I wanna be a woman of independent means... for more than a few months.
September 14, 2008 2:01 PM Subscribe
Okay, so let's say you're a broke, middle-aged single female creative professional who infamously sucks with anything involving numbers. You do have expensive tastes, but you're generally quite frugal and like to shop at the 99¢ Store & swap meets. Even so, much to your own annoyance, you have just never done *well* with money when you've had it or ever done much grown up "long-term life planning"... but now you're about to come into a one-time windfall (possibly a six to seven figure sum in all). Oh Lordy. Time to grow up.
posted by anonymous to Work & Money (23 answers total) 15 users marked this as a favorite
You have no real retirement or savings and you've never owned property or real investments of any kind, really. You definitely have an entrepreneurial mind and some great business ideas and you *could* be a great businessperson, but haven't progressed because unbeknownst to most people you are insanely insecure about your ability to succeed so you've a history of sabotaging yourself or talking yourself out of pursuing things. You never take your business ideas as far as you want to, instead always going back to doing work for hire jobs as a freelancer, making your wealthy employers wealthier while you're living paycheck to paycheck. It definitely doesn't help that you've never had any good role models financially. (Other people in your immediate family are even more irresponsible and messed up than you are, and you're terrified of this being your self-fulfilling legacy too.)
Now that you're going to suddenly come into some money, you don't want to screw up this one opportunity to provide for your future and open doors. You want to make good, intelligent investments of your time and money and stop being afraid of success so you can fulfill your potential in life and finally feel secure financially. You want to make your future a great, happy, relatively carefree one and to FINALLY become smart about these things and secure your status as a responsible, successful, happy adult... rather than fulfill your worst nightmare: that you'll end up a drunk old baglady whining about how she once had a gazillion dollars but let it slip through her fingers (Pass the Thunderbird please).
Sooooo, what should your gameplan be?
I've heard many a tale of people who won the lottery or inherited huge amounts and ended up fucking it all up. I REALLY don't want to be that stereotypical loser. I'm thinking it would be good to invest this money and live off the interest eventually, but I'm not sure how to make that happen realistically. I feel so freaking clueless on this stuff! There are things I would LOVE to do besides sit all day at my day job (travel, pursue business ideas, buy some new clothes, etc.), things that would make me happy and be fun... it would be great to have the financial freedom to do those things but I don't want to regret any choices so I'm hesitant. Unfortunately, knowing myself, while I stand around wondering what I should do with the money, it'll disappear. I just can't let that happen. I need a plan.
I want to look back and be proud of myself instead of hitting myself upside the head with profound regrets in my old age. Your insights, please. Thanks. (Oh, and I live in Southern California, if that matters.)