Thursday, January 11

Why my finances are different

When I was younger I used to read lots of personal finance books, but as time went by I stopped doing so for two reasons. One was that they were all starting to sound the same to me. The second, and more important, reason was that I was finding my situation too atypical to be really covered by even the niche books.

Here are some things that I think are unique about my financial situation:

  1. I am self-employed with an incorporated business. My assets therefore include both my business and personal assets. (same with liabilities but my business doesn't really have any of those)
  2. I have always been financially "ahead" of my same-age peers. So the advice for my age group never seemed to apply to me.
  3. I am in my 30's and happily single, so many of the critical issues that affect the majority of my age group and older do not pertain to me. (eg. life insurance... I have no dependents and enough assets to cover my funeral so I consider this to be very low priority)

With so many uncommon characteristics it becomes very hard for me to find any value at all in a one size fits all approach. So it's time to roll up my sleeves and become a financial do-it-yourselfer.

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