As a new joiner of the forum, I got a lot of inspiration from others’ stories and answers. I got a bit (okay…maybe more than a bit) stress too, regarding my own financial situation.
I am in my early 30s and have an office job with average salary. Previously, I never paid much attention to expenses or think about investing strategy. I have a modest lifestyle and no bad financial habits (somehow I assumed this could carry me on forever ?) Until…the reality hit.
I was out from a LT relationship last year. While grieving, I have to take a hard look at my life and think how to live by myself purposefully and happily. After reading some posts, I am kind of concerned on below points and hope you could give any advice or share your experience:
Currently I only have a single income source. This makes me uncomfortable because 1) there is prospect of career progression, but the corporate ladder is hard to climb fast 2) it is risky to rely on one “lifeline”. I often work more than I need to “avoid” (really?) being a target for potential downsize.
Then, I am trying to find possible “side hustles”. It is not easy as I am an average person who doesn’t have (or I have not found out ) special talents. I also want to do something not just for $ but at least I am interested in. Anyone has gone through the process and figured it out?
Majority of my savings are in the bank.
This is something I am taking action on – to start investing with ofc emergency fund setting aside. But…man…by looking at my balance, I feel it probably takes forever for the money to grow
I am positive that with disciplines, I can improve my situation by saving, investing, and tracking. Still, there is a general overwhelming doubt that how I can start low from now to achieve some goals.
I hope this post doesn’t pass too much pessimistic vibe. It will be a long and interesting journey – I firmly believe
Sorry your relationship didn’t pan out. Let me start by saying that you are pretty young and your human capital is still big. At this stage of your life, time works on your side, provided you take charge of it, which you intend to do so, congrats and forge on!
The biggest trouble I see is your mindset: you don’t seem to particularly value your skills and potential: that will be troublesome when difficulties will appear and you’ll have to rely on your self confidence and trust in your plan to keep pushing on. Part of it may be your natural/upbringing behavior but part of it is also probably affected by what you are currently going through, I’d take some time to mourn and let go, not putting too much pressure on myself and focusing on recovery.
I think you are right that discipline is key. I’d find an activity to help build focus. It can be fitness, running, cooking, crocheting, hiking, whatever you want but something that would have a place in your planning and can get you a default thing to be doing when things look blurry. Bonus points if you go to it with other people and you can keep yourselves motivated together.
Concern may be warranted, or it may not. My advice would be not to let the situation of others affect your own. Current you is the measure by which your progress can be assessed. Don’t let comparison to others mess with your goals.
Now to your specific questions:
That is the situation of most single people in Switzerland. We have a fairly good social net. If you were to loose your job, unemployment insurance would kick in with an opportunity to improve on your skills or develop new ones. If you are still unemployed one year after that, social security enters the field. What risks getting you down if things turn bad are negative thoughts and demotivation, if you can maintain a high spirit, the escape doors will be there for you.
This is not do discourage side hustling and entrepreneurship. If you think it’s good for you, then by all means, go for it. I just mean to say that it is not a requirement and you are not in a significantly riskier situation, nor less of a person, if you don’t have several sources of income including a successful side hustle.
This. What interests you? You’re not a unique snowflake with interests and aspirations different from every single last other person on Earth: what you like is likely to interest other people too. Find what you enjoy, focus on it, find a way to share it and make yourself useful to others who share your interests, get at it and keep going.
Give it a shot and watch what happens. Chances are the growth will start being significant quicker than you expect. Please, keep in mind that the value of assets doesn’t only go up. Be ready for deep and prolonged downturns, they happen. Don’t invest more than you can live with loosing.
It always looks like that when we look from the doorway: the world is big and the task is overwhelming. What we do is we put one foot in front of the other and we make a first step, then another, then another, and we keep moving in the direction we have set for ourselves. Things happen incrementally without us noticing much and before we know, we have a lot of path behind us. The two important things are to get started and to keep going. It won’t always be easy but you’ll get there.
And since it’s not easy to keep going when the easy path keeps calling, in case it might be of use, here’s my favorite motivational video. It’s oriented toward physical activities but can be transposed to anything, really: