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How to Diversify Your Finances : Building Wealth as a Busy Mom #78

MomBoss Academy
How to Diversify Your Finances : Building Wealth as a Busy Mom #78
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An important question I have today is that: Are you feeling truly comfortable in your life, your work, or your income? Or perhaps you’re yearning for something more, a way to build wealth and establish a secure financial future for yourself and your family. If you’re nodding along, then you’re in the right place.

I know as busy moms, it can feel like our time is stretched thin, but I’m here to tell you that it’s absolutely possible to diversify your finances, and make the most of your money. So, grab a cup of coffee, get cozy, and let’s dive into today’s topic:

How to Diversify Your Finances - Building Wealth as a Busy Mom

You know, when it comes to accumulating wealth, there are 2 primary ways: active income and passive income.

Active income is all about working hard, whether it’s running a business or actively managing your investments.

Passive income allows you to potentially generate income with minimal effort.

And while it may not be completely hands-off, there are strategies that busy moms like us can implement to diversify our finances.

First up, let’s talk about expanding our skills.

It's crucial to identify and develop additional skills that can open up new income opportunities. Whether it's learning a new language, acquiring technical skills, or gaining expertise in a particular field, enhancing our skill set can increase our employability and it would potentially lead to higher-paying job opportunities or freelancing gigs.

That brings me to a fantastic way to diversify our finances - explore doing side gigs and freelancing. Because these opportunities allow us to leverage our skills and interests to earn extra income. You could be offering services like writing, graphic design, consulting, tutoring, or event planning. The beauty of side gigs and freelancing is that we can choose projects that align with our passions and fit into our schedules as a mom. You decide when you want to work.

Another avenue to consider is real estate investment. You could either rent out a spare room in your home, invest in rental properties, or explore real estate crowdfunding platforms. Rental income can provide a steady stream of passive income over time. You can even hire a property rental manager to manage it for you, so you don’t have to deal with repairs and tenants. But of course, it's essential to thoroughly research and understand the responsibilities and risks associated with real estate investments.

Are you looking for rental income or are you looking for long term capital appreciation?Sometimes you get both, but oftentimes, it’s one or the other.

Now, let's talk about exploring passive income streams.

First thing first, I believe that nothing is truly passive. You do need to put in some effort into understanding what you’re getting yourself into… but over time, it can be passive.

That’s why one of our signature programs at MomBoss Academy, In-Demand is all about getting yourself out of your business, so that your business could work for you, rather than the other way around.

Things that I share in this segment may require some initial effort to set up… but they can potentially generate ongoing income with minimal day-to-day involvement.

Another popular option is investing in dividend-paying stocks. By carefully selecting stable companies with a history of regular dividends, we can potentially have a passive income stream through regular dividend payouts.

Now, let's talk about online trading platforms because this was the factor that stopped me from investing in stocks for the longest time.

Simply because I didn't know where and how to get started. Even though Nick, my husband, was an equity analyst in a bank and he has been investing for the longest time. But I always thought that trading platforms are complicated, hard to set up and whenever I took a peek at the trading platform he used, I used to get so confused. I didn’t even know where to begin looking.

And one platform that I've personally found user-friendly, easy to understand and convenient is XM. And I use this to manage my personal investments. I think it's an excellent option for busy moms who want to start investing but have limited time. You can trade and invest whenever and wherever you want. Imagine utilising those pockets of time during your day to make your money work for you instead of mindlessly scrolling through social media.

Whether you’re a beginner or an experienced trader, XM has something for everyone.

So, my fellow MomBoss, diversifying your finances is within reach, even with our busy schedules. By expanding our skills, exploring side gigs, embracing passive income streams, utilising online trading platforms like XM, we can take steps towards building wealth and securing our financial futures.

Remember, this is about creating a solid financial foundation for our families, so it's worth the effort. Take that first step, explore the resources and tools available, and don't be afraid to seek professional advice when needed.

That's all for today's episode. I hope you found these insights valuable. If you're interested in learning more about XM and how it can help you on your investing journey, I've included a link in the description below. As always, thank you for tuning in to The Chill Mom Boss Show. Until next time, take care and keep building that financial freedom for yourself and your family. You've got this!

Here are some helpful links for you to know more about 🔗 XM:

Homepage: https://www.xm.com/gw.php?gid=218022
Account Registration: https://www.xm.com/gw.php?gid=218021
Local Webinars: https://www.xm.com/gw.php?gid=218020
English Live Education: https://www.xm.com/gw.php?gid=218019
Join XM Telegram Singapore: https://t.me/xmsingapore

 

Hi, I'm Michelle Hon, the founder of MomBoss Academy. 

I've discovered that building a $1,000,000 business is possible without taking investments and hustling all day long. I'm living proof that it can be done, and I want to help more moms achieve that for themselves and their families.

For my latest content, please fill in the form below.❤️

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