Stay-At-Home Parenting
April 16, 2009Every happy parent considers their offspring to be the most important things in their lives. Children desire parents’ attention and today many moms or more dads than in past decades are choosing the rewarding path of staying out of the traditional workforce in order that one parent be at home for the children. Many families are finding this is the best decision they ever made.
There is a price to be associated with having one parent remain out of the traditional workforce outside the home — that second income is suddenly not part of the budget. It is good to know that the payoff of quality child rearing and extra family time can be well worth the sacrifice.
Depending on the income level you may be sacrificing, that financial loss can be huge as the years pass. Ann Crittenden calculates, in her book, “The Price of Motherhood”, that a couple who once earned together $80,000 per year could lose over $1 million in their lifetime income after having a child and the mother leaving the workforce to stay home.
And that doesn’t even address the retirement savings problems associated with the income reduction!
Regardless of how small or large the previous earnings, the long term impact on family finances due to choosing for one parent to remain home instead of working for income are big. Not only is there the loss of income, but there is often an associated loss of benefits like employer pension plans or health insurance, both of which are extremely important and valuable.
When making the choice to remain home for the children, few moms or dad realize the impact to their Social Security benefits from the Federal Government caused by ceasing to pay into the fund. With no income, the level of benefits for which a person qualifies for at retirement remains stagnant instead of growing.
It’s really terrible that there is such a financial impact of choosing to be a top-quality parent. It’s a lot of work to be a good parent and your family values the sacrifice. The nurturing benefits the children, their education and allows them to develop interests and hobbies that latch-key kids find unavailable. It can be lots of fun and help the entire family by avoiding many of the hassles working parents experience when juggling career responsibilities and children’s needs, appointments, and finding family time.
You are not by your self in making their choice. More moms and even some dads are choosing to get off the career path and remain home for the kids. The trend is growing as families determine to survive on just one income. The 2001 U.S. Census Bureau report indicated that 1998 revealed 59% of mothers of infants worked outside the home at a full time job; the number dropped to 55% two years later in the 2000 reporting cycle. Clearly there is a huge appeal in being there face-to-face to raise your children and ever more families are making that their goal.
There are many positive aspects of being a stay-at-home parent, but you do miss that earning ability. You probably worry about not being able to “keep up” by staying on the edge of technology and developing new skills and creative outlets, even if it is not in your forethoughts. You may wish there was a method to turn your time into income without losing that much need time at home.
There is a way to have the security of a second income and stay at home!
Our society is amidst a revolution as people decide the traffic jams and stresses of 10+ hour work days for both partners is just too great a price to pay in family quality. These people are finding that they can learn how to earn a very lucrative income right from their homes. You, too, can begin a home-based business, be there for the children, and enjoy the rewards and satisfaction of a profitable professional life too.
Having a second income without the impacts of childcare expenses offers a double benefit — it’s like making profit twice. Just consider a second the great things that you won’t have to postpone due to finances any longer, such as…
• Fun, family vacations
• Upgrading your home to fit your growing family or buying a bigger house
• Being able to afford to save for retirement years
• Building a substantial college education fund for the children
• Or whatever your heart desires but you can’t afford today
Yes, after building your own successful home based business, the scrimping can crease. You’ll still have time to hunt for bargains but when you want to treat yourself or your family, you’ll be able to do so without guilty feelings.
It’s true the work a parent does at home is very valuable. Salary.com, a salary research company, calculated what they thought a reasonable salary for a stay at home mom should be including childcare, accounting, transportation, cooking, household management, cleaning, laundry, shopping, and much more. The figure they came up with as $90,000 per year and they estimated that to be based on a workweek of 90 hours each week!
It is nice to know that working as a stay at home mother is valued at nearly equal to a six-figure salary, but no paycheck is going to magically appear in your hands. You’ll need to take action and make money for yourself. The way to do this, while maintaining your family time, is to start a profitable home-based business. You’ll be your own boss so you will be able to schedule and integrate your income-producing business activities with family needs.
Your home based business will allow you to have the financial security you’ve been missing. No more worries about potential job layoffs for you and you’ll be in a financial position to tide the family over if your spouse experiences a job loss. In fact, you can offer your partner the opportunity to pursue a different career or other chances that may have not been taken in the past because of fear of risking that single income.
Start earning money today to provide for your children and save for your golden years. Just answer the questions below and get all the facts about a home-based business that will let you begin earning for your family right away.
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