How I Generated $5,000 in Side Income Monthly and retired early (helpful for for single moms)
How I Generated $1,000 to 5,000 in Side Income Monthly and retired early (helpful for for single moms)
As your Financial Freedom coach and mompreneur, I want to share the side hustles I engaged in to early retire and how I am making money now that I'm not in a full-time, tenure-track position. We’re diving into a topic that’s close to many of our hearts: side hustles and additional income streams. As moms, we juggle so much already, but exploring these opportunities can pave the way to financial freedom and flexibility.
Why Side Hustles Matter for Moms
Balancing motherhood and financial stability can be challenging, but side hustles offer a fantastic way to supplement your income and achieve greater financial freedom. Whether you’re a stay-at-home mom or balancing a career, these additional streams of income can provide flexibility and security for you and your family.
Side income is more than just extra cash—it’s a pathway to financial empowerment and flexibility. It allows you to diversify your income sources, build savings faster, and pursue your passions outside of your primary job. Whether you’re a stay-at-home mom, a professional, or exploring new opportunities, side income can be a game-changer.
Let’s uncover some exciting options to boost your income and empower your financial journey!
First, let's start with our money affirmations, which are included in the Financial Freedom Budget Planner. This planner is one of my popular items because it not only helps with budgeting but also provides educational content. It includes worksheets to help you plan your day, week, and month, as well as financial sheets for debt tracking, savings, and investments. My favorite part of the Budget Bestie Planner is the money affirmations.
Today, let's say, "I gladly welcome unlimited wealth. I don't have to work for it, beg for it; I am worthy of it, and it comes right to me. I welcome unlimited wealth." Who's with me? Say this to yourself before bed because this is the mindset you need to create wealth. Working hard alone may not lead to unlimited income or wealth; you have to manifest it and think smart.
In video above, I will talk about how I manage to do it all. The first step is to use technology. Technology is my saving grace, and most of my businesses run on automation. The only exception is modeling, which requires physical presence and effort.
My coaching business for side income
My income has three main pillars: my investments, my coaching business, and my products. My coaching business is my passion project. I help women, especially single moms and divorcees, organize their finances and start investing. I offer one-on-one coaching, but I also have programs like the Wealthy Achiever Program and the Complete Financial Freedom Program. These programs provide a comprehensive guide to managing finances.
My books, products and merchandise as a side business
The second pillar is my products and merchandise. I have books, courses, and merchandise available on Amazon. Amazon handles the printing, shipping, and inventory for me. For example, this sweater from the Achiever line is available on Amazon, and I earn a commission for each sale.
My amazon Influencer affiliate income
Lastly, I am an Amazon influencer. I share products that I use and love, and I earn a commission from Amazon when people purchase through my links. My Amazon store has curated lists of items I've purchased and recommend.
In addition to these, I have rental properties that provide passive income. Initially, managing properties requires effort, but it eventually becomes a steady source of passive income.
All these ventures require initial effort, but once they gain momentum, they provide a steady income. For instance, I had to design and hire someone to create the artwork for my merchandise. Once that's done, Amazon takes care of the rest.
To sum up my passive streams, the key to managing multiple income streams is leveraging technology, staying organized, and choosing ventures that align with your passions and skills. Thank you for listening, Achievers! I hope this has been helpful. If you have any questions or want more content, let me know in the comments.
Here are 7 Top Side Hustles and Income Streams for you, including Moms and single parents
1. Freelancing and consulting
Utilize your skills and expertise to offer freelance services or consulting in your field. Whether it’s writing, graphic design, web development, marketing, or coaching, there’s a demand for diverse talents online. Platforms like Upwork, Fiverr, and LinkedIn can connect you with clients seeking your skills.
2. Sell Handmade Crafts or Products Online
I had an etsy shop and eventually moved the products to my own website. If you have a knack for crafting or creating products, platforms like Etsy or Shopify allow you to showcase and sell your creations to a global audience. From handmade jewelry and artwork to digital downloads and personalized gifts, the possibilities are endless.
