Top 5 Obstacles Mothers Face in Their Finances and How to Overcome Them
Here are the TOP 5 Obstacles Mothers Face In Their Finances, and How to Overcome Them
#1 Not Having Any Control Over Their Money – Get Control of Your Own Money And Invest for Passive Income
Mothers are great at control, but not always of their money.
If you are a full time mother, be sure to get some money for YOU every month.
Then take at least 10% of that and invest it for passive income.
Start easy by putting it in a high yield savings account and making interest.
You can also search my blog for “passive income” to get ideas on where to get started.
If you need step by step instructions, then take the 7 Day Finance Freedom Challenge.
#2 Giving All Their Money Away – Keep 10% for Yourself First
I used to give all my money away, and I didn’t keep anything for myself.
If you’re a mother and give all your money to your kids, or to the house, or to charity then this section is for you!
It is a general rule that you always pay yourself first!
That means every time you get money, put aside at least 10% for yourself.
Put it in your investment account mentioned earlier.
If you need step by step instructions, then take the 7 Day Finance Freedom Challenge.
#3 Not Valuing Their Work – Calculate How Much It Would Cost To Hire Someone To Do What You Do
When I started being a full time mother I felt guilty that I wasn’t contributing to our family.
I felt like contribution was measured in dollars brought home to our family.
Dr. John DeMartini in his book How to Make One Hell of a Profit and Still Get To Heaven addresses this issue.
Just figure out how much it would cost to pay someone else to do what you do?
How much for child care, cooking, cleaning, logistics, general errands, education, etc.
By John DeMartini’s estimates the cost would be over $100,000 USD.
Figure it out for yourself or better yet, do it together with your spouse.
Seeing how much you’re worth may surprise you, and help you understand just how valuable you are.
#4 Not Learning About Finances – Take an Hour a Week And Start Reading and Practicing Financial Skills
Some mothers think “the kids and the kitchen are my realm of expertise. I’ll let my spouse handle the money.”
If you are like this, then this section is for you!
It is important that you understand money.
It is something you would want your kids to understand right?
Well, kids model their parents so get educated.
Some easy ways to get started is to schedule an hour a week for easy reading – Secrets of the Millionaire Mind by T Harv Eker, The Richest Man in Babylon by George Clason, Rich Dad Poor Dad by Robert Kiyosaki, and so on.
I recommend playing Cash Flow for Kids, a board game, together with your kids.
CLICK HERE for my blog post describing the board game.
The only way to win the game is to create passive income, AND the game is fun for kids and adults.
I play with my son and it is a fantastic way to get both of us to think about and learn about passive income.
#5 Not Valuing Yourself – Take Time For Yourself
Mothers sometimes don’t value their own health, mental and spiritual well being.
I just started a meditation practice for myself in October where I wake up at 5:15am every morning to meditate, and I also meditate every evening before I go to bed.
I also take Sundays off from being a mother.
That’s right, no cleaning, or cooking (except for myself or super easy stuff), no going to playgrounds. My husband has our son all day.
It’s their boys day and it’s my free day.
I need it to rest, recharge, and truly take time to value myself.
Set up a routine for you.
Value yourself by giving yourself free time.
You’ll feel more valuable and that will automatically bring more wealth into your life.
Conclusion
It is an honor and a privilege to be a full time mother.
I treasure it with all my heart.
Mothers are often times too tired or busy to care or pay attention to themselves or their finances.
However, if you overcome the 5 obstacles listed here, you will be well on your way to financial freedom.
It’s ok to love what you do and get paid for it.
It’s ok to have money for yourself.
You are valuable.
What you do matters.
I believe in you!
As a mother who quit her job and then struggled with her own self worth, I acknowledge and honor you.
If you need or desire more help, I designed a program specifically for busy mothers called Finance Freedom Mastermind – click here, watch the free video and get started!