As a single mother, managing wealth was a constant challenge for me. It's not just about the financial aspect but also the emotional and mental toll it took on me. I had to be the breadwinner, the caregiver, and the decision-maker all at once. Here's how I overcame the challenges of being a single mother and how you can too!
Tips for Single Mothers to Build Wealth
Prioritize and Plan - Create a Budget
At first, I found it hard to balance everything. I constantly worried about bills, saving for emergencies, and providing for my child's needs. To balance everything, I learned that prioritizing and planning were key when managing wealth as a single mother. I started by creating a budget for myself and tracking my spending regularly to ensure I stayed within my budget. This allowed me to set aside a certain amount for bills, groceries, and other necessities and allocate a portion for savings and investments.
Yes, I made mistakes along the way, but I learned from those mistakes. If I overspent, I corrected myself and ensured that I revisited my goals and created a way to prevent overspending in the future. If my friends wanted to do something expensive, I declined their invitations because I had goals that I wanted to stick to. One of those goals was to find a better place to live for me and my son. My friends understood, and we planned things together that were within my budget. At that time, that was the support I needed.
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Start a Small Business or Side Hustle
Next, I looked for ways to increase my income. I started a small business of resume writing on the side. My ultimate goal was to leave the military and enter a career in human resources. So, while obtaining my degree in the military, I honed my technical writing skills and let everyone know that my services were available. The additional income that came from resume writing helped me to build up my emergency fund and pay off debt faster.
If you have a skill that you're good at, now's the time to market it. It doesn't have to be to your family or friends. Today, social media is the best way to build your audience and to let the world know what you have to offer. It's also important to officially start your business by filing for an LLC or other business structure that can legitimize your business and help you achieve your goals. The goal is for you to have long-term success and continued wealth. Depending on the state you live in, conduct a Google search to find out how easy it is to file for your LLC.
Prioritize Your Mental Health
Finally, I made sure to prioritize my mental and emotional well-being. Being in the military while I was a single mother and dealing with the stressors of deployment didn't make it easy. However, I figured out a path forward using multiple coping mechanisms, like talking to family and friends and finding a support network that could provide continual support. It wasn't easy, but I was proud of my achievements. I learned that managing wealth as a single mother wasn't just about the money but also about finding balance and caring for myself.
Build Your Legacy
Being a single mother and building a successful journey is challenging yet rewarding. With creativity, support from friends and family, and practical tips for balancing work and parenting, achieving your goals is possible without sacrificing quality time with your children. Freelancing can also be a viable option, but weighing the pros and cons is crucial. By staying focused and determined, you can overcome any obstacle and create a prosperous future for yourself and your family.
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Here are some examples of single parents who have become wealthy:
Oprah Winfrey: Oprah Winfrey is a single mother who has become one of the world's wealthiest and most successful women. She started her career as a television news anchor and then went on to host her talk show, "The Oprah Winfrey Show." Oprah is now a successful actress, producer, and philanthropist.
J.K. Rowling: J.K. Rowling is a single mother who wrote the Harry Potter series. The Harry Potter series is one of the best-selling book series of all time and has made J.K. Rowling a billionaire.
Shonda Rhimes: Shonda Rhimes is a single mother who is the creator of several successful television shows, including "Grey's Anatomy," "Scandal," and "How to Get Away with Murder." Shonda Rhimes is one of the most powerful women in Hollywood and has a net worth of over $160 million.
These are just a few examples of single parents who have become wealthy. Single parents can achieve financial success, but it takes hard work, dedication, and perseverance. If you're ready to prioritize your wealth, check in here:
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