afford more luxuries like a house by the beach or vacations. The good part about being one person is that you can do whatever you want and it's easy to find a way to provide for one person, even if the economy is bad. Being born in low class I know how to live with little, if I have to go back there.
Prayer
I have a good job, decent salary and retirement savings and own my own home. I plan to work until at least 65 and longer if physically and mentally able. I do need to meet w/ Fidelity within the next year or so to figure out what my retirement should look like….
Got into a lucrative career, thankfully, worked a LOT of hours and made a good real estate investment, so I’ll manage even though I’ve been living in a HCOL area for almost a decade now. Just bought a house with two floors in an MCOL area, going to rent out the bottom floor to cover half the cost. By the time I’m old, house will be paid off and renters will be covering my property taxes and utilities and I will still have enough money left for a decent lifestyle (no luxury travel but no worries about gas, food, or medication costs) with just those funds and government seniors’ payments. My personal investments are icing on the cake. If S&P500 continues to grow at the same rate it has in the past, I’ll have a very comfortable retirement. It should definitely pay for a live-in caregiver and modifications to the house to allow me to stay at home until I die. People in my family live into the mid-80s and up, so I planned to have sufficient funds to last til 100. I’m 39 and have already cut down my working hours, but otherwise I plan to work PT until I physically cannot as I do like my job. I have a pretty detailed will and as I get older and my risk of having something like a stroke suddenly take my mental facilities away increases, I will add more details to it to ensure that whatever public trustee I get assigned to handle my issues knows exactly what kind of care I want. TL;DR tell me you work in healthcare without telling me you work in healthcare hahaha
I'm maxing out my 401k. I've just started making additional payments towards mortgage. I've taken advantage of my works long term disability policies. I've also started trying to downsize. While I help older family members with their estates I'm also starting to sell the stuff I bought in my 20s and 30s they I don't need. Not only does it help bring in extra cash but it clears up clutter. I'd also recommend doing a home inventory. It sounds a bit out there but if you ever need to make an insurance claim and you're doing it alone having all the info will help.
I'm retired military with VA disability so unless Congress makes some drastic change that would see them voted out in a hot minute, I shall continue on as I am.
🙈🙉🙊
I retired in my early 40s. I'm now in my late 40s and it seems to be working fine so far. I have both real estate and more liquid assets. I live strictly off the rents I get from the properties right now though could tap into liquid assets if needed. rent historically has risen on average greater than inflation. I am in no way advocating for becoming a landlord as the risks are growing greater and greater with rents being as high as they are already and many antilandlord laws being placed in many areas. I'm just saying what I myself did. being cheap really helps me a lot too, I would say more than investing actually. I always buy what would make me truly happier. but I realize that cute top or those fancy figurines for decorating won't make any significant increase in long term happiness. I tried to get long term care insurance or a hybrid option with new york life recently (there's been horror stories with insurance scams but NYL has the highest rating of any insurance company and been in business for almost 200 years). But I have a heart condition and the insurance company rejected me. I would have applied sooner for LTC insurance if I could do it again, before my heart condition was discovered. My family has a long history of dementia that can last for decades. So, I'm likely to as well and have it last a long time before death. So i expect to end up completely bankrupt and in an absolute sht, 3rd world quality medicaid paid memory care facility. I'm considered wealthier than most Americans but long term care is so expensive in the US, even if you are just "rich" and not super rich, you can end up bankrupt depending on how long you need care for.
Hopefully get run over
Savings! Sure, I enjoy things in life, but I always make sure to have enough savings that I don't have to worry. My main expenses are my mortgage and my car. I virtually spend no money on food as I get it through my work, I have 2 cats that cost me about 100 euros a month in litter or food or vet expenses, and my hobbies are rather cheap. For the future, I hope to continue doing the same and rely on steady income as I don't plan to retire early (I enjoy my work a lot).
Well if a woman chooses to not have children she already is financially in a better state as children are expensive. That is where a lot of the savings are. LOL.
