I have $0 saved for retirement
I'll be honest with you: I'm 33, I'm a financial professional, and I have $0 saved for retirement.
Walk with me for a moment.
You may have heard of the concept of "diversification" in investing. Diversification is the opposite of putting all of your eggs in one basket. I don't want all of my savings to be invested in one specific company, because if that company goes out of business, my investment becomes worthless. So I diversify my savings by investing in lots of different stocks, bonds, mutual funds, etc.
I like to think of diversification from an even broader perspective.
I have no idea what the world will look like 40 years from now, when I'm in my 70s. Will the economy function the same way it does now? Will the cost of living be even more impossibly high? Will the stock market still exist? Will the US be a democracy? There's no way to know for sure!
If I don't know what my future self will need, then I want to look for ways to give my future self as many tools and resources as possible. I want to ~diversify my investments~ !
Here are some nontraditional "investments" I've made in my future:
I went through a gender transition, which made my life infinitely more livable.
I used debt to start a business, which is a much more sustainable source of income for me than my finance and tech jobs had been. Starting my own business also meant I could finally give my honest professional opinions to my clients, which is an investment in creating a stronger, more stable, more collaborative world.
I invested in individual and couples therapy, building self-care and relational skills, to give my future self better health and stronger relationships.
I "gave away" over $20K in dollars and physical items (like furniture and a car), and over $100K in financial services. But really, that's an investment in a community that is stronger because more people in it have more resources and knowledge, especially people with a diversity of backgrounds and perspectives.
I spent $16K on my queer wedding weekend (plus financial support from many kind and generous people!). It may sound silly to some people to count this as a type of retirement planning, but our wedding weekend was an important investment in our chosen family. My spouse and I were able to introduce our most important people to each other, through ritual and celebration.
And I moved to Europe, which is probably self-explanatory.
I'm not trying to convince you to do any of these specific things. I am pointing out that there are infinitely many things we can do to make more skills and resources available for our future selves.
You are allowed to live a nontraditional life.
And: it is never too late to invest in skills and resources for your future self.
You could put time and energy and care into your relationships, so your future self has a strong community.
You could care for your body in whatever ways it needs, so that your future self has a better shot at more abilities and less pain.
You could learn to garden or sew or administer first aid or repair things in a home, so that your future self has more options to meet their own needs and their community's needs.
You could save and invest money now, so that your future self will have a pot of money when they need it.
Of course it is possible to lose your money if the stock market ceases to exist, or lose your health if you get sick, or lose easy access to your community if you have to move away. That's why we need to diversify, and not put all of our future-planning eggs in just one basket.
If you're interested in learning to invest in the stock market as just one of many tools for your future self, I have an on-demand DIY Investing 101 workshop - sliding scale $10 - $50 - $100. Or check out my other services and workshops!
