Money & Anxiety
March 23, 2014 6:35 AM Subscribe
I'm 34 years old and I got lucky in my current job and have been able to generate way more income than I need. I have everything I want, am doing all that I can when it comes to retirement savings/putting money away. Two part question: 1) What else should I be doing to ensure financial stability forever? 2) Is it weird that I don't have a strong desire to go buy stuff/do stuff/spend excessively?
posted by anonymous to Work & Money (32 answers total) 13 users marked this as a favorite
I've got about $500k dollars in my savings account. More than $600k in my combined retirement accounts. I own my home outright. Cars (not extravagant) are paid for. I max my 401k. I contribute to an after-tax traditional IRA that I then convert to a Roth IRA.
I don't have children and am not married but am developing anxiety about whether or not I'm doing all the right things to ensure my financial stability for the future. I have this fear that some day my job will go away and I'll be back to the real world making a much more normal wage. I know the key here is to invest wisely but I'm no expert when it comes to doing that correctly. My primary strategy is to throw money at Fidelity's ETF funds at regular intervals. It's been working so far but that's because the market has been doing well.
Also - I'm conflicted about ways to spend the money I do have. I'm not frugal - I take vacations, eat out a lot, have lots of toys and clothes... but it took me several years to finally commit to paying a housekeeper $150/mo to come by and clean. Also, summer's coming and I'm agonizing about the $20/week it costs to have the grass cut. I feel like I'm being lazy having someone doing something that I could easily do myself. I wish I could think of ways to use the money I do have to make my life more fulfilling and be ok with committing to those plans.
Some background: I grew up really poor. Foodstamps, welfare, the whole nine. Lots of financial emergencies throughout my entire childhood and adolescence. I send lots of money back home and try to keep my mother (most of all) from having to struggle so much. My siblings live hand to mouth as well... I'm there for them when they need me but I struggle with the differences in our financial mindsets. Several times a year, I find myself paying rent, making car payments or buying groceries for someone in my family. I can afford it and don't mind helping out but I wonder if this role I play in my family is partially the source of my anxieties.
1) Should I get a financial advisor? How do I find one that I can trust and depend on?
2) What have you done to make you feel good about your financial stability in the future?
3) Is it weird that I don't want to spend the money I have?
4) What ideas do you have for me to put my money to use to live a more fulfilling life?