Can Single Moms Build Wealth?
Can Single Moms Build Wealth?
The majority of single mothers have wondered whether it is possible for them to build wealth so that they can provide the best possible life experience for their children, along with other big questions like how to survive financially and how to achieve financial security.
Money affects every area of life. It affects your family because when you are worried, stressed, distracted, worrying about bills, and overworked, you are more likely to not be present with your children and miss out on having special moments with them, and get irritated and/or angry very quickly.
Lack of money also affects your well-being, because you are less likely to spend money on your health check-up, gym memberships, eat organic healthy food, and feel anxious about your family’s future.
I have good news. Yes, it is definitely possible for a single mother to build wealth provided she has the right mindset, habits, knowledge, mentors and she is committed and believes in this possibility for herself.
Now that you know a single mom can build wealth, you may be wondering how exactly can a single mom build wealth. Let’s discuss that next.
How To Build Wealth As A Single Mom
You are considered to be wealthy when you have a complete-time (limited resource) freedom to do whatever with whoever and whenever without ever being forced to work for your money, and worrying about lack of money to pay your bills for the rest of your life.
Let’s discuss the exact steps you can take to start your journey of becoming a wealthy single mom.
Step 1-Believe In Yourself
Know that you are a soul that is having a temporary human experience. You have been created with inner wisdom and power and your true essence is love, joy, peace, harmony and abundance.
Your life has infinite possibilities. There is nothing you can’t be, do, or have. Dream BIG and take responsibility for your life and know that you create your life from the inside out.
Your self-identity creates all your beliefs, thoughts, feelings, behaviours, actions and habits that then create your destiny.
Step 2-Design Your Best Life
Decide what kind of lifestyle you want to live. Map out what your perfect day would look like. Imagine, design and document your ideal vision for every area of your life.
Your vision will empower you and pull you to achieve the intended results.
Identify your core values and align them to your life vision. Your values will help you stay true to yourself and guide all your decisions and actions.
Review your vision plan every day. Create a vision board that you can see every day showing your desired vision in every area of your life with pictures.
Figure out why you want this lifestyle and get clear about how much money you will need to sustain this lifestyle. The stronger the reason the more you will be able to persist through tough times and challenges.
Set financial goals (weekly, monthly, and yearly) to turn your vision into reality. To be successful, it is important to make sure you are setting S.M.A.R.T (Specific, Measurable, Achievable, Relevant, and Time-based) goals.
Some of your financial goals could be to start a business (full time or part-time on the side), pay off debt, and creating a spending plan.
You will begin to gain confidence as you start achieving some of these goals.
Step 3-Develop A Wealth Mindset And Habits
80% of all your accomplishments are based on your mindset and psychology and 20% on the tactics.
Identify and change any subconscious limiting money beliefs that you may have learnt and adopted as a child that do not serve and lead you to your desired life vision.
The way you were taught to think about money when you were growing up determines your relationship with money as an adult.
If you repeatedly heard money is the root of all evil, rich people are not spiritual, and they are filthy rich, then you will never want to be wealthy by association due to the implied negativity.
One of the best ways to change your money stories is to find proof that your beliefs about rich people are not true. There are plenty of rich people who are spiritual and generous.
Associate with and study wealthy people, learn from them, read their books, take their courses, attend their seminars. Model their mindsets and strategies and what they are doing.
Learn to sacrifice for the short term and spend less than what you earn, delay gratification, save your money, and invest it for your future to create wealth.
Step 4-Know Your Current Financial State
Know your current net worth number. The way you calculate this number is by adding up all your assets (cash in the bank, investments, your online business) and subtracting the total number of all your liabilities (debt).
Your net worth number must be positive and not negative. You must be keeping and investing more money than you are making. It is hard to multiply your money and get ahead if you are living paycheck to paycheck.
Form a habit of tracking your net worth every quarter (3 months), so that you can measure progress. Remember what you focus on always expands. Your goal should be to make sure this number is always going up.
Step 5-Learn To Manage Your Money
In order to be trusted with more money and build wealth, you have to learn to manage what you currently have. You will not be able to handle millions of dollars if you cannot manage the money you have now.
