6 Side Hustle Ideas For Single Mums (that you can start within the week)

6 Side Hustle Ideas For Single Mums (that you can start within the week)

Being a single mum is not easy, and I got asked earlier on how single mums can get ahead financially.

Firstly, is to aggressively cut out unnecessary expenses (when money is tight; once we earn more and have more than enough passive income, we can indulge more.) In the beginning, cut out all unnecessary expenses and focus on “core / necessary” stuff, such as basic-level roof over head, food, water, transport etc.

But there is only so much one can cut back on, save and be frugal over – there reaches a point where it’s not beneficial to cut back, and can be detrimental. That’s why I always recommend earning more, and the 6 side hustle ideas for single mums are:

#1 and #2: Care.com and SitterCity.com

Where you can sign up as a baby sitter, carer for older people, run a day care and get paid hourly from $12+ per hour

#3 Fiverr.com

Fiverr is a marketplace for those with specific skills such as graphic / logo design, website and wordpress development, writing and editing as well as other skills can be sold to entrepreneurs and other side hustlers.

It’s a marketplace, so you will have competition, but there are many agencies that started out on Fiverr first before growing to become full independent agencies =)

Use my fiverr affiliate link and we both get $100 (http://nigelchua.com/fiverr)

#4 DoorDash

Doordashing is a concept that pays you to pickup and deliver something (usually food) from restaurants and cafes to customers at their homes and offices.

You can control your time and hours, but they’re only found in US, Canada and Melbourne (Australia) at this point in time.

Registration is quick, and I recommend that you schedule doordashing for stuff that’s along your route anyway (monetizing your journey). I’ve heard of people earning $100/day from door dashing too, so it’s viable.

#5 AirBNB

This one can definitely and easily work for people who have unused rooms – rent out your rooms short term with AirBNB or you can get a realtor to help you secure a 1-3 year tenancy, which is nice extra couple of hundreds (or thousands) depending on how many rooms, seasonality and locations.

#6 is negotiating for a pay raise

But it does require some finesse (of course, this applies to those who are currently working).

You need to calculate

  1. how valuable you are to you the company 
  2. how difficult it is to replace you
  3. ask a reasonably increase based on your scope and lastly,
  4. time it well (asking at bad times decreases success rate)

Only this one shouldnt be rushed to be done within the week unless some golden opportunity arise (such as you scoring well for the company eg onboarding good clients, saving clients etc).

3 Key Lessons From Rich Dad Poor Dad Book That Changed My Personal Finance

In this video I’m going to share with you the three key important lessons that i got from this book.

It’s called Rich Dad Poor Dad, and it’s authored by Robert Kiyosaki.

To me, it is my first book that opened my eyes and mind to the world of personal financial education – my parents never spoke to me about money and I just observed lots of weird money habits of borrowing but never about making more.

This book was so easy to read and understand, and I remember that I’ll pick it up every now and then to re-read it all over again.

Robert Kiyosaki Brief Background

If you read his books, you’d know that Robert is a successful entrepreneur and real estate investor, but he didnt start off that way. Robert’s story is a familiar-sounding rags to riches entrepreneur story.

His father is a school teacher, who didnt learn about money, and continued to go to school to get more degrees to earn more…who lost it all when he tried to enter politics and got smashed out. He then took his hard earn savings and tried his hand in a franchise…and then truly lost it all.

On the other hand, he has a very close friend who has a very very wealthy dad, and Robert soon realized that he could compare the money practices between his friend’s “rich dad” and his own “poor dad”, and that’s how the book came about later.

Robert started by being a fighter pilot in the air force, before going into doing sales at fuji xerox and then saving money into starting his first company: a nylon velcro wallet company in 1970s. It was a hit initially, with a lot of merchandizing deals but it eventually fell apart due to piracy and overseas competition, and he became a bankrupt.

He had a few other business but eventually succeeded in the business of financial education and personal growth. He gave seminars and taught around US and the world, until he published the book Rich Dad Poor Dad, together with the gamification of financial education with his tabletop learning tool, and that’s when his business took off

The 3 Key Lessons I Learnt From Rich Dad Poor Dad

#1 Make Your Money Work Harder For You

As an employee, most of the time, you get paid for your time.

Sometimes a little more.

And that’s pretty much it.

No work = no income.

The rich, on the other hand, though they work hard, they have a purpose and focus, which is to either raise money or provide cashflow to build or buy assets that make more money for them.

#2 Assets Put Money In Your Pockets and Bank Accounts

You got to know the difference between assets and liabilities – assets puts more money into your pocket, liabilities take the money away from you. Robert explains that rich people acquire assets such as investments and securities whereas poor people acquire liabilities such as commitments, obligations and shit that make them poorer.

I thought Robert was kidding…but over the years, this is true even till today. I see people making money for expensive cars and watches but shun away from investing.

Assets are anything that makes more money for you.

This can include

  • stocks which are mainly public listed businesses on stock exchanges
  • venture capital or angel investing
  • cryptocurrency
  • real estate

Let me give you an example, if you buy stock of a good business at the right time, you’re probably gonna make a positive return. Say you put in $1000. After 5 years, if you bought it at a good entry price, your stock would have grown positively and you can sell it for a good profit.

This is fundamental to investing. Put in X amount and get back more than X amount, ideally 2X or more.

See how that works about investing into assets?

Basically you need money, then pick the right investment, enter at good-ish time and do nothing but hold (or hodl?) and watch your money grow. After a while, you then can sell it for a good profit. Of course we’re not gonna just “all-in” into 1 investment right, that’s too risky, that’s why we have to have more than 3-5+ of these, depending on your budget, risk appetite and growth desire.

#3 Reduce Spending As Brutally As Possibly In The Short Term

Expenses are something that you can have more control over as compared to controlling market forces or share price (man if i could control those 2, i’d be a billionaire by now lol ehehe).

Aggressively kill off your unnecessary spendings and debts, and the purpose of this is by doing this, there is 2 very direct benefits

  • you need lesser to retire and become financially independent
  • you free up more money to buy more assets that make more money for you

Thank you for watching The Book That Changed My Financial and Business Life – 3 Key Lessons From Robert Kiyosaki’s Rich Dad Poor Dad

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