3. Virtual Assistance
Offer your organizational or administrative skills as a virtual assistant. Many businesses and entrepreneurs need help with administrative tasks, social media management, customer service, or email marketing. Offering virtual assistant services remotely allows you to work from home and earn income based on your skills and availability. Many businesses and entrepreneurs need help with tasks like email management, scheduling, and social media management, which you can efficiently handle from home.
4. Blogging or Vlogging
If you enjoy writing or creating video content, consider starting a blog or YouTube channel. Creating content through a blog or YouTube channel can generate passive income through advertising, sponsorships, and affiliate marketing. Choose a niche you’re passionate about, build an audience, and monetize your content through ad networks like Google AdSense or partnerships with brands relevant to your audience. Monetize your platform through advertising, sponsored content, or affiliate marketing once you build a loyal audience.
5. Offer Online Courses or Workshops:
Share your knowledge and expertise by creating and selling online courses or workshops. Platforms like Teachable, Udemy, or even hosting webinars through Zoom can help you reach students eager to learn new skills or enhance their knowledge in your area of expertise.
Until you build a dividend portfolio, you likely will have to put effort into to make money. Check out my dividend portfolio masterclass. No long videos, just straight to the investing!
6. Rent Out a Room or Property:
If you have extra space in your home, consider renting it out on platforms like Airbnb or VRBO. Short-term rentals can provide a steady stream of income, especially if you live in a desirable location or during peak tourist seasons.
7. Participate in Market Research or Surveys:
Companies are willing to pay for valuable consumer insights. Websites like Survey Junkie, Swagbucks, or Pinecone Research offer opportunities to earn money by participating in surveys, focus groups, or product testing.
Generating $1,000 in side income monthly within 90 days requires determination, creativity, and a willingness to explore new opportunities. By leveraging your skills, passions, and the power of online platforms, you can create multiple streams of income that contribute to your financial stability and freedom.
Remember, every dollar earned through side income brings you closer to your financial goals. Embrace the journey towards financial independence with enthusiasm and persistence. Here’s to empowering yourself through side income and unlocking endless possibilities in your financial future!
8. Write and self-publish your book
As a coach passionate about empowering moms, here are my top tips for making the most of your side hustle:
- Choose Wisely: Select a side hustle that aligns with your skills, interests, and schedule to ensure long-term success and enjoyment.
- Set Realistic Goals: Define clear financial goals for your side hustle, whether it’s paying off debt, building savings, or funding family vacations.
- Manage Your Time Effectively: Balance your side hustle with your primary responsibilities by establishing a consistent schedule and prioritizing tasks.
Overcoming Challenges as a Mompreneur
I understand that balancing motherhood and entrepreneurship can be demanding. Here’s how to navigate common challenges:
- Delegate Tasks: Enlist family members or hire help to manage household chores and childcare responsibilities during peak work hours.
- Network and Collaborate: Connect with other mompreneurs through online communities or local networking events for support and collaboration opportunities.
- Practice Self-Care: Take time for yourself to recharge and prevent burnout. Remember, your well-being is essential to your success as a mompreneur.
Final thoughts:
Moms, exploring side hustles and additional income streams isn’t just about making extra money—it’s about gaining financial independence and flexibility. Whether you’re saving for your children’s education, planning for retirement, or simply treating your family to a special vacation, these opportunities can help you achieve your financial goals.
Embrace the journey, stay motivated, and believe in your ability to create the life you desire. With dedication and strategic planning, you can unlock new levels of financial freedom and fulfillment.
Ready to embark on your side hustle journey? Start today and watch your income—and confidence—grow!
Stay Happy, Healthy and Wealthy,
Warm regards,
Dr. Lakisha L. Simmons
Lakisha L. Simmons, Ph.D. left her full time position as a tenured professor of analytics financially independent at 41 years old. She is the author of The Unlikely Achieveher and CEO of BRAVE Consulting where she facilitates The Wealthy AchieveHer Mastermind to help women how to make, save and invest more money to early retire. She enjoys traveling, exercising, and spending quality time with her family. She can be reached via LakishaSimmons.com or on social media at @drkishasimmons
