Why Single Ladies Can't Afford to Rely On a Single Income

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    Why Single Ladies Can’t Afford a Single Income

    1. giulia says:

      Also if it is nasty it is absolutely true and the fact there is still salary gap between man and women that doesn’t help…

      • Stefanie says:

        Yes, and important to understand that the consequences of the pay gap are greater than what’s on the paycheck. It impacts retirement readiness too!

    2. I am so thankful for what I’ve learned over the last three years. Starting my blog and becoming a financial planner has changed my personal life. I literally think about how I want to get a prenup because I plan on making so much money that I don’t want my husband to automatically get if something were to happen. Five years ago, I would’ve been thinking about how someone else can take care of me. It’s incredibly empowering to learn how to take care of yourself financially. I think every young woman owes it to herself.

    3. Ugh, how depressing! But definitely a valid wake up call. I’m shocked by how screwed so many of my friends would be if they lost their jobs.

      • Stefanie says:

        Yeah, I think that’s probably true for the majority of people I know, which is kind of crazy after everything we’ve been through post-recession. While the side hustle has definitely gained traction, I’m shocked it’s not more widespread when we all know things can change in an instant.

    4. Kristin Wong says:

      That breakdown on the premium one pays for being single is fascinating. $1,000,000+? Crazy.
      Forbes had some article the other day on building a six figure freelancing business, and it basically said that the standard full-time job is becoming a thing of the past, and freelancing/independent contracting is becoming a more lucrative, secure avenue. So I think that supports the idea that multiple streams are more of a necessity than a luxury. The market is changing, and that can be a really good thing if you learn to adapt!

      • Stefanie says:

        Did you read the full analysis on the price of being single in the Atlantic? It was fascinating. I’m very interested to see what kind of future lies ahead, not only as more people fall outside the norm of the traditional family unit, but also as we see more people subsisting on freelance and self-employment. Being both single and self-employed, I find the lack of understanding and infrastructure to support how I live is infuriating.

    5. I’m going to play the devil’s advocate here. I’ve been single MOST of my adult life and have lived in mostly expensive cities. I’m 45 and had 7 years where I wasn’t contributing anything to retirement, and in fact I was losing money. And I’m still on track to save enough for retirement. While there are good points to be made, I don’t think we necessarily need to go running for the hills. The data is based in so many factors, lifestyle being one of them. I think it’s great we do have unlimited earning potential now and if we can explore that and fit that into our life, then that is great, but on the flip side is a lot of burnout and not taking care of ourselves. In any case, I just wouldn’t hit the panic button. Do the smart things when you can, obviously, and definitely learn to negotiate and ask for a raise or find a better job for yourself when you can, but don’t panic! 🙂

      • Stefanie says:

        So much I agree with, but I also think your savvy is an exception. The stats on average retirement savings (for everyone, married or single) are really disheartening, and even basic savings to cover emergencies are largely insufficient. Between that, the new job market, longer lifespans and the evolving retirement landscape, I think diversity of income is becoming more critical than ever.

    6. I’ve had some fascinating conversations with my girlfriend and her friends who are all graduating from surgical training. As new doctors almost none of them had negotiated their starting salary. I was totally stunned and asked them why because every male in finance I knew would have been aggressive about negotiating. They said they felt bad, didn’t want to lose the job, wanted to show they could perform well first, etc. Did some more research and there’s a major difference in men and women when it comes to comfort in negotiating raises, higher starting salaries, etc. Hopefully women can be empowered to ask for what they’re worth and not what their employers give them

    7. Good message for women! And also single men. Start saving and investing early on. Even a 1% difference compounded over 10-20 years can make huge returns!

      Sam

    8. Tess Wicks says:

      Salary negotiations and retirement… two of my favorite subjects and the hardest to do confidently and fully understand. Thanks for bringing the facts to light, Stefanie! It’s time to get that baseline up and start saving for our old, fabulous, retired selves! 😉

    9. The Roamer says:

      Great post Stefanie.

      Something I wouldn’t have thought of for myself but I frequently think about for my single sister. Amusingly it wasn’t because of the money…. it was more the fact that she doesn’t have kids so has time to side hustle… she stopped and I ask myself why she would…. but your post makes a better case for it then. Me just saying you should do it because you have the time.

    10. […] Stefanie O’connell – Why Single Ladies Can’t Afford a Single Income […]

    11. I don’t usually agree 100% with people, but I must say I totally agree with everything you wrote in this post, and the infographic is super useful, thanks

    12. Kerry says:

      Where are 22-33 year old women making $63,000/year? I have a bachelor’s degree, I am thirty, and I am making half of that.

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