** Money Diary is about learning from fictional stories. If children can learn for tales and fables why can’t adults. **
In this money Diary I want to explore two different woman’s best side hustle from home.
Kenya & Her Side hustle
Kenya’s main hustle is being a stay at home mom. Her side hustle is being a transcriptionist. This side hustle made more sense because she used to be an office manager before she had kids. She could type fast and pick up projects based on the hours she had available. It provides her and her family some financial cushion. She does not make much but it allows her to carve out some hours of the day before her kids come home from school with the added flexibility for running errands.
Here is how her side hustle from home comes out:
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It paid $17.43/hr and worked 20 hours per week. She made around $1300 most months before taxes and $1000 net. She also invests $500 in her Roth IRA. Kenya plans to continue doing this until she turns 60 and her investments will be $1.19 million.
Cali & Her Side Hustle From Home
Cali is another stay at home mom with a great side. She moved to the U.S recently and as an immigrant stay at home mom, she had a hard time finding the right hustle until she found out about being a translator. Because she was from Morocco she was fluent in English and two other languages: French & Arabic.
She became a translator for a local agency. Most of her work is done over the phone and with a laptop. She takes her work everywhere she goes and with the constant moves by the military her side hustle was almost built for her. She also got paid $30/hr because she knew multiple languages. Once in a while she also does court document translations paying over $70/hr.
Here is how her finances play out:
She works $30/hr for 15 hours a week and brings home $1200 a month.
Kenya spends some of her money and invests the rest. She contributes $500/month to her Roth IRA. She will have $1.19 million in 30 years.
Lessons from these two woman’s Financial Stories
- You don’t have to make much money to have a healthy amount saved up for retirement.
- Enjoy some of your side hustle money for today and invest some of it for tomorrow.
- Use your pre-existing skills to make money. Compete with old skills in a new form.
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