Why?

Our team often talks about having a WHY, a reason you do what you do. 

I think most entrepreneurs and home business builders have a WHY. 

In fact, I think everyone has a WHY when it comes to goals.

When I started my home business in October of 2007, my WHY was very different than what it is today.  At that time, I was a new mom, taking time off teaching and my last 3 courses in getting my Masters in Educational Leadership and Administration.  I knew I didn't want to go back to full time work and my former career goals of becoming a school principal and possibly a superintendent were no longer a desire to me.  I simply wanted to be home, but still earn a paycheck.  We were getting into a massive pit of debt, and with only one income saw no way out.

My WHY then: start making some money from home.

 

A year after that, Jaylen was diagnosed with Autism, he had therapies daily both in and out of the house, and I was pregnant with our second son.

My WHY then: make enough to stay home so Jaylen could get the care he needs, and Xavier wouldn't need to go to daycare. 

As time went on my WHY evolved into getting out of debt, saving more money, setting up college funds, and the pie in the sky type stuff: a big house, new cars, a state of the art in home occupational/physical therapy room, vacations, and other "fun" items that required a big financial backing.

And that's where it stood, with a huge dream board and notebook filled with pictures of things I would love to be able to afford.  But it didn't work.  Those goals were too far off for me to really shoot for,. 

This morning it hit me, my new WHY, something that will push me, motivate me, keep me disciplined and focused.

My brand new WHY:

To be financially set enough I only think and worry about money 5% of the day.  

Currently, I think about money almost 50% of my day.  Sounds extreme, but about 8 hours of my day, 30 minutes of every hour, are spent thinking about money.  I can't get it out of my head.   I think about our debt, when to pay, how to pay, and when each loan/card will be paid off.  I think about paying for both of my sons' pricey karate classes, should we still be doing it?  I think about groceries, how much should I budget for this month?  I think about emergencies, what if one of the cars, TVs, furnace, or washer or dryer break down?  I think about savings, retirement, and college funds, do we have enough, are we doing enough to make sure our boys are set?  

And during the tight months, I think about it even more, almost 65% of the day.  I obsess over paying bills on time, making sure money goes where it needs to, and what we can and can't afford to do.  

The reason for all these thoughts?  We are not financially free.  My goal for our family is to have complete financial freedom.  If I simplify and tell myself the goal is to be able to stop all these stressful money thoughts, my goal is measurable and attainable.  I will sleep better, eat better, and relax.  

What is your WHY?

Motivation

I have to be honest, I took some time off from my home business this summer to spend it with my boys.  It was hard to get back into it.  Once you take time off, and see how much easier it is to just relax, it takes some serious determination and motivation to get back on board.

Well, the point of this post it to say that I did it.  It wasn't easy, but I got back to work last week.  I am officially working 2 hours a day while my older son is at Kindergarten and my younger son is napping. 

We are comfortable, can pay the bills, go places, and have money for emergencies, but still are paying off quite a bit of old debt and would love to put more in the savings.  Then there are the other goals, a newer, bigger car, a bigger, better house, family vacations, and freedom to not have to stick to such a rigid budget.  For those reasons, I kicked my own butt and got back on track. Wish me luck staying focused!


What do you do to stay motivated? 

Balancing Work From Home and Motherhood

Note: This article originally appeared on Theta Mom as a guest post.  Visit here to read the original post. 

“Hello, Dr. George? This is Jean. I am so sorry to do this with only a month until school starts this fall, but I won’t be coming back. You should find someone to take my Kindergarten position. The Johnson and Johnson commercials were right; having a baby does change everything.”

I quit my teaching job with just three courses left for my Masters in Educational Leadership and Administration, and about two years from becoming a principal. My life turned in a direction I hadn’t expected.
 
I was officially a stay at home mom.

Now what?

Nine months in I got restless, missed adult interaction and my own income.  I found myself nitpicking my husband, stressed over little things and feeling a little less intelligent. I absolutely loved being a stay at home mom and wouldn’t trade it for anything, but had other personal goals I wanted to fulfill. We had recently bought a house as a two income family and were now down to one income; I needed to contribute financially. I searched until I found something to do from home that was right for me and our family that I would enjoy. I began marketing on a freelance basis for an amazing health and wellness company…

In the three years that followed, my first child was diagnosed with Autism. We began intensive therapy and a complete overhaul of our future. We reformulated plans, dreams, and ideals, especially when my next son was born with enough health issues to end up in the NICU for a month, where his life was finally saved by a blood transfusion. In the midst of all this, I continued to work my home business as well as keep up a personal blog and a work at home resource blog.

The number one challenge as a work at home mom is balance. I strive to make my business hours and actually stick to them. Both of my boys require a lot of attention, especially my special needs son. He needs guidance, validation, and praise from me constantly. It is near impossible to work while he is home and awake. Recently, in the most pitiful sad voice he said to me, “Mom, I told you to watch and then when I turned around you weren’t looking.” And on an anniversary date in December my husband said, “It’s nice to talk to you face to face, instead of the back of your head as you work at your computer.” Ouch. Hence, the need for some balance and prioritizing.

