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Single income, no kids attending here. Any financial tips specifically for my crowd? What should I do differently than those with dual income and/or kids?
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Having been married at the end of my fellowship (May), I have never been in your shoes. Most advice is not much different for a family, but your living expenses can be lower while your lifestyle can be bigger, if you choose. Here is what I would do, if I were you:
Accelerate payment of any student loans or outstanding debt.
Familiarize yourself with all of the possible savings and investing options, at work and at home.
Write an investment policy statement. (Consider how that might change if you were to couple up and have children.)
Build an emergency fund, at least 3-6 months of living expenses.
Consider to fund an account to purchase a home IF you think that is in your future.
Start saving and investing.
See the world. There will be no better time. -
Having been married at the end of my fellowship (May), I have never been in your shoes. Most advice is not much different for a family, but your living expenses can be lower while your lifestyle can be bigger, if you choose. Here is what I would do, if I were you:
Accelerate payment of any student loans or outstanding debt.
Familiarize yourself with all of the possible savings and investing options, at work and at home.
Write an investment policy statement. (Consider how that might change if you were to couple up and have children.)
Build an emergency fund, at least 3-6 months of living expenses.
Consider to fund an account to purchase a home IF you think that is in your future.
Start saving and investing.
See the world. There will be no better time.
Besides the obvious book, any other good books, podcasts, websites, videos to learn this?Comment
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Of course, I will plug WCI content in all of these areas
Books - here are three classics and one future classic
The Four Pillars of Investing (or any Bernstein book, though some geared to a more advanced audience)
The Millionaire Next Door (Stanley)
Making the Most of Your Money (Jane Bryant Quinn)
How to Think About Money (Jonathon Clements)
Podcasts-
Money for the Rest of Us
Paul Merriman
Vidoes/Website
Rick Steves for travelComment
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Really important for you to have great LTDI, as much as you can afford. If you're married or if anyone else depends upon you financially, term insurance, too.My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 for CPA clients (we are Flat Fee for both CPA & Fee-Only Financial Planning)
Johanna Fox, CPA, CFP is affiliated with Wrenne Financial for financial planning clientsComment
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If I had been in this position knowing what I know now I would have lived on almost NOTHING for a year or 2. I'm talking like skinned it down to a studio apartment and a 15 year old Camry and I would have moonlit like a nutcase and socked every spare dollar into either loan repayment or wealth building except for 2 insane trips per year.
I would say "live like a resident" but I would have tried to go below how I lived as a resident to be honest.Comment
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OMG, save/invest EVERYTHING. Work as much as possible and have the *minimum* standard of living it takes for you still to be able to get a date. Not joking. Besides, that can help ward off the gold diggers...oh, I can't tell if you're married or not. If you are, put your spouse to work...lol.
Plus a good disability insurance policy.
I love my wife and children more than anything, but they're expensive :lol:Comment
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Does SINK mean no spouse or that spouse doesn't earn income?Comment
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Does SINK mean no spouse or that spouse doesn’t earn income?
Single Income No Kids
So no spouse.Comment
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I’m in the SINK boat and will be moving to a low cost of living area. I’m going to pay a little more for rent, but that’s only because the community has weekly events (I don’t know anyone where I will be going). Other than that, I’m going to try to get the loans paid off in 2-3 years.
Not sure what situation you’re in (salary, time off, cost of living, debt). I know a lot on here would advocate to maximize both investments and knocking down debt, but at this point, the debt is what keeps me up at night, so that’s what I’m going to attack aggressively.Comment
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Does SINK mean no spouse or that spouse doesn’t earn income?
Single Income No Kids
So no spouse.
Could be a non-working spouse, no? But likely single...Comment
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Does SINK mean no spouse or that spouse doesn’t earn income?
Single Income No Kids
So no spouse.
Could be a non-working spouse, no? But likely single…
True but historically it means no spouse. I guess if you're a purist and want to avoid any confusion, the acronym would be SSINK meaning Single, single income, no kids.
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Does SINK mean no spouse or that spouse doesn’t earn income?
Single Income No Kids
So no spouse.
Could be a non-working spouse, no? But likely single…
True but historically it means no spouse. I guess if you’re a purist and want to avoid any confusion, the acronym would be SSINK meaning Single, single income, no kids.
Maybe more efficient would be SNK. Single, no kids. The fact that there is only one income is implied. I suppose there could be zero incomes in such a case. But most indigent people wouldn't be starting threads on here.Comment
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Beware of people who are interested in you for your money. Practice stealth wealth for a while. Be careful dating.Comment
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To clarify I am single and have no plans of ever getting married or having kids. So what should I do?Comment
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