Inspiring Financial Freedom Story From a Single Mom

A True Inspiring Financial Freedom Story From a Single Mom. Financial freedom stories

Financial Freedom Story From a Single Mom

Today am humbled to interview a prominent business lady. She has a simple but inspiring story that has brought financial freedom. Diana is a single mom of three, aged 35, and a business lady. She owns two cabs that boost her income.(Interviewer) I work for a personal financial insider, which features people with a successful financial journey to inspire others.

Inspiring Financial Freedom Story From a Single Mom

So Who is Diana? Would you Please Tell us About Yourself?

I am a young mum “I still consider myself young,” a mum of three kids and a business person. I didn’t start right as a businesswoman. However, I was married but lost my husband in a car crash. It was devastating and confusing for me. My kids were relatively young, with my children being age 5 years, 3 years, and 9 months. Now it’s 10 years from the horrible ordeal, and we have made it and still going to make it.Back then, I was a stay home mum, and my husband was a real estate agent. We were living well his salary could sustain all our needs.

So when the dreadful thing happens, I was crushed; I didn’t know where to start. I had a small baby, and my other kids somehow got depression when they realized dad was no more. My husband’s parents accommodated us for one year, and I took my baby to child care centers.This helped me seek jobs in my field of study (education).

What did you Aim for My you started working?

First, it was embarrassing living with my in-laws, and I had planned to get an apartment. I had no savings, so I need them to feed, clothe us and pay for every bill. My first plan was to get a job and apartment for my children and me. The next step was to get a better education so I can land better-paying jobs. I wanted the best for my children, especially education, since they didn’t cope well in the new public schools. I wanted also to save for emergency funds and never to be in the same situation. The financial instability pushed me to work very hard to achieve what I have today.

Were There any Financial Struggles once you Got a Job?

Yes, the one year in which I stayed with my in-laws, I acquired credit card debts. Since I couldn’t depend entirely on my mother. My first salary went to different debts and also expenses, and I had no room to save. I didn’t move and continue living in my in-law’s home, and on the second-third salary, I rented a small apartment. After moving, I started taking part-time classes, which went for about six months. I was in a better position to get a better salary.

What changes did you implement?

I started saving in my emergency fund account and transferred my children back to private school. I took 50% of my total income and saved it. The other 50% went to expenses, rent children education and such. However, I made my children understand that we cannot live luxurious until we are financially stable. So we never went out for dinner but cooked at home. I didn’t buy clothes unless necessary, or we would sell and replace them with new ones.

My work colleagues live better, but I choose not to compete. I save by commuting to work, carrying my lunch from home, no outside getaway, or having such fun. I didn’t have many friends since I wasn’t spending money, but I was okay. Since my children were growing big, I decided to start a small business that I could conduct while still employed. I didn’t take any loan but used my whole salary for that month and started of hotdog and coffee selling business after work. It consumed most of my time, but I needed to start somewhere. The income from the business I directed it to the share market and bought equity shares.

I have a lovely stockbroker who took me through the share market journey. I can monitor the market right on my smartphone. The share was a better and more relaxing business than the hotdog and coffee business. I sold off the business and invested the money in the share market. I still went to my monthly work and saved more in the saving account. Me also managed to pay for life insurance covering all my children.

The most significant financial step I took was to take a mortgage loan. My children were growing up, and we required a bigger house. I took a loan with my bank and paid for a four-bedroom house, it is pretty big, and we love it. I also managed to buy two cars which I registered with a car hire service.The amount from the cabs goes to my children’s college savings account. We felt I should secure their education early since anything can happen.

What Motivates You?

My children motivate me to work harder and provide a better living standard. I don’t want to get back to the desperate financial situation when my husband died. Also, seeing my account saving grow every month keeps me going. I am still employed and continue with buying stocks. I want to improve my life and become better.

What can you say to people who are indifferent to financial situations?

People are going through the death of a spouse, and there is no money to start again. I would encourage you first to get your mind together. Look for a job and don’t compete with anyone. The next step is to save and save any amount you can. Never save what remains after spending; no save before spending. This requires dedication and setting long-term goals. You can divide the goal into different short-term goals. Always stick to your plan; don’t be overwhelm or taken by other unnecessary deals. You can take small steps, and you will get your financial freedom. I don’t regret saving half of my income and forgoing some luxury. Today my children can go to the best schools and eat and live well.

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