So how do I stay focused when I stare at all the duties I have as a work at home mom, a special needs mom, and a housewife?

Passion, success and discipline.

Because I am passionate about my business, Autism work and blogging, I rarely procrastinate and don’t mind sacrificing other things to fit them into my day. That being said, my family is always top priority, I can’t stress that enough. A friend of mine recently said he would be content to be financially comfortable. Not me. I am comfortable now, but what I want is a future with complete financial freedom. Discipline is what makes or breaks each day for me. If I organize and prioritize my day the night before, or in the morning, I am focused and on track.

All areas of my life are put into Must Do, Should Do, and Can Do Lists.

Must Do List: Reminds me to pay bills, set up doctor appointments, make calls for work, write blog posts, do laundry since no one has clean underwear…you get the picture.  In the Must Do List, every parent has something that changes the priorities in the list. My son’s Autism adds items like: call insurance to dispute coverage, write social stories (a therapy we use), or attend IEP meetings, among many others…

Should Do List: Includes dishes, straightening, visiting blog friends, showering (that should always be on the Must list huh?), and exercising.

Can Do List: Things I really want to do, like read a Kindle book, magazine, or play Angry Birds.
It’s easy to overload my day and add too much to each list so I’m careful to make sure it’s realistic. I want to feel successful for what I have done, rather than let down by what I have not done. By the end of the day, things that can be put off by a day get moved into the Should Do or Can Do lists.

The bottom line is I am only one mom who tries to do too many things and just wants to crash on the couch with a glass of red wine and some trashy TV after a long day of Autism tantrums, work, and housekeeping. But I don’t give myself those two hours unless I accomplish everything I set out to do that day.  If I do, I can have my “me time” as well as the reward that comes from meeting my goals.

This post was my last Must Do today, so excuse me; I’ve got a glass of wine and some TiVo’d shows waiting.

"Get in Now!" - Don't Believe the Hype

Have you ever seen an ad with one of these selling points?

• now is the right time to get into this opportunity
• this product is hot right now!
• ground floor opportunity

What does that mean? 

It means that a new company feels that in order to benefit from the company's projected growth, you need to get in now.  The people who will benefit most are those who jump in and get on board now.  In a way they are admitting that this company's growth and success will be short lived.  Which is a scary prospect that should make you look the other way.

Ever heard someone talking about business and finance say that the first one in makes all the money and the last one in loses?  That is very typical for companies who have a traditional multi level marketing (MLM) model.  In order to really "hit the big time" with most of these businesses, you would need to get in early or get left out to dry at the bottom.

Recently, more and more hype of the moment companies and products are being thrown in our faces.  A year ago it was juice companies claiming their juice would make you live longer, help you lose weight, give you more energy, and even heal your ailments.  Many people got in while these companies were supposedly "hot" and ready to take off.  For a while they were successful, but it wore off after the hype died down.

Is it possible to make money with these types of opportunities?  Of course.  If you get in when you are instructed and are one of the first few to jump in and spread the word while the product is hot, you may be able to generate a good stream of income.  But what happens when the product is no longer in huge demand?  Or if the economy starts to falter and people decide they are no longer buying extravagant things, only necessities?  That income generating opportunity is over.  And if there was any investment involved that is gone as well. 

Some advice for when you read claims of a product or new business opportunity being: hot, hype, or the best time to get in, is run.  Get as far away from that opportunity as possible.  Don't get tempted by the promises or lingo.  If you are interested in generating some new streams of income and are looking at a new business venture here are a few quick tips. 

Find a company or opportunity with history.  Not all new businesses are hype or destined to fail, but your odds of finding something that will give you success for the long term are better with a company with history and longevity.

Check the company's rating with the Better Business Bureau (BBB).  Legitimate companies with nothing to hide will have an entry on the BBB website.  Read through their positive comments, their complaint history, and the results of how those complaints were handled.

Look at the company's growth and revenue statistics.  Has the company grown every year since being in business with only a few dips in revenue?  Is the company strapped with large amounts of debt or filed for bankruptcy?  Starting a business with a company that has steadily increased revenue and is debt free can help ensure you will have lasting income.

What product or service are they putting out; is it luxury or necessity?  Over the past 2 years, the economy has forced people to make budgets and stick to them, and stop buying anything that wasn't a necessity or that they couldn't pay for with cash.  Only get involved with businesses that offer something everyone needs and uses, no matter how their current financial situation appears.

How do you feel when you hear of an opportunity that is "hot right now?"

Benefits of Residual Income

"By working faithfully eight hours a day you may eventually get to be boss and work twelve hours a day." - Robert Frost

"Family, religion, friends.. these are the three demons you must slay if you wish to succeed in business." - Monty Burns

  

Not me.  That is not how I envisioned my life.

Last week I posted about the difference between Linear and Residual Income.  Keep in mind, residual income pays you long after for work you've already completed.  I also listed a few ideas on how to generate residual income.

This week, I want to talk about how this can benefit you. 