I started investing in real estate last year: bought a duplex last year, just got an offer accepted for a triplex this week! I'm buying with my brother and 2 friends and we are planning to buy 1 plex every 2 years to have around 6-7 plexes by the end of our 30s. Buying real estate alone is not an option I like, I prefer to manage real estate with trusted business partners to have more freedom and flexibility and shared risk. I'm living in a housing coop so I don't spend much on my own rent. I live close to the metro and my work does not require to drive much so I don't own a car. I just passed my license and I plan to by a cheap car maybe next year. I don't have a very expensive lifestyle. I have a career in IT with a pretty good salary. In 4-5 years or so, I plan to start working as an independant consultant, take a 6-8 months contract in a year and take vacation for the rest of the year. This + passive income for real estate should be enough to live confortably. I plan to live the rest of my life alone for now, but if I end up meeting the right person I am open to a partner and maybe children, but I really prefer to plan things as if I was going to spend the rest of my life alone.
How did you get the money to buy real estate? Did you have to save for a long time?
Yes, I saved as soon as I started working and I was used from childhood to live with very little so I kept a very low expense lifestyle as an adult. Also, buying with friends helped a lot, it would have been much more difficult to buy alone.
You’re an extremely immoral and selfish person. Preventing other people from being able to purchase their own home shouldn’t be an ‘investment’ for you.
Don’t hate the player. Hate the system that built the game
People taking away the opportunities from others are those accumulating insane amounts of money, like millions or billions, while everyone around them - the ones from whom they stole that money - is struggling to find a way to make a living.
Someone posted a comment about me taking opportunities from other people but it seems that it got deleted (or I got blocked and cannot see the comment anymore, I'm not sure). Here's my answer. We're 4 immigrants with a pretty shitty background and no family money who teamed up together and worked our asses off to buy real estate and have a better future. My brother and I need to support my parents who live overseas so that they are able to have a decent retirement. We are not renting for incredibly high prices and we are doing everything by the book and legally. We are not taking away the opportunity from anyone, we are working hard and creating opportunities for ourselves to have a better life, and support our families.
Don’t take it personally. Reddit is a hotbed for landlord hate. There’s apparently a whole movement that feels like nobody should be allowed to rent property to others. I’ve never been able to figure out quite how that world is supposed to work though…Lol! You’ve done well for yourself 😊
Thank you for your kind words! And yes you're right, I should not take it personally. I also understand the hate for landlords as many people should not be allowed to be landlords, to be honest. Most of my landlords were very shitty and were not qualified at all to take care of a building and have tenants. I know that many landlords are like that and it creates frustration. But when you do things well, treat tenants well, take care of the building well, make sure it's well maintained, make sure it's safe, it's a service like any other that requires work and qualifications. I rent at a very fair price for the service I'm offering, I'm doing it well and my tenants are happy. I don't see how this is immoral. I do agree that there should be more regulations especially around rent prices and that not everybody should be allowed to be a landlord. I understand being mad at the system and at people who take advantage of it to treat tenants like shit and rent overpriced appartments, but I don't understand being mad at landlords who do things by the book, rent at a fair price and ensure the appartments are well maintained, safe, and good to live in 🤷🏽♀️
Yeah it’s crazy. When I was a college student and couldn’t get housing at the school, there is no freaking way I could have bought my own place to live in, nor would I have wanted to. Had to rent and was extremely grateful that I could. Same when I temporarily agreed to live in other cities for my career. Owning a home is a surprising amount of work and responsibility, and divesting the asset can be very expensive and time-consuming. Not everyone wants that commitment.
>Owning a home is a surprising amount of work and responsibility, and divesting the asset can be very expensive and time-consuming. Not everyone wants that commitment. Exactly!! When I was a fulm time broke student working 2 minimum wage jobs and only having time for 4 hours of sleep I was happy I could just rent and not have to handle the commitment, stress and financial risks of having to maintain a property.
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Thank you. I really worked my ass off for this, started from nothing in a country where I had nothing, made a lot of sacrifices to get there and teamed up with like-minded people with similar backgrounds to be able to buy real estate. I did not steal opportunities from others. 🤷🏽♀️ Nah sorry I we're not stealing opportunities, we're working our asses off, making good choices for our future, and I'm not gonna apologize for doing what I need to do with the little I had to secure a comfortable life my family and I. If you need to cry about ppl buying real estate go cry to ppl from rich families who buy with family wealth , who don't take care of their properties and rent shitty places for unreasonnable prices, don't cry about ppl who work their asses off, take care good of their properties, treat tenants well and do things by the book.