On Stay at Home Moms and Side Hustles
Here's my personal take on how you can, as a home mom, add some revenue streams to the family portfolio.
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According to the Pew Research Center analysis of US Census Bureau data, 1 in 5 moms or dads is a stay-at-home parent.
Indeed, more than 11 million American parents are not working outside the home. As surprisingly as it might sound, the stay-at-home parent share is similar to what it used to be in 1989. However, it doesn’t mean that home-based parents are not taking part in building the household income.
Indeed, relying on one income only is becoming more and more outdated of a social approach that modern families have rejected. Nowadays, stay-at-home moms and dads are willing to play an active role in securing and maintaining the financial stability of the household.
In our family, for example, I'm technically a "stay at home mom", because my primary focus is taking care of our kiddos. However, I work freelance for at least a half dozen companies on the average week, we own 3 of our businesses (in which I actively earn my 50% share), and I run three blogs on the side.
This is why I sometimes cringe at being called a "stay at home" mom, because it conjures an image of sitting on the couch eating bonbons rather than the crippling, should I wake up at 4am to do work before the kids wake up, anxiety of constant anxiety that actually comprises my life.
So with that said, how can you, as a home mom, add some revenue streams to the family portfolio?
Here's my personal experience and advice. Hard-fought but freely given.
What’s the risk?
People don’t believe in a single source of income anymore. While more and more parents choose to quit work after the birth of their children to save on nursery and childcare costs, it doesn’t mean they don’t contribute to the household income anymore.
Indeed, even in our time of economic stability, people need to be prepared for uncertain and unexpected financial situations, such as losing your job as a result of an accident or chronic illness. Even though a qualified social security lawyer can help you to secure funding for your lifestyle, it’s not a risk worth taking. As a result, WAHMs – work at home moms – are willing to do their part to support the household financially too.
The risk is definitely not to be ignored though.
You think you can squeeze things in during nights and naptimes, but it's harder than that. Every second you spend doing one thing, you're not doing something else. If you're doing work on a side hustle, you aren't actively playing with the kids, cleaning the house, or getting the sleep you probably desperately need.
This isn't to discourage you, but just to make you realistic.
When you are looking for a side hustle, pick one that relates to your current skills so you don't have to learn a whole new skill set and build a whole new business before you start earning money.
Diversify Your Income with Your Skills
You may not be able to start a business venture from home, but you can find a regular side hustle that lets you manage your parental responsibilities and make money at the same time.
Indeed, becoming a virtual assistant, for instance, can give you the flexibility you need to manage your day while supporting professionals in their administrative tasks. Freelancing businesses, such as copywriters, are also a fantastic opportunity. You can use a platform such as Upwork to apply for jobs whenever you need it. Alternatively, you can also create your online portfolio with your creations.
Pick something that's already in your bag of tricks to minimize startup costs, both money and time.
What The Big Bad Webbernet Offers
The internet can present you with a lot of ways to earn income. If you can’t afford to start a business such as opening a restaurant, you can identify online businesses that require little or no capital for investment. One common way is creating a website that can generate traffic and then using it for affiliate marketing or writing blogs (like the one you're currently reading). If you have unique knowledge in a certain niche, you can create a digital course. But, ensure the information you provide is valuable enough for someone to pay.
Another way is email marketing, where you create an email newsletter platform that you can use to reach targeted consumers. Just be careful...email marketing is not for the faint of heart or the soft of skin.
Have you thought about online trading? This is another way some say you can make money by trading online assets. CFD trading is one of the new "things" people do online, but it would help if you had great trading skills and some financial know-how (and bravery) to make it work.
Consider Any Investing Carefully
If you can afford to invest money into a steady source of income, the real estate market is the guarantee of earning your rent every month.
As a landlord/landlady, you can invest in a rental property to generate passive income every month. Ideally, you want to find a location that is buzzing with growth and activities, so that you can be sure your tenants are likely to stay and find a job. Sacramento in California, for instance, is a fantastic choice with an expected 5% job growth over the next years. Orlando in Florida is another hub of activity, with an expected increase of about 7% in the central city.
However, as you may guess, though real estate and other similar investments are tempting, and potentially very lucrative, they also take an immense amount of money to start off with and time and expertise to do right.
Before you put your hopes in investing making "the difference", look at some more realistic revenue streams to get you started.
Overcoming the Outdated One-Income Model...Your Way
According to a study published in Nature Human Behavior, the ideal income for emotional well-being points to $75,000 for the typical American. However, when you take into consideration factors such as household size, overall financial responsibilities, and life evaluation, the ideal income for an American family of four should be $210,000. As a result, it’s evident that modern families can’t afford to rely on one working parent only.
Families need to move away from the model of one working parent. In a duo-parental family, both parents must preserve the ideal household income through earning diversification, risk prevention, and investments.
This is a fancy way of saying that you aren't crazy.
It is an expensive world out there and if having one bread-winner isn't working for your family, that's totally normal! Brainstorming what's realistic in your situation (together with your spouse) is always the first step, but go for it!
Also, seeing mom work and contribute to the family is psychologically beneficial for your kiddos, so you don’t have to feel guilty for doing so!
Just make sure you do it the smart way.
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About the Author
Founder | Contributor
Liz (or Dr. Mommy, as her toddler started calling her after learning what a PhD was) is the happily sleep-deprived mom of a baby boy (and professional raccoon noise impersonator), a sparkle-clad toddlernado, a teenage stepdaughter, the canine embodiments of Pinky and The Brain, and a rabbit of unusual size. During nights and naptimes, she uses her PhD in business psychology as an author, speaker, and consultant. She also serves as an executive and principal for three companies, two of which she co-founded with her very patient (and equally exhausted) husband.
My Motto: All I can control is how hard I work.
Motto: All I can control is how hard I work.
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