The prospect of starting a home business was a little daunting and scary to me 3 years ago.  I had never done anything like it before, I had always been a pay per hour worker.  I needed to replace my former teaching salary as soon as possible.

Within my first few months working I was able to bring in a good monthly income, which was great because shortly after starting my business, my 18 month old son was diagnosed with Autism.  Obviously, my business took a back seat.  I did not work regular hours for months as we were going through evaluations, lining up therapists, and emotionally dealing with what we just learned.  I spent more hours doing therapy and research than working my business. Yet I still got paid. That is the benefit of residual income.  I still got a check each month for work I had done my first few months in the business even though I was not working.

Time went on, we got our life back in order and I reorganized and prioritized my schedule.  My monthly income from my home business continued to grow as I worked.

Once again, that extra income was amazing because we were then hit with another blow.  At 6 months pregnant, we were told that our 2nd son would come out with health problems.  I took the time to research and prepare and after he was born, our life completely changed for about 2 months.  He was very sick, in the NICU, and almost lost his life twice.  A blood transfusion was what finally saved him.  During those months I did nothing in the way of working my business.  Yet I still got paid. I was able to take the time to be with my son in the NICU, care for my then toddler with special needs, and still make a monthly income that could help with groceries and bills.

Residual income; getting paid for work I had already done, allowed the pressure to be taken off my husband, the only member of our house with a salaried job. 

It allowed me to take time to care for and provide the best help possible for my son with Autism. 

It allowed me to be at my newborn's side as he fought for his life. 

What can the power of Residual Income do for you?

What is Residual Income?

Residual income is when you continue to profit and earn money for actions that have since been completed.  Rather than getting paid linear income, which is money earned per hour of work, you continue getting paid long after the work is done. 

I designed this chart to illustrate the comparison. Notice the continual rise of the residual income over time, even though less effort is being put in, versus the linear income, where income doesn't change unless time and effort are increased.  

Some benefits of residual income are:

• Financial Independence:  Getting paid for weeks, months, and even years for a job you completed in the past is an excellent way to pay off debt, make investments, or add to savings. 

• Time:  You still receive money, while not spending the time working!  You can then take that time and use it for other things like family time, vacations, or even generating more residual income. 

• Get paid for the rest of your life:  Compared to linear income, residual income makes sense.  With an honest hard working job you get paid once for that work, but with residual income, you get paid continuously for a long period of time, possibly even for life!

Some ways to earn residual income include:

• Having rental properties with paid mortgages; the rent is your residual income
• Writing a book, a song, or acting; the profits made from book sales, music sales, or money drawn from TV shows, movies, or commercials are your residuals
• An investment or savings plan that pays you residuals in the form of interest or dividends
• Referral, affiliate, or associate programs; where you receive compensation for marketing and referring customers.  Some of these programs have a one-time compensation plan and a few credible ones have long term residual compensation plans. 

Those are only a few ideas of ways to earn residual income.  Some are not possibilities for everyone because they require certain skills and talents, or a large start up fee or investment.  If you have any questions about residual income please don't hesitate to contact me. 

Check back next week, I will be posting more about the benefits of residual income and about what it has done for me. 

Be sure to also visit me at my personal blog: Mommy To Two Boys

A New Year, A New Financial Outlook

Can you believe the first month of the new year is almost halfway over?
 
Have you set your New Years resolutions? Is one of them to save money or pay off debt? I would like to share  5 Ways for Moms to Save Money in the New Year. Simple tasks that will help you reap the benefits for months to come.

1. Take control of your financial future by starting your own home business  One without parties, inventory, or risk.  One with credibility, free training and support.  Internet CEO Moms works with a company that is debt free, has 26 years of experience, and an A+ rating from the Better Business Bureau (BBB).  For more information about Internet CEO Moms and how you can work from home visit my website: www.JaysMomIsHome.com, or click here to pick a time to view our free webcast with all the information you need to decide if this is the right opportunity for you and your family: http://tinyurl.com/JaysMomIsHome.

2. Make a grocery list and stick to it Before you run to the store look through your cupboards and come up with a list of the things you actually need. Pick a budget and resolve to not go over.  Use your store's circulars to see what is on sale.  I recently cut our family's monthly food budget from $800 to $400.

3. Use Coupons  You'll find there are coupons for EVERYTHING. From developing photos online, to a meal at a local fast food restaurant, to groceries. There are also many coupon websites that will allow you to print off coupons that you know your family will use.

4. Shop online! You'll be able to compare items from one store to the next. You'll also find that most online stores have a Sale or Clearance section.  Don't forget to find those coupon codes while checking out online as well.

5. Start a Savings account We often overlook the value of having money put away for a rainy day. If you saved just $5.00 each week that would be an extra $260 in your bank account at the end of the year.

Here's to a New Year and saving some money along the way!

For more information about Internet CEO Moms and how you can work from home visit my website: www.JaysMomIsHome.com,
or click here to simply pick a time to view our free webcast with all the information you need to decide if this is the right opportunity for you and your family: http://tinyurl.com/JaysMomIsHome.