How to Never Run Out of Money as a Mom

Learn the secret that millionaires use to get and stay rich. 

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“Go to YouTube University”

Ok, so picture this–it’s March 2020, and the president just announced that people would be getting their first stimulus checks. Of course, things didn’t go quite so smoothly because, you know…the federal government. Moms were all over Facebook groups asking if everyone had gotten theirs and if they had gotten the right amount. A lot of people hadn’t and they were understandably pretty frustrated. Now, if you know these mommy groups, you know that they can get pretty snarky. 

One mom posted some along the lines of “Well, you can’t rely on the government. Go to YouTube University and learn something.” Then she went on to list all the ways she and her husband brought in money to support their family. He had a full-time job, she had an online shop, and they did a bunch of other things that brought in steady income. Basically, even if he lost his job and the government lost their stimulus checks, they would still be able to pay their bills, no problem. 

It seemed somewhat insensitive at the time, but she was 100% right. There’s no getting around it. The “secret” to having financial freedom is to have multiple sources of income. This way you have a backup plan if something happens to one of your sources of income–like you lose a job or the economy changes. 

Is Seven the Magic Number?

Statistically, most millionaires have seven sources of income. These income streams can be businesses, income properties, stocks and so much more. However, you don’t have to be a millionaire to have financial security. You just have to be smart. Here are seven streams of revenue that you can set up to ensure that you are covered. 

“Earned Income”

Earned income is money that you make from having a job Jobs offer some great benefits, (literally), but you should keep in mind that these benefits (health insurance, 401ks, unemployment,) may also be available to you if you are a freelancer, depending on your state laws. You can always buy health insurance from a private company as a freelancer, no matter what state you are in, though unemployment benefits vary. 

Sign Up for an On-Demand Gig

On-demand gigs are things like Rover, Uber, Shipt, etc. In my honest opinion, this is one of the most important steps you can take if you have access to a vehicle and childcare. You never know when you or your partner will be out of work. While some companies like Uber approve new drivers pretty quickly, others like Shipt may take a bit of time, so it’s best to have an account with these companies before you need it. 

Start an Online Shop

This is a fun one, which is why I love recommending it!. Try dropshipping, create an Etsy shop, create print-on-demand products, flip books, or vintage items–whatever you love and would love to sell. There are so many ways to make this work for you. 

Create a Course or eBook

These methods require a bit more of a time investment than some of the other methods but can be very profitable because you can create these products once and sell them over and over again

Start a Blog or Even Flip One

Blogs are a great way to promote other people’s products through affiliate marketing or to sell your own. Blogs can also help your freelance or service-based businesses rank higher on Google search pages, so it’s always a great idea to have one whether it directly makes you money or you use it as a platform to support your other businesses.  

Invest in Stocks & Bonds

This one is pretty easy. I went to my local bank, found a rockstar financial advisor, and put my money in mutual funds and bonds. Sure, I invest like an old lady–super conservative, but my portfolio does pretty well. If you don’t have a ton of money to invest, you can try apps like Robinhood to get started. The most important thing is to get it done. 

Invest in Real Estate

Ok, so here is the good news–if you own a house, that totally counts. While it doesn’t generate income in quite the same way as the other ideas, over time the value will increase and in most markets, your mortgage will be less than your rent. However, there are other ways to invest in real estate even if you can’t afford an income property. You can AirBnB your home for extra cash or even rent a room. 

So there you have it–seven ways to create steady streams of income for your family. While it can seem like a lot all at once, take it slow and focus on one at a time. Start by signing up for a gig, like Ship,  and then open a shop, start a blog, or create a product. Once you have that going, you can invest the money into bigger things like real estate or stocks. It’s all about baby steps!

For more passive income ideas, check out  20 Ways to Make Passive Income with Minimal Start-Up Costs!