My partner died rather suddenly just before we were about to buy our first home together. No kids.
Unfortunately we didn't have life insurance, because we stupidly thought we wouldn't need it in our 20s. Savings got depleted paying for stuff in the aftermath. Household income dropped from $170k to $80k.
I live in a city where $80k pre-tax is OK for a single person but not a great wage. I could not afford a home on it without the second income. I had to make big lifestyle adjustments. I already downsized to a modest 1 bedroom apartment and ditched the car.
I find myself lost. What should I do to build towards a good financial future? I want to find a way to be financially secure on my own.
I'm worried the $80K isn't going to be enough in the long haul now that I'm on my own. How can I increase that? I have all the time and freedom in the world now... My current job is OK but I don't see much growth potential down the line. Should I work a side gig? Invest aggressively? Consider a career change? Upgrade credentials? Go back to school? What would give me a good shot at really increasing earnings? I'm willing to work very hard and open to suggestions.
As for assets, here's what I have left...
$200k approx - my pension (maxed out)
$110k approx - her pension
$18k - Emergency Savings
We've just let it sit in ETFs so far. Is there a better way I could leverage this money to give myself a jump start at a new life?
Submitted July 30, 2017 at 12:27PM by ANuStart_2017 http://ift.tt/2tORUOt
