The Power of a Part-Time Job!
One of the most difficult aspects that most families struggle with is the ability to save money. In some cases as stay at home moms, we want the ability to contribute financially. However, the most important responsibility you have chosen is to stay home and raise your family. No doubt about it, this is the number one objective. In looking at other options to help the family financially it seems near impossible to juggle the kid’s schedule, costs of day care, or wanting to be gone from your home full-time. The truth is, you can have it all.
There has been a change, a radical change, over the course of the last 10 years in employment, jobs, and the roles of workers. The change has seen a shift from the traditional job at a brick and mortar location to that of the telecommute position or telecommute job. There are many financial reason for this change on the employer side, it is however to the benefit of the job seeker, the employee. In fact there is a multitude of job opening from Fortune 500 companies all the way down that offer both full-time and part-time jobs. Jobs in: Sales, Customer Service, Support, Technical, Technical Support, Accounting, Finance, Administrative, Legal, and Education. Companies such as UHaul, 1-800-FLOWERS, GE, Humana, and this is to name a very small few. What if you had the ability to work for any of these companies on a part-time basis, how would this change your financial outlook? Change your ability to save?
If you are in the position to where the money you earn as a telecommute employee is not needed for day to day items and bills and you strictly want to use it for savings, college, retirement, home, or making a rainy day fund, your part-time job will be able to offer you savings you never thought possible. Let me share with you the Rule of 72. The rule of 72 is not a new financial principle but it is new to many people looking to save and invest for the first time. The Rule of 72 is explained as follows:
Rule of 72 is the mathematical formula you use to see how long it will take for your money to double. You divide the interest rate you would receive into the number of 72. So if you invest in a mutual fund and you receive 12% on your money. 72 divided by 12 is 6. That means it would take 6 years for your money to double. Let’s work this equation for just a moment:
Let's say that you are 30 years old. In your first year of working a part-time job, you managed to save $5000.00. You are about to stick this money into a mutual fund. Let’s see how your money would grow:
Age 30: $5,000.00
Age 36: $10,000.00
Age 42: $20,0000.00
Age 48: $40,0000.00
Age 54: $80,0000.00
Age 60: $160,000.00
Age 66: $320,000.00
If you waited off this one time investment working one part-time job from home, you would have saved an extra $320,000.00. Here is the best part, it is making one investment, one time. Imagine for a moment if you did that same deposit yearly. Your retirement would be in the millions!
Saving and investing for your retirement or college doesn't mean that you have to start with a lot of money. The ability to create a little bit of income and use the power of compounding interest, the same as you would at a bank, can change your financial outlook tremendously.
You have made a decision to be a stay at home mom. However, your ability to help your family achieve its financial goals for retirement and college do not need to be put on the backburner. You have the ability to work for some of the largest companies in the world, on a part-time basis, and do something amazing. Telecommute and work from home jobs are the new model. You don't have to sacrifice to gain something in return. Your options and opportunity are out there, go achieve your financial goals.