Know how much income you are earning every month and what exactly your expenses are. Track and review your expenses every week, end of the month and for 3 months at least two different times of the year so that you are aware of the exact total number of your monthly expenses.
Create a monthly spending plan (fixed expenses, varied expenses, long term, short term and financial freedom investment savings, donation, self-education, and fun) for yourself.
Set up a peace of mind account and start saving a total of 12 months of your monthly expenses. This money can be available for use in case of any unplanned challenges like a job loss and any other unexpected expenses.
The most important goal you should have is to spend less than what you earn and invest the rest. Reinvest your profits so that your money can work for you and create more wealth.
Create a plan to pay off any consumer debt starting with the highest interest one first or the one with the lowest balance owing to gain momentum and confidence. Make a choice that suits you
Step 6-Decide On A Vehicle For Creating Wealth
Decide what vehicle you would like to use to build wealth, so you can live your vision of the lifestyle and wealth you desire. There are longer or shorter routes to building wealth, depending on the vehicle you choose to achieve it.
The majority of the wealthy people that I have studied are business owners. Your income potential is unlimited as you are most likely not trading time for money and making money based on results and value-added in the market.
In my opinion, one of the best routes to building wealth and feeling financially secure is through starting your purpose-driven online business where you have the potential to earn as much income as you want by serving others and doing something you love and are passionate about.
If you are committed to the process and persist through challenges, it is possible to become wealthy within 5-10 years with much lower start-up costs.
You can decide to continue working if you love your job and can achieve your desired lifestyle vision and invest your money in dividend-paying stocks, real estate and other cash-flow producing investments.
This is a slower route in my opinion because the amount of money you have to invest and earn interest is limited to your salary in a job which is dependent on your time spent working which is also a limited resource.
Step 7-Expand And Learn About Your Wealth Vehicle
Once you choose your wealth vehicle, you need to decide who you will learn from, which courses you will invest in, what high-income skills you will need to learn, what book you will read, what habits you will let go of, and what habit you will need to acquire to be successful
Focus on and immerse yourself in this vehicle for at least a year before implementing new income streams. It is good not to rely on one income stream to generate all your monthly income however start focusing on and implementing one at a time.
If you have chosen the entrepreneur route then Sales and Marketing are the most essential skills that you should learn and master.
Create transformational products and services and always over-deliver as you build your reputation and brand.
Always strive to be resilient, never give up, move forward and learn to grow from every mistake and failure which is an inevitable part of life and doing business.
Step 8-Scale Your Wealth
For you to be truly wealthy and have the time freedom you must use systems (standard operating procedures) in your business and start delegating and leveraging other people’s time by hiring a team to help you handle the day-to-day operation of your business.
Also, Invest in tools for automation to further free up your time.
As a business owner, you should have time to spend on your business doing high-level activities like innovations, reviewing strategy, mission and vision and not in the daily operation of your business.
Spend your time on activities that give you joy and generate high income if you choose to continue to do so.
Step 9-Maximize Your Wealth
Consult with an accountant to strategize and plan areas for tax savings, like optimizing your business structures, using donations and other investments like Real Estate.
Step 10-Protect Your Wealth
Buy appropriate insurance coverages (Life, Home, Car, and Liability) to protect your family, business and all of your other assets.
Hire an accountant to set up trusts for your children so that they can keep the wealth and save on taxes.
Hire a lawyer to draft a will so that your wealth can be transferred to your children without any legal battles and delays.
In conclusion, now you know that you can build wealth as a single mom. Don’t waste any further time and start your wealth acquiring journey by following the steps discussed in this article.
Start by believing in yourself, design your best life vision, develop a wealth mindset and habits, track your current financial state, learn to manage the money you currently have, decide on a vehicle to create wealth, learn and master your wealth vehicle, scale your wealth, maximize your wealth and protect your wealth.
Are you excited and ready to start your wealth-building journey by starting a purpose-driven online business?
If so take action today!
Download 3 secrets to starting a business that lights you up!
