what's the best way to prepare for the future as a single person? (i mean financially)?

Answer 1

I would start by clearing all debt, start with the things with the highest rate of interest. If you can, transfer any credit cards to a new one that offers 0%. Then, do a budget sheet. Work out what your income is and then deduct your essentials like rent/mortgage, fuel, travel expenses etc and divide what you have left between the number of weeks between each payday, that way you know how much you have leftover to play with. It's a smart move sorting this out at the very beginning, as if you dont budget from the start you may end up spending more than you should....you seem to have the right idea anyway as by asking this question you are already thinking ahead..always good when it comes to keeping your head above water financially!

best of luck

nicola

Answer 2

Start a structured savings plan. There is nothing that feels as good as knowing that you are doing what you need to in order to prepare for the future. Take advantage of a Roth IRA which provides lots of benefits for savings. I believe the limit is up to $4,000 for a single person. Then put other money in traditional IRAs and money markets. For the first year, try to do 5% of your total income. For the second year do 10%. For the third do 15%.

Answer 3

You think, how much money you can give aside. Then give every month to the Bank Account, so that you can't take that money for the years (something, like blocked Bank Account).

Answer 4

Bricks & mortar - Buy a house.

If you can't afford to buy one where you want to live, invest in a house where you can rent it out and make sure the rent covers the mortgage.

or

Buy a house and flip it - i.e. do it up and sell it on for a higher price.