If the last few years have taught us anything, it is that you should have more than one source of income. Your brick-and-mortar business and your online streams of income.
You should consider a side hustle or online income for multiple reasons, especially as a single parent. The main reasons are economic uncertainty, Increasing inflation, increasing your financial security, diversifying your skills, growth, and flexibility.
Okay, now that we have the word salad out the way, I will explain these reasons and how they relate to you. There are many reasons that single parents need to diversify and have more than one income. If you lose your job or are made redundant, you have no one to lean on or turn to. You are screwed. I know this because I am a single parent. The other parent is AWOL, and all responsibilities for these kids rest on my shoulders alone. Personal, emotional, physical and financial. So, while I need to increase income and provide stability, I also need to make sure I am not robbing them of time by doing this. This is where single mum survival came into the picture, and I decided, especially after COVID and the recent cost of living crisis, that I need to share my experience and knowledge. However, first, I need to tell you WHY you need to finally bite the bullet and get some online income happening. If you are the sole provider or even one of the providers in a two-parent home, diversifying and solidifying an online income is essential. Think of it as insurance.
And here are the essential reasons why:
ONE: Economic Uncertainty Demands Online Streams Of Income as Backup.
The economy has always had a level of uncertainty. However, COVID-19 showed us for the first time in a long time that history can repeat itself. While it was a scary and new experience for most of us to have a sickness cause economic crashes, food shortages and job losses. A quick Google search for “Pandemic” or “Epidemic” will show that this is not a new experience for mankind.
Many lost loved ones, jobs, and income and could not source fresh food. It was a terrifying and anxiety-ridden time for most of the world, and single parents really suffered.
If it was a hard time for you, then you already know how tough it can get if you only have one income. This can force you to put yourself or your children at risk or plunge you into food and financial crisis.
The good news is that you can prepare for financial uncertainty in the future by learning a new skill or sharing one you have already online in one form or another for a second, third, or even fourth income. Having multiple income streams can help prevent that situation from happening again. And we all know we are not out of the woods yet. Many conflicts brewing worldwide could cause similar economic uncertainty at any moment, so now is the time to look into it.
To get started immediately as a beginner, I always suggest surveys. Start with ten minutes a day to get into the rhythm of having and committing to an online income. For suggestions on legitimate survey sites, I still use and pull income from. Click on the word survey, which will take you to legitimate links to get started.
Because life isn’t hard enough, let’s throw in some increase in inflation and the cost of living there, too. Everything has gone up. Mortgages have increased due to inflation, the cost of food and petrol and families with two incomes are struggling.
Inflation increases what things cost you; rent, food, and electricity have skyrocketed, while your income has not. This means you can’t buy as much and may even be going into debt to keep afloat. It’s utter crap, to be honest.
Having several streams of online income means you have a buffer against this type of thing; if one crashes, another can crop you up. Inflation comes and goes, and after COVID-19, many people are in debt already, so they need the ability to bounce back quickly.
Starting an online income as a single parent, even just five minutes a day can build and compound over time, sometimes leading to a full-time income. Starting now can mean that in 12 months, you will not be as financially stressed and can survive easily through rising inflation and the cost of living crisis.
THREE: Financial Security Is Created with Online Streams Of Income.
I have spent many nights tossing and turning, feeling sick about my financial situation and knowing how quickly my situation could be a crash and burn. Single parents need more wriggle room in emergency situations that require a sudden need of money.
Most of us are one payday away from financial insecurity. Although I have online streams of income, I still spend some nights worrying. However, having more than one income stream means I would miss out on some luxuries and have to tighten my belt rather than ultimately crash.
I currently have three decent sources of income and several side hustles that I continue to work on to build and diversify my earning capacity. I still have debts that I am paying off, but I am in a different situation than five years ago.
Back then, I could barely sleep due to overwhelming debt and financial insecurity. Now, I have a clear path forward and can see progress as my financial stability grows with my sidehsutles and skills.
While five years seems like a long time, I haven’t smashed myself into the ground grinding away until I was close to death; I just have been consistent and created a balance that I am happy with. I know I could have achieved the same in 12 months if I had pushed myself, but honestly, my kids needed me and still do. The timeframe is up to you, but the feeling of relief as you see things grow is fantastic and totally worth it.
Multiple streams of income have given me a greater sense of financial security and stability, allowing me to be prepared for unexpected expenses and emergencies that would have been a complete disaster.
Diversification is basically spreading your bets so that your risk of loss is minimal. Diversifying your income streams to
- Employment in a job.
- Small self-employed job.
- Several online incomes
- Passive investments or online incomes
This means that you have several income streams, and your risk of financial disaster is reduced.
Like investing, if you choose to invest a small amount in several places and one crashes, then yes, you lost some, but still have the other six online streams of income churning away, making income. Your work and income streams work the same way. It increases your overall income and financial health.
So don’t put all your eggs in one basket – it’s an old but good piece of advice for many reasons.
FIVE: Growth opportunities are Created With Online Streams of Income.
When you start online incomes, the first few weeks or months can be daunting, frustrating or confusing. Don’t stress. This is normal, especially if you have never dabbled in online income. This is why I suggest surveys as the best start for beginners and then affiliate marketing. I have written multiple free blogs and can help you get started with step-by-step instructions and advice to help you get the most out of it. The internet is full of courses; some are free ( like my blogs ).
Pushing through the frustrations, learning, and even doing a few courses will teach you skills that are sought after in the workforce. You may find that creating websites becomes something you enjoy ( you can make serious money doing this full-time). Many agencies employ work-from-home people who can spend days creating websites or doing SEO. You may find that with those skills, you can create your own websites, and suddenly, you have online streams of income from a website with affiliate marketing links and blogs that you have created for fun, and you are still learning skills that you can charge others to perform for them.
Your side hustle may become a career, entrepreneurship or even a significant passive income over time. The only thing holding you back is you. It’s a bright, shiny new world out there with multiple opportunities to learn new skills and grow into a career that is in demand.
The new skills could also help you advance in your current employment. You may be a barista, and your boss mentions that the place needs a new website. – I can do that for you, boss. Next thing you are seen in a new light and considered for manager.
You never know where your growth will take you.
When you develop and foster multiple online streams of income, you can allow yourself greater flexibility. You can take a week off without pay if you need to because you can financially cover that with your other income.
You can work less time in your nine-to-five and have greater flexibility for your children. Make your hours during school hours or reduce the days you work in the office.
Single parents and two-income households can benefit from greater flexibility for leisure, family, or health reasons. Flexibility gives you more control over your life, time, lifestyle, and priorities.
Overall, having more than one source of income in 2023 can provide financial stability, increase opportunities for growth and flexibility, and reduce the risk of financial instability.