Women’s Personal Finance Wednesdays – Week 34
1. Why I’m Putting Aggressive Debt Paydown on Hold Rose Colored Water
Debt repayment is hard, period. This is especially true when the debt compared to your income is really large and not something that can be hustled through in six months or two years or even three years. Debt repayment is sometimes a sprint, but when it’s a marathon, pacing yourself is important, probably even necessary.
And then Liz goes on to explain:
“I believe moving away from this idea that I have to be debt free by a certain time is ruining my ability to live in the now. I am young and some of the best days of my life are happening. I never want to look back and regret not living in the moment and appreciating the opportunities I have right now.“
This is exactly how I feel about the journey to financial independence. Sometimes we get so caught up in the end goal that we forget that we are living NOW and that good things are happening NOW. There is such a huge gray area between looking to the future and blowing it all today.
2. Why I’ve Never Posted Net Worth Updates (Until Now) Eat Sleep Breathe FI
Plain numbers aren’t nearly as exciting as the why and the how behind them, and I love that Chrissy’s realizing here that there are ways to share net worth and spending without baring it all. I share quite a bit as far as our expenses each month, but I don’t share the totals by leaving out a few key expenses (namely our mortgage and daycare costs), and I don’t share our current net worth.
While I’ll admit I do love the bloggers who DO share their numbers 100%, I agree that it’s much more difficult if you are not completely anonymous. Regardless of how monthly or quarterly updates shake out, I know I can’t get enough of them.
And I can absolutely get behind anyone who decides to share a little more about their personal lives and about the decisions they make about their finances. While the numbers themselves are fun to follow, it’s the heart of it that really matters the most and can be most inspiring and informative along the way.
3. Protect Yourself From A Failed Relationship Smile and Conquer
Let’s just start with the meat of what Sarah’s post is about here:
“The scarier stat, at least to me, is the number of people who remain in bad relationships because of money, or I guess lack of money. A 2014 study conducted in the UK found that 19% of people stayed with a partner because of their financial situation.“
Those are crazy high, crazy scary numbers. Because what you have to realize that if that many people stay in a relationship because of money, there are at least as many who are in a relationship they want to be in but are just as financially insecure.
While Sarah goes on to go into great detail about how to protect yourself financially – yes absolutely everyone should have at least one individual account, regardless of whether they otherwise share finances 100% – I want to talk about that other number, the people who want to stay in a relationship so they don’t realize how precarious their money situation is.
Even if your relationship lasts ” until death do us part,” will your money security last beyond that? Or in the case of disability or other financial bomb? Just because things can be great on the relationship front doesn’t mean they are necessarily great on the financial front.
Especially for women, who are much more likely than men to live in poverty over the age of sixty five, this one in five stat of not being able to leave a relationship due to finances should be a jarring thing. Be prepared. No matter what, thinking about what you’d do about finances if you were single, outlive your partner, or become the only one able to work is so, so important, and we do ourselves a disservice to not give it the attention it deserves.