Home Personal Finance How a Single Mom Went From Earning $14 an Hour to Six Figures Annually

How a Single Mom Went From Earning $14 an Hour to Six Figures Annually

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  • A tragic car accident in 2009 forced single mother Clarissa Moore to rethink her finances.
  • In 2014, she started earning $14 an hour, but had only $1,000 in emergency savings.
  • Today, she earns six figures from four sources.

In August 2009, a devastating car accident changed Clarissa Moore’s relationship with money.

Moore and his 11-month-old daughter were parked on the street in Newark, New Jersey when the driver of the stolen car crashed into Moore’s car. Her daughter was seriously injured and she was hospitalized for several weeks.

“She stopped breathing. Her brain was swollen. She had blood in her brain and she had a seizure,” Moore told Insider.

35 year old had gap insurancewhich adds up to the financed car and makes you full when you have more loans than the car is worth. I had to pay $300 a month.

Compounding her financial problems, her commute time nearly doubled. This meant Moore spent less time pursuing her bachelor’s degree at New Jersey’s Ramapo University and less time working her paying job. Side job incomespending less time at home with family.

“Then I realized that Newark, New Jersey, where I lived, was too dangerous,” she says. “I was like, ‘Screw this, I’m moving.’ And that decision really started to revamp my entire personal finances. “

Moore worked a series of odd jobs between earning a bachelor’s degree in psychology, raising two children, moving to a new city, and dealing with a difficult relationship with her now-ex-husband. Finally, in 2014, she got a steady job at a power company and her hourly wage was her $14.38.

Today, according to records reviewed by Insider, Moore earns over $130,000 a year from his company work, in addition to the following sources of income:

Below are seven strategies she used to earn six figures from $14 an hour.

1. Invested in education

Moore began studying for her bachelor’s degree in 2005, but was unable to graduate until January 2016 due to various life struggles. She changed schools three times to accommodate her schedule as a single mother, but she told her none of them met certain requirements to transfer credits.

She took out more student loans, but didn’t quit. After her graduation, “I realized that in my job, people with master’s degrees have more opportunities,” she says.

Moore graduated with a master’s degree in social work in May 2018 and received a generous raise due to his corporate work.

2. Moore managed the household

In 2014, Moore had an odd job making about $12 to $14 an hour. “Money was dwindling very quickly,” she says. “I’m crazy.” Moore, who has to care for one toddler and her one newborn, has tracked all of her family’s money. budget And we created a plan to make sure they were living within their means.

3. She always kept at least $1,000 in emergency funds.

With a limited income, Moore didn’t always save three to six months’ worth of living expenses. account for emergency fundEven as he grappled with credit card debt, student loans, and juggling multiple jobs, Moore decided to set aside at least $1,000 to cover emergencies to prevent the debt from deepening. .

4. Moore found a short-term side job

After finding a steady footing in her corporate job, Moore had time to pursue a side business she was passionate about. “They wore it on the reality show. My jewelry was for an entire season of Basketball Wives. I used the money from it to pay off my credit card bills. I got myself out of debt.” , paid off the car.”

5. She devoted her time and energy to long-term side hustle

Before moving to Easton, Pennsylvania, Moore worked in the credit card department of a local bank branch.There she learned to keep good credit score and money management skills. Coupled with her own experience putting together her finances, her Moore’s friends started asking her for money advice.

2019, MOORE STARTS Clarissa explains moneyis a money coaching service that helps women budget in line with their goals. She is currently teaching her 127,000 followers on Instagram how to manage their money. It takes time to see her income as an influencer, but Moore earns $2,800 a year from her partnerships with brands and $18,000 a year through her coaching services.

6. Moore saved the windfall he received towards a down payment on a rental property

Moore saved his annual bonus, tax refund On a separate account dedicated to rental properties. She always dreamed of creating a passive source of income. Real Estate Investmentshe began listening only to real estate investment podcasts on her daily drive to work.

According to insider-confirmed records, Moore saved more than $23,000 to cover the down payment. closing costs of the rental property purchased in April 2020

7. Invested in real estate for passive income

When looking for a home, Moore chose properties that only required a change in appearance. Her one-bedroom rental property is $1,205 a month, and she makes $566 monthly mortgage payments and a net income of $639 a month.

Of her passive income stream, Moore said:

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