In 2012, about 28 percent of American children (12.2 million children) were being raised by stay-at-home mothers. That same year, 42 percent of stay-at-home moms were under the age of 35 compared with 35 percent of working moms. They tended to have lower levels of education, many times having a high school diploma or less. Many moms made the decision early on to stay home with their children while their husbands went to work. Perhaps you’re one of them. This rewarding yet challenging way of life can result in a bum deal for the stay at home parent, though.
Maybe you used to have a job, contributed to a 401(k), then left when the kids came along. You socked away that 401(k) money and it’s been sitting there all these years, not doing much. Or maybe you got married young and never worked on your own – at least not enough to build up any kind of individual retirement account separate from your husband. Perhaps you assumed you’d be married forever and would share in your husband’s nest egg when you both decided to retire.
Divorce can throw that plan off track real quick. Let’s assume you still have a couple decades left to work. How are you ever going to catch up – especially if you can’t get a good paying job due to being out of the work force for so long? This is a dilemma many stay at home divorcees have. It won’t be easy, but it’s time to adjust to life on one income. Here’s how you can start re-building your retirement account so you’ll have a nest egg when the time comes:
- Buy items from China and sell them at flea markets. However, instead of selling direct to consumers, sell to wholesalers like Alibaba so you don’t have to pay a reseller in the United States. Selling on the wholesale level within your own local area will help you sock away some much-needed money for little work.
- If you have money in your own name, invest in a mutual fund or the stock market. This is an easy way to beef up your income depending on your level of comfort. Get aggressive or go conservative: your choice. Know a securities fraud lawyer though, if you have astockbrokerwho is managing your accounts.
- Get a side business goingonline. Not only do you not have overhead, you can also work whenever you want, from the comfort of your own home. No one on the other end of the line has to know you’re in your pajamas at noon!Got $100 bucks, a marketable skill and an Internet connection? Whether it’s blogging, graphic design, or consulting, get paid to do what you love. Try Upwork.com if you’re a writer.
- Monetize your videos. On your instructional YouTube videos, chooseMonetization and start earning cash by Google, whether your passion is making tutus for little girls or baking specialty cakes. Want to learn how to create a revenue stream? Go here.
- Pitch a product online and become an affiliate at Amazon for commissions of up to 25 percent. This is how it works: someone buys your product, you get a commission. Simple as that. There are millions of products to choose from, and you can even get higher commissions (up to 75 percent) if you head to places like ClickBank where sign-ups are free.
Drained by divorce? Pick yourself up by your boot straps and view your future retirement with optimism!