Welcome to our Mommy Mogul column where we cover issues of importance for moms who are launching a new business, working a side gig, or managing work life and home life. Is there a topic you’d like us to address? Send your thoughts to tgarcia@madamenoire.com. And, as always, take to the comments with your feedback.
Shutterstock
Any “mommypreneur” can tell you that juggling a healthy work/life balance can be difficult at times. You want to dedicate your energy to pursuing your passion but also want to be as present as possible when it comes to your children and family needs.
As a work-from-home mother myself, I truly commend those who set out to pave their own way. It’s not always a glamorous or an easy life as you tend to navigate newfound territory without a map or guide. Sometimes you feel like you carry the weight of your household on your shoulders (technically you do if you’re a single parent) and constantly find yourself asking whether or not you’re making the right decisions.
Unfortunately we don’t always have the answers, but one area where we need to make the right choice is with our finances.
If I asked you what your top five financial needs are, what would be your answer?
Being a mother, it’s a little too easy to put the needs of others in front of our own. In many cases, we have to as we must do everything we can to provide for our family. That however does not mean we neglect our own retirement needs. We’re going to need to save for our financial future and must start right now.
Things weren’t as organized as they are now when I first made the decision to pursue my own ventures. There were times of plenty and times when I had to rely on my savings to help pay the bills. Through hard work and dedication I’ve been able to create a reliable monthly salary to take care of monthly needs and future planning. Even though my husband has a pretty good job and saves like no other, I felt it was important for me to have something of my own.
In fact, it’s important for everyone to have something set aside. The latest numbers show that one in five Americans dies penniless, with one in six people actually dying in debt.
After doing a bit of research in the investing arena, I determined an individual 401k was the best option for me. I filled out the necessary paperwork and within days had my own retirement vessel. Whether you use a personal 401k or an IRA, it’s important to have a good grasp of your investment needs and the proper outlets (e.g. stocks, mutual funds, ETFs) to achieve your goals.
It can be a little overwhelming saving for your retirement as all decisions fall in your lap. Unlike working for someone else, you’ll have to research, buy and sell things on your own. Some business owners hire an outside party like a financial adviser to take care of these tasks, but if you don’t have that in your budget, you’ll be okay. Most retirement platforms are pretty easy to navigate. You just have to have a little patience.
Regardless of how you save for your retirement, make it a habit to pay yourself first. Once you deal with estimated taxes and monthly bills, it’s very easy to overlook your own savings and shortchange yourself. You’ll also need to try and invest as much as possible in order to see it grow in value over the years. I put away 10 percent each month as a minimum and add to it when I can.
How are you saving for your retirement?
