Still haven’t taken concrete steps towards generating a passive income stream? Global economic downturns and layoffs have taught us that passive income is not a luxury. Not to mention the pervasive dissatisfaction and burnout from the average job.
Parenting can happen at any time – even in high school. Single parents are more at risk because we don’t have partners to cushion our income base.
Passive income streams benefit from compounding over time. They are not get-rich-quick schemes, so the earlier you start, the more time you have till your business or investment starts yielding a profit. The time to start building passive income is now.
There is also a learning curve you need to bear in mind. You will make mistakes you need to learn from. Starting now, gives you that leeway.
Generating a source of passive income is as important as looking for a job. The beauty of passive income opportunities is there is almost no age limit. Taking concrete steps like researching opportunities and setting aside finances are ways to stop being passive about passive income.
Parenting is disruptive no matter how well you plan. We should see generating passive income as a sine qua non to understanding our commercial world. Basically, as soon as you learn to go shopping, learn to start selling.
Start Planning from High School
Why: This is the time in your life you are more likely to do what you enjoy without the pressure of having to pay the bills. You have a promising client base: your classmates. Your classmates know what emerging services are trending. They are a good indicator of which disruptors are most profitable.
Being a single mom at this stage makes it all the more difficult and this is when most single moms drop out or consider abortion. But do not lose sight of the promising client base you already have at school. Think of a side hustle that complements your academic routine and lets you spend time with your baby. That could motivate you to finish strong. The same could be true if you had to suddenly take over care of a much younger sibling.
How: Use tools you already have to deliver services your classmates need. Look for support programs for young parents or youth development.
If you are a highflyer in a given subject or skill, you might offer tutoring services or design video courses or engaging shorts. Perhaps you are artistic. You might sell your designs or creations on platforms. If you have the space, you might work a creche into your living area.
High school is a great time to experiment and learn from mistakes. If you need to sharpen your skill, it’s also a period where you have lots of learning time on your hands. You might pleasantly find that you can learn and earn.
The Street-Smart Undergrad
Why: By now, you have pretty much cast in stone what your job prospects might be. This is a great time to build experience into your resume by turning your passive income idea into a volunteering or even professional experience. Bills starts pilling up slowly from uni. So, it’s also a great time to earn and save the extra income towards future commitments. It’s also a great place to find a business partner or other like mind with the skills you need to grow your hustle.
On the other hand, perhaps you just want to give yourself the option to diversify and do something completely different. This is a great time to monetize a different passion and use the university as your entry point client base.
How: Start very small and be very careful. Remember, bills have likely started to pile up. It’s a good time to explore partnering, drafting an attractive business plan and working your way slowing through it.
You’re Settled in Your Dream Job – Or Not
Why: Because the only constant in life is change and disruption and single moms are the most vulnerable to both. Whatever your employment situation, you still need to plan to begin generating passive income or prepare a retirement in consulting, counselling, innovating or just staying in demand doing what you enjoy.
It’s a great legacy to leave your kids and a beautiful way to change the narrative of single parenting.
How: This is where I fit. To keep myself motivated, I keep challenging myself to new updates and certifying my skills in those areas. Setting aside a bit of my savings each month helps towards upskilling or reinvesting in my passion passive income project. I test run my ideas by initiating the project at work. If it gains traction, that’s a cue it’s a great passive income idea. Keep building an interest base.
If your current position is below satisfactory, don’t quit just yet if you can handle it for just a bit longer. Use your free time to research opportunities, save and automate investment or business streams to minimize time and effort required.
When it comes to income, there’s only one thing that’s urgent: generating and maintain a steady passive income stream.
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