FinanceSpirations – Making Financial Decisions Alone

January 15, 2007

The latest entry in the FinanceSpirations Challenge comes to us from Emily, a thirtysomething woman whose single status means she makes all of her financial decisions by herself. Luckily she has Boston Gal and My Open Wallet to inspire her and pass along tidbits of financial advice.

Thanks to Emily for sharing her FinanceSpiration story with us and to Boston Gal and My Open Wallet for inspiring her to strive for financial success!

The two bloggers I find most inspiring are Boston Gal and My Open Wallet. Like them, I am a thirtysomething single woman. They have shown me that it is possible to make it financially on your own. I am not doing as well as they are: I am 33 years old, my salary is only $53k, my net worth is only $135k, I’m still renting an apartment, and I drive a 15 year old car.

Actually, most personal finance blogs make me feel like I’m behind. I’m trying to use it as an impetus for change though. Recently I used an online retirement savings calculator to determine that I will need $3.1 million for retirement. Yikes! It made me realize that I will not be able to get to that number through brute force saving.

Right now my company retirement money is in the “stable value fund” and my Roth IRA is in a CD at my credit union. In 2007 I want to become an investor, not just a saver, and try to get better returns on my money.

The hardest part of being single is making decisions alone, and it would be great to get objective advice from a planner on specific steps I can take to improve my financial situation.

Vote for Emily to win a financial consultation from Beacon Financial Advisors by leaving her a comment about her story and check out the other entries here. Stay tuned for contest developments by subscribing to my feed.

Ben

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Ben

Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn’t like the other kids… His addiction to personal finance has paid off for his family and now he’s helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.


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Comments

6 Responses to FinanceSpirations – Making Financial Decisions Alone

  • Emily

    Thanks everyone for the nice comments!

  • moneysmartz

    The great thing about the “virtual” personal finance community is that you’re never alone in weighing your financial options.

    You’ll still have to make the final decision yourself but if you ask questions and take advantage of the knowledge that personal finance blogs share it can at least be a well informed decision.

  • Boston Gal

    Hi Emily,

    Thank you for mentioning me as well 🙂

    I agree with Madame X – you should feel really good about your accomplishments to date. But I hear you about the “The hardest part of being single is making decisions alone” – I feel the same way most of the time. I hope you win that financial consultation! Good Luck

  • Madame X

    Hi Emily,
    Thanks for mentioning me– I’m glad you find my blog helpful! You shouldn’t worry about “not doing as well.” I don’t know what you do for a living, but your 30s can be a time of career opportunity. I’m several years older than you and make more money now, but at 33, I was making a similar amount, and probably had a similar net worth, but a lot can change in a few years once you’re focused on managing your money. It sounds like you have a great foundation– good luck!

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