Welcome to Single Dollar Bill!

A PERSONAL FINANCE BLOG MADE FOR SINGLES

Money isn’t the goal; it never has been. Money is simply the tool we use to maximize the volume of value in our lives.

My personal continuing journey through the wild woods of personal finance has been enlightening to say the least. There have been times of second guessing, times of utter failure, and times of big wins! Multiple factors have kept me going, but the dream of freedom is ultimately what keeps this engine humming.

I want you to think of freedom as you read the articles in this blog. What does it look like for you? Perhaps you’re picturing yourself with a certain net worth dollar amount, maybe backpacking through Europe for a year, or simply sitting on the beach on a Wednesday without a care in the world.

No two paths to financial independence are exactly alike, everyone has different goals they are looking to achieve. It is my hope that this blog will lift the fog of the future in your mind; and help you find the path that turns dreams into reality!

In all the content I’ve absorbed, I have yet to find a personal finance platform directed towards singles or solos that I liked. According to the United States Census Bureau, almost half of U.S. adults are single in 2022, and the stats are climbing! It’s pretty astounding to me that very few are taking the time to speak directly to this growing audience.

For the sake of this blog, SDB will consider “single” to be an adult who is legally unmarried and not sharing finances with another adult. By these standards, I’ve been single my whole life. Whether you are divorced, widowed, a lifer solo, or a young twenty-something trying to figure out life; it’s the goal of this blog to give you the knowledge and confidence to make the best financial decisions for you.

So, right now you may be thinking “What’s the big deal? Finances for a solo must be easier than a couple, right?” Sometimes it is, and sometimes it’s not. The truth is that financial planning for singles is inherently different.

First, let me point out that singles have a number of advantages in general. Being single is great! You can do what you want, when you want, with whoever you want, and not have to answer to anyone; it’s all up to you! On the more daunting side of things… it’s all up to you. Navigating this crazy thing called life without a partner is both liberating and terrifying.

A few challenges that many singles must overcome:

• One source of income per household
• Higher costs on the big three (housing/transportation/food)
• Taxes
• Retirement Planning
• Lack of security when making a major life change

Along with these points, it’s also difficult for a solo to have outside input that holds them financially accountable. The purchase of a new vehicle, for example, in a marriage might lead to a conversation that involves real life income numbers, affordability, and inevitably the voice of reason “is this decision right for us?” The same conversation among singles is more likely to be “Bro, I did it! I bought the Vette!” “Sick dude! Let’s go for a spin!”

To add insult to injury, according to the Survey of Consumer Finances, there is a growing gap in net worth between single households and married households between the years of 2010 and 2019. A lot of this is due to house equity, but more on that in a later post.

“WOOF! Where’s my phone? I need a spouse on one of these apps now! I’m not signing up for this!”

Relax, did you think I was going to leave you on a sour note? Being single is the best. In another life you are currently having an argument with a significant other about the color of throw pillows. This blog was created to help you plan around (and sometimes plow through) some of these pesky financial barriers to help you live an amazing life.

Past mistakes are past mistakes; do your best to learn from them and move forward. Lord knows I’ve spent too much time dwelling on “how I should have handled things” when it comes to certain events in my past; both financially and otherwise. Instead, I implore you to start thinking about what you’ll do now to prevent that thought in the future. What can you take action on today that will improve future you?

At its heart, this is a personal finance blog. That said, let’s not forget why we are doing all this financial crap! I want everyone reading this to live a long, happy, and purpose filled life. Everyone else can go die in a fire for all I care (just kidding 😜).

In the long term, almost all major decisions should be based on improving your health. There are different areas of your health that will need attention at different points in your life.

I’ve broken it down into these categories, we’ll call this the SDB 5 Points of Health:

• Financial Health
• Physical Health
• Mental Health
• Emotional Health
• Relational Health

We’ll break down the 5POH in more detail on a later post, but I wanted to get the wheels spinning. That burrito after a long day might help with the mental health temporarily, but after that burger for lunch… how’s the physical health doing? Did you stay at work late again to help the boss finish that project instead of going to the game with your boys? Hey, it definitely helped with the financial and mental health, but when’s the last time you checked in on your relational health?

Before I get flooded with hate mail, nobody (least of all myself) has it all together all the time. Think of it more of a reference, a thinking point if you will. When I personally start to feel burned out, I start thinking about which one of these areas needs attention. There are experts and coaches in each of these areas that can help assist when things feel out of control.

In short, the Savvy Solo is the single who is optimizing the opportunities they are given to better their lives. By its very nature, this term is subjective. What might make me a Savvy Solo, might put you on the wrong path.

With most people having different immediate and long-term goals, everyone is going to have different methods to take in order to achieve them. On top of that, two separate people could come up with different plans of attack on achieving the same goal; and both can be considered Savvy Solos.

The Savvy Solo has clear goals they want to achieve, and a path to get there. The Savvy Solo takes action when an opportunity presents itself. The Savvy Solo has the ability to identify problems in their life, and comes up with a gameplan to solve. The Savvy Solo is self-aware enough to do a SWOT analysis on oneself. The Savvy Solo is open to advice, particularly in the areas they are weakest. The Savvy Solo isn’t afraid to make mistakes; in fact, the Savvy Solo may make many mistakes!

You could be struggling in every single area of the 5POH, and still be considered a Savvy Solo. The idea is that you are steadily working to improve yourself given the circumstances you are given. We all have to start somewhere!

Even if you want to get married someday, working towards the life you want now will benefit you in the long run. Don’t wait for prince charming to come around to start planning that vacation. Don’t wait till you have a stay-at-home wife to get that dog you really want. Don’t wait to get engaged before starting to save for that dream house. Taking action on these things right now, and not relying on some future mystical person to do them for you, is what being a Savvy Solo is all about.

The confidence that real independence brings is attractive to almost everyone. When you can be truly happy in your own skin, it shows, and its infectious. In the same thought, couples that literally can’t live without each other confuse and bewilder me. Be confident in your individuality first, and the benefits will soar.

Holy crap, are you still reading this? That was some heavy 💩 to sift through. Thought I’d be down to one reader at this point. Guess I’ll keep going…

In all honesty, I truly meant what I said up at the top. The pursuit of money for the sake of more money is a fruitless venture. Instead, think about what improving your financial health could really mean. I want you to take a little time and think about the future you want for yourself.

Are you saving 75% of your income to retire early? Why?

Are you going to work 20 hour days to get out of debt sooner? Why?

Are you going to “live your best life” and ignore those creditor phone calls? Why?

We all have different motivations behind our goals. I want you all to come up with one goal and a plan of action. If you are feeling confident, let me know what it is in the comments below, or message me if you aren’t feeling as confident.

Stay classy solos! ✌️