Being single and rich is not like most of us
I must be feeling motivated since here’s another newsletter the week after the tariffs one. Thank you all for reading that. There’ll be more since the tariffs are delayed until March or if President Trump gets distracted by another shiny thing and insists on them. I did a piece for a Canadian publication that should be published this week. I’ll post it on LinkedIn and in Notes.
Anyway, back to solo earning. Arlene Dickinson, who is a business woman and is doing good stuff with the tariffs talks according to what I’ve been hearing, recently announced her series, ‘Arlene is Alone’ where she talks about how it’s possible to be alone and not lonely, and encourages people to embrace the alone time to find out who they are. I’m here for that message as the WHO has called loneliness an epidemic and a lot of us have lost our communities, if there even was one.
But this is a money newsletter so I’m not going to get into that. What I am going to do is use Dickinson’s new show to talk about rich single people and the rest of us. Let’s talk about how to approach rich influencers and why they’re not like us, even if they’re single. Some critical thinking, if you will.
We need a refresher that rich people and those that cosplay rich is often a bad financial move for all of us. Also, most of us have a higher chance of not becoming a billionaire.
Why the rich and single fantasy doesn’t work
Social media shows curated moments, not the full story. Most influencers don’t disclose the privilege or specific financial strategies that enable their lifestyles. Copying them without similar resources leads to financial trouble.
Sure, I go to dinner and might post pictures on social media but that’s after some budgeting to make sure I can afford it. It’s like when I tell the children in my life that no, I’m not actually a rich auntie, I’m an auntie who budgets so I can indulge them with small snacks when I babysit.
Financial reality check
Wealthy singles can afford indulgence without worrying about basic expenses because they have more disposable income. Most people can’t. Rent, mortgage payments, savings, and everyday expenses add up fast, especially if tariffs dominate the world. (Hey there, EU. How’re you’re doing?) Following the influencer playbook often results in reckless spending, financial instability and feeling bad about your life situation.
Navigating social expectations
Wealth can cushion individuals from social expectations, but that doesn't mean their lifestyle is worth emulating. Pursuing the influencer lifestyle without considering your own values and income can be unfulfilling and leave you distracted from long-term personal growth.
What to do instead
Maybe don’t pay attention to them. Practically… no, don’t listen to them. If you do want to watch them, practice critical thinking. Why are they doing this? What do you want from us? (Mostly, for us to idolize them and buy the stuff they’re selling.)
Instead, focus on building a life that matches your financial situation and values. That could mean prioritizing saving and investing based on your needs. Creating a strong network of friends and family because do we need that right now. Focusing on habits that promote long-term well-being physically, mentally and emotionally. Finally, aligning your goals with what genuinely fulfills you.
Book update: It’s with my editor. Yay!
Random thought: The KFC Valentine’s Day ad for the couple’s deal is dumb.
This week’s readings and some poll Valentine’s Day stuff
Speaking of Valentine’s Day, this is the time of year I get a lot of Vday press release, which I ignore because it’s usually about couples but this year had some stuff for us. A new Ipsos poll conducted on behalf of Simplii Financial reveals that single Canadians are increasingly prioritizing financial security over getting butterflies when it comes to choosing a partner.
Over half (51%) of single Canadians say they would consider ending a relationship due to financial incompatibility, which highlights the growing importance of financial harmony in modern relationships. This makes sense to me: A significant percentage of singles – 65% – consider a potential partner's financial stability as a crucial factor in their dating decisions. In the face of economic uncertainty, singles are seeking partners who can offer not just emotional support, but also financial security.
Another press release from Wise found that Canadians are more comfortable discussing finances than Americans. Ok, one couple thing: 75% of Canadian couples feel comfortable discussing finances with their partners, compared to only 32% of Americans.
What else?
Oh. Don’t do this, ever. The rich are not like us, worm or no worm. RFK Jr. had up to $1.2 million in credit card debt - what experts say about tackling high balances. (CNBC.com)
Duh. Trump tariff turmoil drives travel cancellations: ‘We can’t support what’s going on down there’ (Toronto Star)
sighs. This is going to be very long four years. The inside story of a high-stakes call between Justin Trudeau and Donald Trump as the tariff deadline loomed (Toronto Star)
Trouble dealing with your finances? How to change your money mindset. (CTV)