What to Do If You Are Single and Broke at 40
Being single is a choice, but being broke? Hitting the big 4-0 with nothing in the bank and having no real asset in your name is no-no.
Not trying to make you feel better but there are lots of people out there who face the same problem. Federal Reserve’s 2013 on the Economic Well-Being of U.S. Households showed that almost 50 percent of Americans have no retirement plans, and a significant number have less than $1,000 saved for their retirement.
Blame it on debt, unexpected expenses or whatever. Regardless of the reasons, hitting your 40s single and broke should cause you to take a hard look at your finances and come up with a plan. Here are some great comeback tips from experts.
- Leave your comfort zone. Change career, get a new job, try a new venture, or whatever. Author and TV show host Dave Ramsey put it aptly: “You must walk to the beat of a different drummer. The same beat that the wealthy hear. If the beat sounds normal, evacuate the dance floor immediately! The goal is to not be normal, because as my radio listeners know, normal is broke.”
And may I add something? Being broke is not normal.
- “No one ever achieved financial security by being weak and scared. Confidence is contagious; it will bring more into your life.” This advice from Suze Norman, a TV host author, financial advisor and motivational speaker, reminds me of the late Colonel Sanders who, at age 60, founded the restaurant chain Kentucky Fried Chicken.
- Stop hoarding stuff! Buy fewer things, but choose only those of high quality and value. “Frugality isn’t about cutting your spending on everything. That approach wouldn’t last two days. Frugality, quite simply, is about choosing the things you love enough to spend extravagantly on—and then cutting costs mercilessly on the things you don’t love,” advised Ramit Sethi, author of I Will Teach You To Be Rich.
- Last but not the least, save as much as you can. No matter the amount, sock away some cash and do it regularly. Personal finance expert Andrea Travillian has some sensible advice: “You don’t have to start big… small steps over a lifetime really add up. Start funding your emergency fund with $10 a month, start investing with $50 a month. It is more important to get going than to wait for the big amounts of cash!”