The Power of One
Monday 30 January 2012
Singletons take note: embrace the power of one and good financial things will come. While being footloose and fancy free can be fun with opportunity waiting around every corner, there’s no denying that it can cost more going solo.
You’ll face more expensive living costs and you’ll need to be extra vigilant about saving for your future – check out the Association of Superannuation Funds of Australia’s Retirement Standard for information on living costs of singles versus couples.
However, there are some really terrific financial advantages to being single—you just need to embrace the power of one.
The world is your oyster
Relationship veterans know that it’s all about compromise. When you’re partnered up you have no choice but to consult at every turn and consider not just your own financial habits and goals but someone else’s too. Being single means you can focus on exactly what interests you, and you alone. If property is your bag then you can focus on property investment but if shares are your thing then that’s exactly what you can concentrate on, no questions asked.
Do you remember the thrill you got the first time you saved for something and then bought it with your own hard earned cash? Imagine how empowered you’ll feel knowing that you’ve put yourself on the path to financial success. It’s true that doing it alone means you can’t rely on someone else to help you out and it may take you a little longer to reach your goals, but what a wonderful feeling knowing that you’re truly independent and making it on your own.
Time for action!
While you never know what great love adventure might be waiting around the corner, there’s no point in waiting around to start investing or to take your next financial step (like putting together a property buying plan). The time for action is now! If Prince Charming turns up, fantastic. But if he doesn’t (or if he turns out to be slightly less charming than anticipated) then you’ve given yourself the best chance of being financially free on your own.
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