You Need To Know 5 Powerful Ways Being Single Accelerates Your Wealth-Building
Stop swiping on dating apps and build wealth single.
Society portrays being single as a waiting period before reaching "real" adulthood, which means dating or living with a partner.
Would you believe me if I told you that your single status is the fastest ticket to financial freedom? While couples are splitting bills, debating money decisions, and living in a larger apartment, you have a unique opportunity to build wealth.
I went on some speed dates in college. I thought that I had to couple up, just like most of my classmates. It wasn't until I began to embrace the advantages of being single that my life changed.
These are five powerful ways being single accelerates your wealth-building.
1. Complete Financial Autonomy: Your Money, Your Rules
Financial Negotiations
Every financial decision becomes a negotiation with a partner. Where to live, how much to spend on vacations, and whether to cook at home or go out to eat.
These discussions aren't just about preferences. They're about real dollars that could be working for your future.
Unilateral Decision-Making Power
You have unilateral decision-making power when you're single.
Entire Paycheck
The entire paycheck that you receive from your employer is yours. You can spend it. You can build your emergency fund. Invest a portion of your paycheck in the stock market.
No Compromising On Spending
You don't have to compromise with a partner about your spending habits. You can spend your money. Or you can focus on saving and investing it to grow wealth even faster.
Control Over Your Investing Rate
You can invest to max out your Roth IRA at the start of the year. You're able to invest as much as you want each month to grow your investment portfolio.
You get to follow your investment strategy. You can invest in value stocks, dividend stocks, and growth stocks.
Financial Autonomy
Financial autonomy allows you to accumulate wealth faster than households where both partners need to agree. You can build up more liquid assets. Invest in the stock market by knowing your risk tolerance level.
Key Point: Your solo status means every dollar you earn can be directed toward your exact financial priorities: debt, savings, or investments.
2. The Debt-Free Advantage: Avoiding Financial Entanglements
Financial Partnerships
Romantic partnerships result in financial alliances.
You'll end up responsible for your partner's credit card debt, co-signed loans, shared mortgages, student loans, and auto loans.
You might think these are normal steps in a relationship as it becomes more serious. The problem is that they add to your personal balance sheet a liability that can stay after your breakup with your significant other or partner.
Clean Financial Slate
Being single offers you a clean financial slate.
Bad Debt
You have no risk of inheriting a partner's bad credit history. You won't take on a romantic interest's bad debt. Bad debt harms your credit score and financial security.
Relationship Milestones
You have no pressure to celebrate relationship milestones. You don't need to go out for an expensive first dating anniversary. You don't need to purchase engagement or wedding rings. You don't have to plan a costly wedding.
Financial Fallout
You have freedom from the financial fallout that can happen when a relationship ends badly. You don't need to argue who gets what. You don't have to pay for alimony. You don't need to figure out who gets the kids during the week or for the weekend.
The Danger Of Joint Obligations
Shared debt obligations result in major financial setbacks. Debt prevents you from aggressively saving and investing to achieve financial freedom.
By staying single and financially independent, you avoid the danger of joint debt.
Key Point: Your single status protects you against joint debt that destroys wealth-building.
3. Time Equity: Converting Solitude Into Productive Wealth Building
Costly Time Investments
Romantic relationships require massive time investments. You have date nights. You have family obligations. You have emotional labor.
You would be better off spending your time building wealth.
Time Dividend
You're able to maximize your time dividend when you're single.
No Relationship Maintenance
It's estimated that couples spend 14 hours each week maintaining a relationship. That's a total of 728 hours a year, or 18 full-time work weeks, to maintain a relationship.
Dedicate Your Time To Increase Income
Direct the time that you don't have with a romantic relationship toward earning income from side hustles, gig work, or working overtime.
Professional Development
Study for certifications. Work to achieve your professional development goals. Upskill so that you can earn more income in your field, or so you can change fields, or work for yourself.
Networking
Network online with sites like LinkedIn or your favorite social media site. Look for Meetups and professional networking events where you live.
Time Is Currency
Time is the ultimate currency.
The hours you're not spending managing a relationship can be directly converted into income-generating activities that compound over time.
Focus on income-generating activities like building a business and investing in the stock market, which can give you your time back.
Key Point: Your free time is a high-value asset. Invest your time wisely in wealth-building activities.
4. Lifestyle Flexibility: The Stealth Wealth Builder
Lifestyle Inflation
Couples often inflate their lifestyles to match their combined incomes. They rent a bigger apartment. They lease a nicer car. They go on expensive vacations.
This is known as lifestyle inflation. Lifestyle inflation is one of the biggest obstacles to wealth accumulation.
Strategic Minimalism
You can practice strategic minimalism to combat lifestyle inflation. You're better able to do that when you're single.
Smaller Living Space
You can live in a smaller, more affordable apartment or house in a less expensive area of the state.
Low-Cost Solutions
You can live with roommates. You can move back in with your parents. You can live in a smaller home, a tiny home, a studio, or a one-bedroom apartment to save more money.
No Need To Keep Up Appearances
You don't have to buy expensive makeup, clothes, outfits, or a home to maintain appearances for a partner. You can take care of yourself, but there's no need to go overboard.
Save And Invest The Difference
You're more likely to spend less on housing and other related expenses when you're single. Save and invest all of the extra money that would have gone towards a larger apartment, makeup, and accessories, and avoid the urge to keep up with the Joneses.
All of the money that you're able to invest over time can grow your net worth quickly.
Key Point: Your ability to control lifestyle inflation helps you accelerate wealth-building.
5. Opportunity Velocity: Moving Fast On Money-Making Chances
Consensus
Major financial decisions in relationships often require consensus. Consensus means you miss opportunities. Consensus means you delay actions on time-sensitive wealth-building moves.
First Mover Advantage
You have the first-mover advantage as a single person. Use this to help you grow wealth.
Freedom To Relocate
You're able to relocate to a better job opportunity. You can move to a less expensive state or country. Move to a cheaper house or apartment to save more and build a business faster.
Investment Freedom
You're able to invest in high-growth companies in the stock market that can give you a higher return on investment. Only do this if it aligns with your risk profile and risk tolerance.
Quick Decisions
You're able to make fast financial decisions when it comes to your budget, investing, or a business venture. You don't need to ask someone else for permission.
Taking Action
You'll see greater returns over time by accepting more opportunities that allow you to build wealth. Take action when an opportunity comes your way that aligns with your personal and financial goals.
Read Next
Summary: Your Single Status Is A Financial Asset
Being single isn't a relationship status. Being single is a wealth-building strategy. You have complete financial autonomy:
Avoid joint debt traps
Convert time into income
Maintain lifestyle flexibility
Move fast on wealth-building opportunities
For investment freedom
Stop seeing the single life as a financial limitation. Recognize being single as having the unparalleled opportunity to build wealth on your own terms.
Disclaimer: This content is for educational, entertainment, and informational purposes only. This is not business, financial, investment, or any advice. I write online about topics that interest me. I make mistakes just like everyone else. Always conduct your own research and consult a professional before making decisions regarding health, life, finances, investments, taxes, or legal matters.