Many single ladies without children enjoy a higher level of financial freedom (traveling, shopping, spending and living life under their own terms) than someone married with young children or single with children.
There is also a less urgent need for life insurance as providing for elderly parents is usually the only reason for insuring their life. Don’t think you have time to plan. The younger you start, the better, and cheaper it is for you in the long run.
Let’s get to it.
Priority 1: Insure your Health First, Income Second and Life Last. Health Insurance, Disability and Long-term Care to protect your income and long-term ability to live independently. I know you think it’s not important, but girl it is. It’s your independence we are talking about. You want to protect it like you are the most important thing on earth darling because you are. Seriously!
Priority 2: Begin Planning, Saving and Investing for your future. Start with Emergency Funds (6-9 months’ worth of income), saving for a house down payment, short-term goals like fancy vacations with your girlfriends or maybe starting a business one day. And, of course, for retirement. Start investing in your 401(k) or retirement plan at work. Start with the match from your employer and increase each year by 1%. The sooner you start the better. The longer you wait the steeper the climb for living independently later in life.
Priority 3: Avoid credit card debt like the plague. It will trap you and erode your financial independence! Put those credit card offers you get in the mail in the trash! If you must have one - get an American Express card you can pay off in 30 days or an Apple Card you pay off in 30 days and it gives you cash back. Owe no one except for your mortgage and maybe a car. Even that car you can save for - seriously.
Priority 4: Estate Planning - a woman must plan her estate not only to ensure her own financial security and that of children she may have or other family members, but also to ensure the proper distribution of her assets to family members and friends.
Ok. That’s all for now. Until the next time