As a mother you know how challenging it gets sometimes to stay afloat financially, and in these tough economic times it is a good idea to have multiple streams of income because this helps you build a better financial future for your family. Watch out for scams that promise overnight success because these are too good to be true.
You might think that you do not have time to write ebooks, but there are ways you can squeeze in time to write them. On your days off and at night while the kids are in bed, you can use these times to write your ebooks. The good thing about this option is that you can write about the things you are passionate about and you can use social media to promote them. This creates passive income that lasts a long time.
Earn royalties from freelance articles
Another way for single mothers to create multiple streams of income is to get into freelance writing. Look into the revenue sharing freelance writing sites that pay royalties to the writers based on the traffic their articles generate. This method of passive income requires a lot of sharing of your articles through social media and other outlets but over time you can earn a decent salary.
Sell items online
You and the kids might have plenty of clothing at home that are in good condition but that are no longer needed. Instead of donating them or throwing them out, why not use this as another way to earn more income? Online auction sites are excellent places to sell used clothing but you can also try online thrift stores. Be sure to use a digital camera or your smartphone to take great photos of the items. Also give clear descriptions and the conditions of the items.
You can generate more income by babysitting on weekends and holidays for neighbors and people you know. Once you gained a good reputation for it, your current clients can recommend new families and soon you will have steady work and more earnings.
Purchase a home
If you are thinking about buying a home, look for a double house because it can serve as potential income for you. You can rent out the other half of the home to a tenant and use this money to assist with paying the mortgage. The funds from the property might also be used to add to your retirement fund or child's college savings.
Those with a pleasant speaking voice and with a strong platform should consider podcasting. Podcasting is an excellent way to reach a global audience and some methods of earning income through it are sponsorships and charging fees for access to your podcasts.
In conclusion, with these strategies it is possible to create multiple streams of income. This builds long- term financial stability and it allows you to use the talents you have while doing it. Talk to others who are successful at having multiple streams of income to get suggestions. Most important, maintain a positive attitude.