(BPT) - Four years ago, Dr. Lakisha L. Simmons was newly divorced, parenting two young kids and living beyond her means. "After putting the children to sleep, I would be alone at night in that big five-bedroom house," she said. "I'd just sit there and think to myself, 'What am I going to do?'" Simmons decided - as she had throughout her life - to take action.
Her first step was to get a handle on exactly what her finances looked like. She chose to start with Personal Capital, a free online tool that lets her see all of her finances in a single dashboard. After seeing her debts and assets all in one
MIND YOUR BUSINESS
3 Money Tips to Help Single Moms Build Wealth
Article by Dr. Lakisha L. Simmons
place, she was ready to slash expenses - starting with her hefty mortgage. She downsized to an apartment, got comfortable with budgeting and learned to invest. Within the span of four years, Simmons amassed a $750,000 net worth. Her message to other single mothers? "All you have to do is take one step forward," she said. "Just take one step at a time and you will get there."
Building wealth as a single mom
This past year has heaped financial strain on many parents, particularly single mothers. Among full-time workers,